CoinTerra announces its first ASIC - Hash-Rate greater than 500 GH/s

[ralree]

There is no evidence of Cointerra's tape-out, and even if it were the truth, it is by no means their only challenge whilst trying to complete this project. All sorts of other problems can cause delays, and there is no real way to know which of these problems are real and which are concealing embarrassing oversight of something simple. BFL played that exact same game with their customers; anytime a delay was announced it was attributed to somehting highly technical, and never to something as prosaic as bad contingency planning in their material requirements.

Correct, Cointerra tape-out press release was a lie, and they lie about other things too

Just quoting this for posterity so I can laugh really hard at it later.

[1715411628]

1715411628

[BtcBling]

The last post really made me wonder:

If I sell you a machine for $1000, and bitcoin goes up to $800, I would MUCH RATHER refund your order for $1000 than let you mine precious bitcoins with it.  Could this be what these companies are going to do?  Just refund our orders for fiat?  It would make them 10x as much profit..

there are plenty of other models.  i think the picks and shovels people (bitcoin asic companies) will most likely continue making picks and shovels for the foreseeable future.  but in the longer term... instead of selling boxes to people, who have limited space in their homes and limited hvac and power (not to mention skills in keeping the systems running at full efficiency)...  i think that the asic companies of today will end up being bitcoin mining service providers and hosting partners of tomorrow.. and will be selling bitcoin systems to customers, complete with full service hosting contracts.. that way their customers can buy even more systems than fit in their homes, and the asic companies get more of a continual revenue stream.

It's always more profitable to take the money and run.
Lets say Cointerra sells $10,000,000 worth of preorders, with full intentions of building them for their customers and shipping on time.  Lets assume their profit margin is 200% at that time when Bitcoin is $120.
Fast forward to now when BTC is $800..
$10,000,000 of purchase orders would now be worth ~$80,000,000 if they decided to mine with the machines themselves, assuming they make ROI.  We are expecting them to forfeit a profit margin of 8x profit so that they can satisfy their orders for 2x profit.  This is what scares me.
They will hold onto those machines as long as is necessary to make them as filthy rich as possible, while LEGITIMATELY refunding their customers in the FIAT that their bitcoins were worth at the time.  After all, could we legally be able to go after them if they have given us full refunds?  It would be a better scam than BFL pulled.  It would be the most profitable path for them.

The best way for them to accomplish this would be this:  December is going to pass.  January comes along, and they "admit" they are having technical issues with their chips, while sincerely apologizing for the shipping delays.  February passes, and then March comes and they decide to finally ship their products to the few customers that are left who didn't demand refunds.  

I hope this doesn't happen but I'm sure this scenario has entered the minds of those who started up Cointerra.  It's a more complex version of the BFL scam.

I hope for the best, but fear the worst.  

We can take the option and wait.. or we can start acting now.  Start becoming friends with Cointerra employees, record conversations as I have already been doing, do what we can to protect ourselves.  This may become the biggest scam in bitcoin history if we don't start NOW.

This is so fun... I'm sure Oswald killed JFK regardless all conspiracy theories!

Honestly, people behind Cointerra aren't ex-mombsters. For me they seems to be at most pro team compared to any ASIC company. They're not shady unkonwn figure from the streets. But of course we need some enterntainment while waiting!

[VolanicEruptor]

I am sure they weren't mobsters going into this, but that doesn't mean greed won't make them become mobsters.  Have you seen what money does to people?

[BtcBling]

Yes, greed... I have seen what it´s done for me... I have put all my money on pre-orders.

[Carlton Banks]

There is no evidence of Cointerra's tape-out, and even if it were the truth, it is by no means their only challenge whilst trying to complete this project. All sorts of other problems can cause delays, and there is no real way to know which of these problems are real and which are concealing embarrassing oversight of something simple. BFL played that exact same game with their customers; anytime a delay was announced it was attributed to somehting highly technical, and never to something as prosaic as bad contingency planning in their material requirements.

Correct, Cointerra tape-out press release was a lie, and they lie about other things too

No. There is no actual evidence of either a lie or the truth. Just people making statements.

[VolanicEruptor]

If they lie about tape-out though, this could be seen as illegal since February and march orders were made after (and these customers most likely placed their orders based on the news).  For this reason I think lying about tape-out is unlikely..as there are more legitimate ways to pull a scam

[BtcBling]

They are advertising so heavily through adwords that actually i bet they dont really care what we write at this forum and most people outside bitcointalk don't know what tapeout means. I bet they have tapedout as announced. There´s no reason to fake it. I also bet those miners from bitcointalk who are going to buy cointerra have already bought. So it was just a kind announcement to help us sleep better with our pre-orders.

