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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 875472 times)
cedivad
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May 23, 2014, 11:06:50 AM
 #9481

Read the filings.  Liquidbits had a restraining order controlling nearly all of the supposed chip inventory.
I did read the filing. Their emergency arbitrator and the restraining order for 30k chips because of the previous contract, but since that HF had a total of 30k chips, I don't see how they could have paid them as if they were the only creditor.

Another question is, liquidbits paid 2400$/sierra. Is that a legitimate price, while everyone else paid 6k or more for the first batch of sierra (batch 2?). The trustee has the power to scratch that contract.

---

So liquidbits wants to liquidate the 30k chips for a bargain (like $3M) and buy them, since that they had everything ready. They don't have any interest to bring their investment inside the company and share it with others, they will rather liquidate it and handle it themselves.

That, and another detail I'm still waiting a confirmation of, makes me think that we have a damn problem ahead.

---

The emergency arbitrator order: http://hashfast.org/14-30725.12.pdf
So basically HF 1) didn't want to deliver the chips and 2) didn't want to refund them immediately because 3) it would have resulted in them filing for a (voluntary) bankruptcy petition.

-8 hours to the hearing, that is public, so maybe someone could give us a report.

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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armyof1ne
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May 23, 2014, 01:15:41 PM
 #9482

Read the filings.  Liquidbits had a restraining order controlling nearly all of the supposed chip inventory.
I did read the filing. Their emergency arbitrator and the restraining order for 30k chips because of the previous contract, but since that HF had a total of 30k chips, I don't see how they could have paid them as if they were the only creditor.

Another question is, liquidbits paid 2400$/sierra. Is that a legitimate price, while everyone else paid 6k or more for the first batch of sierra (batch 2?). The trustee has the power to scratch that contract.

---

So liquidbits wants to liquidate the 30k chips for a bargain (like $3M) and buy them, since that they had everything ready. They don't have any interest to bring their investment inside the company and share it with others, they will rather liquidate it and handle it themselves.

That, and another detail I'm still waiting a confirmation of, makes me think that we have a damn problem ahead.

---

The emergency arbitrator order: http://hashfast.org/14-30725.12.pdf
So basically HF 1) didn't want to deliver the chips and 2) didn't want to refund them immediately because 3) it would have resulted in them filing for a (voluntary) bankruptcy petition.

-8 hours to the hearing, that is public, so maybe someone could give us a report.
hmmm, i was unaware of this one, isn't that technically worth between 24-12 petahashes of power? wouldn't that kinda break bitcoin if they were all brought online at the same time? over the 50% mark right?
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May 23, 2014, 01:28:21 PM
 #9483

hmmm, i was unaware of this one, isn't that technically worth between 24-12 petahashes of power? wouldn't that kinda break bitcoin if they were all brought online at the same time? over the 50% mark right?

We are hashing at ~73PH right now so the answer to your question is no.

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
H/w Hosting Directory & Reputation - https://bitcointalk.org/index.php?topic=622998.0
defcon23
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May 23, 2014, 01:37:35 PM
 #9484

 Grin   http://www.coindesk.com/hashfast-just-one-hearing-away-involuntary-bankruptcy/?utm_source=CoinDesk+subscribers&utm_campaign=bb31ed02da-EMAIL_RSS_CAMPAIGN&utm_medium=email&utm_term=0_74abb9e6ab-bb31ed02da-72116193
cedivad
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May 23, 2014, 01:39:19 PM
 #9485

hmmm, i was unaware of this one, isn't that technically worth between 24-12 petahashes of power? wouldn't that kinda break bitcoin if they were all brought online at the same time? over the 50% mark right?

We are hashing at ~73PH right now so the answer to your question is no.
He wanted to be quoted with that huge post to further derail the discussion. "break bitcoin", yeah.

Anyway, Difficulty: +17%; Price: +16%. Let's hope the latter to hold.

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
RoadStress
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May 23, 2014, 02:00:16 PM
 #9486

hmmm, i was unaware of this one, isn't that technically worth between 24-12 petahashes of power? wouldn't that kinda break bitcoin if they were all brought online at the same time? over the 50% mark right?

We are hashing at ~73PH right now so the answer to your question is no.
He wanted to be quoted with that huge post to further derail the discussion. "break bitcoin", yeah.

Anyway, Difficulty: +17%; Price: +16%. Let's hope the latter to hold.

It seems that every manufacturer needs it's own troll/hater. BFL has bcp19, HashFail has armyof1ne. (KnC had Avenger back last year. this year he is legit)

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
H/w Hosting Directory & Reputation - https://bitcointalk.org/index.php?topic=622998.0
cedivad
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May 23, 2014, 02:08:16 PM
 #9487

He [gallo] has the financing lined out.
So, we emailed briefly and he said this was completely false. He doesn't have any kind of capital ready, he will just try to raise it in case.

