HashFast announces specs for new ASIC: 400GH/s

[RoadStress]

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)

[cedivad]

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.

[armyof1ne]

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]

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

[duncwa]

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!

[VinceSamios]

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 -

[Puppet]

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]

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

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.

[Puppet]

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.

[VinceSamios]

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...

[cedivad]

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.

[perezoso]

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]

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.

[perezoso]

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]

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).

[magiccoins]

Has it occurred to you that LB prepaid 6 MILLION dollars and no one else did? Not even close? That it is basically LB that bank rolled all of HashFast?  Perhaps it has occurred to you that LB is just as much of a victim as any of us, and that they are fighting for their survival because of HF's treachery and crookedness?

LB has indicated during the conference that they wanted to create a mine that would encompass all of the creditors, on a pro-rata basis if an agreement could be reached on the terms.  This is what they had dealt with HF: a percentage of the mining back to HF.  This time, it would be to the smaller creditors instead.  So far they ARE BY FAR the largest creditors, with the most at stake.  They are the ones who are loosing the most, and paying the most in legal fees against HF, and you are falling on them?  WHY?

OF COURSE, none of this will happen if we confuse the enemy for them instead of HF.  LB so far has been efficiently active, quiet and respectful.  Is it because they invested incredibly large amounts that you are now hitting on them before even asking what their intentions might be?  Greg is an upstanding guy and has been a fair player in the community for years.  That in itself says more than most can say.

Instead of bashing and attacking blindly, I would encourage you to recognize potential allies that do seem to know what they are doing.

[cedivad]

LB has indicated during the conference that they wanted to create a mine that would encompass all of the creditors, on a pro-rata basis if an agreement could be reached on the terms.

What conference?

As I said in my post above, I don't want to bash them too much, because we don't known their position yet. However given the previous experience with huge companies whose only goal is to profit stealing from the other, well, let me doubt.

If what you say is correct, I will make a statue to LB. Literelaly. Even if I don't known how to do it, it will be my new hobby, instead of posting here. Deal?

[perezoso]

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.

Maybe. And yes, you probably can't compel a person to reveal the private key for a wallet.  But if they don't, and those are resources that a federal court says should be divided among creditors, you can probably throw the owner in jail.  You know, and there are some good people in government. With the right conditions, the kind of guy that investigates white collar crime might love this case.  Doing forensics to find out where white collar criminals hide money is a specialty of some people. Like people that prosecute the Mob. Let's hope they get involved.

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.

I am sure they will try their best to keep the IP by arguing it is separate.  That's Simon's future.  But if Hashfast's resources were used to develop it, and I'm sure they were, then they can't keep it their own.  There may be very traceable patent applications.  If a federal court demands that they turn over the assets, refusing to do so will land them in serious trouble.  They will not be defying some guys on an internet forum anymore, they would be defying a federal judge, typically the kind of person that doesn't like to be defied and has the means to break you will.

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?

Yes, there are competing interests.  But again, they have got to do a cost benefit analysis.  It may turn out the way you fear but let's not presume that.  They may decide that it's better not to fight and to instead cooperate with us, in order to reduce their losses.

[Entropy-uc]

Has it occurred to you that LB prepaid 6 MILLION dollars and no one else did? Not even close? That it is basically LB that bank rolled all of HashFast?  Perhaps it has occurred to you that LB is just as much of a victim as any of us, and that they are fighting for their survival because of HF's treachery and crookedness?

LB has indicated during the conference that they wanted to create a mine that would encompass all of the creditors, on a pro-rata basis if an agreement could be reached on the terms.  This is what they had dealt with HF: a percentage of the mining back to HF.  This time, it would be to the smaller creditors instead.  So far they ARE BY FAR the largest creditors, with the most at stake.  They are the ones who are loosing the most, and paying the most in legal fees against HF, and you are falling on them?  WHY?

OF COURSE, none of this will happen if we confuse the enemy for them instead of HF.  LB so far has been efficiently active, quiet and respectful.  Is it because they invested incredibly large amounts that you are now hitting on them before even asking what their intentions might be?  Greg is an upstanding guy and has been a fair player in the community for years.  That in itself says more than most can say.

Instead of bashing and attacking blindly, I would encourage you to recognize potential allies that do seem to know what they are doing.

Welcome to the forum Liquidbits.

I'll compare legal bills with you any day you would like.  Painting yourself as a hero after you tried to strip all the remaining assets of HF out from under the other creditors in an "efficiently active, quiet and respectful" way isn't going to go very far.

[regular]

Just emailed Gallo's firm with my information and was wondering if he has been good to work with so far?  The retainer of 40% plus fees seems like there really won't be anything left for us in the end.