HashFast announces specs for new ASIC: 400GH/s

[Phinnaeus Gage]

so where are icetard and cypher tard to tell us about this success?

It almost confirms that they are Hashfast employees - it seems they all have been instructed to never post here again.

cypher isn't, but icetard must be.

Twist! Cypher is Icetard..

Ironic: https://bitcointalk.org/index.php?topic=397177.msg4396178#msg4396178

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[paranoidx]

One last statement before I leave for good.
I just got my funds successfully transfered back into my account.
--------
Processing Information Panel    WIRE TRANSFER CREDIT ON 01/09   activity type credit
status type icon pending
Processing. Select to mark activity type credit 6,064.55 WIRE TRANSFER CREDIT ON 01/09 as Reconciled
6,064.55   
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True it isn't 45 thousand dollars but I am now not having to follow this thread any more.
Have a great time and as I was told once - I will enjoy not monitoring it any more.

tmcgough just pm'ed me on how to get my $6,064.55 refund from hashfast.  
Good to see somone, a batch 1 customer with 8 post history, caring so much that I get my refund back, but I payed 60 BTC goddammit!

[matthewh3]

One last statement before I leave for good.
I just got my funds successfully transfered back into my account.
--------
Processing Information Panel    WIRE TRANSFER CREDIT ON 01/09   activity type credit
status type icon pending
Processing. Select to mark activity type credit 6,064.55 WIRE TRANSFER CREDIT ON 01/09 as Reconciled
6,064.55   
----------
True it isn't 45 thousand dollars but I am now not having to follow this thread any more.
Have a great time and as I was told once - I will enjoy not monitoring it any more.

tmcgough just pm'ed me on how to get my $6,064.55 refund from hashfast. 
Good to see somone, a batch 1 customer, with 8 post history caring so much that I get my refund back, but I payed 60 BTC goddammit!

The saying "there's no such thing as a free lunch" comes to mind and makes me think its more likely it was a shill then a voice of reason amongst all this anger vented at HF.

[cedivad]

So, was I completely right? 

[PuertoLibre]

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.

 

Mama-mia!

Congratulations, you are all now investors according to Buisnessweek. You are now owed interest payments?

[Micky25]

yes, 5%

[PuertoLibre]

yes, 5%

How about 105%?

[perezoso]

... Several family members balked at investing in what they called “Monopoly money,” de Castro says...

Okay, so now we have good reason to suspect that Rodriguez De Castro does not come from a humble background.  This clue may further assist the bio development.

[jspielberg]

... Several family members balked at investing in what they called “Monopoly money,” de Castro says...

Okay, so now we have good reason to suspect that Rodriguez De Castro does not come from a humble background.  This clue may further assist the bio development.

I don't think they were saying it was monopoly money because it was a small amount... I think it was because they thought it was fake money.  He still may have humble beginnings but not sure it really matters that much.

For batch 1 to get close to break even with a delivery on Jan 28, it would have to be 11 baby jets per b1 order.  If they slip a week to Feb. 3rd, it needs to be 13 baby jets.  If they provide the initial mpp of 5x (initial 1 plus 4 baby jets) b1 is looking at a loss close to 70%.

[joshv06]

I just can't see them shipping us MPP with our order.. After all these lies. They don't give a fuck about us.

[Kouye]

If they provide the initial mpp of 5x (initial 1 plus 4 baby jets) b1 is looking at a loss close to 70%.

They'll keep silent until this 70% turns into 90%, at which point accepting the USD refund will be more efficient.

[beavertank]

I just can't see them shipping us MPP with our order.. After all these lies. They don't give a fuck about us.

There's no way they would. We'd be lucky to get our MPP three months after we get the initial order, at which point it's even MORE worthless.

[perezoso]

... Several family members balked at investing in what they called “Monopoly money,” de Castro says...

Okay, so now we have good reason to suspect that Rodriguez De Castro does not come from a humble background.  This clue may further assist the bio development.

I don't think they were saying it was monopoly money because it was a small amount... I think it was because they thought it was fake money.  He still may have humble beginnings but not sure it really matters that much.

