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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 864694 times)
RickJamesBTC
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January 04, 2014, 04:49:41 AM
 #6201

My bad looks like pics are cointerra.  Where is cointerra located?

Here is what the seller says
"
They are in Texas where my brother works. He works for Cointerra. I'm flying there this weekend to pick them up in time for the auctions to close and then shipping them to winning bidders.

- butterfliesandthings
"
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January 04, 2014, 05:11:03 AM
 #6202

My bad looks like pics are cointerra.  Where is cointerra located?

Here is what the seller says
"
They are in Texas where my brother works. He works for Cointerra. I'm flying there this weekend to pick them up in time for the auctions to close and then shipping them to winning bidders.

- butterfliesandthings
"
When you see butterflies....run...as fast as you can!

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Worldcore
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RickJamesBTC
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January 04, 2014, 05:21:43 AM
 #6203

My bad looks like pics are cointerra.  Where is cointerra located?

Here is what the seller says
"
They are in Texas where my brother works. He works for Cointerra. I'm flying there this weekend to pick them up in time for the auctions to close and then shipping them to winning bidders.

- butterfliesandthings
"
When you see butterflies....run...as fast as you can!

rofl.  Anyways, I cross posted this into the cointerra thread, belongs there.
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January 04, 2014, 05:24:45 AM
 #6204

My bad looks like pics are cointerra.  Where is cointerra located?

Here is what the seller says
"
They are in Texas where my brother works. He works for Cointerra. I'm flying there this weekend to pick them up in time for the auctions to close and then shipping them to winning bidders.

- butterfliesandthings
"
When you see butterflies....run...as fast as you can!

In the opposite direction and NOT towards them obviously  Cheesy

If this post helped you and you feel generous you know what to do: 1P9tXFy9bVgzrfPGeV7F8np26ZtFdCCWvz
Tehfiend
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January 04, 2014, 05:43:36 AM
 #6205

So you believed that they would be able to design and manufacture everything without touching any of the pre-order funds?
Yes, I did— or at least substantially. This is the norm in electronics manufacture, thats what investors are for, normally you don't have the customers funds before your design is done and manufactured. Pre-orders are unusual. Even in custom one off manufacture in the commercial market not only is payment normally provided _at delivery_ but goods are often invoiced net-30, so you won't get paid until sometime after delivery of the product.

Besides, you can factor out the exchange rate noise, just assume that the exchange rate was constant. In (some/most/all) states you are legally obligated to provide full refunds for pre-orders with fairly short notice on late delivery, and— obviously— in all states you are required to refund customers if you don't ship a product.  So they wouldn't have been able to meet even the most conventional of obligations, in the worst case (e.g. their design failed) if they'd been spending the pre-order funds to fund design and manufacturing.

In the mining space pre-order lets a maker lock in outsized prices and deny business to the competition by locking up the customers funds early. It might also be used to fund development and manufacture but if so, thats very risky, and may create all kind of adverse exposure for the business. Better to get investors with clearly established rights and obligations.

Yes exactly it is the norm in electronics manufacturing that does not require a pre-order and an EXTREMELY short time to market before people want their money back which is not the case here. Normally this would be handled via something like Kickstarter which usually offers ZERO refunds.

The only reason HF would need to conduct a pre-order is because they needed pre-order funds to complete their product. Originally they said they had investors and would not do a pre-order model but once they opened pre-orders it was clear that they did not have the funding required and would be spending pre-order funds to complete their product making it impossible to give all customers 100% refunds in ANY currency much less the volatile BTC. I felt similar with KNC since they actually offered full US refunds at any point prior to when you order "entered production". They also could not actually guarantee that promise in a situation where BTC bottoms out and the vast majority of all customers request a refund. If that happened I would not be surprised despite their "guarantee" of full refunds. It's a gamble no matter which horse you bet on but the people thinking it's even possible to get a full BTC refund need to readjust their expectations because it's just not possible regardless if they deserve it or not.

/sadtruth

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dhenson
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January 04, 2014, 05:47:56 AM
 #6206

No, the sad truth is that most customers will just quietly bend over and accept their delays and broken promises. Very few will actually DEMAND compensation and fair treatment.

For that reason, I will be smiling with my original investment in this sad pathetic little company returned, while others will still be waiting on delivery of a piece of equipment that will not possibly ever come close to returning their original investment.

Sad but true.
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January 04, 2014, 05:50:00 AM
 #6207

The truth is that right now, at this moment, your opportunity for being compensated is slipping by.

Call a lawyer, send a refund demand, attend arbitration and receive your refund.  Patiently waiting while doing nothing will only ensure that you lose.
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January 04, 2014, 07:00:34 AM
 #6208

Gmaxwell's scenario is exactly what was we were led to believe because "the adults" had finally come to bitcoin asic miner manufacturing(and  they were investor backed and didn't need to use the Bitcoin for the first batch... Clearly we grossly misunderstood their statements).

"Adults" eh?

You mean all the slander Amy was shilling against KNC?   You might want to rewind the tape and see how "Adult" these clowns were from day one


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January 04, 2014, 08:25:05 AM
 #6209

By accepting arbitration, I believe you accept those Terms of Sale as valid and enforceable. Hashfast had absolutely no Terms of Sale a buyer could read back in August when I purchased. I remember looking everywhere for them. None Existed.

