HashFast launches sales of the Baby Jet

[cypherdoc]

15 days will be plenty of time.[/i]

    I agree, though I think the more problematic issue at this point is the unspecific terms of their MPP.  Are they going to calculate ROI in BTC or USD?  Because they are taking payments in BTC so if they are banking on the price of BTC going up to claim ROI in USD terms that is lame.  There haven't been enough specifics to know what their thinking is on this.  My Expectations is that ROI will be in BTC terms since I paid in BTC.

my basic understanding of this is that everything will be calculated in BTC, but yes, you'll have to get it straight from the company.

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[cypherdoc]

15 days will be plenty of time.[/i]

    I agree, though I think the more problematic issue at this point is the unspecific terms of their MPP.  Are they going to calculate ROI in BTC or USD?  Because they are taking payments in BTC so if they are banking on the price of BTC going up to claim ROI in USD terms that is lame.  There haven't been enough specifics to know what their thinking is on this.  My Expectations is that ROI will be in BTC terms since I paid in BTC.

my basic understanding of this is that everything will be calculated in BTC, but yes, you'll have to get it straight from the company.

actually, i believe i remember Simon somewhere buried back in one of these threads said that only enough BTC will be returned to equal the original $5600.  you'd better check on that.

[spiral_mind]

I have to say it is definitely suspicious.

-No real proof that their product actually exists or works
-Payment in Bitcoin only so they can run with the money if they want to
-no proof that they are who they say they are
-if it's too good to be true it probably is (they're promising 28nm technology very very quickly)

[pmorici]

15 days will be plenty of time.[/i]

    I agree, though I think the more problematic issue at this point is the unspecific terms of their MPP.  Are they going to calculate ROI in BTC or USD?  Because they are taking payments in BTC so if they are banking on the price of BTC going up to claim ROI in USD terms that is lame.  There haven't been enough specifics to know what their thinking is on this.  My Expectations is that ROI will be in BTC terms since I paid in BTC.

my basic understanding of this is that everything will be calculated in BTC, but yes, you'll have to get it straight from the company.

actually, i believe i remember Simon somewhere buried back in one of these threads said that only enough BTC will be returned to equal the original $5600.  you'd better check on that.

    This is the thread discussing the MPP; https://bitcointalk.org/index.php?topic=272906.0

    The official announcement from Simon says, "ROI calculated from the daily difficulty level, block arrival rate, and hash rate of equipment delivered.". No mention to USD<> BTC exchange rate coming into the equation.  Further down someone asks if ROI will be calculated in BTC or USD and I think the general concensus is it should be in BTC to be meaningful, but it doesn't look like there was ever an official answer just that annoying guy saying for the 500th time how he wouldn't do a pre order w/o paypal or CC's.

[plasmoske]

"Your order is expected to ship between October 20 and October 30, 2013.  Physical delivery of your order will take place within days, depending on the shipment method selected.  HashFast guarantees that all "Baby Jet" units from our first production batch will be delivered by December 31, 2013"

So basically their term allows them to hold your miners, use it to mine bitcoins and ship it to prior to Dec 31 (when it's completely useless) without them getting into trouble. Sounds cool.

[allinvain]

"Your order is expected to ship between October 20 and October 30, 2013.  Physical delivery of your order will take place within days, depending on the shipment method selected.  HashFast guarantees that all "Baby Jet" units from our first production batch will be delivered by December 31, 2013"

So basically their term allows them to hold your miners, use it to mine bitcoins and ship it to prior to Dec 31 (when it's completely useless) without them getting into trouble. Sounds cool.

That better not happen or else Silicon Valley will burn that day! I am sick and tired of ASIC producers mining with customer hardware. Isn't it enough that we bankrolled them?

[ninjarobot]

Are they going to calculate ROI in BTC or USD?  Because they are taking payments in BTC so if they are banking on the price of BTC going up to claim ROI in USD terms that is lame.  There haven't been enough specifics to know what their thinking is on this.  My Expectations is that ROI will be in BTC terms since I paid in BTC.

my basic understanding of this is that everything will be calculated in BTC, but yes, you'll have to get it straight from the company.

actually, i believe i remember Simon somewhere buried back in one of these threads said that only enough BTC will be returned to equal the original $5600.  you'd better check on that.

I read through Simon's posts and could find no such thing. Just:

Orders are taken in BTC, in the unlikely event we get to refunds they will be given in BTC.

So I expect refunds to made in accordance to the Bitpay receipt of payment. In my case:



Of course, if HashFast just ships in time and as promised all this is moot.

[eve]

Are they going to calculate ROI in BTC or USD?  Because they are taking payments in BTC so if they are banking on the price of BTC going up to claim ROI in USD terms that is lame.  There haven't been enough specifics to know what their thinking is on this.  My Expectations is that ROI will be in BTC terms since I paid in BTC.

my basic understanding of this is that everything will be calculated in BTC, but yes, you'll have to get it straight from the company.

actually, i believe i remember Simon somewhere buried back in one of these threads said that only enough BTC will be returned to equal the original $5600.  you'd better check on that.

I read through Simon's posts and could find no such thing. Just:

Orders are taken in BTC, in the unlikely event we get to refunds they will be given in BTC.

