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Author Topic: [ANN] Spondoolies-Tech - carrier grade, data center ready mining rigs  (Read 1249389 times)
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bitcoinbarron
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November 12, 2015, 12:57:32 AM
 #13681

Its hard work keeping up with this thread  Roll Eyes

Anyway scrolling back a bit I do see the issue with a group buy just due to the large volumes of cash involved, We here are personally in the position to buy 2 SP50's possibly 3 dependant on price.

However I would much prefer to buy "SP40" with essentially blades from the SP50 installed, possibly 1-2 blades per "SP40" (kinda feel dirty using that term since the fake one emerged)

In the mean time I seem to be buying up every SP3x series miner I can get my hands on, kinda would prefer to be buying new kit directly from Spondoolies as second hand kit can be hit and miss and Don't really want to have to go down the S7 route just yet.

Regs

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November 12, 2015, 04:16:57 AM
 #13682

Repeat - SCAM ALERT - There is no such product as an SP40!
Pay extra caution and look our for incorrect URLs

looks like someone is trying to use peoples wants against them, anyone care to report these sites as a frauds? FBI can look into it, if you willing to be open to who you are with them. (this one has rocked my boat more then any other with making a fake news/report site to complement the scam)

Guy/Spondoolies-Tech are you planning to fill this void? people want this type of item, they are hounding you for it, can you not deliver?
now its fine you got yourselves neck deep in the sp50 construction and filling contracts, but is this company willing to look at the people that want to mine at home?

you've probably been asked this many'a'times, and you probably don't care to answer it...
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November 12, 2015, 05:09:10 AM
 #13683

Guy/Spondoolies-Tech are you planning to fill this void? people want this type of item, they are hounding you for it, can you not deliver?

Its probably not Guy's ultimate decision any more but BTCS'. They'll be the ones to deal with the SEC anyway.

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November 12, 2015, 06:01:31 AM
 #13684

Anybody know the expected life of the miner SP20 or SP30 assuming I did not overclock? I am trying to buy a miner that can last really long Smiley

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November 12, 2015, 01:02:15 PM
 #13685

I suppose only time will tell,

But do I hold out and wait for new Spondoolies-Tech kit that may not materialise, continue buying used kit, or buy new Bitmain kit but the Bitmain kit looks a pain in the ass to essentially rack mount and isolate the hot and cold sides. The Spondoolies kit is easy as you can just slam it in the racks.

I really do hope that Spondoolies wake up to and see there is a large amount of people practically begging for their kit for all the right reasons, its shit hot stuff.

Regs
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November 13, 2015, 03:26:53 AM
 #13686

Latest SEC financial filings for BTCS: https://www.sec.gov/Archives/edgar/data/1436229/000149315215005382/form10-q.htm

Some interesting points, although these are my interpretations and could be entirely wrong:

1) Now $1.2M in stockholders deficit (Item 1)
2) Mined just $169k in Q3, which is very roughly 1PH
3) At the same time, managed to accrue another $4.1m in "administrative expenses". That's $7.8m in the first 9 months of 2015.
4) And where does most of that go? $6.38m on "Stock based compensation". So at least some of them are doing okay (more in 14)).
5) They held just $61k in digital currencies.
6) Cash flow was -$2.7m, which was cancelled out by "the issuance of Private Placement Units".
7) There was a working capital deficiency of $3.4m
8 ) Seems the Israeli side is also holding things up: "In addition to standard closing conditions, the closing of the Transactions will not occur until the Selling Shareholders receive rulings from the Israeli Tax Authority confirming, among other things, that the Selling Shareholders may defer the payment of applicable Israeli taxes....".

9) They need money:
Quote
Significant uncertainties include, among others, whether the Company will be able to raise the capital it needs to finance its longer term operations and whether such operations, if launched, will enable the Company to sustain operations as a profitable enterprise." ... "The Company will require significant additional capital to sustain its short-term operations and make the investments it needs to execute its longer term business plan. The Company’s existing liquidity is not sufficient to fund its operations and anticipated capital expenditures for the foreseeable future. If the Company attempts to obtain additional debt or equity financing, it cannot provide assurance that such financing will be available to the Company on favorable terms, if at all.

Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has not made adjustments to the accompanying condensed consolidated financial statements to reflect the potential effects on the recoverability and classification of assets or liabilities should the Company be unable to continue as a going concern."

10) We're not making money
Quote
"The Company expects to incur losses into the foreseeable future as it undertakes its efforts to execute its business plans."

11)
Quote
The Company continues to incur ongoing administrative and other expenses, including public company expenses, in excess of corresponding (non-financing related) revenue. While the Company continues to implement its business strategy, it intends to finance its activities through:" ***my cheeky addition**** "not paying its debts

11)
Quote
On January 23, 2015, the Company purchased 100 Spondoolies S35 digital currency mining servers from Spondoolies Tech Ltd. (“Spondoolies”) for $223,500 (the “Purchase Price”) pursuant to a purchase order agreement (the “Purchase Agreement”).

12) Something looks weird with the Coin Outlet transaction (note 8 ). On March 26th 2015 they purchased an additional 2% equity of Coin Outlet Inc. 5 days later, on March 41st 2015 they decided that the investment is not recoverable due to uncertainties in the BTC price. The price (according to coindesk's index actually rose over that period from $245.01 to $246.99. To me, that doesn't make any sense.

13) Spondoolies received $1.5m of cash on May 12th 2015, yet still won't pay.

14) At least we can line our own pockets with $1m+ a month:
Quote
Stock-based compensation expense was $3,629,804 ... for the three months ended September 30, 2015... . Stock-based compensation expense was $6,383,772 ... for the nine months ended September 30... .

15) Yeah, sure you are.
Quote
"We are dependent on our ability to retain short term financing and ultimately to generate sufficient cash flow to meet our obligations on a timely basis in order to attain profitability".

16) A statement showing that my debt is being declared as within the balance sheets:
Quote
We are not a party to any off balance sheet transactions. We have no guarantees or obligations other than those which arise out of normal business operations.

17) Hmm
Quote
ITEM 1 Legal Proceedings
None.

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November 13, 2015, 03:56:02 AM
 #13687

Latest SEC financial filings for BTCS: https://www.sec.gov/Archives/edgar/data/1436229/000149315215005382/form10-q.htm

Some interesting points, although these are my interpretations and could be entirely wrong:

1) Now $1.2M in stockholders deficit (Item 1)
2) Mined just $169k in Q3, which is very roughly 1PH
3) At the same time, managed to accrue another $4.1m in "administrative expenses". That's $7.8m in the first 9 months of 2015.
4) And where does most of that go? $6.38m on "Stock based compensation". So at least some of them are doing okay (more in 14)).
5) They held just $61k in digital currencies.
6) Cash flow was -$2.7m, which was cancelled out by "the issuance of Private Placement Units".
7) There was a working capital deficiency of $3.4m
8 ) Seems the Israeli side is also holding things up: "In addition to standard closing conditions, the closing of the Transactions will not occur until the Selling Shareholders receive rulings from the Israeli Tax Authority confirming, among other things, that the Selling Shareholders may defer the payment of applicable Israeli taxes....".

9) They need money:
Quote
Significant uncertainties include, among others, whether the Company will be able to raise the capital it needs to finance its longer term operations and whether such operations, if launched, will enable the Company to sustain operations as a profitable enterprise." ... "The Company will require significant additional capital to sustain its short-term operations and make the investments it needs to execute its longer term business plan. The Company’s existing liquidity is not sufficient to fund its operations and anticipated capital expenditures for the foreseeable future. If the Company attempts to obtain additional debt or equity financing, it cannot provide assurance that such financing will be available to the Company on favorable terms, if at all.

Because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit, there is substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has not made adjustments to the accompanying condensed consolidated financial statements to reflect the potential effects on the recoverability and classification of assets or liabilities should the Company be unable to continue as a going concern."

10) We're not making money
Quote
"The Company expects to incur losses into the foreseeable future as it undertakes its efforts to execute its business plans."