[aerobatic]

There is no evidence of Cointerra's tape-out, and even if it were the truth, it is by no means their only challenge whilst trying to complete this project. All sorts of other problems can cause delays, and there is no real way to know which of these problems are real and which are concealing embarrassing oversight of something simple. BFL played that exact same game with their customers; anytime a delay was announced it was attributed to somehting highly technical, and never to something as prosaic as bad contingency planning in their material requirements.

Correct, Cointerra tape-out press release was a lie, and they lie about other things too

No. There is no actual evidence of either a lie or the truth. Just people making statements.

i have placed a big order with cointerra (amongst other big orders with others) and i keep in touch with them regularly and they have definitely taped out when they said they did.  and they wrote an exceedingly large cheque.  it was later than hoped, but it was done on nov 8th as announced.  I've seen enough additional information to know this is a fact so please stop implying they might be not be telling the truth... thats silly FUD.

[Carlton Banks]

There is no evidence of Cointerra's tape-out, and even if it were the truth, it is by no means their only challenge whilst trying to complete this project. All sorts of other problems can cause delays, and there is no real way to know which of these problems are real and which are concealing embarrassing oversight of something simple. BFL played that exact same game with their customers; anytime a delay was announced it was attributed to somehting highly technical, and never to something as prosaic as bad contingency planning in their material requirements.

Correct, Cointerra tape-out press release was a lie, and they lie about other things too

No. There is no actual evidence of either a lie or the truth. Just people making statements.

i have placed a big order with cointerra (amongst other big orders with others) and i keep in touch with them regularly and they have definitely taped out when they said they did.  and they wrote an exceedingly large cheque.  it was later than hoped, but it was done on nov 8th as announced.  I've seen enough additional information to know this is a fact so please stop implying they might be not be telling the truth... thats silly FUD.

Who are you? You seem to be somewhat emotionally invested in this organisation aside from your financial investment with them. How are you privy to all this insider info from Cointerra? It would be silly FUD if there were actual evidence, as opposed to just yourself constantly insisting that we should take yours and their word for it.

[aerobatic]

Who are you? You seem to be somewhat emotionally invested in this organisation aside from your financial investment with them. How are you privy to all this insider info from Cointerra? It would be silly FUD if there were actual evidence, as opposed to just yourself constantly insisting that we should take yours and their word for it.

i think I've given my background plenty of times...   I'm a tech entrepreneur... with a background in computer games.. but also, long ago silicon... (my team designed the Super FX chip)...  I've taken two companies public... and am working on my third (online poker).   Bitcoin isn't my day job, its a hobby but one where I've invested quite heavily into mining gear...   so hopefully I've demonstrated I'm a geek with a biz background who has low tolerance for trolls and for spreading FUD about any company, whether it be kncminer, hashfast or cointerra.. or any of the others.   I just have a huge dislike for fud and untruths and some of the silliness thats said in these forums...

it seems to be de rigeur these days, when someone chooses and orders a miner from company X.. some people seem to feel the need to jump into company Y and company Z's miner forums and spread FUD for no apparent reason other than to make said people think they made the right choice and try to put down everyone else's choice.  for no reason.  just insanity.   also perhaps some of the oldern day bitcoiners perhaps enjoy believing a few too many conspiracy theories.  maybe it goes with the territory.

anyway, who am i?   I'm definitely not one of cointerra's largest customers but i think I'm most likely in their top 20.  perhaps even in their top 10.  I've made a big enough order with them to call them up often and find out whats going on.

And.. i have to stress, i am in the same position with hashfast (i have a big order with them and i call them up regularly to discuss whats going on!)....   and am also a medium customer of KnCMiner.. not because i don't think its a great company.. its awesome and they've done a stellar job.. its just that the price i got from KnCMiner wasn't as good as the prices i got from Hashfast and Cointerra.. so it was simple economics that i ordered more from the ones that were lower cost (taking into account the difficulty forecast).... Sam told me i was definitely in their top 50.

I also ordered some BFL.. which is trickling in now (I've had one Little Single, just arrive this week after ordering it in February!!!!   and 4 Jalapeños are on the way).  All of them are wayyy too late for me to be interested so I'm auctioning them off.    I also own two small BitFury systems.   I have never owned an Avalon, though i was once an AsicMiner shareholder.. and did quite well so i exited happy.

Happy now?

And if you want to google me.. go ahead...   or just click here...   I've no secrets..   https://www.google.co.uk/#q=jez+san

[Micky25]

I have only one question:

are these boobs real?

[Gyrsur]

^^why not ask her directly? (wild west) 

[VolanicEruptor]

^^why not ask her directly?

How many bitcoin nerds does it take to talk to a girl? 
zero. the bitcoins do the talkin.

