[BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)

[zebroid]

What Iam now interested is if Hashfast doesnt deliver until this year which ends in less than a 2 weeks. We are insta-requesting refund right ? And what is the plan after that will ?

Would be a great disappointment if this happens because we all been waiting so long now to start hashing!

If Hashfast default on delivery will IceDrill buy from another supplier or will this project end then with refunds
to the shareholders?

Finding new suppliers with this amount of hardware could they months again with delivery.

[1714861619]

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[1714861619]

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[bobboooiie]

What Iam now interested is if Hashfast doesnt deliver until this year which ends in less than a 2 weeks. We are insta-requesting refund right ? And what is the plan after that will ?

Would be a great disappointment if this happens because we all been waiting so long now to start hashing!

How is making more return disappointment? There is now way we would roi on that batch that is late for such a long time

[Bargraphics]

What Iam now interested is if Hashfast doesnt deliver until this year which ends in less than a 2 weeks. We are insta-requesting refund right ? And what is the plan after that will ?

Would be a great disappointment if this happens because we all been waiting so long now to start hashing!

How is making more return disappointment? There is now way we would roi on that batch that is late for such a long time

Actually a return in BTC of the exact amount of BTC Paid (However unlikely but stated multiple times in person that HashFast would do this if late) would make IceDrill have 7-10x the buying power as they did before.

Somehow however I believe Will and DeadTerra have likely negotiated with HashFast something extra for their long wait and large purchase, it is likely under NDA, and we'll just have to wait and be surprised.

[SeBTC]

My thoughts. Comment and feedback welcome.

Openness:
I asked for an update to the overall strategy some months once HF delay was announced and the shareprice reached 10% of its opening value. While I don't expect it written as a post (though this act of transparency would be highly welcome), atleast an email or PM to the known shareholders on how we are travelling isn't a big ask and is long overdue.

I think Icedrill have a long way to go to improve here and really should be more on the ball with the communications around the venture and its overall progress (actuals) versus the original plan (estimates) incl things like the budget spendings to date, upcoming expenditure, etc

Adaption:
I sense we are locked into legally bound buying agreement using HF products given a proportion of the shares are tied to HF interests and backers. If so, then our destiny is already set in stone and we can only hope HF (and Icedrill) come good sooner rather than later.

Legalities:
The situation around GLBSE, Bitfunder, WeeX hasn't helped anyone. Going it alone on the share management side atleast avoids that situation arising again.

Governance:
If an open, transparent communicate plan with the wider public is not currently possible (for whatever reason - NDA?), I think at a very minimum a smaller shareholders advisory group should be formed to be advised and informed of progress, provide a forum for investor representation, plus allow the views and perspectives of the shareholder group in key decision making and planning moving forward.  It is long overdue the shareholders should be proactively informed and trusted with the direction of the venture, and that level trust goes both ways.  It would certainly put a lot of shareholders minds at ease to know the operation is being managed and in good control.


I would certainly welcome Will's and DeadTerra's input to the current discussion and trust it will be forthcoming.

[Transisto]

Unless IceDrill has been negotiating with HashFast for something like 4x Miner protection expect to loose between 60 and 85% ...

[Anonylz]

A statement from IceDrill management would be very welcome.

[rtt]

A statement from IceDrill management would be very welcome.

Certainly.

And can the management please keep this in mind -- and find some VERY GOOD lawyers to tackle the disaster:

This is a reminder to everyone to not enter into any new agreement with HashFast without consulting your lawyer. Their strategy is likely to roll-over old contracts into new ones, containing better protection for HashFast against legal action and remove more and more rights from customers.

For the same reason the MPP has to be viewed with scrutiny, as it is an independent contract not necessarily connected to the original purchase (dependent on the circumstance on acquiring it) and potentially subject to different TOS.

HashFast is likely preparing a wealth transfer scheme from new customers to old customers. They have to do this because they created a huge liability with their failure to deliver as promised (which they most likely deliberately took into account) and they do not want to cover the bill. Note that this scheme can be sustained as long as the market for mining equipment is expanding and HashFast can sufficiently scale the customer base. Eventually they need to collapse the Ponzi and leave some customers damaged.. but at that time those customers will have no repercussions against HashFast (since their TOS and communications are cured by that time).

This sounds like an awful thing to say but early customers are best off in case their Ponzi works and they can strip enough wealth from later customers to compensate earlier customers. HashFast will get rich in the process.

Don't expect to get much help from the legal system if you do not sufficiently protect yourself. Early customers have enough of a case to make it difficult for HashFast to defend themselves, which provides them with an incentive to simply pay early customers off in terms of additional hardware over long periods of time, but anyone who is entering a contract now will have a hard time fighting anything.

https://bitcointalk.org/index.php?topic=262052.msg4163764#msg4163764

[Bargraphics]

Well we have clarification somewhat now.

Hi Everyone,

We will be kicking off Batch 1 shipments in the next few days. Stay tuned for more updates from HashFast engineering on twitter.

Batch 1 customers who would like to initiate a voluntary refund request, can do so by sending the following information to: refunds@hashfast.com. Please note this is a request only and not a guarantee of refund eligibility. As orders were priced in USD, refunds will be issued in the equivalent amount of USD. If a refund is to be paid in BTC, the USD to BTC market exchange rate on the date of refund will be used to calculate the amount of BTC to be refunded.

