HashFast announces specs for new ASIC: 400GH/s

[jjiimm_64]

correct me if I am wrong... Hashfast LLC is sueing mark for those 3k coins?

That is not what he is talking about.
If you received $350,000 in 2013, you had to pay income tax of around $175000 to the IRS and CA.    Just because you may have to "give it back" at a future date does not mean you did not have to pay the tax in the first place.    And, if you did not report this income, it is called TAX EVASION which is a very serious and harshly prosecuted crime.    It also allows the IRS to audit you going back as far as they deem necessary and you lose the right for them to only audit back three years.

I am sure Mark paid his taxes on this payment out of his bank account and that is why he did not need to sell around half the coins to pay the taxes.   But, if he did not report this income. I am sure he will quickly re-file his tax returns and pay it immediately (because if he consults a tax attorney they will tell him that if he does not do that BEFORE the IRS sends the audit letter his chances of getting convicted is close to 100%).

I did not report him as I do not need the 15% whistleblower's payment.   I am sure he followed the law or has corrected his behavior if he did not follow the law.

I was asking the question in general, not a response to the tax issue....

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[Minor Miner]

correct me if I am wrong... Hashfast LLC is sueing mark for those 3k coins?

That is not what he is talking about.
If you received $350,000 in 2013, you had to pay income tax of around $175000 to the IRS and CA.    Just because you may have to "give it back" at a future date does not mean you did not have to pay the tax in the first place.    And, if you did not report this income, it is called TAX EVASION which is a very serious and harshly prosecuted crime.    It also allows the IRS to audit you going back as far as they deem necessary and you lose the right for them to only audit back three years.

I am sure Mark paid his taxes on this payment out of his bank account and that is why he did not need to sell around half the coins to pay the taxes.   But, if he did not report this income. I am sure he will quickly re-file his tax returns and pay it immediately (because if he consults a tax attorney they will tell him that if he does not do that BEFORE the IRS sends the audit letter his chances of getting convicted is close to 100%).

I did not report him as I do not need the 15% whistleblower's payment.   I am sure he followed the law or has corrected his behavior if he did not follow the law.

I was asking the question in general, not a response to the tax issue....

Yes the estate has filed asking the court for the return of these coins to the estate.
The filing is a good read and gives the back up for why they should be ordered back into the estate.

[ninjarobot]

So basically Mark A Lowe was paid to mislead ('endorse') with money that came directly from customer pre-order funds? How is this not a scam?

what Hashfast is asking is for only 4.5 mo of your time to lock up your money.

(link)

He knew HF would not 'lock up' the money because he was getting a slice of it. So full refunds were out of the question from day 1

i don't get paid unless this whole thing is successful

(link)

Well, he and HF must have a strange definition of successful... because he clearly got paid.

[notabtcnuub]

And from the latest filing Docket 335, our money is still being spent go who knows what.
$15K to salaries (why?)
$21K for shipping (to who? doesn't the customer usually pay this)
$40K in professional fees (for what?)
$4.6K to a King Security (for what, armed guards?)

Agree that Chapter 7 quick and easy would have been the best possible path.  Usually Chapter 11 is to restructure so that more money goes back to the creditors.  In this case, it is the opposite.  7 definitely would have gotten us something.  Looking like we will get nothing in 11.

HOLY CRAP... this is proof that cypher has "my" and other bitcoins!!!

Welcome to the party. He has mines as well, for what that matters. He is the one Barber mentioned as a "supplier" but didn't want to further identify.

Why do people keep calling him by his made up name?   You know his name, use it.   If you truly think he perpetrated fraud against you, why hide his identity?   He is a doctor and has a business and definitely would not want a judgement against him so I would expect he will turn the coins back over.   If he fights it even a little bit, it brings up other questions on whether he perpetrated fraud on any of you and deceived you into your purchases.

I am not sure he did anything wrong.... hashfast paid him to make HF and the BabyJets look good...  he did his job and got paid.
......I was surprised to find out publicly who has control to the keys of the 3k coins I was watching..
Problem is, even if HF clawed  back the coins..  we are still so fukin far down the list we will never get anything.....
Now it is time for law to get involved.. not civil,  criminal law should be involved in this.

The amount paid is so far above a plausible amount, it suggests impropriety.
Personally, I think the lawyers that HF hired should be liable.   We sued to force HF into Chapter 7, immediate liquidation with distribution to pay off the creditors.   They argued it should be Chapter 11 (on going concern) yet never did ANYTHING other than pursue selling of the assets of the company.   So, why did they fight the chapter 7.   In May, we had a chance of getting our money back and the lawyers' bills would have totaled 200k, not over a million.    When they argued in court to avoid the chapter 7, they said they were going to run the business.   What did they do other than pursue liquidation?

[vokain]

Hope they made enough to afford protection for the rest of their lives...

Useless threat. Looking at TerraHash fail and also at BFL I am pretty sure nothing will happen to the 2 liars.

I am not referring soul-ly to material payments.

[ProfMac]

In October 2013 HashFast approached me with the idea of giving me engineering information and compensation in exchange for a campaign of posting generally positive things about them.

