TerraHash Bankruptcy! Now Official

[bluefin]

Seeing as how Amir and Justin have continuously lied, stretched the truth and generally taken allot of people for a ride, how soon do you think it is before terrahash closes their doors for good or declares bankruptcy.

Alternatively, do you think that they will just simply up and vanish in the night like a fart in the wind with all of the pre-order funds including non-recoverable BTC?

[Lethn]

I voted Grapefruit but to be serious for a second I think any kind of mining centric company is going to automatically go bankrupt sooner or later, it's fine if you want to do that as a side thing but I've decided I refuse to have anything to do with it, the numbers just don't ever add up even for the reasonably honest companies, I'm talking about both the ASIC companies as well as the ones that are essentially renting out hash power.

Put your money in somebody that has a long term plan and wants to make a real business, just dumping it all in hashpower is short sighted and foolish, especially with the way difficulty works with these currencies.

Edit: Just saw the new butterfly labs 'mining' card and I'm in hysterics, it looks like a regular high end Radeon card with a butterfly labs logo on it

[bluefin]

I voted Grapefruit but to be serious for a second I think any kind of mining centric company is going to automatically go bankrupt sooner or later, it's fine if you want to do that as a side thing but I've decided I refuse to have anything to do with it, the numbers just don't ever add up even for the reasonably honest companies, I'm talking about both the ASIC companies as well as the ones that are essentially renting out hash power.

Put your money in somebody that has a long term plan and wants to make a real business, just dumping it all in hashpower is short sighted and foolish, especially with the way difficulty works with these currencies.

Edit: Just saw the new butterfly labs 'mining' card and I'm in hysterics, it looks like a regular high end Radeon card with a butterfly labs logo on it

Thanks for the feedback!

BFL and TerraHash are in the same boat as far as I am concerned.

[Mooshire]

I voted Grapefruit but to be serious for a second I think any kind of mining centric company is going to automatically go bankrupt sooner or later, it's fine if you want to do that as a side thing but I've decided I refuse to have anything to do with it, the numbers just don't ever add up even for the reasonably honest companies, I'm talking about both the ASIC companies as well as the ones that are essentially renting out hash power.

Put your money in somebody that has a long term plan and wants to make a real business, just dumping it all in hashpower is short sighted and foolish, especially with the way difficulty works with these currencies.

Edit: Just saw the new butterfly labs 'mining' card and I'm in hysterics, it looks like a regular high end Radeon card with a butterfly labs logo on it

Thanks for the feedback!

BFL and TerraHash are in the same boat as far as I am concerned.

To be in the same boat as BFL, you have to have assholes as your PR too.

[bluefin]

I voted Grapefruit but to be serious for a second I think any kind of mining centric company is going to automatically go bankrupt sooner or later, it's fine if you want to do that as a side thing but I've decided I refuse to have anything to do with it, the numbers just don't ever add up even for the reasonably honest companies, I'm talking about both the ASIC companies as well as the ones that are essentially renting out hash power.

Put your money in somebody that has a long term plan and wants to make a real business, just dumping it all in hashpower is short sighted and foolish, especially with the way difficulty works with these currencies.

Edit: Just saw the new butterfly labs 'mining' card and I'm in hysterics, it looks like a regular high end Radeon card with a butterfly labs logo on it

Thanks for the feedback!

BFL and TerraHash are in the same boat as far as I am concerned.

To be in the same boat as BFL, you have to have assholes as your PR too.

The PR for TerraHash are combative and or non-communicative, I guess it all depends on what your definition of asshole is?

[btceic]

It couldn't happen to a more deserving bunch either.

[btceic]

This looks inevitable, now that 100's of people have potentially agreed to a lawsuit!

[btceic]

One of the hardest things i would ask the lawyer about bitcoins.   Might want to see if they really want to combine bitcoin orders and other orders in one lawsuit.   I think the bitcoin one might be harder to get a judge to understand, really want to see what they think if it gets to point of lawsuit.  Money will be easier.

A lot of people are asking this question in PMs,

Basically from my understand it doesn't matter if you pay someone in gold/euro/chickens, they advertised a price (Let's use the fully populated DX-Large as an example) $10,500.

We would essentially sue them for $10,500 and not for "Bitcoins".

Obviously I would bring this issue up to the lawyer and get their opinion about it but if it comes down to trying to get BTC back from Terrahash I might not be able to have them join in the lawsuit.

This will obviously be one of the first questions once a fully established counsel is chosen so I'll let everyone know when I do.

gold/euro/chickens all have value.  I know chickens were meant as a joke but still laws on books about them.  Bitcoin is not a official currency in US, and since virtual will be interesting to see how it goes.

Are you hiring a lawyer who specializes in anything, or law firm with multiple?  What type of lawyer accepted the case?

I am in the preliminary stages with the lawyer, we talked for about 35 minutes last night regarding this case and he's asked for additional information which I have sent. I have not retained anyone currently but we both seem to agree that this case is fairly simple for those involved with USD payments.

I've been advised that trying to sue for BTC payments will add a very complicated layer to the case but I have also sent them are the information regarding that court case where they mentioned BTC as a currency.

I really don't want to talk much about anything else until I have a lawyer on retainer and after I send all of the individuals that PM'd me a message. At that time I will likely open up another thread (What Forum Topic should I use to post it in? Scam Accusations?)

It turns out that International Payments are not very hard to include in the lawsuit,

I've also been advised that this will likely NOT fit under a class action so those that do not contact me and are not involved will not see any benefit from the outcome of this case if it goes that far.

For what it's worth, I've also been advised that I would likely have a higher success rate if I did this alone than with Co-Plaintiffs due to them only needing to pay my money back versus multiple people but I made it clear that this is not an option for me at this point and anyone that I can include in this will be able to join.

[btceic]

Some events happened last week, that have forced us to make a decision to go out of business. A lot of issues compounded to press us to do this. The failure of the Klondike project was one. Chase, our bank, shut down our accounts. Also the delay in the shipment of the chips has resulted in a lot of customers asking for refund. We already owe a lot of money to PayPal, and with all the refund requests, it is impossible for us to continue our operation profitably. So we have decided to dissolve the company.

We are going to ask for a refund from Yifu. As soon as we get a refund from him, we will start refunding all the orders. We will be able to refund about 50% of every order with this amount. We are trying to get our money out of Chase, which will help us refund another ~5% of each order. We are trying to return as many components as we can, and as soon as we get more money back, we will send additional pro-rated payments to each order.

Once we get a refund from Yifu, we will be sending an email to everyone asking for a current Bitcoin address where to send the payments.