I saved a copy on day 1 (August 8 ) and emailed it to myself so it is time stamped by gmail. I've also uploaded it to pastebin in September here: http://pastebin.com/EfS9vmRf

Someone is wrong.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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January 04, 2014, 11:25:13 AM
 #6210

Well if you have to be refunded in USD (Converted to coin at current value) seems like they've established the "reasonable" rate of interest as 18% in there..  Wink

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Kouye
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January 04, 2014, 12:49:04 PM
 #6211

So, if they actually shipped 2 babyjets (which I beleive, since there are only 2 on the picture with Amy, and they would obviously stacked up more if they had been able to), Luke received one (non-commercial unit), who's the other ?

Yes, my mistake/misunderstanding: the unit I received is apparently an engineering sample.

Also, Luke, do you expect to receive the unit you paid for, or is that it?

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January 04, 2014, 01:27:34 PM
 #6212

No, the sad truth is that most customers will just quietly bend over and accept their delays and broken promises. Very few will actually DEMAND compensation and fair treatment.

For that reason, I will be smiling with my original investment in this sad pathetic little company returned, while others will still be waiting on delivery of a piece of equipment that will not possibly ever come close to returning their original investment.

Sad but true.

Customers should demand at least the scammer tag from thermos who is doing absolutely nothing except cash the money from advertising, or at least bad trust rating, but i'm sure we won't see that either. Welcome to the scammers den here on bitcointalk forum. Grats to thermos and to the mods who shaped it this way.

So, if they actually shipped 2 babyjets (which I beleive, since there are only 2 on the picture with Amy, and they would obviously stacked up more if they had been able to), Luke received one (non-commercial unit), who's the other ?

Yes, my mistake/misunderstanding: the unit I received is apparently an engineering sample.

Also, Luke, do you expect to receive the unit you paid for, or is that it?

IceDrill.

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Morpheus21
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January 04, 2014, 01:33:24 PM
 #6213

Hi sir,
I've got 100 Bitcoin to invest; Have you got a Baby or papy Hashfast miner???
I'm very interested..
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January 04, 2014, 01:36:20 PM
 #6214

Hi sir,
I've got 100 Bitcoin to invest; Have you got a Baby or papy Hashfast miner???
I'm very interested..

Hello,
Yes we have 2 miners available. Contact me via PM to setup payment details.
Regards.

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
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January 04, 2014, 03:40:00 PM
 #6215

Customers should demand at least the scammer tag from thermos who is doing absolutely nothing except cash the money from advertising

 Ironically, it could be argued that Theymos himself is deserving of a Scammer tag.
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January 04, 2014, 03:48:17 PM
 #6216

And Obama promised that, "if you like your healthcare plan you can keep it". Try suing him on that statement.

*cough cough* sovereign immunity COMPLETELY DIFFERENT AND UNRELATED SITUATION *cough cough*

Just because there was a promise does not mean that entity will keep the promise. If a corporation knows they can make money with a false promise, or by not keeping a promise then they will do just that.

And this is called fraud, which carries both civil and criminal penalties. There's a reason only criminals do this...

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January 04, 2014, 03:52:50 PM
 #6217

I am no lawyer though. . . . Thus, I believe any sane Judge would rule that arbitration requirement and all the others do not apply.

"I'm not a lawyer, but here's my legal conclusion anyway." Just stop. If you want answers, go see a lawyer. If you want to speculate, do so elsewhere, because at this point all you're doing is muddying the waters for other people without legal knowledge and making the situation worse.

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January 04, 2014, 04:06:09 PM
 #6218

And Obama promised that, "if you like your healthcare plan you can keep it". Try suing him on that statement.

*cough cough* sovereign immunity COMPLETELY DIFFERENT AND UNRELATED SITUATION *cough cough*

Its very similar entity makes promise it knows it cannot keep, prosecution fails due to the slowness of the court system so the entity does not get caught or held liable im any way shape or form.

Just because there was a promise does not mean that entity will keep the promise. If a corporation knows they can make money with a false promise, or by not keeping a promise then they will do just that.

And this is called fraud, which carries both civil and criminal penalties. There's a reason only criminals do this...

Good luck getting them convicted of fraud and your money back. Just because someone is legally wrong and you can win the case does not gaurrantee restitution. HF will be bankrupt on purpose before any lawsuite is conplete. Point being that a promise without backing will not protect you and the legal system will not protect you in a timeley manner which means you will probably never succeed in recouping the promised funds even though they broke the law.
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January 04, 2014, 04:10:18 PM
 #6219

And Obama promised that, "if you like your healthcare plan you can keep it". Try suing him on that statement.

*cough cough* sovereign immunity COMPLETELY DIFFERENT AND UNRELATED SITUATION *cough cough*

Its very similar entity makes promise it knows it cannot keep, prosecution fails due to the slowness of the court system so the entity does not get caught or held liable im any way shape or form.

Just because there was a promise does not mean that entity will keep the promise. If a corporation knows they can make money with a false promise, or by not keeping a promise then they will do just that.

And this is called fraud, which carries both civil and criminal penalties. There's a reason only criminals do this...

Good luck getting them convicted of fraud and your money back. Just because someone is legally wrong and you can win the case does not gaurrantee restitution. HF will be bankrupt on purpose before any lawsuite is conplete. Point being that a promise without backing will not protect you and the legal system will not protect you in a timeley manner which means you will probably never succeed in recouping the promised funds even though they broke the law.

Good thing they have working chips which means their IP is worth quite a bit. If they somehow ran out of money that would be what you would go after.
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January 04, 2014, 05:06:46 PM
 #6220

that won't be worth much by the time all the procedures to get it are done.

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