HashFast announces specs for new ASIC: 400GH/s

[perezoso]

If LB's deals is to build (say) 20k boards asap, with half of the revenue back to us (instead of only 25%), that's probably something we should take, imho. You then focus on the other half of the chips, some cash will come in, we will invest something ourselves, we will find a way to capitalise it.

If liquidbits steps forward to do this on reasonable terms, then that's possible too.

What I don't think is possible is for a bunch of guys on a forum to create a viable manufacturing process in no time flat.  We'll need to rely on somebody that can do it, and we'll probably need collective leverage.

I want Hashfast dead.  I want no part of any deal going forward that enables Simon and company to salvage a viable enterprise.  Right now they are angling to do that and will viciously resist a court-appointed trustee under Chapter 11.  With everyone in the courtroom professing no knowledge of how bitcoins work, Simon will say that only he understands the business well enough to salvage it, and the judge will be sympathetic.

I'm just wondering out loud if divvying the chips up isn't better.  If the creditors said, "screw Simon's reorganization plan, we want the chips divvied up fairly", then they'd have a hard time resisting that pressure.  The other assets, IP, etc, can be sold and proceeds divided.

[perezoso]

No fan of VMC, but if they're real, well then, why not just form a small miners coop, take the chips, and collectively negotiate assembly by VMC (or other bidders, if any) onto boards?

You are failing on me... You don't need VMC, you don't want to have anything to do with VMC, and you probably want to sue the hell out of VMC.
VMC adds exactly zero value to our case. It subtracts it.

You and me and few other guys on this forum are not going to create a viable production line overnight.  It's going to have to be somebody with the capability to do it.  I hate VMC too, but if they are able...  I'd rather have liquidbits, if they are able, but the size of their illegitmate chip claim rules them out.  They'd have to come to Jesus and come to more reasonable terms with the other creditors.

But to be clear, the chip divvying scenario, in my head, is predicated upon the absolute and final death of Hashfast and stripping of the management of any proceeds.

[aasl]

what are the chances that we can get our money back?

[cedivad]

You and me and few other guys on this forum are not going to create a viable production line overnight.

It doesn't work that way. VMC didn't "created a manufacturing line". They are using the same exact manufacturer HF used, paid them, and magic comes out of that. As simple as that.
You only need money. You need money for the pcb (that is the longest lead time component and that we should then pay asap), you need money to order the components, you need money to place the components, you need money to program and to test the boards, you need money for logistics, etc.

I understand that you want to see HF die, but that's not the way you are gonna get value out of it. They will have what they deserve anyway.

And we will get our trustee, there is no way in the world HF is gonna proceed by its own.

LB is not going to receive 30k chips, everyone knows it, and the "chip divvying scenario" is the worst way possible to get value out of HF. Jesus.

what are the chances that we can get our money back?

If that will happen, it won't be anytime soon, so say goodbye to it for now and hope for the future.

[perezoso]

You and me and few other guys on this forum are not going to create a viable production line overnight.

It doesn't work that way. VMC didn't "created a manufacturing line". They are using the same exact manufacturer HF used, paid them, and magic comes out of that. As simple as that.
You only need money. You need money for the pcb (that is the longest lead time component and that we should then pay asap), you need money to order the components, you need money to place the components, you need money to program and to test the boards, you need money for logistics, etc.

I understand that you want to see HF die, but that's not the way you are gonna get value out of it. They will have what they deserve anyway.

And we will get our trustee, there is no way in the world HF is gonna proceed by its own.

LB is not going to receive 30k chips, everyone knows it, and the "chip divvying scenario" is the worst way possible to get value out of HF. Jesus.

Okay, then Hashfast/VMC's contractor.  The point is not who makes them, the point is that the boards are made on a contract basis by somebody who is competent.  The board maker gets $ for supplies and a pedestrian profit.  Then the assembled boards are ours.  I'm not talking about turning everything over to them to sell.

Look, it's an imperfect world.  