They mentioned a quota, a minimum number of posts per day.

[jjiimm_64]

So basically Mark A Lowe was paid to mislead ('endorse') with money that came directly from customer pre-order funds? How is this not a scam?

what Hashfast is asking is for only 4.5 mo of your time to lock up your money.

(link)

He knew HF would not 'lock up' the money because he was getting a slice of it. So full refunds were out of the question from day 1

i don't get paid unless this whole thing is successful

(link)

Well, he and HF must have a strange definition of successful... because he clearly got paid.

I stand corrected...  cypher was part of the scam.....

[cedivad]

Small investment wasted, got 1 refund at least.  its a shame how much damage you guys did to everyone else...  if only you had listened to reason instead of fear.

Right, because the scammers wouldn't have scammed you harder if you left them to their business. I would repeat it ad infinitum, but I know that you wouldn't listen, so I will just point it out once a month or so.

[armyof1ne]

Small investment wasted, got 1 refund at least.  its a shame how much damage you guys did to everyone else...  if only you had listened to reason instead of fear.

Right, because the scammers wouldn't have scammed you harder if you left them to their business. I would repeat it ad infinitum, but I know that you wouldn't listen, so I will just point it out once a month or so.

That fact that owning the company and removing said scammers is not in your thought process after being slammed about it over and over again with a potential buyout with enough capital to pay back everyone and keep the company going for 10 years... you still do not understand even after this amount of time, still sticking to the belief that your actions were right, look at what your actions did, Exactly what i said they would, and you still are too stupid, too ignorant and too proud to listen.

Mr. Cavion, do you truly feel you have done ANY good at all in any of this? at all? because you shouldn't.

[itod]

Small investment wasted, got 1 refund at least.  its a shame how much damage you guys did to everyone else...  if only you had listened to reason instead of fear.

Right, because the scammers wouldn't have scammed you harder if you left them to their business. I would repeat it ad infinitum, but I know that you wouldn't listen, so I will just point it out once a month or so.

That fact that owning the company and removing said scammers is not in your thought process after being slammed about it over and over again with a potential buyout with enough capital to pay back everyone and keep the company going for 10 years... you still do not understand even after this amount of time, still sticking to the belief that your actions were right, look at what your actions did, Exactly what i said they would, and you still are too stupid, too ignorant and too proud to listen.

Mr. Cavion, do you truly feel you have done ANY good at all in any of this? at all? because you shouldn't.

Stop shifting the blame around for HashFast spectacular failure. It's not people who initiated the court action which are guilty for this mess, it's the HF incompetent scamming management who did this. You make it look like the management was doing everything they can, while greedy customers conspired to stop them. In fact is exactly other way around - they were lying and missing deadline after deadline, after deadline, right from the start. Missing deadline once or twice can be forgiven, but deliberately lying about full BTC refunds while never ever being serious to honor the promise simply can not.

[Minor Miner]

Let me put it this way... Every single step of the way i called, and it happened, Mull that over for a minute...
Davide has argued with me this whole time, he still can't admit that i was right at all, simply because of his pride prevents it, he is more like hashfast management than you could possibly understand.  And exactly why this was a problem in the first place

Yes, you are brilliant and that is why you have been so successful in your life.   Why don't you detail that out for us?   Trying playing an adult in real life, not just in your video game world.  Get your own shit together and then criticize others.   Your career as a Monday Morning Quarterback is not going to get you much in life.   (sorry cevidad, you will not be able to figure out the last sentence's meaning).

[HardwareReviewer]

I only post when I've got something interesting to say.

[Minor Miner]

Let me put it this way... Every single step of the way i called, and it happened, Mull that over for a minute...
Davide has argued with me this whole time, he still can't admit that i was right at all, simply because of his pride prevents it, he is more like hashfast management than you could possibly understand.  And exactly why this was a problem in the first place

Yes, you are brilliant and that is why you have been so successful in your life.   Why don't you detail that out for us?   Trying playing an adult in real life, not just in your video game world.  Get your own shit together and then criticize others.   Your career as a Monday Morning Quarterback is not going to get you much in life.   (sorry cevidad, you will not be able to figure out the last sentence's meaning).

Sadly, your sarcasm was actually a truthful statement... thank you.  Do you want me to detail exactly how bad you guys fucked up, play for play? do you hold yourself so high to think you are actually worth that time to rebuild it all for you? please... you want that, there is a whole lot of reading you can do.  you aren't worth destroying, you do that well enough yourself.
i already had my shit together, its quite obvious you don't and can't.
Continue living your life the way you do and watch it burn, unless you learn from your mistakes, you are bound to repeat them.
See, monday morning quarterbacks are AFTER the event has passed... Guess you have memory problems, as i was telling it BEFORE the event... please read up on why you are a fucking idiot.