[Carlton Banks]

Who are you? You seem to be somewhat emotionally invested in this organisation aside from your financial investment with them. How are you privy to all this insider info from Cointerra? It would be silly FUD if there were actual evidence, as opposed to just yourself constantly insisting that we should take yours and their word for it.

i think I've given my background plenty of times...   I'm a tech entrepreneur... with a background in computer games.. but also, long ago silicon... (my team designed the Super FX chip)...  I've taken two companies public... and am working on my third (online poker).   Bitcoin isn't my day job, its a hobby but one where I've invested quite heavily into mining gear...   so hopefully I've demonstrated I'm a geek with a biz background who has low tolerance for trolls and for spreading FUD about any company, whether it be kncminer, hashfast or cointerra.. or any of the others.   I just have a huge dislike for fud and untruths and some of the silliness thats said in these forums...

it seems to be de rigeur these days, when someone chooses and orders a miner from company X.. some people seem to feel the need to jump into company Y and company Z's miner forums and spread FUD for no apparent reason other than to make said people think they made the right choice and try to put down everyone else's choice.  for no reason.  just insanity.   also perhaps some of the oldern day bitcoiners perhaps enjoy believing a few too many conspiracy theories.  maybe it goes with the territory.

anyway, who am i?   I'm definitely not one of cointerra's largest customers but i think I'm most likely in their top 20.  perhaps even in their top 10.  I've made a big enough order with them to call them up often and find out whats going on.

And.. i have to stress, i am in the same position with hashfast (i have a big order with them and i call them up regularly to discuss whats going on!)....   and am also a medium customer of KnCMiner.. not because i don't think its a great company.. its awesome and they've done a stellar job.. its just that the price i got from KnCMiner wasn't as good as the prices i got from Hashfast and Cointerra.. so it was simple economics that i ordered more from the ones that were lower cost (taking into account the difficulty forecast).... Sam told me i was definitely in their top 50.

I also ordered some BFL.. which is trickling in now (I've had one Little Single, just arrive this week after ordering it in February!!!!   and 4 Jalapeños are on the way).  All of them are wayyy too late for me to be interested so I'm auctioning them off.    I also own two small BitFury systems.   I have never owned an Avalon, though i was once an AsicMiner shareholder.. and did quite well so i exited happy.

Happy now?

And if you want to google me.. go ahead...   or just click here...   I've no secrets..   https://www.google.co.uk/#q=jez+san

I'm fully aware of the significance of Jez San in the computing and video games industry, but how does any of this prove you are him? Googling "Jez San", will prove precisely nothing.

Is there a verifiable Jez San account on Linked In, or possibly twitter? Can we cross verify this, as I will state, for the record, that for aerobatic to be the actual Jez San is quite a claim (for those who are unaware of Jez San's significance as the entrepreneur behind Argonaut Software).

[minternj]

https://www.youtube.com/watch?v=91eMpbcN4B4

Seems Jez is a bitcoin enthusiast.

Also lifetime member of bitcoin foundation.
https://members.bitcoinfoundation.org/current

Quite a claim to be him if you aren't.

Edit- not sure if its significant for Jez to prove himself. He doesn't represent cointerra, and i find most of his comments fairly neutral. So to me, mostly a faceless name in the forum as significant as any other poster (minus the obvious trolls).

[aerobatic]

I'm fully aware of the significance of Jez San in the computing and video games industry, but how does any of this prove you are him? Googling "Jez San", will prove precisely nothing.

Is there a verifiable Jez San account on Linked In, or possibly twitter? Can we cross verify this, as I will state, for the record, that for aerobatic to be the actual Jez San is quite a claim (for those who are unaware of Jez San's significance as the entrepreneur behind Argonaut Software).

Hey Carlton... pm me your phone number and i will call you if you like.  i am definitely me.  i can prove it any way you like (thats not too much trouble.. so don't make me dance on some fiery object)

[Carlton Banks]

How about: post a photo of Jez San with identifiable Argonaut logo or other visual trademark in the photo, and then post another photo of Jez San holding a piece of paper with the words "I am Bitcointalk user aerobatic"

[Gyrsur]

How about: post a photo of Jez San with identifiable Argonaut logo or other visual trademark in the photo, and then post another photo of Jez San holding a piece of paper with the words "I am Bitcointalk user aerobatic"

call him dude. you ask him to prove what?

[Carlton Banks]

How about: post a photo of Jez San with identifiable Argonaut logo or other visual trademark in the photo, and then post another photo of Jez San holding a piece of paper with the words "I am Bitcointalk user aerobatic"

call him dude. you ask him to prove what?

If I called you, would you believe I'm the real Carlton Banks?

[Gyrsur]

How about: post a photo of Jez San with identifiable Argonaut logo or other visual trademark in the photo, and then post another photo of Jez San holding a piece of paper with the words "I am Bitcointalk user aerobatic"

call him dude. you ask him to prove what?

If I called you, would you believe I'm the real Carlton Banks?

you are'nt the real Carlton Banks! I know it.