HashFast announces specs for new ASIC: 400GH/s

[Entropy-uc]

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!  

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?

According to the transcript it was Ms. Hushen. 

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[MrTeal]

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!  

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?  One wonders if his plan isn't to evade his own government's currency controls.  Do we know if he paid USD cash?

At the very end... if it's "under $20 for the [new] substrate and assembly", and the new substrate is "less than half" the cost of the current one (quoting Simon), do I understand correctly, then, that the original assembled boards (without the chips) probably cost Hashfast something like $45-50 each?  They had chips on hand.  So chip + $50 = working board? And they had component supplies on hand?  Why the hell couldn't they ship more systems?  If this was the case, they could have furloughed everybody for a week, taken the salary saved, and had the money to build and ship quite a few machines.  What am I missing?

The substrate is the little PCB that the four dies are placed on. Simon is saying that they can place the cut dies on a chip for $20. Making boards will cost significantly more than that.

[cedivad]

The substrate is the little PCB that the four dies are placed on. Simon is saying that they can place the cut dies on a chip for $20. Making boards will cost significantly more than that.

But still less than half the current cost, that again, is an interesting proposition. And again, the cost of the PCB was irrelevant back in January. They never let us pay for it, they preferred to lie about not being broke.

Edit: I knew that checking the dockets on a Saturday morning would have resulted in interesting stuff... The motion for the sale to liquidbits is there.

[Ilan1]

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!  

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?  One wonders if his plan isn't to evade his own government's currency controls.  Do we know if he paid USD cash?

At the very end... if it's "under $20 for the [new] substrate and assembly", and the new substrate is "less than half" the cost of the current one (quoting Simon), do I understand correctly, then, that the original assembled boards (without the chips) probably cost Hashfast something like $45-50 each?  They had chips on hand.  So chip + $50 = working board? And they had component supplies on hand?  Why the hell couldn't they ship more systems?  If this was the case, they could have furloughed everybody for a week, taken the salary saved, and had the money to build and ship quite a few machines.  What am I missing?

Agree.  Igor was hard to listen too, but he stirred them up which was entertaining!   I don't understand it either although I think the materials for the boards cost a little more than what you stated based on what I have seen. Regardless the cost seems low enough that they should have been producing product after product by this point. I wondered if their were no more to make because everyone wanted a refund in BTC due to that MPP debacle.

 

There were no more to make because they tossed off everyone's money, the expenses they ran up the salaries they were paying out all prioritised before what they should have focused on first and foremost their customers!

It will all come out in the wash, they won't get away with it!! It may take time but barber will probably stay abroad rather than face the music IMO!!

[Ilan1]

Hushen: "I hired an accountant, I've had four turn over in the last two months."  (@~2:52:30)

If the average tenure of employment of a new accountant at Hashfast is two weeks, it sounds to me like these guys take a look at the books and say "Get me out of here!"

But, man that's a long exchange between Igor and Monica.  Both of them make me want to cringe.  Igor for being such a pedant (although I'm on his side!), and Monica for being a condescending jerk.

And who was it, one of the women, who said (earlier), "He's from Europe, he has a different east."  It didn't sound like a joke.

Please tell me it was their lawyer, and not ours, who thinks that the cardinal directions vary from continent to continent!  

This Guido Ochoa.... $500k... a Venezuelan Socialist politician?  One wonders if his plan isn't to evade his own government's currency controls.  Do we know if he paid USD cash?

At the very end... if it's "under $20 for the [new] substrate and assembly", and the new substrate is "less than half" the cost of the current one (quoting Simon), do I understand correctly, then, that the original assembled boards (without the chips) probably cost Hashfast something like $45-50 each?  They had chips on hand.  So chip + $50 = working board? And they had component supplies on hand?  Why the hell couldn't they ship more systems?  If this was the case, they could have furloughed everybody for a week, taken the salary saved, and had the money to build and ship quite a few machines.  What am I missing?

Agree.  Igor was hard to listen too, but he stirred them up which was entertaining!  I don't understand it either although I think the materials for the boards cost a little more than what you stated based on what I have seen. Regardless the cost seems low enough that they should have been producing product after product by this point. I wondered if their were no more to make because everyone wanted a refund in BTC due to that MPP debacle.

