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Author Topic: [ANN] Spondoolies-Tech - carrier grade, data center ready mining rigs  (Read 1256306 times)
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November 13, 2015, 04:10:17 AM
 #13681

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
Last edit: November 13, 2015, 11:37:10 AM by Tupsu
 #13682

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
 #13683

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
 #13684

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
 #13685


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
 #13686

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
 #13687

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
 #13688


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
 #13689

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
 #13690

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
 #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.

"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
 #13692

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
 #13693

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

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
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"An ASIC being late is perfectly normal, predictable, and legal..."Hashfast & BFL slogan Smiley
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November 17, 2015, 03:24:51 AM
 #13694

I'd say Spondoolies is finished. What a fuck up.
I wouldn't worry too much in advance. If BTCS/Spondoolies goes through a quick bankruptcy it is a perfect opportunity for somebody to pick up their assets for cheap. It all depends on the quality of the legal advice the potential asset stripper is going to buy. The current situation at Spondoolies is very much different from the Hashfast bankruptcy where the bankruptcy lawyers didn't consult the tort lawyers regarding possible tunneling or other fraud.

Hashfast had a lame chip with no valuable intellectual property. If Spondoolies is sitting on a mostly working chip (especially if it passed engineering sampling on a shuttle wafer run) then ordering a set of full-wafer masks would be a perfect turnaround play.


Please comment, critique, criticize or ridicule BIP 2112: https://bitcointalk.org/index.php?topic=54382.0
Long-term mining prognosis: https://bitcointalk.org/index.php?topic=91101.0
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November 17, 2015, 10:29:18 AM
 #13695

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

You NAILED it! Smiley

http://www.coindesk.com/btcs-filing-substantial-doubt-bitcoin-firms-future/


Heh.... the pre-orders are definitely imho going to the data hall to be mined ASAP for USD.....closest thing that BTCS has to a 'pump' to bail out the sinking boat...again imho. Smiley

Newbie IPO $$$ from those richer then ourselves ...seem to be in 'jepoardy' it seems Smiley

Well with 'hindsight' being 20/20 if Spondoolies (assuming they had the cash flow to survive in some manner w/o BTCS bailout) had NOT gone in with BTCS..then they could have
'adjusted' their risk with miners to home folk and/or data hall according to 'risk' ....ie ..just gone 'modest' data hall on their own to get through the 'rough times' and/or continue
to plump the home miner market (which at that previous point in time they would have been pretty much alone offering such this last year)

But they went 'ALL IN' with BCTS and their options are again ..not their own...and again IMHO....(been there, done that ...easy to toss rocks....I feel for you guys....)

but yeah 'btc mining holes' suck! If you over commit to what you think you can pull off in equip/price of btc/ and other factors....(again been there)






 
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November 17, 2015, 02:35:29 PM
 #13696



Jeebus, this sucks!

From the ashes to the fire.

"I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse." - Robert Metcalfe, 1995
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November 17, 2015, 02:39:49 PM
 #13697



Jeebus, this sucks!

From the ashes to the fire.

Not really,they kicked us to the curb,who is it that made them??

https://www.youtube.com/watch?v=pZ3Pocjd0YA

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
"An ASIC being late is perfectly normal, predictable, and legal..."Hashfast & BFL slogan Smiley
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November 17, 2015, 04:35:15 PM
 #13698



Jeebus, this sucks!

From the ashes to the fire.

Not really,they kicked us to the curb,who is it that made them??

https://www.youtube.com/watch?v=pZ3Pocjd0YA

Tru dat. Just was hoping for some more competition in the field.

"I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse." - Robert Metcalfe, 1995
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November 19, 2015, 03:56:39 PM
 #13699

Another 90 page FTC filling.

Again, nice to see that the management are paying themselves a $12,500 base salary a month each on top of huge stock options.... and yet can't pay their debts.
Quote
On May 12, 2015, we agreed to convert accrued and unpaid salaries owed to Charles Allen, our Chief Executive Officer, and Michal Handerhan, our Chief Operating Officer, into shares of Common Stock pursuant to conversion agreements. Charles Allen converted $25,000 of accrued and unpaid salary for the months of March 2015 and April 2015 into 50,000 share of Common Stock at a per share price of $0.50. Michal Handerhan converted $25,000 of accrued and unpaid salary for the months of March 2015 and April 2015 into 50,000 share of Common Stock at a per share price of $0.50.

They also note that they've raised millions and millions and millions in fresh cash this year.... but not paying their debts. That is, apart from the debts and loans to their management which are promptly being paid back with interest.


