HashFast announces specs for new ASIC: 400GH/s

[cedivad]

IceDrill is Digimex if someone was wondering. Looks like he deservers a big +1.

If someones has an american credit card everything should be already on pacer. I don't, so I can't download those (there are other services but they charge a huge premium). However document count #11 seems promising.

[1715148976]

1715148976

[perezoso]

Since I don't think these guys are going to show up here, some more docs to cry over:

Contract for the 3 Petahash (2500 Sierra) order and "self-mine" kickback (3 October 13):
http://bit.ly/SnXpAm

Agreement to covert that order into 30,000 chips (4 March 14):
http://bit.ly/RXrOFe

Declaration of Gregory Bachrach, Liquidbits CEO (? May 14):
http://bit.ly/TyjpcO


And finally, for the moment, the memorandum summing it up (from Liquidbits' perspective) for the motion it made to hold the bankruptcy hearing earlier.  The motion was granted, and the hearing is tomorrow (Fri 23 May):

http://bit.ly/1hcNofg


Just call me PACER.  

But, hey, we should alert the press, and we should inform them of the perspective of the small customer.  This is not just a dispute between Hashfast and Liquidbits, there are also the interests of hundreds of unpaid small customers at stake.

[cedivad]

But, hey, we should alert the press, and we should inform them of the perspective of the small customer.  This is not just a dispute between Hashfast and Liquidbits, there are also the interests of hundreds of unpaid small customers at stake.

That should be a responsibility of the trustee, no? Let's email that ars guy.

Just call me PACER.

It looks like that the adults have arrived and that HashFast is screwed.

[dhenson]

"The more customers I speak for, the greater my influence on the bankruptcy plan"

That's something I would be afraid of. It's not necessarily a good thing.

If HF has 28k chips we need $1.5M to build enough PCBs. Plus components, placement and testing. So if he wants to do a chapter 11 (that is the only thing he could argue about right now), tell him to find money, not customers he will take the 40% of the claim from.

Ah, Perezoso... Waiting for PACER to do his job

He has the financing lined out.  We need other customers to join so that we can steer the restructuring in our favor.

[perezoso]

So we come semi-full circle here.  Wonder if Inaba wants to comment on this. Harh harh.

Liquidbits is one of several companies that comprise Coinware.

http://www.coinware.io/

One of Coinware's other ventures is Nimbus mining.

http://www.nimbusmining.com/

Nimbus mining is BFL's cloud mining host.

https://products.butterflylabs.com/nimbus-mining.html

Nimbus doesn't seem to have any other public customers.

Oh, headache.

So this guy Bachrach, who bought the huge HF order, has some major deal with BFL too.  I wonder to what extent he represents his own (and coinware fellow execs) capital, and to what extent he's fronting for other investors.  Would love to know the details of the BFL too.

[cedivad]

He has the financing lined out.  We need other customers to join so that we can steer the restructuring in our favor.

I'm skeptic but sending an email won't hurt...

So we come semi-full circle here.  Wonder if Inaba wants to comment on this. Harh harh.

https://i.imgur.com/0HpX88K.jpg (when an anonymous sent it to me, I believed it was a fake...)

[perezoso]

He has the financing lined out.  We need other customers to join so that we can steer the restructuring in our favor.

I'm skeptic but sending an email won't hurt...

So we come semi-full circle here.  Wonder if Inaba wants to comment on this. Harh harh.

https://i.imgur.com/0HpX88K.jpg (when an anonymous sent it to me, I believed it was a fake...)

I feel like St. Paul must have today.  The scales are falling from my eyes and the truth unfolds.  So, Zetta Mine and the Jacobson Brothers...

[IPO Magic]

@perezoso:  Thanks for all the links.

[cedivad]

If that was true, HashFast Delaware Superbunker LLC has a 16nm run taped out by now, possibly at TSMC, and that would explain how cashless they are.

Corner the market, by moving everything to Superbunker LLC and use previous gen preorders to tapeout the first 16nm sha256 ever... They were this far from making it. I guess that I wasn't crazy at supposing that conspiracy...