11)
Quote
The Company continues to incur ongoing administrative and other expenses, including public company expenses, in excess of corresponding (non-financing related) revenue. While the Company continues to implement its business strategy, it intends to finance its activities through:" ***my cheeky addition**** "not paying its debts

11)
Quote
On January 23, 2015, the Company purchased 100 Spondoolies S35 digital currency mining servers from Spondoolies Tech Ltd. (“Spondoolies”) for $223,500 (the “Purchase Price”) pursuant to a purchase order agreement (the “Purchase Agreement”).

12) Something looks weird with the Coin Outlet transaction (note 8 ). On March 26th 2015 they purchased an additional 2% equity of Coin Outlet Inc. 5 days later, on March 41st 2015 they decided that the investment is not recoverable due to uncertainties in the BTC price. The price (according to coindesk's index actually rose over that period from $245.01 to $246.99. To me, that doesn't make any sense.

13) Spondoolies received $1.5m of cash on May 12th 2015, yet still won't pay.

14) At least we can line our own pockets with $1m+ a month:
Quote
Stock-based compensation expense was $3,629,804 ... for the three months ended September 30, 2015... . Stock-based compensation expense was $6,383,772 ... for the nine months ended September 30... .

15) Yeah, sure you are.
Quote
"We are dependent on our ability to retain short term financing and ultimately to generate sufficient cash flow to meet our obligations on a timely basis in order to attain profitability".

16) A statement showing that my debt is being declared as within the balance sheets:
Quote
We are not a party to any off balance sheet transactions. We have no guarantees or obligations other than those which arise out of normal business operations.

17) Hmm
Quote
ITEM 1 Legal Proceedings
None.

AKA "We are losing money quicker then Hindenburg going down, but we love you doggie.. no bone for you"
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November 13, 2015, 04:10:17 AM
 #13688

Anybody know the expected life of the miner SP20 or SP30 assuming I did not overclock? I am trying to buy a miner that can last really long Smiley

sold one Sp20 after 10.5 mo in service, it was as good as on day 1 (underclocked).
You have to use compressed air to dust it, though, at least once in a while (3-5mo?).
sold one Sp30 after ~12mo in service-also good. However, people do report that controller is the weak part that sometimes fails (frequency unknown-maybe 10% or so).
Almost nobody was overclocking these machines, only underclocking or leaving them at default, although Sp20 at fan/hashing default is a screaming overheating beast which becomes a nice pet at 1200-1220 Gh and fan10.
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November 13, 2015, 10:38:44 AM
 #13689

I suppose only time will tell,

But do I hold out and wait for new Spondoolies-Tech kit that may not materialise, continue buying used kit, or buy new Bitmain kit but the Bitmain kit looks a pain in the ass to essentially rack mount and isolate the hot and cold sides. The Spondoolies kit is easy as you can just slam it in the racks.

I really do hope that Spondoolies wake up to and see there is a large amount of people practically begging for their kit for all the right reasons, its shit hot stuff.

Regs

Why do  I begging him ? They have already lost  money from me. I bought 33 x S7 and now is the end of my 3 x 50A amps.

But they would have received this money from me, if they had a product  what to sell.  But they have not.
And now they are playing with millions. They do not care about my 50 000USD  pocket money .

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November 13, 2015, 03:25:18 PM
 #13690

I suppose only time will tell,

But do I hold out and wait for new Spondoolies-Tech kit that may not materialise, continue buying used kit, or buy new Bitmain kit but the Bitmain kit looks a pain in the ass to essentially rack mount and isolate the hot and cold sides. The Spondoolies kit is easy as you can just slam it in the racks.

I really do hope that Spondoolies wake up to and see there is a large amount of people practically begging for their kit for all the right reasons, its shit hot stuff.

Regs

Why do  I begging him ? They have already lost  money from me. I bought 33 x S7 and now is the end of my 3 x 50A amps.

But they would have received this money from me, if they had a product  what to sell.  But they have not.
And now they are playing with millions. They do not care about my 50 000USD  pocket money .