So I expect refunds to made in accordance to the Bitpay receipt of payment. In my case:



Of course, if HashFast just ships in time and as promised all this is moot.

What makes you different from them, broken promises, using customer miner for their own mining. Stay Away, Don't Buy Pre Order. Do they accept PP and credit cards?

[User705]

Hating to break into the talk about how babies are made ...

Still - here is Miner Protection Program:

Along with everyone else, we too have been closely watching the growth of the network Hashrate.

It is of concern to all miners,  particularly to those looking to pre-purchase equipment.  The more time there is between purchase and delivery, the greater the risk that the Hashrate will climb to a point where the miner will never make their money back.

That is the reason behind our Miner Protection Program, and the guarantee we provide is:

If any of our pre-purchase customers has not achieved payback on their investment in HashFast equipment within 90 days* of taking delivery from us, we will support them by providing them with up to 4X the Hashing capacity they originally purchased, free of charge.


The details:

We will give you double the extra capacity you would have needed to break even (up to a maximum of 4x your original purchase). The extra capacity will be chips only, to be used with a HashFast or third party chassis.

*Assuming you have been running your mining rig 24/7, ROI calculated from the daily difficulty level, block arrival rate, and hash rate of equipment delivered.


Eduardo deCastro
Founder and CEO, Hashfast

So you are selling 550 units for 5K each.  If not delivered by a certain date with conditions which are completely unpredictable you give four times more.  So it costs less then 1K per unit to produce (550K total) or you honoring this promise means instant losses on the first batch.  Everyone says the chips cost nothing to make it's the upfront R&D but you already stated that all that is done in this thread before. Companies making tiny % on exchanges are getting vc money but you can't find a few angel investors to get 550K together for a chip which produces 400Gh that is light years ahead of even the other crazy Gh per chip pre-orders of KNC and BitFury?  What am I missing here?  The only reason to take pre-orders is if you think what you get now is much more then what you can get later otherwise why do it at all?

[jspielberg]

For what it is worth, the claims don't seem too hard to believe.

KnC is claiming they will be receiving their 28nm technology chips in September.  Hashfast claims that they will be receiving theirs in October.
Bitifury has demonstrated 400GH @ << 400W.  HashFast is claiming 400GH @350W +/- 20%.

The big change is HashFast is selling at $14/GH while everyone else is at ~$18

So far, the claims seem not too out of line with their peers (though Bitfury definitely has been knocking it out of the park with their delivery, communication and customer sat).

[crumbs]

...
So you are selling 550 units for 5K each.  If not delivered by a certain date with conditions which are completely unpredictable you give four times more.  So it costs less then 1K per unit to produce (550K total) or you honoring this promise means instant losses on the first batch.  Everyone says the chips cost nothing to make it's the upfront R&D but you already stated that all that is done in this thread before. Companies making tiny % on exchanges are getting vc money but you can't find a few angel investors to get 550K together for a chip which produces 400Gh that is light years ahead of even the other crazy Gh per chip pre-orders of KNC and BitFury?  What am I missing here?  The only reason to take pre-orders is if you think what you get now is much more then what you can get later otherwise why do it at all?

HashFast loves you, you jaded ingrate.  That's why HashFast allows you to profit at HashFast's expense.  
It's called altruism.  
It's called basic decency.  
It's called sharing the bounty with fellow humans.  
It's unalloyed economic compassion.
Is that so hard to believe?

HashFast -- Friendship is Magic^TM

[minternj]

We are at week+1 day since preorders started. Wheres the promised weekly updates?

[cycloid]

For what it is worth, the claims don't seem too hard to believe.

KnC is claiming they will be receiving their 28nm technology chips in September.  Hashfast claims that they will be receiving theirs in October.
Bitifury has demonstrated 400GH @ << 400W.  HashFast is claiming 400GH @350W +/- 20%.

The big change is HashFast is selling at $14/GH while everyone else is at ~$18

So far, the claims seem not too out of line with their peers (though Bitfury definitely has been knocking it out of the park with their delivery, communication and customer sat).

Where did you see Bitifury demonstration, that sounds very interesting.

[Ytterbium]

you are looking at this completely wrong.  these are money printing machines that you expect to put money in your pocket while also benefitting from a price rise from a fixed money supply. 

show me one pc you've ever bought that returned anything of similar value back to you over time.

Um every GPU miner in 2011?

[nexus99]

Price needs to be around 2800 bucks for this to be viable. I'm afraid HashFast is now HashSlow and over priced :-(

[eve]

Price needs to be around 2800 bucks for this to be viable. I'm afraid HashFast is now HashSlow and over priced :-(

Yes you could be right.  2800 per 1000gh/s would be pretty reasonable

[cypherdoc]

Price needs to be around 2800 bucks for this to be viable. I'm afraid HashFast is now HashSlow and over priced :-(

Yes you could be right.  2800 per 1000gh/s would be pretty reasonable

no matter how many times you try to talk the price down or spam your no pre-order message, the fact remains that there are pre-orders going on.

[User705]

Of course there are pre-orders as 50% of the population have below average intelligence.

[nexus99]

New BFL preorders are going to kill this one.

[Bicknellski]

Of course there are pre-orders as 50% of the population have below average intelligence.

What measure of intelligence are you using?