[perezoso]

If that was true, HashFast Delaware Superbunker LLC has a 16nm run taped out by now, possibly at TSMC, and that would explain how cashless they are.

Corner the market, by moving everything to Superbunker LLC and use previous gen preorders to tapeout the first 16nm sha256 ever... They were this far from making it. I guess that I wasn't crazy at supposing that conspiracy...

Yeah.  There's obvious value in the chips that exist, but especially given how long it's going to take to sort the crap out, if the new design works, that IP might be worth a heck of a lot more.  Not sure if that wouldn't be where I'd focus an effort.  As a matter of justice, I'd like to make sure those assholes don't walk away with it.

Simon, Simon, Simon... if only you hadn't hooked up with crooks.  Well, for all I know you're one too, but I'd like to think that if you hadn't hooked up with Bullshit Eddie, the waterboarding porn and prostitution crowd, and the Church of Greed, that maybe you could have gone down as a brilliant chip designer.

[cedivad]

50/50 that they taped it out already. The IP is valuable, but do you want to talk about a 16nm chip already taped out? Now, that would save the ship.

Let me dream.

[perezoso]

50/50 that they taped it out already. The IP is valuable, but do you want to talk about a 16nm chip already taped out? Now, that would save the ship.

Let me dream.

That's what I'm saying.  The value may be in the new chip design (IP), if they learned enough about "substrates" to get it right the second time around.

I imagine Eddie has been careful to create companies with an alleged arms-length distance from Hashfast to own that IP, and that it will be argued that those holdings shouldn't be part of the proceeding.  Just a thought.



EDIT:  Actually, I suppose what they learned about substrates isn't relevant to the future, because nobody would put them in charge of the PCB again.  What matters is that there'd be somebody that could do that job competently.

[cedivad]

They used our money to finance the next gen, now they just want to bankrupt the company leaving us with nothing because of the (alleged, I guess) IP fees paid to Bunker LLC and whatever. However, that is our money, the one that was used to (possibly) tapeout the 16nm chip. So it's our chip.

This is why the involuntary bankruptcy is such a problem for them. Because they would be ordered to do the right thing.

I would start by subpoenaing every < 28nm fab in the world, just in case we miss one of the various Bunkers LLC.

You guys in the states don't have any problem and a lot of experience in expanding your jurisdiction to the five continents, right? So we will be just fine.

[pmorici]

Well, in case you were wondering what Simon was up to in Amsterdam:

http://bit.ly/1i8dcJJ

Does that allege what I think it does!?  That, Simon, the Hashfast CTO was essentially conspiring to sell Hashfast's remaining assets for below market value to a entity outside the US so that they could setup a secret joint Bitcoin mine and he could share in the profits which he thought would be outside the reach of US law?!

Incredible.

[cedivad]

Added investment under a Hashfast+DigiMex joint-venture was proposed by HF, considered and denied. The second option (of a liquidation-sale supporting such a JV) was offered, and denied, even though the fully-deployed $/Gh price came down to as low as $0.78/Gh.

I took it upon myself to create a third possibility: that of banding together the creditors to form an entity under which these remaining assets may possibly be leveraged to make everyone whole. Appointing a trustee to oversee the unwinding of the Hashfast entity (the hearing tomorrow) should give vision into what assets are available to such an entity, if it should ever come into existence. This is a work in progress, but thus far everyone I have spoken to seem to think this is the most prudent way forward.

It looks like the adults have really arrived.

[dropt]

It looks like the adults have really arrived.

Which adults?  The ones who have failed to pay any dividends to their investors for the last five months?  The ones who, after the fact, came up with a laundry list of KYC requirements not originally part of the IPO and seem to have no intentions to buy back the shares of users not willing and/or capable of complying with said KYC requirements?  The ones who misused investor funds to buy shares (?) in Cointerra?  I could go on, but I digress.

I'm glad Will's taking the opportunity to give it HF, but I wouldn't credit him as any adult I'd like to see in a place of control during the Populus vs. HF hearings.

