HashFast announces specs for new ASIC: 400GH/s

[Ytterbium]

If "28nm ASIC," "we're working on it" & "pre-order nao" make you want to reach for your wallet, i'd say mortgage the house & go all in.  But 28nm is so last week -- i'm *just about ready* to tapeout mah 14nm design.  So eat my bitdust, HashFast luddites.

Do you have a letter from a reputable chip design company stating that the chip they are working on the design of is on track to work?

[Loredo]

Hashfast will more than likely require some form of pre-order to the public, but past performances of other companies is no reason to discredit them.

Most decidedly, I'm not trying to discredit them.  They, alongside KnC, are the next step, not only in technology, but also in business:  transparency, evident professionalism, promise of really being a business.

However, I maintain my lament -little more than a cry in the wilderness, I know- that nobody, yet, has come with a plan that can secure the funding to bring the retail equipment business to the next step - buy and ship.  The truth is, that won't happen until hardware commoditises, and that won't happen until the network again plateaus.

In the meantime, the song lyric I misquoted above is (Larry Gatlin):
Some play the game to lose, some play the game to win The winners walk out laughing, the losers cry, deal again

[crumbs]

If "28nm ASIC," "we're working on it" & "pre-order nao" make you want to reach for your wallet, i'd say mortgage the house & go all in.  But 28nm is so last week -- i'm *just about ready* to tapeout mah 14nm design.  So eat my bitdust, HashFast luddites.

Do you have a letter from a reputable chip design company stating that the chip they are working on the design of is on track to work?

I'm not at liberty to discuss particulars due to the sensitive nature of this project.  If noobs like you were privy to the details of our seeecrit meetings, our bleeding-edge 14nm technology would be as passe as your ancient 28nm silicon scrap.  How do you guys make those archaic 28nm masks, some rubylith and a dull exacto blade?  

[Ytterbium]

--Of course, so why do you believe any private VC would touch a project in the millions of dollars so risky with a ten foot barge pole?! They wouldn't. Failure to deliver on time could screw them massively. If you raise via pre-orders individuals spread the risk as opposed to one entity assuming all the risk and potential catastrophic failure of their business. That risk will vary in greatness from person to person, but it is totally up to them to come to terms with that and educate themselves on what the project entails. The risk is failure to deliver on time, which despite all best intentions, still exists due to a miscellany of unknowns.

The whole point of VCs is to invest in risky ventures.  Basically they figure 9/10 of their investments will fail, and 1 of them will IPO and pay for all the others.  Look at the guys who invested in Instagram for nothing and sold it for a billion dollars.

--True, which is why it's down to Hashfast to step up and provide compelling evidence as to their sincerity and ability. Simon's background checks out, as does Uniquify. Both have business experience as well as solid academics, so embezzling and spending on the wrong things are hardly likely. Those that thew money at Butterfly Labs without checking out their background, or for that matter to anyone else, only have themselves to blame. Seriously, people need to stop trying to find excuses for their own lack of due diligence!

No kidding.  Just because these people got burned by BFL doesn't mean everyone did.

However, I maintain my lament -little more than a cry in the wilderness, I know- that nobody, yet, has come with a plan that can secure the funding to bring the retail equipment business to the next step - buy and ship.  The truth is, that won't happen until hardware commoditises, and that won't happen until the network again plateaus.

If they had a plan, why would they share it with you?  

In the real world securing a few million dollars of funding is not that hard if you're rich.  Imagine if you're the guy who sold that Pizza for 10k btc back in the day.  If you never ended up selling them, you could easily fund an ASIC design today, and the manufacturing needed to build miners.  But, and this is the point: you would have no need to sell them to anyone at a reasonable price

Don't you understand? There are lots of people who can afford to design and fabricate ASICs without raising money at all, or just borrowing money from a few of their friends (who might be VCs).  Those people are called rich people.

But once they have the chips, why would they sell them?

[ProfMac]

Smart, honest and amicable people can exist anywhere on this planet. They are traits earned through being inquisitive and wanting to learn, whilst upholding values and integrity.

