HashFast announces specs for new ASIC: 400GH/s

[allinvain]

If you want prove of receipt of your Refund request, do the following:

If you haven't done so yet, send the refund request to: 'refunds@hashfast.com'
-> You won't get any response.

Using the same email account, send any general question (or the same refund request) to: 'sales@hashfast.com'
-> They will send you an automatic response back from there with a link to the 'case' on fogbugz.com.


Click on that link, and scroll to the bottom. You should see a list of all your 'cases', including your refund request made to 'refunds@hashfast.com'. This proves they received it.  Print out as much as you can and keep.

Great tip! Thanks

[1715189827]

1715189827

[1715189827]

1715189827

[aneutronic]

So you believed that they would be able to design and manufacture everything without touching any of the pre-order funds?

Yes, I did— or at least substantially. This is the norm in electronics manufacture, thats what investors are for, normally you don't have the customers funds before your design is done and manufactured. Pre-orders are unusual. Even in custom one off manufacture in the commercial market not only is payment normally provided _at delivery_ but goods are often invoiced net-30, so you won't get paid until sometime after delivery of the product.

Besides, you can factor out the exchange rate noise, just assume that the exchange rate was constant. In (some/most/all) states you are legally obligated to provide full refunds for pre-orders with fairly short notice on late delivery, and— obviously— in all states you are required to refund customers if you don't ship a product.  So they wouldn't have been able to meet even the most conventional of obligations, in the worst case (e.g. their design failed) if they'd been spending the pre-order funds to fund design and manufacturing.

In the mining space pre-order lets a maker lock in outsized prices and deny business to the competition by locking up the customers funds early. It might also be used to fund development and manufacture but if so, thats very risky, and may create all kind of adverse exposure for the business. Better to get investors with clearly established rights and obligations.

They clearly played us as investors.
http://www.businessweek.com/articles/2014-01-09/bitcoin-mining-chips-gear-computing-groups-competition-heats-up#p3

A typical company might take a year to 18 months to design and manufacture such a custom chip. De Castro and his partner, Simon Barber, a former engineer at the Palo Alto Research Center, tried to pull it off in a few months. They hired a team of 20 engineers and consultants and hunkered down for weeks in the offices of a local chip design consulting firm. Bills for those services ran into the millions, though HashFast had raised only $600,000 from friends and family. (Several family members balked at investing in what they called “Monopoly money,” de Castro says.) The HashFast partners raised the rest by preselling $15 million worth of mining rigs on the idea alone, without even a prototype. Naturally, the company took payment in Bitcoin.

 

[cedivad]

Thanks for sharing - emailed the journalists. Too bad that they are able to reach them before we do.

So, anyone accepting bets on the ownership of the 4PH that just hit the network?

[pmorici]

So, anyone accepting bets on the ownership of the 4PH that just hit the network?

21e6?

[aerobatic]

So, anyone accepting bets on the ownership of the 4PH that just hit the network?

21e6?

rumour has it that 2e6 has crusty hot chips that aren't that competitive.  still... asicminer has proved that if you have awesome cooling, you can make crusty old chips still profitable...  and make enough money to hopefully make some shiny new chips

[Phinnaeus Gage]

Ok, I was not aware of the context of that statement. The statement itself can still be interpreted in several ways [...]

http://hashfast.org/Simon_E._M._Barber

Given those points, it's evident that if Simon didn't actually promised full Bitcoin refunds with his answer (since that this is open to interpretation), he at least tried to pursue his customers into believing that if such refunds where to be issued, they would have been of the same Bitcoin amount.

The key is that Simon quoted the direct question accompanying his reply.

[Jutarul]

They clearly played us as investors.
http://www.businessweek.com/articles/2014-01-09/bitcoin-mining-chips-gear-computing-groups-competition-heats-up#p3

Right. Last year I invested in AMD. I ordered some GPUs which actually got delivered as advertised.

addendum: Thinking about it I am also investing in Kellogg's, Coca Cola and other basic necessities.

[Easy2Mine]

@aneutronic
Thanks for sharing this great article.

