HashFast announces specs for new ASIC: 400GH/s

[dhenson]

Ouch!

I wonder if they kept the machines and are now mining.  

Of course they are.  If they are forcing batch 1 refunds without being asked, they are simply mining with the equipment.

We've just given these guys a free loan to produce equipment and they've stolen our bitcoin.

They should be in jail.

[1714064892]

1714064892

[1714064892]

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[jspielberg]

Ouch!

I wonder if they kept the machines and are now mining.  

Of course they are.  If they are forcing batch 1 refunds without being asked, they are simply mining with the equipment.

We've just given these guys a free loan to produce equipment and they've stolen our bitcoin.

They should be in jail.

Did anyone else get a refund today that they did not request?

[ImI]

Ouch!

I wonder if they kept the machines and are now mining.  

Of course they are.  If they are forcing batch 1 refunds without being asked, they are simply mining with the equipment.

We've just given these guys a free loan to produce equipment and they've stolen our bitcoin.

They should be in jail.

Did anyone else get a refund today that they did not request?

Whats the submission date on your letter?

[xzempt]

wow.... if they had ripped me off.... and i was within driving distance.....  guess where i'd be in the morning..... 

[ninjarobot]

This discussion focused around the possibility that the units do not meet the safety standards required for consumer products/use, only commercial... see?

So in the original BabyJet announcement they were pretty clear that the equipment was only intended for use in commercial environments:

HashFast’s Golden Nonce (GN) is a 28nm ASIC chip that performs 400 Ghash/s at nominal clock speed and consumes less than 0.65 W/GH. It can be underclocked for greater efficiency and overclocked for greater performance. The chip has on-die thermal controls to allow operation at its absolute maximum performance.  This equipment is solely intended for use in commercial environments.

Otoh, according to John the Sierra is the Commercial grade product while the BabyJet is the Consumer grade product. See: http://www.youtube.com/watch?v=5yj-mmnRWYc&t=56s

So as usual with HF, a is b, left is right, BTC is USD, in stock is out of stock, exact dates are anticipated dates, guaranteed dates are intended dates, shipping is not shipping, good news is bad new, October is November, November is December, December is January, 2013 is 2014. you get the drift.

[analytics]

Reading this article, it appears they have the inventory but are late.  Old news here I am sure...
http://www.extremetech.com/uncategorized/173772-bitcoin-asic-manufacturer-hashfast-facing-lawsuits-over-alleged-false-advertising-fluctuating-bitcoin-prices

But this and their own website posts late December suggests they have the hardware.  So they must be using it if they didn't send it out and canceled orders.  Someone should call PG&E and see if their electric bill has gone up .   Or see if a pool's hashing rate has made a big jump.

Paying back in cash will certainly create lawsuits that people can win (if I was on a jury, I would say switching currencies for refunds is clear case of fraud), but paying back in full would likely also bankrupt them before they can make enough cash mining...unless they get some investment money based on their hashing output now/future run rate.   Either way their future looks dim without some major investment money.

[xzempt]

Registrant
Edward Decastro
340 11th Street
San Francisco, CA 94103
UNITED STATES
Telephone: 14157134813



current whois info for hashfast.com

[MrTeal]

Dear Mr.Teal,

I acknowledge your statement and as an honorable individual I will apologies for my disagreement with you original objection. You were correct in disagreeing with my loosely worded incomplete response #4.
It would have been better to state for commercial installation...

Thanks Mate and I appreciate you being a sounding board to quid pro que the topic. Cheers  

Of course, and I appreciate the discussion. I just wanted to make sure discussion didn't get out of hand about how HashFast was possible breaking the law by selling their products. There are plenty of actual illegal things they are doing to go after them in court.

[gmaxwell]

Reading this article, it appears they have the inventory but are late.

That article seems to have swallowed some marketing deception whole cloth. Hashfast was saying they would ship before the end of the year up to the 30th of December. Come a week into January and they sent out a message saying January 28th.

If they "have the inventory" they'd be shipping it, instead they've just sent out some engineering samples one of which has been reported here to have reliability problems (the sierra where apparently 2/3 boards don't work).

I really doubt they're mining with it, since I don't think any of them want to go to prison. Catastrophes happen in business, and even if you think that HF is a bunch of fraudsters they're simply not likely to do something that would remove all doubt.

(Though if you want to speculate, there was a pretty large hashrate bump a couple days ago...  http://bitcoin.sipa.be/speed-lin-10k.png looks like an addition of another 100TH/s per day to the network since the 6th over and above the background growth)

[PuertoLibre]

Just received a USD refund letter + check in response to my original full BTC payment refund request on Nov 10 and Jan 2:



For reference, my refund request is here

I did not fill out their USD refund & release form and did not request this. Getting so tired of these games.

It appears they are trying to entice their own customers with a lessor refund settlement. (75% -> 90% off)

When you see the check, just put squarely in your mind that they are ignoring your requests and are actively looking to settle your legitimate refund request with a much smaller amount in the wrong currency/property. (BitCoins)

[PuertoLibre]

Just received a USD refund letter + check in response to my original full BTC payment refund request on Nov 10 and Jan 2:



For reference, my refund request is here

I did not fill out their USD refund & release form and did not request this. Getting so tired of these games.