  

There were no more to make because they tossed off everyone's money, the expenses they ran up the salaries they were paying out all prioritised before what they should have focused on first and foremost their customers!

It will all come out in the wash, they won't get away with it!! It may take time but barber will probably stay abroad rather than face the music IMO!!

incredible. Given the scale at which they were operating, a 1000 boards would not cost that much...what is that like ~300 machines... I hope you are right and it all comes out in the wash  

Well take Bitmain for example they are shipping 3 batches of S3's at the moment all on time and as promised probably with less revenue, that is because they care more about spending money on the right things to get the job done and to put their customers first, it really doesn't need to be made so complicated they were clearly a) Incompetent and B) Having a field day in Silicon Valley spending money like they were Google! Didn't give a shit about their customers or reputation because we already made them rich within the first 3 months of trading!  They spent money like no tomorrow moving it around from one company to the other, why not just keep it all under one company, IP and sales if they were expecting to be in this game for years to come etc, it stinks to me all of it, but they will get caught out IMO

[cedivad]

Ok, so, if the sale is approved LB would take every asset but the IP. They would give back a $3M debt to HF payable after two years and a LLC where they get to decide everything whatsoever always about anything, and where the declared goal is to make boards. If they are succesfull into making those boards, they would pay the $3M debt to HF and another $3M for us, the creditors, in the best case scenario. That would be after that the investment into the mine is repaid. Unsure of what happens if they successfully arrive at that point, since that I guess the share creditors would receive to depend on how many other shares would be emitted, that its not something I see on the terms, but its probably a problem of mine.

Sale Motion:
http://hashfast.org/Sale-Motion.PDF
http://hashfast.org/Sale-Motion-Declaration.PDF
http://hashfast.org/Sale-Motion-OST.PDF

Transcript of the committee hearing with debtor (includes the one we dont have an audio for):
http://hashfast.org/071514.pdf
http://hashfast.org/071514.2.pdf

[Minor Miner]

Sale Motion:
http://hashfast.org/Sale-Motion.PDF
http://hashfast.org/Sale-Motion-Declaration.PDF
http://hashfast.org/Sale-Motion-OST.PDF

Transcript of the committee hearing with debtor (includes the one we dont have an audio for):
http://hashfast.org/071514.pdf
http://hashfast.org/071514.2.pdf

What a crappy deal for creditors.  Do we get to know everyone who has any financial interest in liquidbits?   Because they are obviously in bed with Eduardo and Simon.  
Simon and Eduardo get to keep all the intectual property that was paid for with creditors' money. And they avoid all the nasty inquiries that seem even more likely to route out misuses of company money.  The little inconveniences that would require them to repay money they took and possibly face charges.
Liquidbits gets free use or all the chips and the IP to make more chips and boards without paying creditors anything up front.  
And we creditors get nothing but the hope of a chance to get partial repayment of our claim over two years by a company none of us know and who had already entered into shady deals with hashfast before.  
Hopefully the judge sees what a joke this is.   They seem to value their debt at 100 cents on the dollar and include it in their assets or contribution yet all other creditors' debt was valued at zero and only given a contingent npossible partial payback.   Where is the notarized capital structure of liquidbits so creditors can even see if they have sufficient equity in place to do what they claim?

[Ilan1]

This deal is all back ended and too risky for creditors, chances are we won't see a cent from this deal. Don't we have a voice collectively, can't we overrule this ridiculous proposal. It is so one sided any one with half a brain can see it! Haven't we been shafted enough? I vote that HF liquidate it's assets for as much cash as possible, I think they said $9m and then they should sell the IP to anyone that will buy it, to pay off the rest!

[cedivad]

We could start collecting signatures to show the judge that we are against the sale for x reasons. He will be the one making the final call.

Btw, on the dream side of things, if the 16nm design is ready for tapeout, and we only need the money, and we collect say $5M from the sale of chips and another $5M from an external investor, that could be a better use for the money rather the the proposed "hold bitcoin to pay back our creditors, our estimates are saying so" (they didn't knew bitcoin was going up so they didn't hold it, but now they do and they will be betting our money on it).