What a FUCKING LIARS are those cockroaches at HashLast.
Spreading news that they are backed by venture capital, turns out to be raising money from their FUCKING FAMILY.
Only 600.000 dollar, what are poor family is that.
I only in it for 1 shit Porn Jet.
I learn from Fucking BFL not to order more than 1 unit until they have a working miner.
If they can ship their miners I will jump into it like I jumped into November Jupiters.

I am very pissed off, even it is only 1 Porn Jet, I feel sad for all those who give these thieves their hard earned BTC.

[cedivad]

@Easy2Mine, what makes you think that they didn't created that PR ad hoc to make you think that they don't have the money / that kind of BS?

[aneutronic]

http://www.businessweek.com/articles/2014-01-09/bitcoin-mining-chips-gear-computing-groups-competition-heats-up#p3

De Castro is confident his computers will still be profitable for customers and cheerfully calls his strategy “aiming the car straight at the biggest wall suckers we could find and gunning it.”

FTFY you grinning asshole!

[Micky25]

What a pitiable and ridiculous sight...

Thanks for sharing - emailed the journalists. Too bad that they are able to reach them before we do.

So, anyone accepting bets on the ownership of the 4PH that just hit the network?

definitifely not HF, they don't have a working product.

[cedivad]

definitifely not HF, they don't have a working product.

Luke, Icedrill and a their new PCB rev. might disagree with you.

[Micky25]

definitifely not HF, they don't have a working product.

Luke, Icedrill and a their new PCB rev. might disagree with you.

I don't hear them talk a lot about it though.

And

De Castro is confident his computers will still be profitable for customers and cheerfully calls his strategy “aiming the car straight at the biggest wall we could find and running into it with full speed.”

FTFY

[SolarSilver]

That is not true, I talked to them yesterday and they said most of the refunds are being sent in BTC. 

But what amount of BTC? The amount of BTC one paid for an order? Or the USD adjusted rate?

[cedivad]

That is not true, I talked to them yesterday and they said most of the refunds are being sent in BTC. 

But what amount of BTC? The amount of BTC one paid for an order? Or the USD adjusted rate?

90% troll/puppet, don't lose your time.

They have to support what will be their useless maginot line, after all.

[MANofthePEOPLE]

So where did icebreaker go?

[cedivad]

Ok, since that you are not a troll, and you are a batch 1 customer that acknowledges the list of lies of HF (because you can't deny them), why were you trolling us, saying they were issuing BTC refunds?

I have better things to do today...

[Easy2Mine]

So where did icebreaker go?

He is stuck
http://edition.cnn.com/2013/12/27/world/antarctica-ship-stuck/

Never bet on Ice

[perezoso]

That is not true, I talked to them yesterday and they said most of the refunds are being sent in BTC.

But what amount of BTC? The amount of BTC one paid for an order? Or the USD adjusted rate?

First I am not a Troll -  I am a batch one purchaser who chose to get my money back before you other make them  go bankrupt.  I still have a batch 3 order.  However the refunds in BTC is the current BTC to purchased cash price plus 5%.   So since I paid in btc, yes it would be awesome to get 45+ thousand dollars back.  But I am treating this as reality and I am just wanting the equiv. 5600$ plus 5% plus any transaction fees for the refund.  I paid 52BTC but just want to get out of this mess breaking even with what I had initially invested.  At least now I have liquidity to either reinvest with a 5% discount and free shipping or find another vendor that has more to offer.  Since all the vendors are going to be shipping soon, I think I will wait until the hash rate settles back down before jumping back in.

So, basically, you loaned them money a few months, induced by the expectation of a good return based on pledges by the company. That money earned spectacular returns for Hashfast, in sheer appreciation for what was left in BTC, and in building their company for what was cashed out.  But you are content to get back 5%, let HF keep the lion's share, and offer them the same deal again down the road?

I suppose that's your right.  But listen, I have a new company that I would like you to invest in. We expect to begin delivering you a fantastic product on 20 to 30 January. Please PM for details.  

[cedivad]

cedivad I used to have respect in you but lately you have just become a big baby.

Stopped reading here.

You said "no, you are wrong, they are actually issuing BTC refunds".

Enjoy your time away from this mess.