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Author Topic: HashFast announces specs for new ASIC: 400GH/s  (Read 865293 times)
minternj
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May 25, 2014, 04:20:29 AM
 #9601

These buffoons breached fiduciary duty long ago. There comes a time when you should stop taking order when you know you totally fucked up and can't fulfill orders. Its called fraud.

This needs to move out of civil court to criminal posthaste.

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cedivad
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May 25, 2014, 07:45:05 AM
 #9602

I agree that the forum is not the correct venue to discuss the reorganisation... Or liquidation. But I want to try my best anyway, while I don't feel like a little creditor at all, I'm not in the high end circle, so while I would like to help, I'm actually useless.
At least spamming the oblivious here I can make sure that people read it... At least that's the plan.

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
Bicknellski
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May 25, 2014, 11:03:39 AM
 #9603

I agree that the forum is not the correct venue to discuss the reorganisation... Or liquidation. But I want to try my best anyway, while I don't feel like a little creditor at all, I'm not in the high end circle, so while I would like to help, I'm actually useless.
At least spamming the oblivious here I can make sure that people read it... At least that's the plan.

Unfortunately that is the way of the biggest "group" or "individual" investor has the biggest say world we live in.

To be honest each creditor no matter the size should have equal representation and the decisions made should reflect the consensus not the will of the largest parties contesting this. Anything you post Cedivad or other "small" creditors post should be heard and should be valued equally with the other views. That would be the ideal situation and ultimately would lead I think to the best outcome for all even for the debtor. If they had only been listening to you and the other small buyers at the beginning this might never have happened. My point about posting here is that I doubt that it will be heard by the court.

Dogie trust abuse, spam, bullying, conspiracy posts & insults to forum members. Ask the mods or admins to move Dogie's spam or off topic stalking posts to the link above.
raskul
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May 25, 2014, 11:07:05 AM
 #9604

I agree that the forum is not the correct venue to discuss the reorganisation... Or liquidation. But I want to try my best anyway, while I don't feel like a little creditor at all, I'm not in the high end circle, so while I would like to help, I'm actually useless.
At least spamming the oblivious here I can make sure that people read it... At least that's the plan.

Unfortunately that is the way of the biggest investor has the biggest say world we live in.

To be honest each creditor no matter the size should have equal representation and the decisions made should reflect the consensus not the will of the largest parties contesting this. Anything you post Cedivad or other "small" creditors post should be heard and should be valued equally with the other views. That would be the ideal situation.

unfortunately Cedivad wouldn't know anyway, as he has a tendency to be over-zealous with his ignore button.
I can only presume he couldn't give a toss about anyone else's lost cash, only his own - otherwise i'd be more active in this (Cedivad's adopted) thread.

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Transisto
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May 25, 2014, 12:52:59 PM
 #9605

I agree that the forum is not the correct venue to discuss the reorganisation... Or liquidation. But I want to try my best anyway, while I don't feel like a little creditor at all, I'm not in the high end circle, so while I would like to help, I'm actually useless.
At least spamming the oblivious here I can make sure that people read it... At least that's the plan.
Greatly appreciated BTW !
btchedge
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May 25, 2014, 05:54:18 PM
 #9606

I agree that the forum is not the correct venue to discuss the reorganisation... Or liquidation. But I want to try my best anyway, while I don't feel like a little creditor at all, I'm not in the high end circle, so while I would like to help, I'm actually useless.
At least spamming the oblivious here I can make sure that people read it... At least that's the plan.
Maybe it's time for a new "HF Golden Nonce Reorganization" thread. The law stipulates that the court is required NOT to favor certain creditors over others based on the size of the financial claim except for those that are in totally different categories, i.e. secured. Further it is pretty painless to be added to the creditor list and ensure that you are notified of all proceedings.

No individual party (big or small) has the power to force the judge or trustee's hand. Good ideas can be proposed by anyone and then picked up by creditors counsel. My point is that putting forth well thought out ideas is not a waste of time. The totally irrational bitching and moaning is pointless, of course, but this is not such a bad place to float some scenarios to get an idea of what might be agreeable to the many who have yet to weigh in formally or otherwise.