If, in a few days, Simon is successfully dislodged and a court-appointed manager takes over, then I think your scenarios are okay, but you need to be realistic.  I don't think that a court-appointed manager is going to run Hashfast like an entrepreneur overdosed on caffeine.  That person is probably going to want to take a couple weeks to get their bearings, weeks during which s/he'll be trying to figure out where all the fucking money went and what assets beyond the chips that they have, and you'll start screaming at them for allowing value to dissipate, and during which (on our present course), there will be intense wrangling about who owns what proportion of the assets.  In this situation, can you expect a manager to walk into a company s/he doesn't know and immediately commit all its resources to some sort of Hashfast 2.0 to turn out 40,000 boards overnnight?  I don't think that's realistic.

But it's not clear that Simon will actually be deposed. He's planning on trying to lead the company in Chapter 11.  Just wait.  On Wednesday there will be more talk about how this business is incomprehensible except to insiders like Simon, and Eddie may start to get blame heaped on him.  We're a new Hashfast, the attorney will argue, and you don't have anybody with Simon's skills, and we've got a plan....

[Entropy-uc]

So why don't you detail for us where you think all the money went?   They seem to only have bought chips, so where did the other 20 Million or so go?

I am not really qualified to do much more than speculate. First off, I'm sure 20 million did not actually come in.  Many of the largest deals had staged payments upon delivery. And where is that number coming from anyways? Someone's linkedin profile?

Name the 'many' large deals with staged payments.  So far we have:

Icedrill  $2M in advance
ineedausername $1.1M in advance
Liquidbits $6M in advance
Koi $300k in advance
100s of individual orders, all in advance

You are very clearly a shill trying to sow confusion to the benefit of yourself.  I've seen that gambit used by Hashfast over a dozen times so far.

[cedivad]

What's wrong with barber as the "entrepreneur overdosed with caffeine" and the trustee supervisioning what happens, reporting to us, etc?

[perezoso]

What's wrong with barber as the "entrepreneur overdosed with caffeine" and the trustee supervisioning what happens, reporting to us, etc?

Because there's no money in it for him.  And I'd rather see the chips dumped the Pacific Ocean than see that guy come out of this alive.  

And the judge seems more responsive to Liquidbits than anybody else.  And Liquidbits doesn't care about us.

Or, if they do, maybe they should make that known.

[cedivad]

And I'd rather see the chips dumped the Pacific Ocean than see that guy come out of this alive.

If you were in that list above you wouldn't. And barber still has an interest at minimising our losses to lower the future actions against them as individuals.

[Puppet]

I want Hashfast dead.  I want no part of any deal going forward that enables Simon and company to salvage a viable enterprise.  

Now at least you speak clearly. I have no sympathy for its management, but killing a viable company is not in the best financial interest of its creditors. Im sure a judge will see it that way too. Wouldnt it be better to replace castro & co and allow the company to achieve its potential?

[perezoso]

And I'd rather see the chips dumped the Pacific Ocean than see that guy come out of this alive.

If you were in that list above you wouldn't. And barber still has an interest at minimising our losses to lower the future actions against them as individuals.

Barber wants to sell chips.  You want to keep him in command, but not allow him to follow his Chapter 11 plan?  How is that going to work?  We kept you as CEO but your opinion doesn't matter?

I want Hashfast dead.  I want no part of any deal going forward that enables Simon and company to salvage a viable enterprise.  

Now at least you speak clearly. I have no sympathy for its management, but killing a viable company is not in the best financial interest of its creditors. Im sure a judge will see it that way too. Wouldnt it be better to replace castro & co and allow the company to achieve its potential?

Read carefully:  I want no part of any deal going forward that enables Simon and company to salvage a viable enterprise.  Eddie is already gone, if you haven't been following the news.  And Simon is about to start framing him as the fall guy.

[cedivad]

Barber wants to sell chips.  You want to keep him in command, but not allow him to follow his Chapter 11 plan?  How is that going to work?  We kept you as CEO but your opinion doesn't matter?

Who said that, to start with? It's what they did until now, but now everyone wants to help, to invests, "LB has a plaaaaannn", etc. He will have to do something else when he sees that the market isn't ready to accept 40k chips ad a price higher than $10/each, right?

I understad all of the hate. I do, I really do. But let's try to save what can be saved instead of killing us each one another.

[perezoso]

Barber wants to sell chips.  You want to keep him in command, but not allow him to follow his Chapter 11 plan?  How is that going to work?  We kept you as CEO but your opinion doesn't matter?