[cedivad]

I understand and agree with your concerns, that I think to have a lot of basis. However you can choose: Will and BFL-cloud-hosting + court appointed trustee or ... basically nothing. Gallo, his finances and his 40%, that I doubt will lead anywhere but to a profit for himself.

IceDrill might be able to do something for HF only because they didn't pay their dividends. They have a little bit more than 600 BTC, right? It's a drop in the ocean, but it's something. Don't blame me, but I think to be mature decision to withhold the dividends if I was planning to use them in a similar action.
If you want to bring 29k chips to mine at 0.78$/gh it would cost around $16M. Who has that kind of money to invest in this market? BFL-cloud-hosting was expecting that number of chips, so they might be considering making an investment in it.

As long as everything happens under the supervision of the trustee, I don't see why we should be afraid of it.

[perezoso]

For the existing stock, it may come down who can take the chips and make boards for sale.... fast.  

(And, to be clear, I'd have an extremely hard time bringing myself to support Gallo.  Just substituting one pig for another, frankly.)

But the previously secret whale is a problem.  If he eats 28,000 plankton chips, then there's not much left for us minnows.  We're fried.  Mixed metaphors from hell.

Then again, that pledge of 90% of Hashfast's assets - when the order was for $6 million against what, maybe $20 million or more in outstanding orders (remember the MPP too)? - well, hardly legitimate.  Mismanagement. Just more of Eddie's self-interested bullshit.  His family wouldn't invest in Hashfast because they knew him, I'll bet.

Seems like he'd promise anything to anybody, big or small, didn't matter.  The answer for Hashfast's failings was always to pledge bigger, better, and faster just around the corner ... whether the promise had any correlation to reality or not.

Way to go McCombs School of Business at the University of Texas at Austin!  Fucking MBAs.  Should be a trade school degree.  Like welding. Look at what bidness "education" results in?  Crooks.

And then there's the IP, if they really have a chip that works.

If the new chip really "screams", as Amy the 2nd claimed, I think that IceDrill Will detected that Simon may have been trying to play him as the fool.  That Simon wanted to offload Hashfast's baggage onto IceDrill and all jurisdictional crap and confusion that would cause, and try to walk away with the (possible) new chip.

But I also still tend to suspect that the pron crowd are a big reason why Hashfast is so broke. The waterboarders and prostitutes got in and out fast.  Pretty ironic.  If I'm right, those guys must be enjoying a pretty good laugh.  The "dregs of society" might be the only ones to walk away from this mess intact.

[armyof1ne]

For the existing stock, it may come down who can take the chips and make boards for sale.... fast.  

(And, to be clear, I'd have an extremely hard time bringing myself to support Gallo.  Just substituting one pig for another, frankly.)

But the previously secret whale is a problem.  If he eats 28,000 plankton chips, then there's not much left for us minnows.  We're fried.  Mixed metaphors from hell.

Then again, that pledge of 90% of Hashfast's assets - when the order was for $6 million against what, maybe $20 million or more in outstanding orders (remember the MPP too)? - well, hardly legitimate.  Mismanagement. Just more of Eddie's self-interested bullshit.  His family wouldn't invest in Hashfast because they knew him, I'll bet.

Seems like he'd promise anything to anybody, big or small, didn't matter.  The answer for Hashfast's failings was always to pledge bigger, better, and faster just around the corner ... whether the promise had any correlation to reality or not.

Way to go McCombs School of Business at the University of Texas at Austin!  Fucking MBAs.  Should be a trade school degree.  Like welding. Look at what bidness education results in?  Crooks.

And then there's the IP, if they really have a chip that works.

If the new chip really "screams", as Amy the 2nd claimed, I think that IceDrill Will detected that Simon may have been trying to play him as the fool.  That Simon wanted to offload Hashfast's baggage onto IceDrill and all jurisdictional crap and confusion that would cause, and try to walk away with the (possible) new chip.

But I also still tend to suspect that the pron crowd are a big reason why Hashfast is so broke. The waterboarders and prostitutes got in and out fast.

Wait... didn't i speak on this... last week, and even this week?... apparently you are a shill for hashfast too... welcome to the club.. right?

[aasl]

sounds skeptical.