I've spent something like 5 emails to get him to understand that liquidbits wants to liquidate asap in to later buy the chips at a bargain price themselves in order to use the capital they probably spent already for those boards, and that it is against the interests of the majority of the customers (that is more than $6M). I think him to have understood it now. Let's see if someone opposes to the huge whale and their interests.

So, let's hope to known something about that today.

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
armyof1ne
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May 23, 2014, 02:18:45 PM
 #9488

hmmm, i was unaware of this one, isn't that technically worth between 24-12 petahashes of power? wouldn't that kinda break bitcoin if they were all brought online at the same time? over the 50% mark right?

We are hashing at ~73PH right now so the answer to your question is no.
ok... rofl, i haven't looked at numbers for a few months, i didn't think it increased that much, lol, ill look first next time so i don't look like a dumbass
cedivad
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May 23, 2014, 02:25:36 PM
 #9489

It's gonna be great to allege that VMC sold used HF first gen boards coming from nowhere else than a private datacenter and forgot to remove the revision stickers. It's gonna be great to find the place that produced those boards in the first place and talk to the guy who manufactured the boards and who placed the stickers.

It's gonna be great.

https://www.youtube.com/watch?v=EbRFvEAJ3-A

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
duncwa
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May 23, 2014, 02:29:17 PM
 #9490

50/50 that they taped it out already. The IP is valuable, but do you want to talk about a 16nm chip already taped out? Now, that would save the ship.

Let me dream.

Far and above the best posts are from you cedivad.  Keep it up.  I'm two blocks from HF HQ.  I might walk over to the bankruptcy hearing today just to hear it.  This has been like watching a train from from above.  70 mph, the bridge ahead is destroyed.  In slow motion:-) wow....just efin wow!

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VinceSamios
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May 23, 2014, 03:00:43 PM
 #9491

It's gonna be great to allege that VMC sold used HF first gen boards coming from nowhere else than a private datacenter and forgot to remove the revision stickers. It's gonna be great to find the place that produced those boards in the first place and talk to the guy who manufactured the boards and who placed the stickers.

It's gonna be great.

https://www.youtube.com/watch?v=EbRFvEAJ3-A

It's gonna be great when dudes post the video I made - Cheesy

The Happy Clappy Bitcoin Chappy - http://twitter.com/vincesamios
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May 23, 2014, 03:13:34 PM
 #9492

The really interesting question is this: Liquidbits made this deal for chips and 25% of revenue being kicked back to Hashfast on March 4th.  But Hashfast defaulted. So who made Hashfast a better offer?

VMC. They are selling both the old HF boards as "Fast-Hash One Prospector", rated at 512GH, and the new yoli evo whatever boards as "Fast-Hash One Gold Rush" rated at 750GH. Its not like they tried very hard to cover that up, just flipping the name lol. Both are reportedly in stock.

http://virtualminingcorp.com/shop1/index.php?id_category=15&controller=category

VMC is wholly owned by ActiveMining, registered in Belize and run by a very shady person. Their funding comes from  a bitcoin IPO.
cedivad
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May 23, 2014, 03:17:51 PM
 #9493

I'm two blocks from HF HQ.  I might walk over to the bankruptcy hearing today just to hear it.
Thank you. If you really pass by, the only question I would like to have answer to is: what are LB plans? Are they gonna fight us to liquidate everything into their hands and profit from our misfortunes? Asking it doesn't make any sense, they will lie even worse than HF, given what's is at stake, but I do hope that detail to be clear either at the hearing or to the trustee next week.

@VinceSamios, just thank you Wink

VMC is wholly owned by ActiveMining, registered in Belize and run by a very shady person. Their funding comes from  a bitcoin IPO.
But the guy was in Canada until a few days ago (the dc should be there and he was meeting with Amy @ Hashfast) and is under investigation by some us federal agency about the unregulated security, so I don't think he will just say "sorry guys, my company is in the middle of the ocean (ok, not really), you can't touch me". He can't hide for the rest of his long life either, so the law will eventually catch up with him.

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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May 23, 2014, 03:23:38 PM
 #9494

But the guy was in Canada until a few days ago (the dc should be there and he was meeting with Amy @ Hashfast) and is under investigation by some us federal agency about the unregulated security, so I don't think he will just say "sorry guys, my company is in the middle of the ocean (sorry, I'm not good with geography), you can't touch me". He can't hide for the rest of his long life either, so the law will eventually catch up with him.

