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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 878377 times)
Entropy-uc
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May 23, 2014, 05:51:44 PM
Last edit: May 23, 2014, 06:15:23 PM by Entropy-uc
 #9501

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.
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May 23, 2014, 06:04:26 PM
 #9502

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.
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May 23, 2014, 06:22:13 PM
 #9503

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.

I've been working on and off with him for months. It's all talk until something actually happens.

And as far as the 40% retainer.. you think you'll receive ANYTHING from hashfast? This is def the best move to make.

The only way it would be worthwhile is if Gallo guarantees that he will pursue personal claims against the owners and officers of Hashfast.  Without that, you are just throwing money away compared to what you would recover just riding out the bankruptcy.
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May 23, 2014, 07:29:20 PM
 #9504

And as far as the 40% retainer.. you think you'll receive ANYTHING from hashfast? This is def the best move to make.

Yes, but after about 3pm today, US west coast time, the old Hashfast will likely cease to exist. 

In Eddie's place there will be a court-appointed manager.  That manager's job will be to fairly allocate Hashfast's remaining assets among its creditors.  (S)He will be responsible to the court, not out for personal gain or responsible to shadowy porn investors, or whatever.

It's your own business, and of course the possibility of upsets exists, but paying 40% of your proceeds to a fat lawyer doesn't seem to make sense.

It's like this, for example:

For Batch 1 Babyjet with unpaid MPP (or insert some other item here, say, for every Batch 3 Sierra), each customer will receive a set amount.  Let's say it's $10.  If you don't hire Gallo, you will basically get your $10 back.  If you do hire Gallo, you will get $6 back.

Yeah, it's more complicated than that, but that's the basic jist.
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May 23, 2014, 07:38:52 PM
 #9505

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.
Someone gets it.
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May 23, 2014, 08:01:01 PM
 #9506

Maybe everyone with a legitimate interest in the outcome should settle down and resist the urge to speculate about the intentions of any of the parties who have a legal team involved at this point. Casting aspersions won't do anything to further an equitable outcome.

Regardless of their motivation or intent, the intelligence gathered and acted upon by LiquidBits seems to have resulted in preserving the bulk of the remaining assets of Hashfast. Who knows where that inventory would be right now if action was not taken?

My guess is that the LB team is fully aware of how bankruptcy works and will put forth a plan that they could reasonably expect a the other creditors and the trustee to accept. It's not like a trustee is going to just hand over all the assets to a single creditor. Koi and others already have a seat at the table and the creditor list will continue to grow.

As fucked up as things are, this current turn of events might be the least shitty of many potential outcomes. I am actually more optimistic about Hashfast Hashfast 2.0 than I have been in a long time.

I sure hope someone will go down to the hearing and report back with a blow by blow.

Who is John Galt?
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May 23, 2014, 08:13:07 PM
Last edit: May 23, 2014, 08:39:41 PM by cedivad
 #9507

If someone needs directions:



I don't know if someone other than their lawyers will be there today, but it would be positive if you guys spent some hours of the afternoon together, creditors and HF. What could go wrong?

Meanwhile, pepperming:



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, 09:26:33 PM
 #9508

Let's see.... it should have started by now....
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May 23, 2014, 09:31:59 PM
 #9509

Cue fat lady!

BTC: 3MsaLB8ghUB15YBP5ruyb5jiLbMou1CuNm
LTC: LhgGYFUBdLf7c5qygjw3Jte3nCFs2gp1j8
perezoso
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May 23, 2014, 09:36:45 PM
 #9510

Cue fat lady!

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May 23, 2014, 09:54:50 PM
 #9511

http://www.coindesk.com/hashfast-just-one-hearing-away-involuntary-bankruptcy/  Grin

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duncwa
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May 23, 2014, 10:27:01 PM
 #9512

Hearing extended until 930am Wednesday.  I'm here now.  $2600 statutory limit for us solo purchasers.  Not sure what this means.  Something about 503b 9.  #duncwaconfused.  Motion by creditors denied.
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May 23, 2014, 10:37:43 PM
Last edit: May 23, 2014, 10:50:14 PM by perezoso
 #9513

Hearing extended until 930am Wednesday.  I'm here now.  $2600 statutory limit for us solo purchasers.  Not sure what this means.  Something about 503b 9.  #duncwaconfused.  Motion by creditors denied.

503(b)(9), if that's what was mentioned, is a section of the code apparently intended to protect suppliers of goods and services to firms that are going belly up.  Totally armchair here, I know as much about bankruptcy proceedings as I do about speaking Thai, but it suggests to me that there are unpaid suppliers of materials/services to Hashfast that are pressing claim.  That or the judge is creating a time window during which any such suppliers could present themselves.
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May 23, 2014, 10:49:39 PM
 #9514

Motion denied? The emergency one to appoint a trustee? Why? Denied or delayed to Wednesday?

It would be great if someone spent some lines once a hearing to update us Smiley

In other words they got another week to hide what can be hidden and to try to find the invoices for the millions of dollars unaccounted for, great!