Who said that, to start with? It's what they did until now, but now everyone wants to help, to invests, "LB has a plaaaaannn", etc. He will have to do something else when he sees that the market isn't ready to accept 40k chips ad a price higher than $10/each, right?

I understad all of the hate. I do, I really do. But let's try to save what can be saved instead of killing us each one another.

Who said that?  They are screaming out loud to the masses.  The intel of bitcoin mining.  Please, judge, don't restrict our ability to sell chips.  Come on, this is their plan.

Wait, and then you say he will do something else?  You're giving him the latitude to call the shots?  Last post you were hemming him in.

Look, I'm not at all against what you want, Cedivad, I think we want about the same thing, I'm just trying to be realistic.

[cedivad]

Find me a better solution that doesn't include throwing everything in the middle of the ocean and you won.

[perezoso]

Find me a better solution that doesn't include throwing everything in the middle of the ocean and you won.

You don't have a solution, you have unrealistic expectations of the bankruptcy process.  Listen, I would love it if you were right, but Hashfast will not be able to make 40,000 complete boards overnight, not under Simon's leadership and not under a court appointed management.  Maybe the latter could do it eventually, but I doubt it.  Simon, well, he doesn't want to do that.  He wants to be the intel of bitcoin mining.  I don't think that you can leave him in the CEO chair and simultaneously dictate his actions through a creditor's committee, presuming that the majority of the creditors would even agree to Hashfast 2.0 making boards with Simon in charge.

I don't wanna fight. I'm just trying to think out loud about what kind of lemonade can be made with these lemons.

[NetDiva]

The Harassment Needs to Stop

This is Amy Abascal and I have stayed quiet, but I am here asking you to get this under control.  I joined HashFast and was only there for 6 1/2 weeks.  While I was there, I did absolutely everything in my power to get the company on track and to advocate for the customers.  There are many of you whom I spoke with and traded emails personally.  Look at my background.  I had a thriving career until March.  Last week, I got laid off and frankly, that was the best thing that could happen to me.

Since I left, my facebook and twitter accounts have been hammered with personal attacks and accusations.  

You are attacking the wrong person.  I regret the day I ever heard the word HashFast.  I own no coin.  I have no mining operation.  I am not running hardware that other people bought in my closet (or any hardware at all for that matter).  

I have avoided blocking people because I believe in honest, transparent communication - which you can see evidenced by how I directed communication the short time I was at HashFast.  I understand why this community is outraged and it has every right to be.  Hell, I'm outraged too.  However, the constant messages to my personal accounts are misdirected and just adding to this massive clusterf*ck.

If you are angry, I would recommend using rational ways to approach the problem.  That does not include personal harassment.

[raskul]

now would be a good time to lock this thread.

[perezoso]

The Harassment Needs to Stop

I am sorry that you are experiencing that, because you did try to improve things, but I very much doubt that the people who are discussing Hashfast in this forum are the people harassing you.  I would block them if I was you.  I can't speak for anyone but myself with certainty, but I've never made any sort of post to any personal account of any Hashfast (former) employee.  It seems that you are the unfortunate recipient of anger that should be directed (appropriately) at others.

[cedivad]

I posted too much useless content, I will take a break.

I see your point, you don't want the same guy that scammed us during the last 8 months to scam us a little bit more. I couldn't agree more. But now, independently from my expectations, we need to find a solution.

If you are angry, I would recommend using rational ways to approach the problem.  That does not include personal harassment.

Sue the people who harassed you for what I care. You could win. Yes, I'm in the suing mood. I'm not in that list, so... And yes, I don't think them to be in this forum.

[VinceSamios]

You and me and few other guys on this forum are not going to create a viable production line overnight.

It doesn't work that way. VMC didn't "created a manufacturing line". They are using the same exact manufacturer HF used, paid them, and magic comes out of that. As simple as that.
You only need money. You need money for the pcb (that is the longest lead time component and that we should then pay asap), you need money to order the components, you need money to place the components, you need money to program and to test the boards, you need money for logistics, etc.

One does not simply walk into a board manufacturing company and say "those... right there.... I want some of those" - VMC produces the boards under license, most folks don't have that license.