You could not keep yourself from replying could you?   You even had to go back and edit it a couple of times.   I am pretty secure in who I am and whether I am successful without the validation of someone like you. 
Yes, we all believe that you are a player and had investors just waiting to throw millions at HF to save us all.   Yes, we all believe that these investors would have repaid the $15 Million that creditors were owed AND then invest another $5M to get HF producing.   Yes, because someone from his basement, in between his video game wars saving the world, also is SO smart he can gather investors with millions.   Whatever.   Keep pretending you are a big player in life on the internet and in your video games and you never will be.   Your time would be better spent actually becoming someone in real life instead of just playing one on the internet.
Reflect on who you are and why you harbor such anger.   You will be a better man for it.

[armyof1ne]

I only post when I've got something interesting to say.

I see what you did there.

[jjiimm_64]

I only post when I've got something interesting to say.

me too!

[iCEBREAKER]

Personally, I think the lawyers that HF hired should be liable.   We sued to force HF into Chapter 7, immediate liquidation with distribution to pay off the creditors.   They argued it should be Chapter 11 (on going concern) yet never did ANYTHING other than pursue selling of the assets of the company.   So, why did they fight the chapter 7.   In May, we had a chance of getting our money back and the lawyers' bills would have totaled 200k, not over a million.    When they argued in court to avoid the chapter 7, they said they were going to run the business.   What did they do other than pursue liquidation?

You really think the lawyers are liable for participating in the situation you created?  What a spectacularly stupid thing to say.

HF, like anyone else, is entitled to due process.  That means they are allowed to hire lawyers.

The lawyers' job is to advocate for their client.  You should have learned this from watching court dramas on TV.

Another bit of common sense you should have learned from TV is that nobody wins except the lawyers once they get involved.

You were warned in advance by multiple parties no good would come of a litigious Samson Option.  You didn't listen, and now we all get to wait in line behind the lawyers for refunds that will probably never come.

Thanks a lot.  You did a heck of a job (driving a struggling start-up out of business and screwing its creditors).

armyof1, I'd like to oppose Koi's request for priority reimbursement on the grounds their BS bankruptcy filing did nothing but ruin our chances of even partial compensation.

Please help us out with any ideas you have to counter this:

https://cases.processgeneral.com/cases/document/case/5/hashfast-technologies-llc/120879/

It's asinine for the people who initiated this legal fiasco to expect to be repaid before those who correctly warned against their ill-advised filings.

[iCEBREAKER]

Motion for Order Allowing Reimbursement of Expenses of Koi Systems

https://cases.processgeneral.com/cases/document/case/5/hashfast-technologies-llc/120879/

Applicants have the burden of proving their entitlement to administrative expenses. The expenditures must benefit the bankruptcy estate as a whole rather than just Applicants.

OK class, who can explain exactly how Koi's expenditures (filing for HF bankruptcy and traveling to SF) have benefited "the bankruptcy estate as a whole?"

Anyone?  Bueller?  

This motion should be denied, and Koi should wait in line like the rest of us for our pennies on the dollar scraps remaining from the lawyers' feast.

Koi should be last in line, not first.  This whole retarded 'OMG WE'LL SUE YOU FOR WINDFALLS' thing was their idea, and they blew it.  Big time.

Actually it was Davide and Pete's idea too, but they weren't dumb enough to spend $50 grand just to destroy a tiny start-up and screw its creditors.

Edit:  

$500/night for hotel rooms?  Really?     Ever heard of AirBnB?  Bobby could have rented an apt for what he lavished on luxury lodging.

What value to the "estate as a whole" did Bobby provide by attending hearings?  Did he really need to stay at our expense in the freaking four-star Westin St Francis and Omni hotels?  Maybe Auberge du Soliel was full so he had to slum it.   

[armyof1ne]

Motion for Order Allowing Reimbursement of Expenses of Koi Systems

https://cases.processgeneral.com/cases/document/case/5/hashfast-technologies-llc/120879/

Applicants have the burden of proving their entitlement to administrative expenses. The expenditures must benefit the bankruptcy estate as a whole rather than just Applicants.

OK class, who can explain exactly how Koi's expenditures (filing for HF bankruptcy and traveling to SF) have benefited "the bankruptcy estate as a whole?"

Anyone?  Bueller?   

This motion should be denied, and Koi should wait in line like the rest of us for our pennies on the dollar scraps remaining from the lawyers' feast.

Koi should be last in line, not first.  This whole retarded 'OMG WE'LL SUE YOU FOR WINDFALLS' thing was their idea, and they blew it.  Big time.

Actually it was Davide and Pete's idea too, but they weren't dumb enough to spend $50 grand just to destroy a tiny start-up and screw its creditors.

I will try to come up with a solution, i think i will need to call in some favors.

[BitCoin Operated Boy]

I said many months ago that iCEBREAKER is a sociopath, with brain damage (neuro-chemical imbalance possibly caused by unsustaianble emotional and intellectual feedback/stimulation during early childhood) with no sense of empathy and consideration for other human beings.
No one listend. Instead, some of you here, became conformists and tried to strike a deal with him.
You should never attempt to strike a deal with a sociopath.

[cedivad]

Instead, some of you here, became conformists and tried to strike a deal with him.

Don't confuse actual people "striking a deal" with him from puppets appearing to be doing so, because I only saw the latter happening.