No kidding. I have contacted them twice regarding the SP50 and despite being willing to spend $100k+ they just said "Nah, unless you are a shareholder you have to wait for a 'retail order". Good to know that $100K+ is just another retail order Smiley

That or the SP50 with it's magical 'rerolled' 28 nm at 0.020- W/GH is just a pipe dream.

FOR RENT.
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November 13, 2015, 03:29:00 PM
 #13691

But they would have received this money from me, if they had a product  what to sell.  But they have not.
And now they are playing with millions.

At this point they wish they were playing with millions. They killed themselves with the SP20.

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November 13, 2015, 05:57:28 PM
 #13692


I was going to email them but my concerns of just being shrugged off have been confirmed,

Oh well :/
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November 15, 2015, 10:03:30 PM
 #13693

Heck, even a shareholder can't get any love ... I received the same response:
"We are interested in moving forward with your order. However, our initial product offering is committed to a small group of very large customers and we cannot accept additional orders at this time."
Time will tell ...

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November 16, 2015, 08:33:50 PM
 #13694

Don't hold your breath for a SP50

http://www.coindesk.com/btcs-filing-substantial-doubt-bitcoin-firms-future/
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November 16, 2015, 10:28:50 PM
 #13695


Spondoolies-tech is the only valuable asset they have. I won't throw my money away investing in them with all the BTCS baggage. Preorder would have made more sense.
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November 16, 2015, 10:38:26 PM
 #13696

But they would have received this money from me, if they had a product  what to sell.  But they have not.
And now they are playing with millions.

At this point they wish they were playing with millions. They killed themselves with the SP20.

"Killed themselves" with the SP20?"  Can you explain more?  It wasn't profitable enough? 
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November 16, 2015, 11:17:46 PM
 #13697

But they would have received this money from me, if they had a product  what to sell.  But they have not.
And now they are playing with millions.

At this point they wish they were playing with millions. They killed themselves with the SP20.

"Killed themselves" with the SP20?"  Can you explain more?  It wasn't profitable enough? 

We had a "price war" between the S5 of Bitmain and the SP20 of Spondoolies. Both was pretty much selling at with very low profit. (even not all)
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November 16, 2015, 11:36:04 PM
 #13698

But they would have received this money from me, if they had a product  what to sell.  But they have not.
And now they are playing with millions.

At this point they wish they were playing with millions. They killed themselves with the SP20.

"Killed themselves" with the SP20?"  Can you explain more?  It wasn't profitable enough?  

We had a "price war" between the S5 of Bitmain and the SP20 of Spondoolies. Both was pretty much selling at with very low profit. (even not all)

They had a price war with someone who's BOM was probably not far off half of theirs.
The S5 =
  • a fan
  • a BBB, basic expansion card
  • 2 hashing boards, no DC/DC
  • 2 basic routed aluminium heatsinks
  • 2 fan brackets, 1 controller bracket
  • Chinese assembly and testing costs

The SP20:
  • a fan
  • a fully custom, expensive, double sided controller
  • an expensive, fully custom pressed anodized aluminium case
  • two dual sided PCBs, full DC/DC
  • 8 extruded aluminium heatsinks with copper bases
  • Israeli assembly and testing costs

They chose to liquidate SP20s quickly to raise cash, not because they wanted to or could sell them for that price. As I said at the time, buy an SP20 if you think its such a good price because its certainly not staying around. They made 1000s and 1000s of loss making machines.

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November 17, 2015, 01:21:31 AM
 #13699

Spondoolies is owned by BTCS who is very soon by their own admission going to be bankrupt.  The debtors of BTCS own Spondoolies assests - not that dude Guy.  This is ALL BAD for the jews.  I'd say Spondoolies is finished. What a fuck up.

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November 17, 2015, 02:40:11 AM
 #13700

Spondoolies is owned by BTCS who is very soon by their own admission going to be bankrupt.  The debtors of BTCS own Spondoolies assests - not that dude Guy.  This is ALL BAD for the jews.  I'd say Spondoolies is finished. What a fuck up.

LMAO  Cheesy  At least they didn't do pre-orders with us (lower class,broke,whiney folk)  Cool

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