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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 875135 times)
matthewh3
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January 09, 2014, 06:48:00 PM
 #6701

HF in brief; They came to the bitcoin community promising the world to raise funds for a 28nm ASIC.  Now they're currently mining and offering customers-investors their money back at a loss.  They had devices in the wild last week and since then network hashrate has exploded - http://bitcoinwisdom.com/bitcoin/difficulty

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cedivad
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January 09, 2014, 06:56:01 PM
 #6702

I really wish you a nice time, tmcgough.

matthewh3, if that was true, it won't be easy to prove. We dont even know what's the company that has the IPs, the contract with the fab, etc... There will be a lot of work to do.

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
matthewh3
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January 09, 2014, 07:01:27 PM
 #6703

I really wish you a nice time, tmcgough.

matthewh3, if that was true, it won't be easy to prove. We dont even know what's the company that has the IPs, the contract with the fab, etc... There will be a lot of work to do.

I have no dog in this fight but look at how CT has handled their delay compared to HF.  It just shows it's another toxic US bitcoin ASIC manufacturer like BFL.  The BFL CEO had already been convicted of fraud before starting BFL.  To me I'd find it hard to trust any new US ASIC manufacturers that may pop up after BFL and now HF.

Edit:  For the record I currently have never had orders with CT either.

paranoidx
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January 09, 2014, 07:07:16 PM
 #6704

so where are icetard and cypher tard to tell us about this success?

It almost confirms that they are Hashfast employees - it seems they all have been instructed to never post here again.

cypher isn't, but icetard must be.

Twist! Cypher is Icetard..
Phinnaeus Gage
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January 09, 2014, 07:09:09 PM
 #6705

HF in brief; They came to the bitcoin community promising the world to raise funds for a 28nm ASIC.  Now they're currently mining and offering customers-investors their money back at a loss.  They had devices in the wild last week and since then network hashrate has exploded - http://bitcoinwisdom.com/bitcoin/difficulty

https://blockchain.info/blocks/Eligius
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January 09, 2014, 07:10:53 PM
 #6706

so where are icetard and cypher tard to tell us about this success?

It almost confirms that they are Hashfast employees - it seems they all have been instructed to never post here again.

cypher isn't, but icetard must be.

Twist! Cypher is Icetard..

Ironic: https://bitcointalk.org/index.php?topic=397177.msg4396178#msg4396178
paranoidx
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January 09, 2014, 07:22:51 PM
 #6707

One last statement before I leave for good.
I just got my funds successfully transfered back into my account.
--------
Processing Information Panel    WIRE TRANSFER CREDIT ON 01/09   activity type credit
status type icon pending
Processing. Select to mark activity type credit 6,064.55 WIRE TRANSFER CREDIT ON 01/09 as Reconciled
6,064.55   
----------
True it isn't 45 thousand dollars but I am now not having to follow this thread any more.
Have a great time and as I was told once - I will enjoy not monitoring it any more.


tmcgough just pm'ed me on how to get my $6,064.55 refund from hashfast.  
Good to see somone, a batch 1 customer with 8 post history, caring so much that I get my refund back, but I payed 60 BTC goddammit!
matthewh3
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January 09, 2014, 07:26:11 PM
 #6708

One last statement before I leave for good.
I just got my funds successfully transfered back into my account.
--------
Processing Information Panel    WIRE TRANSFER CREDIT ON 01/09   activity type credit
status type icon pending
Processing. Select to mark activity type credit 6,064.55 WIRE TRANSFER CREDIT ON 01/09 as Reconciled
6,064.55   
----------
True it isn't 45 thousand dollars but I am now not having to follow this thread any more.
Have a great time and as I was told once - I will enjoy not monitoring it any more.


tmcgough just pm'ed me on how to get my $6,064.55 refund from hashfast. 
Good to see somone, a batch 1 customer, with 8 post history caring so much that I get my refund back, but I payed 60 BTC goddammit!

The saying "there's no such thing as a free lunch" comes to mind and makes me think its more likely it was a shill then a voice of reason amongst all this anger vented at HF.

cedivad
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January 09, 2014, 07:41:21 PM
 #6709

So, was I completely right?  Grin

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
PuertoLibre
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January 09, 2014, 07:58:35 PM
 #6710

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.

They clearly played us as investors.
http://www.businessweek.com/articles/2014-01-09/bitcoin-mining-chips-gear-computing-groups-competition-heats-up#p3

Quote
A typical company might take a year to 18 months to design and manufacture such a custom chip. De Castro and his partner, Simon Barber, a former engineer at the Palo Alto Research Center, tried to pull it off in a few months. They hired a team of 20 engineers and consultants and hunkered down for weeks in the offices of a local chip design consulting firm. Bills for those services ran into the millions, though HashFast had raised only $600,000 from friends and family. (Several family members balked at investing in what they called “Monopoly money,” de Castro says.) The HashFast partners raised the rest by preselling $15 million worth of mining rigs on the idea alone, without even a prototype. Naturally, the company took payment in Bitcoin.

 Angry

Mama-mia!