Who is John Galt?
itod
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May 25, 2014, 07:47:37 PM
 #9607

This thread is getting very hard to follow. Can somebody please summarize in one paragraph what's actually happening? Much appreciated.
joshv06
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May 25, 2014, 08:13:58 PM
 #9608

This thread is getting very hard to follow. Can somebody please summarize in one paragraph what's actually happening? Much appreciated.

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cedivad
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May 25, 2014, 08:49:28 PM
 #9609

HF wants to propose their chapter 11 plan, that will be a bad joke if without any kind of huge financing (dumping 40k chips as they are won't really work). Edward is at home, but his dog appeared in this thread (literally, "fredthedog"). Too bad that he decided to leave us in our ignorance. LB has a $6M claim, and together with other creditors will probably propose a reorganisation plan hopefully involving the immediate cashflow needed to save the ship (building boards). Next update on Wednesday morning.

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
itod
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May 25, 2014, 09:49:15 PM
 #9610

HF wants to propose their chapter 11 plan, that will be a bad joke if without any kind of huge financing (dumping 40k chips as they are won't really work). Edward is at home, but his dog appeared in this thread (literally, "fredthedog"). Too bad that he decided to leave us in our ignorance. LB has a $6M claim, and together with other creditors will probably propose a reorganisation plan hopefully involving the immediate cashflow needed to save the ship (building boards). Next update on Wednesday morning.

Tx. Let me see if I've understood it correctly: The HF ship can't stay afloat any more, and the only question is if it would be repaired in-house or by the new owners (former customers)? Is that it?
Bicknellski
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May 26, 2014, 12:56:21 AM
 #9611

I agree that the forum is not the correct venue to discuss the reorganisation... Or liquidation. But I want to try my best anyway, while I don't feel like a little creditor at all, I'm not in the high end circle, so while I would like to help, I'm actually useless.
At least spamming the oblivious here I can make sure that people read it... At least that's the plan.
Maybe it's time for a new "HF Golden Nonce Reorganization" thread. The law stipulates that the court is required NOT to favor certain creditors over others based on the size of the financial claim except for those that are in totally different categories, i.e. secured. Further it is pretty painless to be added to the creditor list and ensure that you are notified of all proceedings.

No individual party (big or small) has the power to force the judge or trustee's hand. Good ideas can be proposed by anyone and then picked up by creditors counsel. My point is that putting forth well thought out ideas is not a waste of time. The totally irrational bitching and moaning is pointless, of course, but this is not such a bad place to float some scenarios to get an idea of what might be agreeable to the many who have yet to weigh in formally or otherwise.

Agreed when I made the statement of smaller guys getting screwed it is more of the before the courts as many small investors either refuse to join together in a group or even bother with a small claim so they do not get heard. I think given the push for Chapter 11 even if you have a small stake you should likely contact one of the lawyers that was at the Chap 7 hearing and get involved so you can be heard.

Yes a new thread be great for those who have representation or are seeking it and then you can put ideas forward. But wouldn't it be better to do that in emails?

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Witness
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May 26, 2014, 01:59:08 AM
 #9612

Wow this is still going. I got my refund awhile back sorry for the late update. Is hashfast still out there?

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Legend21
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May 26, 2014, 02:28:49 PM
 #9613

So what will this mean? If Hashfast will lost this, what will happend? Or if they win, Someone can give me a quick summary of this?


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SirChiko
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May 26, 2014, 02:42:14 PM
 #9614

Wow this is still going. I got my refund awhile back sorry for the late update. Is hashfast still out there?
Doesn't seem so...last time they were online was in april.

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pmorici
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May 26, 2014, 03:35:25 PM
 #9615

So what will this mean? If Hashfast will lost this, what will happend? Or if they win, Someone can give me a quick summary of this?

It sounds like Hashfast is going to go into Bankruptcy no matter what.  At issue is how it happens.  The creditors don't trust the current Hashfast management (rightfully so in my opinion) so the main "win" they will be looking for is a decision that removes the original Hashfast management from control of the company and places it with someone that will look out for the creditor's (ie: customers who are still owed product/money) interests.

The creditors want that to happen ASAP Hashfast doesn't want that to happen and they will probably submit a bankruptcy plan that involves Simon still being part of the company.  The judge seems inclined to deny the creditor's request for immediately removing the HF management based on a procedural issue in the law but the creditor's would be able to ask again in a couple weeks once HF submitted their official chapter 11 bankruptcy plan.

