HashFast announces specs for new ASIC: 400GH/s

[Jutarul]

....
Of course that wasn't the case, so this is speculation.

I am seeing people making a lot of messed up arguments about how spending money on mining equipment is a form of speculation and how it depends on Bitcoin price. It's a straw man which distracts from the real issue:

HashFast sold hardware based on an october delivery which resulted in yield projection based on a 2 PetaHash network. They failed to deliver by a significant time-span and the network is now 20 PetaHash and the yield projection is down to 10%. That right there, gentlemen, is the damage done and the only way HashFast can possibly compensate for those yield losses is by eating into their previous, current and future profit margins.

[1714149436]

1714149436

[Coin_Master]

HashFast sold hardware based on an october delivery which resulted in yield projection based on a 2 PetaHash network. They failed to deliver by a significant time-span and the network is now 20 PetaHash and the yield projection is down to 10%. That right there, gentlemen, is the damage done

Agreed.

[Kouye]

Yup. Unless you get into touchy feelies soft valuations of your contribution to the Bitcoin network security (which you probably shouldn't unless you're running and mining on your own node), there is no scenario where a miner which produces less in Bitcoin than you could have had instead is to your advantage.

How's the lawsuit going?

[matthewh3]

....
Of course that wasn't the case, so this is speculation.

I am seeing people making a lot of messed up arguments about how spending money on mining equipment is a form of speculation and how it depends on Bitcoin price. It's a straw man which distracts from the real issue:

HashFast sold hardware based on an october delivery which resulted in yield projection based on a 2 PetaHash network. They failed to deliver by a significant time-span and the network is now 20 PetaHash and the yield projection is down to 10%. That right there, gentlemen, is the damage done and the only way HashFast can possibly compensate for those yield losses is by eating into their previous, current and future profit margins.

In my best guess HF will only do what BFL did at best and offer customers a discount on a new pre-order for a new product range.  Like BFL did with the Monarch for their 65nm pre-order customers.  Which they first promised for delivery last October and are now say late March delivery at the earliest IIRC 

[Jutarul]

In my best guess HF will only do what BFL did at best and offer customers a discount on a new pre-order for a new product range.  Like BFL did with the Monarch for their 65nm pre-order customers.  Which they first promised for delivery last October and are now say late March delivery at the earliest IIRC 

Every customer is free to make their own decisions. But given their track record, any further deal with HashFast in which you as a customer have to extend trust first would fall into the category of what Einstein called the definition of insanity.

[Kouye]

Every customer is free to make their own decisions. But given their track record, any further deal with HashFast in which you as a customer have to extend trust first would fall into the category of what Einstein called the definition of insanity.

As you're an AM board member, any post of yours here should be discarded. (even though I might agree with you).
Please keep your interventions within what is morally acceptable.

[dbbit]

what Einstein called the definition of insanity.

Misattribution. Einstein never said that.

The first sources of the quote came from somewhere between 1979 and 1983, by both Narcotics Anonymous & Rite Mae Brown. It's unsure who of them came up with it first, but it sure wasn't Einstein.

[ninjarobot]

In my best guess HF will only do what BFL did at best and offer customers a discount on a new pre-order for a new product range.  Like BFL did with the Monarch for their 65nm pre-order customers.  Which they first promised for delivery last October and are now say late March delivery at the earliest IIRC  

If I remember correctly, BFL first jacked the prices of their miners by 100% and then gave pre-order customers a 25% discount voucher for future purchases to compensate for the delays. Also, the voucher would expire ~30 days after issuance...

[matthewh3]

In my best guess HF will only do what BFL did at best and offer customers a discount on a new pre-order for a new product range.  Like BFL did with the Monarch for their 65nm pre-order customers.  Which they first promised for delivery last October and are now say late March delivery at the earliest IIRC  

If I remember correctly, BFL first jacked the prices of their miners by 100% and then gave pre-order customers a 25% discount voucher for future purchases to compensate for the delays. Also, the voucher would expire ~30 days after issuance...