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, 10:55:55 PM
 #9515

Motion denied? The one to appoint a trustee asap? Why?

There's no way they're coming out of this alive.  I'm sure its a technical delay, maybe to allow additional claims to be presented, or some legal prerequisite to be satisfied, whatever.  Monday is a holiday here, so this is less than 1.5 working days' delay.

Maybe entropy will come by in a while and update us.
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May 23, 2014, 11:05:28 PM
 #9516

Hearing extended until 930am Wednesday.  I'm here now.  $2600 statutory limit for us solo purchasers.  Not sure what this means.  Something about 503b 9.  #duncwaconfused.  Motion by creditors denied.

Sounds like they are talking about the priority of the people who are owed money by HF.  As a consumer there appears to be a provision in bankruptcy law to give you priority on a pre-payment or deposit of up to $2,600 that doesn't mean you can recover the rest if you are owed more but you just wouldn't get preference on the remainder.

Quote
Bankruptcy Code Section 507(a)(7) establishes a priority for unsecured claims of individuals arising from Customer Deposits towards the purchase of goods that were not delivered up to a maximum of $2,600.  The remaining portion of the un-refunded deposit would become a general unsecured claim. Consumers owed deposits are only paid after all of the secured creditors and administrative expenses of the bankruptcy (such as bankruptcy lawyers’ fees) are paid.  As priority creditors, holders of deposits would be paid up to $2,600 before any general unsecured obligations of the retailer are satisfied.
http://blog.bdo.com/index.php/2011/06/23/treatment-of-customer-deposits-after-a-retailer-files-for-bankruptcy/

503b9 is about suppliers who are owed money by the bankrupt company and given them preference under certain circumstances.
http://www.burbageweddell.com/bankruptcy-creditor-rights-overview/section-503b9-administrative-expense-claims/

The real question is what the heck did Hashfast _do_ with all that money people gave them to build these chip & machines some large number of which were never delivered.
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May 23, 2014, 11:16:58 PM
 #9517

That was an experience!!  I think I'll go back Wednesday.  I sort of felt the pain of the judge trying to wrap his mind around Bitcoin.  I'm all in on cryptocurrencies and remember my "what huh" moment when I first heard about BTC.    I wanted to volunteer my services to help make the court more familiar with the technology and protocol.   
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May 23, 2014, 11:28:01 PM
 #9518

Motion denied? The emergency one to appoint a trustee? Why? Denied or delayed to Wednesday?

It would be great if someone spent some lines once a hearing to update us Smiley

Just got an update from someone who was listening in.  Hashfast told the court that they would voluntarily consent to a conversion to Chapter 11 bankruptcy (vs. the Chapter 7 that people are trying to force them into currently)  The judge was hesitant to appoint a trustee because they wouldn't have any authority if/once the bankruptcy was converted to chapter 11.  He didn't deny the motion he just delayed making a decision on it until Wednesday when he was perhaps expecting a more concrete answer on if HF really did intend to submit to Chapter 11.  The judge also adopt the TRO that liquidbits(?) got from arbitration that disallows HF from doing anything shady with their assets.
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May 23, 2014, 11:41:59 PM
 #9519

Motion denied? The emergency one to appoint a trustee? Why? Denied or delayed to Wednesday?

It would be great if someone spent some lines once a hearing to update us Smiley

Just got an update from someone who was listening in.  Hashfast told the court that they would voluntarily consent to a conversion to Chapter 11 bankruptcy (vs. the Chapter 7 that people are trying to force them into currently)  The judge was hesitant to appoint a trustee because they wouldn't have any authority if/once the bankruptcy was converted to chapter 11.  He didn't deny the motion he just delayed making a decision on it until Wednesday when he was perhaps expecting a more concrete answer on if HF really did intend to submit to Chapter 11.  The judge also adopt the TRO that liquidbits(?) got from arbitration that disallows HF from doing anything shady with their assets.

I'll be the first to admit that the legal process was beyond my comprehension.  But, regardless, I enjoyed the experience.
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May 23, 2014, 11:54:19 PM
 #9520

I'll be the first to admit that the legal process was beyond my comprehension.  But, regardless, I enjoyed the experience.

You could still cast a voodoo spell on Eddie if he shows up on Wednesday.  Some things beyond our understanding might be helpful.

Just got an update from someone who was listening in.  Hashfast told the court that they would voluntarily consent to a conversion to Chapter 11 bankruptcy (vs. the Chapter 7 that people are trying to force them into currently)  The judge was hesitant to appoint a trustee because they wouldn't have any authority if/once the bankruptcy was converted to chapter 11.  He didn't deny the motion he just delayed making a decision on it until Wednesday when he was perhaps expecting a more concrete answer on if HF really did intend to submit to Chapter 11.  The judge also adopt the TRO that liquidbits(?) got from arbitration that disallows HF from doing anything shady with their assets.

Somebody might be giving them money.  If their finances were such a wreck, and they have no resources to convert the chips into hashing machines, I don't see how they could present a credible Chapter 11 plan without an infusion of cash.
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