I got the same letter and refund check...

Want to know the kicker?

I never filled out a refund request (in any form).

They are FORCING REFUNDS for batch1.

Expect your letter whether you want it or not.  We now get to enjoy the forced 90% loss of investment plus the tax hit.

So you are openly asserting that they are not honoring their MPP?

Sounds like a very serious claim if it is the case. 

[PuertoLibre]

By the way, it should go without saying that you should not cash your check. It is a settlement offer. If you cash it, you automatically lose all standing in court.

[analytics]

Anyone have any explanation for the VERY notable hashing rate bump seen on the network around the 6th?  (gmaxwell just posted this above)
http://bitcoin.sipa.be/speed-lin-10k.png

Looking historically, there has never been a rise that dramatic, and it's notable.   It almost certainly has to be ASIC based.  Don't be fooled by the scale, that's a major processing power increase.

I'd look next for what pool that climb came from.

[Minor Miner]

Reading this article, it appears they have the inventory but are late.

That article seems to have swallowed some marketing deception whole cloth. Hashfast was saying they would ship before the end of the year up to the 30th of December. Come a week into January and they sent out a message saying January 28th.

If they "have the inventory" they'd be shipping it, instead they've just sent out some engineering samples one of which has been reported here to have reliability problems (the sierra where apparently 2/3 boards don't work).

I really doubt they're mining with it, since I don't think any of them want to go to prison. Catastrophes happen in business, and even if you think that HF is a bunch of fraudsters they're simply not likely to do something that would remove all doubt.

(Though if you want to speculate, there was a pretty large hashrate bump a couple days ago...  http://bitcoin.sipa.be/speed-lin-10k.png looks like an addition of another 100TH/s per day to the network since the 6th over and above the background growth)

DeadTerra finally posted over in the icedrill thread that he had several test machines (not just the one amy sent i guess) and that they were still working out details with hashfast but that the other two principals were in quebec getting the data center ready for the machines.   I am paraphrasing so you, the mod, can delete this and put the actual quote in if you like.   I do not know how to do it.

[analytics]

What's doubling interesting is the rate of growth after that date is also higher in general, as if machines are being added at a greater rate in general post that first dramatic spike/turn on.

Just sayin'.....looks an awful lot like a bunch of powerful asic machines were added at once, and more are being added day by day....just sayin'

Any other hardware manufacturers shipping then?  It has to be asic based unless someone quite silly filled a few pods in a data center with non-asic computes that would cost buckets to run...eg doesnt' make sense, has to be asic.

It would be interesting to see if it's a single pool contributing that power and the rate increase.

[DyslexicZombei]

By the way, it should go without saying that you should not cash your check. It is a settlement offer. If you cash it, you automatically lose all standing in court.

Thanks for pointing that out to the community. That's some good info right there for BTC buyers.

[Bicknellski]

What's doubling interesting is the rate of growth after that date is also higher in general, as if machines are being added at a greater rate in general post that first dramatic spike/turn on.

Just sayin'.....looks an awful lot like a bunch of powerful asic machines were added at once, and more are being added day by day....just sayin'

Any other hardware manufacturers shipping then?  It has to be asic based unless someone quite silly filled a few pods in a data center with non-asic computes that would cost buckets to run...eg doesnt' make sense, has to be asic.

It would be interesting to see if it's a single pool contributing that power and the rate increase.

Cex guys / AsicMiner / Antminer / etc?

[el_rlee]

I am really wondering how it is possible that such a shit storm comes over hashfast which, honestly in terms of Bitcoin ASIC company is not late by sooo much.
Hell, even BFL still has it's fan club. It's totally silent around Cointerra, compare that to what was going on here at the time when they went "officially late".

[analytics]

>>Cex guys / AsicMiner / Antminer / etc?

Only reason I doubt that is you would see that staggered as people turned them on.   In this case, the first turn on is huge, more than 100TH/s of power.   If it was random antminers, it would take a huge swarm of them to get that much power...small chance customers did this all at once.

This is some heavy weight power added that was done all at once, and then gradually expanded day by day in smaller numbers.   If there was ever an argument to not be pre-ordering ASIC's machines, this is probably it.   I think you will be able to tell which ASIC manufacturers are actually mining themselves, probably with better machines and selling the weaker ones they can sucker into pre-ordering.   By the time you get the machines, there will be so much stronger power out there you can't possibly compete for any profit.   You need to make the asics yourself and stay way ahead in design and investment levels.

This is one reason why this newbie thinks bitcoin feels like it will lose to another coin eventually in my eye.  Requiring ASIC's for the decentralized nature.  Unless SHA ASICs become commodity, I can't see bitcoin winning in the long run.

[Bicknellski]

I am really wondering how it is possible that such a shit storm comes over hashfast which, honestly in terms of Bitcoin ASIC company is not late by sooo much.
Hell, even BFL still has it's fan club. It's totally silent around Cointerra, compare that to what was going on here at the time when they went "officially late".

The facts speak for why there is a shit storm. You have read why people are upset right?