Oh, Im pretty sure he already is in trouble over selling unregistered securities to unsophisticated buyers, if nothing else. But whatever deal he struck with HF, I dont quite see what would be illegal about that for him to do. ANd if you are hoping on clawback's from Belize, good luck.
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May 23, 2014, 03:25:19 PM
 #9495

The really interesting question is this: Liquidbits made this deal for chips and 25% of revenue being kicked back to Hashfast on March 4th.  But Hashfast defaulted. So who made Hashfast a better offer?

VMC. They are selling both the old HF boards as "Fast-Hash One Prospector", rated at 512GH, and the new yoli evo whatever boards as "Fast-Hash One Gold Rush" rated at 750GH. Its not like they tried very hard to cover that up, just flipping the name lol. Both are reportedly in stock.

http://virtualminingcorp.com/shop1/index.php?id_category=15&controller=category

VMC is wholly owned by ActiveMining, registered in Belize and run by a very shady person. Their funding comes from  a bitcoin IPO.

ActiveMining shares are traded here btw: https://crypto-trade.com/tradex/ipo/amc_btc

/shill

Disclaimer: I own ActM shares - I want to sell them...

The Happy Clappy Bitcoin Chappy - http://twitter.com/vincesamios
cedivad
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May 23, 2014, 03:25:37 PM
 #9496

I'm not sure of the limits between civil and penal in this case. But I'm quite sure there to be an interest to screw him if he really scammed HF's customers.

Garret, on the other hand, seems to be doing just fine and not to be involved. But I would double check that.

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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May 23, 2014, 03:41:01 PM
 #9497

Easy fellas.  Duncwa, it would be awesome to get a report from the hearing.  Hopefully there will at least be some tech media there.  Maybe even some mainstream.

I hope all the information comes out eventually on all the sweetheart deals Hashfast made to undermine the interests of its customers.  ActiveMining, the apparent secret data center, mining kickbacks from Liquidbits, god knows what else.

Let's hope that the court-appointed manager that I guess we will get will be a communicative guy, who will regularly keep us posted on what he plans to look into and what he finds.  

He hopefully won't be hesitant to pick up the phone and call the white collar crime division at the FBI (or the IRS, I suppose) when he makes dubious discoveries.  I assume that's his obligation.

I think Liquidbits will try to advance a claim to 28,000 of the chips, but the legitimacy of its chip conversion deal is very dubious.  Some compromise will have to be the result.  There's no way that Hashfast could legally strip away hundreds of peoples' claims by entering into a late hour deal pledging 90% of its assets to one creditor.  That just won't fly.  Liquidbits is going to be a problem for the rest of us, but I can't imagine that court would permit its claim to be settled to the exclusion of ours.

Oh, and the pronsters too.  I wanna know the truth about the pronsters!
cedivad
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May 23, 2014, 03:43:49 PM
 #9498

If the trustee accepts the liquidations and LB is the only one buying chips at $50 a pop you would get the same exact result, with the difference being that you would be screwed legally. We need to force LB into collaborating with us, to invest into the company and not liquidate.

They will fight it with their teeths.

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
perezoso
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May 23, 2014, 03:57:49 PM
 #9499

If the trustee accepts the liquidations and LB is the only one buying chips at $50 a pop you would get the same exact result, with the difference being that you would be screwed legally. We need to force LB into collaborating with us, to invest into the company and not liquidate.

They will fight it with their teeths.

But there are so many possibilities here.  Let's not focus on the worst possible, and while I don't think Liquidbits will be a "team player", let's not be too judgmental before we see what they say in detail.  You know, they have to consider the possibility that conflict with us will only prolong the agony, resulting in even less value in the chips, and lower returns to their investors.

But so many possibilities.  What if, for example, it becomes apparent that persons currently or recently associated with Hashfast control large bitcoin wallets?  Or that they are sitting some hot new chip?

What I wish was that there was a more or less neutral party (not somebody with their own large claim) that had the capability to very quickly transform those chips into EVO boards.  The bankrupted Hashfast entity could have the boards made under contract and then sell them, proceeds to be divided among creditors.
cedivad
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May 23, 2014, 04:05:57 PM
 #9500

I'm sorry perezoso, but I've spent the last 8 months preparing for the worse and hoping for the best, and I've yet to do succeed in doing that with anything related to HF. The worse is what will probably happen:

1) You won't be able to recover any BTC wallet. Not even the 3000 BTC one you could known the name of the owner of with a simple subpoena to Bitstamp.

2) The IP is under another company and it won't be immediate to get access to it. They have probably sold it already 10 times to other different companies in the last 2 days if we known Edward. Yes, the trustee should be able to reverse that, but it's not immediate, and it could go wrong. They had months to get ready for this event. They certainly known a lot we don't.

3) LB has tens of millions at stake. They won't just be kind with us. They have all the interest to destroy us. Now, the post of Will@IceDrill yesterday suggests otherwise, since that they certainly talked, but who knowns?

(etc, I don't want to despair too much).

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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