Also being discussed is the best way to recover the most money for the creditors and what a fair market value is for the golden nonce chip which HF claims is their only significant remaining asset.  They caught Simon at the Bitcoin conference in Amsterdam a couple weeks ago apparently trying to make a deal to sell the remaining inventory of chips for below market prices to a mining operation outside US jurisdiction in exchange for a stake of the mined Bitcoins which he seemed to think he could then hide from US law.

Really a lot of things are up in the air at this point so no one knows what will happen.  To use baseball by analogy this is like the first half of the first inning

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ninjarobot
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May 26, 2014, 04:24:10 PM
 #9616

Further it is pretty painless to be added to the creditor list and ensure that you are notified of all proceedings.

Is there a creditor list already? If so, how can I file my claim?

I have an August 8 BJ pre-order. Have received the main unit but not MPP. Since MPP was added on later it is not part of my original sales contract. I wonder if MPP claims will be recognized?

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May 26, 2014, 04:30:19 PM
 #9617

Further it is pretty painless to be added to the creditor list and ensure that you are notified of all proceedings.

Is there a creditor list already? If so, how can I file my claim?

I have an August 8 BJ pre-order. Have received the main unit but not MPP. Since MPP was added on later it is not part of my original sales contract. I wonder if MPP claims will be recognized?



I am also curious about how to claim my loss.

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cedivad
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May 26, 2014, 04:42:26 PM
 #9618

I am also curious about how to claim my loss.
I don't see any need to do that immediately... Let's see what happens before bothering with the paperwork. (they might still be able to ship batch 3/4/MPP). There will be a deadline (like 6 months?) to submit claims, and it will be heavily advertised here.

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 26, 2014, 04:48:08 PM
 #9619

Further it is pretty painless to be added to the creditor list and ensure that you are notified of all proceedings.

Is there a creditor list already? If so, how can I file my claim?

I have an August 8 BJ pre-order. Have received the main unit but not MPP. Since MPP was added on later it is not part of my original sales contract. I wonder if MPP claims will be recognized?



I am also curious about how to claim my loss.

dhenson and others who have retained a lawyer will come on here and try to convince you to sign up with that group, at a cost of 40% of anything that is recovered (paid to the lawyer).  I'm not going to discourage you from doing that, but I'm not doing that myself.

Entropy_UC will come and (correctly, in my view) observe that you can just ride the bankruptcy out.  Once the company is under supervision of the court, creditors big and small will be addressed (although some will be more vocal and pushy than others, and priority will have to be worked out, if any priority exists).

But if Hashfast goes into liquidation, for example, there will be process by which you can present your claim.  Stay tuned.

Hashfast's main asset right now are 40,000 chips (previously reported as 30,000... now they say 40,000) that they have in hand.  All the rest of the money and bitcoins went poof into a cloud of dust and disappeared. Hashfast doesn't have the money to make these chips into boards, in fact it hasn't had any money for months, which is why they haven't been shipping our orders, and is why they announced that they wanted to be the "intel of bitcoin mining" - to sell the chips, since they have no resources to make boxes.

I think that what everyone is hoping - but balancing the interests correctly is a problem - is that the creditors can take control of the company and find the money to put the chips on boards.  Now, all the related questions like, "So, then, do I get boards?"  Or "So, then, do they sell the boards and we get cash for our share of the debt, basically as shareholders in Hashfast 2.0?"  All this sort of business, it's all up in the air.

But as many point out, the value of the chips goes down every day.  So every day that Simon tries to hold on as CEO and the creditors can't reach a deal among themselves, the value we will recover probably goes down.  

I think that on Wednesday we will get information that might make the future a little clearer.






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May 26, 2014, 04:56:33 PM
 #9620

I have an August 8 BJ pre-order. Have received the main unit but not MPP. Since MPP was added on later it is not part of my original sales contract. I wonder if MPP claims will be recognized?

To my knowledge the MPP was not part of anyone's sales contract.  It was an oral obligation made by HF and backed up by the content of their website.  When I was looking to purchase units in September 2013 I raised my concerns that the sales contract did not include the MPP.  Further, I talked with Eduardo on the phone and he blew off my concerns.

If you go back through the thread you'll see that I pointed this out on a number of occasions.
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