[notbatman]

oh look, another asic scam

Be sure to get your orders in

Shipping in "two weeks" i bet

Do all these companies have some secret pact to screw everybody?

My dog didn't have too many fleas when I got him but then in January he started dragging his ass on watts per Gh/s. This lasted for 2 months then he started barking "next week" for 3 months. Most recently he's puked up a few 80Gh/s units to randomly selected customers.

My dog is a sick flea infested little bitch!

[HardwareReviewer]

Sale Motion:
http://hashfast.org/Sale-Motion.PDF
http://hashfast.org/Sale-Motion-Declaration.PDF
http://hashfast.org/Sale-Motion-OST.PDF

Transcript of the committee hearing with debtor (includes the one we dont have an audio for):
http://hashfast.org/071514.pdf
http://hashfast.org/071514.2.pdf

What a crappy deal for creditors.  Do we get to know everyone who has any financial interest in liquidbits?   Because they are obviously in bed with Eduardo and Simon.  
Simon and Eduardo get to keep all the intectual property that was paid for with creditors' money. And they avoid all the nasty inquiries that seem even more likely to route out misuses of company money.  The little inconveniences that would require them to repay money they took and possibly face charges.
Liquidbits gets free use or all the chips and the IP to make more chips and boards without paying creditors anything up front.  
And we creditors get nothing but the hope of a chance to get partial repayment of our claim over two years by a company none of us know and who had already entered into shady deals with hashfast before.  
Hopefully the judge sees what a joke this is.   They seem to value their debt at 100 cents on the dollar and include it in their assets or contribution yet all other creditors' debt was valued at zero and only given a continent possible partial payback.   Where is the notarized capital structure of liquidbits so creditors can even see if they have sufficient equity in place to do what they claim?

I agree with this comment  . So basically one creditor gets paid off. The rest of us can only dream, hope and wish.

[ThomasCrowne]

I had split a pre-order for one of the upgraded BabyJet's with my roommate.  Are there any special forms or places that we need to register?  I believe he received some sort of documents in the mail regarding it but didn't mention if we had to do anything on our end to get back whatever pennies on the dollar (if anything) we can?

[FoolPartedWithMoney]

What a crappy deal for creditors.  

Barber's revenge: creditors get nothing for forcing his baby into bankruptcy.

[RoadStress]

Sale Motion:
http://hashfast.org/Sale-Motion.PDF
http://hashfast.org/Sale-Motion-Declaration.PDF
http://hashfast.org/Sale-Motion-OST.PDF

Transcript of the committee hearing with debtor (includes the one we dont have an audio for):
http://hashfast.org/071514.pdf
http://hashfast.org/071514.2.pdf

What a crappy deal for creditors.  Do we get to know everyone who has any financial interest in liquidbits?   Because they are obviously in bed with Eduardo and Simon.  
Simon and Eduardo get to keep all the intectual property that was paid for with creditors' money. And they avoid all the nasty inquiries that seem even more likely to route out misuses of company money.  The little inconveniences that would require them to repay money they took and possibly face charges.
Liquidbits gets free use or all the chips and the IP to make more chips and boards without paying creditors anything up front.  
And we creditors get nothing but the hope of a chance to get partial repayment of our claim over two years by a company none of us know and who had already entered into shady deals with hashfast before.  
Hopefully the judge sees what a joke this is.   They seem to value their debt at 100 cents on the dollar and include it in their assets or contribution yet all other creditors' debt was valued at zero and only given a continent possible partial payback.   Where is the notarized capital structure of liquidbits so creditors can even see if they have sufficient equity in place to do what they claim?

I agree with this comment  . So basically one creditor gets paid off. The rest of us can only dream, hope and wish.

So this is the TL;DR version? Liquidbits (whoever they are) get paid and the rest have to wait 2 years to get just a part of what they paid? What's the reason behind this and why isn't everyone treated the same and why isn't HF's crew behind bars?