Yes, and we often recognize each other through the focused yet civilized language that we post.

[Loredo]

If they had a plan, why would they share it with you?  ... But once they have the chips, why would they sell them? 

I'll give you one reason, and then I have to go.  Cross-currency fungibility.  If someone (a rich person) were to mine thousands and thousands of bitcoins, and didn't want to have to walk around wearing a "bitcoin millionaire" tee shirt, she has to repatriate those things into the currency(-ies) in which she counts her wealth.

Right now, the risks in getting those things repatriated is very real, from the standpoint of liquidity and low-cost transactions, all the way through to attracting unwelcome attention of governments. 

On the other hand, if she currently sells the present value (or greater) of the potential self-mining earnings, and gets paid for that in her home currency, then the fungibility problems are vastly reduced.

[ProfMac]

No body want a pre order , Avalon and Butterfly have turn out to be nothing but S..M with all their non deliveries and excuses.

My Avalon is hashing.  Statistics are visible to anyone.

[Bitcoinorama]

Smart, honest and amicable people can exist anywhere on this planet. They are traits earned through being inquisitive and wanting to learn, whilst upholding values and integrity.

Yes, and we often recognize each other through the focused yet civilized language that we post.

Cheers Prof! I think...

[dwdoc]

That was weird. A new member Gridfinity started a thread announcing one day to purchase hashfast chips and then his post was erased.

https://bitcointalk.org/index.php?topic=264113.new#new

[HorseRider]

What is the size of your chip? What kind of package are you going to use? Any thermal problems you have thought and solved? I still feel hard to believe such a condensed designed chip. Can you explain a little bit why is it possible?

[sickpig]

That was weird. A new member Gridfinity started a thread announcing one day to purchase hashfast chips and then his post was erased.

https://bitcointalk.org/index.php?topic=264113.new#new

It seems that I'm able to see the post you were referring to here:

https://bitcointalk.org/index.php?action=profile;u=140898;sa=showPosts

a screenshot just in case:

http://imgur.com/RTtd5rM

[yottahash]

That was weird. A new member Gridfinity started a thread announcing one day to purchase hashfast chips and then his post was erased.

https://bitcointalk.org/index.php?topic=264113.new#new

It seems that I'm able to see the post you were referring to here:

https://bitcointalk.org/index.php?action=profile;u=140898;sa=showPosts

a screenshot just in case:

http://imgur.com/RTtd5rM

As well as thread 264113, there's also this thread 264175 with similar info on $500k minimum order size (and a free trip to San Jose?):
https://bitcointalk.org/index.php?topic=264175

---------------------

Look at the Competition, Please Look at the Competition
HashFast 400GH/s ASIC Chips @ under 1Watt per GH/s

Gridfinity.com is working with HashFast to assist earliest wholesale customers and ensure on-time delivery of your order for these gamechanging ASIC chips. Outstanding prices if you order and pay by July 31th 2013. Minimum reservation: USD $500k (or equivalent in bitcoin) in escrow account (see below). For details, call (415) 480-4921 and leave a voice message for Daniel Bateman, Managing Director at Gridfinity LLC. Stay tuned for the video that introduces the rock-solid team behind the 400GH/s ASIC chips. Click here to learn more about Uniquify and their recent announcement. 

For the largest order received by end of day Wednesday July 31st 2013, Gridfinity.com will pay for your flight to San Jose and we’ll provide two nights hotel accommodations, so that you can meet the HashFast team and tour the office at Uniquify.

*For those interested in orders below USD $500k, send an SMS (text) message to (415) 480-4921 with the approximate USD amount that you would like to contribute to a group buy. We will get back to you if a credible group buy arrangement materializes.

**Funds are to be deposited into a Tradehill escrow account - customer can verify directly with Tradehill. We spoke with Ryan at Tradehill on Friday, and we are going in tomorrow (Monday) morning to finalize details.