I understand that.  But if your Latin American family has enough money to send you to Boston University (presently US $58k/yr) and to be asked, and to potentially be, significant investors in an American tech startup.... no, you are not from a humble background.

A one bedroom, one bath apartment where Rodriguez De Castro lived in college presently rents for US $1700 per month, vs. US $9000/yr for on-campus housing.

So, in contemporary dollar terms, sending sonny boy to Boston was about $79,000 per year plus books, transportation, and pocket money.  Nope, not a humble background.

And if he wasn't a Texas resident, the UT MBA wasn't cheap either, although his apartment in Austin probably was.  A 12 hour course load in the MBA program is presently US $42,000 a year (excluding summer), for tuition ONLY.  Probably about the same expense level as Boston at the end of the day.

So, in 2013 dollar terms, about a $425,000 college education at list prices (a little less if he did a fake MBA), plus airfares and pocket money.  (And no, unless he was a US citizen, most financial aid programs wouldn't have supported him.) And that grin on his face.  Nope, not a humble background.

[gmaxwell]

So it appears the certified letter I sent to

HashFast Technologies LLC (“HashFast”)
100 Bush Street, Suite 650
San Francisco, California 94104, United States

Has failed:

Your item was undeliverable as addressed at 11:49 am on January 8, 2014 in SAN FRANCISCO, CA 94104. It is being returned if appropriate information is available.

The San Jose one is still in route, but I had lower expectations of that one being successful.
Time for a process server I guess.

Seems I spoke too soon, USPS made another attempt (After saying they were returning it!) and it went through, and I also received an email confirmation that they received it.

Cheers.

(also, as an aside, can the 'doxing'-ish stuff go someplace else unless it's really obviously interesting and relevant? it's making it hard to track actual news in the thread. If you find out one of HF's executives was convicted of fraud or something, thats news— but the rest of the details are only useful in so far as they may help people track them down in future lawsuits if needed... it doesn't rise to the level of news.)

[cedivad]

There is a difference between supposing something (I've started to think it when I first read "senior", I wrote about it at the time) and knowing it for sure. Thanks, perezoso.

[minternj]

In case anyone wins a judgment, here is one of their current bank account for you to go after.

https://hashfast.com/wp-content/uploads/2013/11/HashFast-WireInstructions.pdf

[ninjarobot]

Seems I spoke too soon, USPS made another attempt (After saying they were returning it!) and it went through, and I also received an email confirmation that they received it.

Same here. Just received a confirmation from Erin that my refund request has been received (both email and paper).

+1 for 'doxing' on a separate thread.

[arorts]

Here's another lawyer that would consider taking a fee instead of a retainer if enough participants sign up.

http://www.bakermarquart.com/attorneys/brian_klein

Someone eloquent enough to speak the legal lingo might want to check him out to give him a quick call. Not sure what % he'd consider. Just in case....

[PuertoLibre]

Seems I spoke too soon, USPS made another attempt (After saying they were returning it!) and it went through, and I also received an email confirmation that they received it.

Same here. Just received a confirmation from Erin that my refund request has been received (both email and paper).

+1 for 'doxing' on a separate thread.

Did she say anything alarming?

Like they wouldn't accept anything but their form?

[mdbssm]

Seems I spoke too soon, USPS made another attempt (After saying they were returning it!) and it went through, and I also received an email confirmation that they received it.

Same here. Just received a confirmation from Erin that my refund request has been received (both email and paper).

+1 for 'doxing' on a separate thread.

Did she say anything alarming?

Like they wouldn't accept anything but their form?

That's what Erin is saying:

Thank you for your email. We have very much appreciated your patience. At this time, we are only able to process refunds that accompany the attached form, that you should have received yesterday evening.

Please fill out the attached form, scan, and attach in reply to this email and we will be happy to expedite your refund.

Please let us know if you have any further questions or concerns.

Sincerely,

Erin

Customer Service Manager

--
HashFast Refunds
refunds@hashfast.com