[CryptKeeper]

Does anyone have a small amount (5-10) of golden nonce chips to sell?

A guy I know has some technicians at hand who could design an asic board.

[Ilan1]

We could start collecting signatures to show the judge that we are against the sale for x reasons. He will be the one making the final call.

Btw, on the dream side of things, if the 16nm design is ready for tapeout, and we only need the money, and we collect say $5M from the sale of chips and another $5M from an external investor, that could be a better use for the money rather the the proposed "hold bitcoin to pay back our creditors, our estimates are saying so" (they didn't knew bitcoin was going up so they didn't hold it, but now they do and they will be betting our money on it).

Good idea, if we don't express our opinion on this they will get want they want and stuff the rest of us, the committee could use our petition to support the case! I suggest we put a simple form on Dropbox and every one should sign in and upload it again?

What do you think?

[HardwareReviewer]

We could start collecting signatures to show the judge that we are against the sale for x reasons. He will be the one making the final call.

Btw, on the dream side of things, if the 16nm design is ready for tapeout, and we only need the money, and we collect say $5M from the sale of chips and another $5M from an external investor, that could be a better use for the money rather the the proposed "hold bitcoin to pay back our creditors, our estimates are saying so" (they didn't knew bitcoin was going up so they didn't hold it, but now they do and they will be betting our money on it).

Good idea, if we don't express our opinion on this they will get want they want and stuff the rest of us, the committee could use our petition to support the case! I suggest we put a simple form on Dropbox and every one should sign in and upload it again?

What do you think?

Yes good idea

[Entropy-uc]

We could start collecting signatures to show the judge that we are against the sale for x reasons. He will be the one making the final call.

Btw, on the dream side of things, if the 16nm design is ready for tapeout, and we only need the money, and we collect say $5M from the sale of chips and another $5M from an external investor, that could be a better use for the money rather the the proposed "hold bitcoin to pay back our creditors, our estimates are saying so" (they didn't knew bitcoin was going up so they didn't hold it, but now they do and they will be betting our money on it).

Good idea, if we don't express our opinion on this they will get want they want and stuff the rest of us, the committee could use our petition to support the case! I suggest we put a simple form on Dropbox and every one should sign in and upload it again?

What do you think?

The committee is going to oppose this deal.  Ray Gallo, who claimed to 'facilitate' the deal in court, is another question.  If Gallo clients are opposed, it would help to have them say so - to Ray, and if he doesn't listen, to the judge.

[Minor Miner]

We could start collecting signatures to show the judge that we are against the sale for x reasons. He will be the one making the final call.
Btw, on the dream side of things, if the 16nm design is ready for tapeout, and we only need the money, and we collect say $5M from the sale of chips and another $5M from an external investor, that could be a better use for the money rather the the proposed "hold bitcoin to pay back our creditors, our estimates are saying so" (they didn't knew bitcoin was going up so they didn't hold it, but now they do and they will be betting our money on it).

Good idea, if we don't express our opinion on this they will get want they want and stuff the rest of us, the committee could use our petition to support the case! I suggest we put a simple form on Dropbox and every one should sign in and upload it again?
What do you think?

The committee is going to oppose this deal.  Ray Gallo, who claimed to 'facilitate' the deal in court, is another question.  If Gallo clients are opposed, it would help to have them say so - to Ray, and if he doesn't listen, to the judge.

So, TO BE PERFECTLY CLEAR, Ray Gallo (we keep hearing this name), is the one who negotiated this deal on behalf of his clients?   I, personally, would like to hear from his 40 to 50 clients (he keeps seeming to cite different numbers when he is in the hearings) about why they think this is a good deal and why they asked their lawyer to pursue a deal like this.   If he is your lawyer, he obviously is doing what the clients asked him to do.
If the committee is opposed and Ray represents committee member Hee, how is this lawyer representing his clients?   Which clients is Gallo representing?

[cedivad]

Uniquify would get cash upfront for the chips. Are they opposing as well?

And btw, I'm the most optimist of the thread, because I dont see any reason why a trustee wouldn't give HF trustworthiness to take new preorders for a 16nm gen.