Yeah, and I never fell for it and luckily put our coins on KNC instead.  The only reason I even put money down on BFL was because for nearly a year they were the only bitcoin ASIC manufacturer with anything public you could put money down on.  I wouldn't trust HF again if I was a pre-order customer either after what they've done too.  Although CT I might still trust so far as they let December pre-order customers move into cheaper January pre-orders at very late notice.  Although it currently looks like January CT pre-order customers are going to take a big loss in bitcoin ROI.

[cedivad]

The only reason I even put money down on BFL was because for nearly a year they were the only bitcoin ASIC manufacturer with anything public you could put money down on.

BFL's ASIC was announced summer 2012. Avalon's ASIC September 2012.
Am i wrong?

[Easy2Mine]

No, you are not wrong.
Friedcat was the last one to announce working on asic after bASIC, but is the first one to market.

[tacotime]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

[Flashman]

The only reason I even put money down on BFL was because for nearly a year they were the only bitcoin ASIC manufacturer with anything public you could put money down on.

BFL's ASIC was announced summer 2012. Avalon's ASIC September 2012.
Am i wrong?

But as far as the put money down thing, Avalon didn't take 1st batch orders until Jan 2013. Which filled up damn quick as did batch 2 in Feb (?) and then the full crazy happened by the third.

[edgie13]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

B2 customers are upset also. Did he clarify when B2 would start shipping?

[tacotime]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

B2 customers are upset also. Did he clarify when B2 would start shipping?

no

[dbbit]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

Also, if you get a UPS shipping notification - ignore it. Apparently HashFast just prints out a shipping label for fun and then they sit on it without actually delivering the package to UPS.

Now poor UPS has to send me an update every day apologizing for why they haven't delivered it yet.

I receive literally 1000s of packages every year - I didn't even know UPS would do this.  Just shows you how far off into lala-land HashFast has gone.


I keep wanting to go over to the HashFast-is-a-scam camp, but when they then manage to pull of such extraordinary feats of idiocy with so much consistency, they pull me back into the HashFast-is-spectacularly-incompetent camp.

[perezoso]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

Taco, instead of bending over for John and indulging his request, you should have told him to post a clarification himself.  Duh. Are you still on the payroll or something?

[Melbustus]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

B2 customers are upset also. Did he clarify when B2 would start shipping?

Forgive me, but B1 customers have a right to be A LOT more upset, *especially* if Hashfast ships B2 immediately after B1, without shipping B1 MPP first. That'd just add EVEN MORE insult to B1 customers, who obviously (mis)placed trust in Hashfast and provided the funding necessary for them to do anything in the first place.

Not saying they should intentionally further delay B2 shipment by any means; just that they should either ship B1 MPP first, or somehow otherwise make it up to B1 customers in a meaningful way.

[tacotime]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

Taco, instead of bending over for John and indulging his request, you should have told him to post a clarification himself.  Duh. Are you still on the payroll or something?

As far as I can tell I never was on the payroll, or at least, I haven't really been offered any kind of concrete discounts

I'm not exactly thrilled either to know the product I was guaranteed on the 31st doesn't appear to be coming to me by then.

[perezoso]

John Skrodenis emailed me and asked me to specify that the notification I received was not for shipping for batch two, but rather just to check my mailing address.

Apparently a lot of B1 customers are upset and he wanted me to clarify this.

Taco, instead of bending over for John and indulging his request, you should have told him to post a clarification himself.  Duh. Are you still on the payroll or something?

As far as I can tell I never was on the payroll, or at least, I haven't really been offered any kind of concrete discounts

I'm not exactly thrilled either to know the product I was guaranteed on the 31st doesn't appear to be coming to me by then.

Fair enough.  But just remember that it's not your job to apologize or to make excuses for them.  They are big boys. They can speak for themselves.