[sickpig]

Amazing they are proposing minimum reservation of USD $500k

and more to the point Simon is confirming that the offer is legit:

https://bitcointalk.org/index.php?topic=264175.msg2824122#msg2824122

[eve]

Amazing they are proposing minimum reservation of USD $500k

and more to the point Simon is confirming that the offer is legit:

https://bitcointalk.org/index.php?topic=264175.msg2824122#msg2824122

Be careful, no specs on the miner and no working model of the miner and they want to collect big bucks. Tradehill probably will definitely side with them in any disputes.

[Nemo1024]

Hmm $500.000 for a minimum order. They say they will sell chips wholesale, so it means not ready-to-hash devices?
The question that still remains, how much will each individual chip cost, resulting in which price for a ready-to-hash device? I don't think that an averagely serious miner is ready to pay more than $10.000 - $15.000 for one device. We need more handfast info.

Otherwise, I am afraid it will look like this:

http://dilbert.com/strips/comic/2006-05-19/
http://dilbert.com/strips/comic/2006-04-27/

[papamoi]

Amazing they are proposing minimum reservation of USD $500k

and more to the point Simon is confirming that the offer is legit:

https://bitcointalk.org/index.php?topic=264175.msg2824122#msg2824122

these guys are a serious joke

lol

[sickpig]

Amazing they are proposing minimum reservation of USD $500k

and more to the point Simon is confirming that the offer is legit:

https://bitcointalk.org/index.php?topic=264175.msg2824122#msg2824122

Be careful, no specs on the miner and no working model of the miner and they want to collect big bucks. Tradehill probably will definitely side with them in any disputes.

I'm more than careful, but also if I were crazy I wouldn't have 500K bucks to spend

Anyway the thing that really amaze me is that Simon Barber,  http://www.linkedin.com/in/simonresume, is confirming announcement's validity.

[Flashman]

I don't have 1/2 mill to fling around, but would want to know MUCH more about how many chips I might get for my money and what total projected production was. 10K chips might be worth 1k a piece, but 200,000 damn sure aren't.... and you'd want cast iron guarantees that they're not gonna do another run of chips in sooner than 12 months say if you pay 1k a chip.

Because basically if it's unlimited production, they've just made 100Gh only "worth" as much in projected ROI as 1Gh is right now... that's how this crap works, gonna go two powers of ten higher in speed, well it's worth two powers of ten less per hash by the time it's applied to the network.

But, should they go ahead and assume the gullibility and lack of math skills of the community will allow them to ask $1000 for unlimited numbers of chips, then I'd advise everyone to step out of BTC for the 3-6 months, watch the train wreck then pick up the pieces after with a new algorithm.

[jspielberg]

Amazing they are proposing minimum reservation of USD $500k

and more to the point Simon is confirming that the offer is legit:

https://bitcointalk.org/index.php?topic=264175.msg2824122#msg2824122

Be careful, no specs on the miner and no working model of the miner and they want to collect big bucks. Tradehill probably will definitely side with them in any disputes.

I'm more than careful, but also if I were crazy I wouldn't have 500K bucks to spend

Anyway the thing that really amaze me is that Simon Barber,  http://www.linkedin.com/in/simonresume, is confirming announcement's validity.

I'd assume HashFast will be announcing specs soon... I think they under-estimate the community if they expect people to put down ~5K BTC with no specs... just hype.

[Bitcoinorama]

Hmm $500.000 for a minimum order. They say they will sell chips wholesale, so it means not ready-to-hash devices?
The question that still remains, how much will each individual chip cost, resulting in which price for a ready-to-hash device? I don't think that an averagely serious miner is ready to pay more than $10.000 - $15.000 for one device. We need more handfast info.

Otherwise, I am afraid it will look like this:

http://dilbert.com/strips/comic/2006-05-19/
http://dilbert.com/strips/comic/2006-04-27/

Sorry, totally off optic, but I cannot help but read that second comic strip and think of our corrupt idiot Mayor; Boris Johnson:

http://www.guardian.co.uk/local-government-network/2013/jul/17/boris-johnson-airport-plans-not-thought-through