Congratulations, you are all now investors according to Buisnessweek. You are now owed interest payments?


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Micky25
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January 09, 2014, 08:26:54 PM
 #6711

yes, 5%
PuertoLibre
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January 09, 2014, 09:29:17 PM
 #6712

yes, 5%
How about 105%?


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smart-ticket protocol for events
live product with market traction!
    ███
███
███
███
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███
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  BTC ANN
  WEBSITE
  BLOG
   
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perezoso
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January 09, 2014, 09:32:21 PM
 #6713

Quote
... Several family members balked at investing in what they called “Monopoly money,” de Castro says...

Okay, so now we have good reason to suspect that Rodriguez De Castro does not come from a humble background.  This clue may further assist the bio development.
jspielberg
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January 09, 2014, 09:59:49 PM
 #6714

Quote
... Several family members balked at investing in what they called “Monopoly money,” de Castro says...

Okay, so now we have good reason to suspect that Rodriguez De Castro does not come from a humble background.  This clue may further assist the bio development.

I don't think they were saying it was monopoly money because it was a small amount... I think it was because they thought it was fake money.  He still may have humble beginnings but not sure it really matters that much.

For batch 1 to get close to break even with a delivery on Jan 28, it would have to be 11 baby jets per b1 order.  If they slip a week to Feb. 3rd, it needs to be 13 baby jets.  If they provide the initial mpp of 5x (initial 1 plus 4 baby jets) b1 is looking at a loss close to 70%.

joshv06
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January 09, 2014, 10:04:50 PM
 #6715

I just can't see them shipping us MPP with our order.. After all these lies. They don't give a fuck about us.


 
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TIDEX



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January 09, 2014, 10:19:16 PM
 #6716

If they provide the initial mpp of 5x (initial 1 plus 4 baby jets) b1 is looking at a loss close to 70%.
They'll keep silent until this 70% turns into 90%, at which point accepting the USD refund will be more efficient.

[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition!
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January 09, 2014, 10:22:14 PM
 #6717

I just can't see them shipping us MPP with our order.. After all these lies. They don't give a fuck about us.

There's no way they would. We'd be lucky to get our MPP three months after we get the initial order, at which point it's even MORE worthless.

Did I help you out, or otherwise say something useful? A handful of satoshis are a great way to say thanks! - Address: 18JUKdmE1Satf8HJUU3pf7iu5ymQX8AzER
perezoso
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January 09, 2014, 10:32:30 PM
 #6718

Quote
... Several family members balked at investing in what they called “Monopoly money,” de Castro says...

Okay, so now we have good reason to suspect that Rodriguez De Castro does not come from a humble background.  This clue may further assist the bio development.

I don't think they were saying it was monopoly money because it was a small amount... I think it was because they thought it was fake money.  He still may have humble beginnings but not sure it really matters that much.


I understand that.  But if your Latin American family has enough money to send you to Boston University (presently US $58k/yr) and to be asked, and to potentially be, significant investors in an American tech startup.... no, you are not from a humble background.

A one bedroom, one bath apartment where Rodriguez De Castro lived in college presently rents for US $1700 per month, vs. US $9000/yr for on-campus housing.

So, in contemporary dollar terms, sending sonny boy to Boston was about $79,000 per year plus books, transportation, and pocket money.  Nope, not a humble background.

And if he wasn't a Texas resident, the UT MBA wasn't cheap either, although his apartment in Austin probably was.  A 12 hour course load in the MBA program is presently US $42,000 a year (excluding summer), for tuition ONLY.  Probably about the same expense level as Boston at the end of the day.

So, in 2013 dollar terms, about a $425,000 college education at list prices (a little less if he did a fake MBA), plus airfares and pocket money.  (And no, unless he was a US citizen, most financial aid programs wouldn't have supported him.) And that grin on his face.  Nope, not a humble background.
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January 09, 2014, 11:22:38 PM
 #6719

So it appears the certified letter I sent to
Quote
HashFast Technologies LLC (“HashFast”)
100 Bush Street, Suite 650
San Francisco, California 94104, United States
Has failed:
Quote from: USPS
Your item was undeliverable as addressed at 11:49 am on January 8, 2014 in SAN FRANCISCO, CA 94104. It is being returned if appropriate information is available.
The San Jose one is still in route, but I had lower expectations of that one being successful.
Time for a process server I guess.
Seems I spoke too soon, USPS made another attempt (After saying they were returning it!) and it went through, and I also received an email confirmation that they received it.

Cheers.

(also, as an aside, can the 'doxing'-ish stuff go someplace else unless it's really obviously interesting and relevant? it's making it hard to track actual news in the thread. If you find out one of HF's executives was convicted of fraud or something, thats news— but the rest of the details are only useful in so far as they may help people track them down in future lawsuits if needed... it doesn't rise to the level of news.)

Bitcoin will not be compromised
cedivad
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January 09, 2014, 11:23:07 PM
 #6720

There is a difference between supposing something (I've started to think it when I first read "senior", I wrote about it at the time) and knowing it for sure. Thanks, perezoso.

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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