Batch 1 Order number
Product & Quantities for your order. If you have multiple orders please group by order number.
Full Name
Shipping Address
Method of Payment (wire transfer, direct BTC transfer, bitpay)
Confirmation that you understand USD order totals that were originally paid with BTC can be refunded  in BTC at the USD to BTC market exchange rate on the date of refund.

Next, our customer service team will deliver you the necessary documents to complete the refund request, which you will need to sign and return to us.

Please direct questions regarding this process and items 1-6 to sales@hashfast.com Subject line: REFUND QUESTION.  

ONLY EMAIL refunds@hashfast.com if you are sure you want to request a refund and can provide the information specified in #1-5 above plus your confirmation to #6 also above.

We hope everyone is enjoying the holidays.  Again please visit us on twitter for the latest HashFast engineering updates.

Happy Holidays!

The HashFast Team

I have no idea if IceDrill did receive their units yet (Assuming no because no mining) They will be missing the shipping deadline from HashFast and be entitled to a refund but it would only be available in USD.

Hopefully there will be an update from IceDrill soon regarding this latest information.

[rtt]

Well we have clarification somewhat now.

Hi Everyone,

We will be kicking off Batch 1 shipments in the next few days. Stay tuned for more updates from HashFast engineering on twitter.

Batch 1 customers who would like to initiate a voluntary refund request, can do so by sending the following information to: refunds@hashfast.com. Please note this is a request only and not a guarantee of refund eligibility. As orders were priced in USD, refunds will be issued in the equivalent amount of USD. If a refund is to be paid in BTC, the USD to BTC market exchange rate on the date of refund will be used to calculate the amount of BTC to be refunded.

Batch 1 Order number
Product & Quantities for your order. If you have multiple orders please group by order number.
Full Name
Shipping Address
Method of Payment (wire transfer, direct BTC transfer, bitpay)
Confirmation that you understand USD order totals that were originally paid with BTC can be refunded  in BTC at the USD to BTC market exchange rate on the date of refund.

Next, our customer service team will deliver you the necessary documents to complete the refund request, which you will need to sign and return to us.

Please direct questions regarding this process and items 1-6 to sales@hashfast.com Subject line: REFUND QUESTION.  

ONLY EMAIL refunds@hashfast.com if you are sure you want to request a refund and can provide the information specified in #1-5 above plus your confirmation to #6 also above.

We hope everyone is enjoying the holidays.  Again please visit us on twitter for the latest HashFast engineering updates.

Happy Holidays!

The HashFast Team

I have no idea if IceDrill did receive their units yet (Assuming no because no mining) They will be missing the shipping deadline from HashFast and be entitled to a refund but it would only be available in USD.

Hopefully there will be an update from IceDrill soon regarding this latest information.

Looks like IceDrill is now missing about 2months worth of mined bitcoins of reduced difficulty (Nov+Dec) -- based on the promised availability of HashFash's Hardware.
Can anyone calculate how much that is?

Anyhow, here's will's post, I believe refunds will be in BTC:

...
Working with Hashfast is ongoing, I'm in touch with them at least twice a week, and will share what information I can when I can.
I can confirm that there is a guaranteed delivery date (refund date). And that we did pay in BTC. Both these points are public knowledge.

[HarrisonS]

Could this be the IceDrill? http://eligius.st/~wizkid057/newstats/userstats.php/1Nbq2XZaRsKknf5fcT2wTXvBS31PaUWSeX

[Bargraphics]

Could this be the IceDrill? http://eligius.st/~wizkid057/newstats/userstats.php/1Nbq2XZaRsKknf5fcT2wTXvBS31PaUWSeX

No it is not.

[runam0k]

No it is not.

Peta?

If we guess right, will you say so?

[Bargraphics]

No it is not.

Peta?

If we guess right, will you say so?

Nope, if the owner or owner(s) of the address wants to come out they can but I'm just trying to cut the guessing out.

[Wayne_Chang]

Icedrill should give us official update on latest status. Don't make us guessing.

[paul3]

Icedrill should give us official update on latest status. Don't make us guessing.

+1 Yes please.

[babybonobo]

I'm waiting as well...please 

[will]

Hi All

An update from our side:

1. We've not yet started mining.
2. We're still in daily contact with Hashfast regarding our order, its delivery and any accommodation(s) for possibly missing the guaranteed delivery date.
3. We do not expect to start mining in the current difficulty period (http://allchains.info/ estimates the next difficulty retarget in ~ 1d 15h).

Apologies for not being able to say more at this time, publically sharing sensitive information now would probably adversely affect our position. We can confirm that we will not take actions that would waive our statutory or contractual rights.

[Flashman]

Thanks will, keep at 'em.

[SeBTC]

Will, appreciate the update pulse. Thank you.

Good luck with all your efforts in keeping HF to their word: http://www.reddit.com/r/Bitcoin/comments/1u2a3m/running_timeline_of_hashfasts_actions_lies_and/cee2gn7

[lunarboy]

https://twitter.com/HashFast/status/418106414280609793/photo/1

shipping