I think this is the first time its been stated in plain English, Spondoolies is becoming a subsidiary of BTCS.
Quote
... pursuant to which the Company shall purchase all the shares in Spondoolies ... from the Selling Shareholders so that Spondoolies will be a wholly-owned subsidiary of the Company after the closing of the transactions contemplated by the Agreement ... .


So, "we'll go out of business if we can't raise $500k, but we can pay our management $100,000s".
Quote
As of September 30, 2015, we had a cash position equal to $91,623 and expect that we need approximately $500,000 to fund our operations from October 1, 2015 through June 1, 2016. We may require additional funds for our anticipated operations and further expansion and if we are not successful in securing additional financing, we may be required to delay significantly, reduce the scope of or eliminate one or more of our business activities, downsize our general and administrative infrastructure, or seek alternative measures to avoid insolvency.


"We're going to keep draining the company for personal gain, creditors and shareholders will get little if we go under".
Quote
Our independent auditors have indicated in their report on our December 31, 2014 financial statements that there is substantial doubt about our ability to continue as a going concern. A “going concern” opinion indicates that the financial statements have been prepared assuming we will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result if we do not continue as a going concern. Therefore, you should not rely on our consolidated balance sheet as an indication of the amount of proceeds that would be available to satisfy claims of creditors, and potentially be available for distribution to stockholders, in the event of liquidation.


Not sure they understand that 50% attacks don't magically become possible at the 50.00000001% threshold, just more likely.
Quote
If a malicious actor or botnet obtains control in excess of 50 percent of the processing power active on the Bitcoin Network, it is possible that such actor or botnet could manipulate the Blockchain in a manner that adversely affects an investment in us.

If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing power dedicated to mining on the Bitcoin Network, it may be able to alter the Blockchain on which the Bitcoin Network and all bitcoin transactions rely by constructing alternate blocks if it is able to solve for such blocks faster than the remainder of the miners on the Bitcoin Network can add valid blocks. In such alternate blocks, the malicious actor or botnet could control, exclude or modify the ordering of transactions, though it could not generate new bitcoins or transactions using such control. Using alternate blocks, the malicious actor could “double-spend” its own bitcoins (i.e., spend the same bitcoins in more than one transaction) and prevent the confirmation of other users’ transactions for so long as it maintains control. To the extent that such malicious actor or botnet does not yield its majority control of the processing power on the Bitcoin Network or the bitcoin community does not reject the fraudulent blocks as malicious, reversing any changes made to the Blockchain may not be possible. Such changes could adversely affect an investment in the.

 In late May and early June 2014, a mining pool known as GHash.io approached and, during a 24- to 48-hour period in early June may have exceeded, the threshold of 50 percent of the processing power on the Bitcoin Network. To the extent that GHash.io did exceed 50 percent of the processing power on the network, reports indicate that such threshold was surpassed for only a short period, and there are no reports of any malicious activity or control of the Blockchain performed by GHash.io. Furthermore, the processing power in the mining pool appears to have been redirected to other pools on a voluntary basis by participants in the GHash.io pool, as had been done in prior instances when a mining pool exceeded 40 percent of the processing power on the Bitcoin Network.The approach to and possible crossing of the 50 percent threshold indicate a greater risk that a single mining pool could exert authority over the validation of bitcoin transactions. To the extent that the bitcoin ecosystem, including the Core Developers and the administrators of mining pools, do not act to ensure greater decentralization of bitcoin mining processing power, the feasibility of a malicious actor obtaining in excess of 50 percent of the processing power on the Bitcoin Network (e.g., through control of a large mining pool or through hacking such a mining pool) will increase, which may adversely impact an investment in us.


"As long as we line our own pockets", just one of the management stock option grants:
Quote
General and administrative expenses for the year ended December 31, 2014 primarily consisted of compensation and benefits of $239,248, accounting and legal fees of $361,428, impairment loss on website development of $144,796, impairment loss on investment of $400,004 and stock based compensation of $13,126,445 related to the grant of 6,201,472 stock options to management on February 5, 2014 and 12,450,000 stock options on November 7, 2014.


No shit.
Quote
We have not yet adopted a code of ethics that applies to our principal executive officers, principal financial officer, principal accounting officer or controller, or persons performing similar functions, since we have been focusing our efforts on growing our business and obtaining financing for our Company. We expect to adopt a code as we further develop our business.


Ah ha, here we go, buried on page 63. In 2014 the company had $38k of revenue, $31k of gross profit and posted a net loss of $14.7m. And yet the management paid themselves $8.9m.

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November 19, 2015, 04:07:51 PM
 #13700

Very interesting read dogie... and to think a few Weeks ago I looked into how you would buy some BTSC stock. Fortunately buying US OTC stock in the UK is not that easy.  Smiley

Rich

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