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Author Topic: Another Ponzi scheme? (by HashFast)  (Read 1859 times)
CanOpener
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February 19, 2014, 04:10:14 PM
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Gotta love how they haven't even delivered on their IceDrill stuff and are already  selling more machines. Isn't this the classical case of Ponzi scheme?

http://hashfast.com/shop/sierraevo/
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cedivad
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March 13, 2014, 08:11:43 PM
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http://hashfast.org

It's not a ponzi, they have the money of their customers (and probably more).
Posted from Bitcointa.lk - #dtQxiYtZ7PC5qImY

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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March 16, 2014, 10:18:05 AM
 #3

http://hashfast.org

It's not a ponzi, they have the money of their customers (and probably more).
Posted from Bitcointa.lk - #dtQxiYtZ7PC5qImY

Well perhaps they have the money but they likely spent it on R&D and now they can't fulfill there promises for delivery dates and MPP.

So in essence they are operating a Ponzi. They need more new customers to pay for the old customers gear that still needs to be sent out.

Otherwise they would have had the mining equipment by now (MPP for all batch #1 customers).

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cedivad
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March 16, 2014, 10:24:05 AM
 #4

Well perhaps they have the money but they likely spent it on R&D and now they can't fulfill there promises for delivery dates and MPP.
They spent $15m + VC investments in developing a 28nm chip? You know that it would be BS.
So in essence they are operating a Ponzi. They need more new customers to pay for the old customers gear that still needs to be sent out.
No, they have the money, if they didn't trow it into a black hole.

Otherwise they would have had the mining equipment by now (MPP for all batch #1 customers).
How do you know they don't have it?
Posted from Bitcointa.lk - #rjT0bHoEJodXYRSv

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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March 16, 2014, 01:16:04 PM
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What everyone loves Fonzy

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March 27, 2014, 07:38:16 AM
 #6

Gotta love how they haven't even delivered on their IceDrill stuff and are already  selling more machines. Isn't this the classical case of Ponzi scheme?

http://hashfast.com/shop/sierraevo/

oh boy the plot thicken it seems blatant disregard for people that have funds in and already moving ahead collecting more funds is a red flag to me.
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March 27, 2014, 06:46:00 PM
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hmmm think its worth it to buy the evo? any possible ROI?

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March 29, 2014, 03:10:40 AM
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No, a ponzi scheme is a very specific thing. They wouldn't produce anything at all and just pay out proceeds to the initial purchasers based on money collected from later purchasers.

Using pre-order money to develop a product is not what I would call good business practice, but it's not a ponzi scheme and it's not even illegal. See Kickstarter for a popular example of this sort of business practice.

And no, I don't think they'll make their release date. I'm personally not willing to pre-order anything, least of all Bitcoin mining equipment.
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