[ANN] Spondoolies-Tech - carrier grade, data center ready mining rigs

[OgNasty]

Even with the best tech, poor direction can lead to disaster.

I am very sad to read this news.  Spondoolies made the best miners and had the friendliest presence here on the forums.  The writing has been on the wall for quite some time, but the mining community will suffer from the continued lack of manufacturer competition as a result.

Good luck Guy.  I wish I could have gotten my hands on an SP50.  Probably one hell of a miner.

[1713309026]

1713309026

[1713309026]

1713309026

[finbad]

cant compete with the Chinese

it's too bad they could not limp along until the halving....

 

[valkir]

Sad new for the bitcoin community. Wish you the best Guy.

Home mining will get harder and harder. Sad 

[Tupsu]

To our valued customers ,

As of May 4, 2016 Spondoolies-tech has ceased operations.

It has been a great privilege to serve the Bitcoin mining community and especially our customers. We deeply appreciate the support and faith that you have placed in us and wish you success in your future endeavors.

Sincerely,

Guy Corem CEO
Spondoolies-tech

.........  Regarding hardware sales (miners, ASICs) and JV type deals (rev-share) it will be dependent on market conditions and will be on a selective basis.

Guy

[bcmine]

To our valued customers ,

As of May 4, 2016 Spondoolies-tech has ceased operations.

It has been a great privilege to serve the Bitcoin mining community and especially our customers. We deeply appreciate the support and faith that you have placed in us and wish you success in your future endeavors.

Sincerely,

Guy Corem CEO
Spondoolies-tech

Even with the best tech, poor direction can lead to disaster.

I am very sad to read this news.  Spondoolies made the best miners and had the friendliest presence here on the forums.  The writing has been on the wall for quite some time, but the mining community will suffer from the continued lack of manufacturer competition as a result.

Good luck Guy.  I wish I could have gotten my hands on an SP50.  Probably one hell of a miner.

R.I.P. spondoolies. We all will miss you. After Cointerra the next one, went directly to hell. Good burning there ! LOL  

http://themerkle.com/spondoolies-tech-shuts-down-operations-effectively-immediately/

[hdbuck]

what a pity for mining competition.
see you around spongy.

[Tupsu]

They received $2.25M from BTCS, that's a significant amount.

But there is nothing for you dogie, of this amount.
How much do you already have paid your  lawyer ?

[RoadStress]

To our valued customers ,

As of May 4, 2016 Spondoolies-tech has ceased operations.

It has been a great privilege to serve the Bitcoin mining community and especially our customers. We deeply appreciate the support and faith that you have placed in us and wish you success in your future endeavors.

Sincerely,

Guy Corem CEO
Spondoolies-tech

Sorry to see you go! It was a fun ride. Thank you for everything and good luck in your future ventures!

[dogie]

They received $2.25M from BTCS, that's a significant amount.

But there is nothing for you dogie, of this amount.
How much do you already have paid your  lawyer ?

Not yet, no. Lawyer is paid for up front so no changes.

From what I've read in BTCS, Inc's latest filing (Form 8-K as of May 5th), it appears bankruptcy (though I may be misinterpreting, so clarification from Spondoolies would be appreciated). From the form:

Item 8.01 Other Events.
 
On May 5, 2016, BTCS Inc. (the “Company”) was informed that, on May 4, 2016, a hearing was held in the district court (the “Court”) in Beersheva, Israel during which certain parties sought appointment of a temporary liquidator for Spondoolies Tech Ltd. (“Spondoolies”). As a result of the hearing, the Court appointed a temporary liquidator and the judge presiding over the proceedings set a hearing for July 14, 2016, at least one week prior to which a certificate of information must be filed with the Court as required in the applicable regulations. The Company is seeking a conference with the temporary liquidator.
 
At the present time, there can be no assurance that the Company’s pending acquisition of Spondoolies can be effectuated and is examining what claims, if any, it may have in connection with such acquisition and the Company’s prior investments in Spondoolies.

Yep, I was waiting for them to announce it themselves. This shitstorm isn't over though, as... The following are my OPINIONS EXPRESSED IN GOOD FAITH, I CAN NOT ATTEST TO THE ACCURACY OF THE FOLLOWING STATEMENTS.... it seems BTCS wasn't on board with that plan. It appears that Spondoolies may have abused the fact that BTCS kept giving them money for only token amounts of equity, then filed for bankruptcy so they keep the money and pay out their own creditors / investors. Maybe this was the master plan Guy had all along and why no one else could work out why they were merging with BTCS.

Alternatively, a different creditor filed to force them into bankruptcy before I got around to it and so while neither Spondoolies or BTCS chose this, its still happening.

[HerbPean]

Sad new for the bitcoin community. Wish you the best Guy.

Home mining will get harder and harder. Sad 

That is indeed very sad.

Spondoolies had the best firmware for sure ... I remember when they were asking new features for us and they introduced the scheduler. (Many home miner liked that new feature)

I wish we could have bought some SP50 when the news when out ... that would have been awesome.

Guy, did you guys completed the full process to build the new chip ? (Not sure you can answer)

Thanks,

Best of luck !

[Unacceptable]

Sorry to see ya go Spoondolies!!!

But,this is the end result of bad business decisions,IMO 

So one less miner maker to compete for the network hashrate   

Now it's up to Avalon,Bitfury,Bitmain,KnC & a few others I may have forgotten,to run the home miners off the network 

[Biodom]

It's just too bad.
Spondoolies had class and good service...best to Guy, Zvi (who was gone for a while), the rest of the team.

[iCEBREAKER]

As of May 4, 2016 Spondoolies-tech has ceased operations.

Sorry to see you go! It was a fun ride. Thank you for everything and good luck in your future ventures!

Spondoolies may have abused the fact that BTCS kept giving them money for only token amounts of equity, then filed for bankruptcy so they keep the money and pay out their own creditors / investors. Maybe this was the master plan Guy had all along and why no one else could work out why they were merging with BTCS.

Alternatively, a different creditor filed to force them into bankruptcy before I got around to it and so while neither Spondoolies or BTCS chose this, its still happening.

They 'merged' with BTCS which from what I understand has "sole' use of their SP 50's if they exist yet.....(any correction on this welcome)

So Spondoolies...'merged' and took the money and ran....(hey no shame in that) but they are not into personal miners or heck any public for sale miners anymore from

They received $2.25M from BTCS, that's a significant amount.

Spondoolies...'merged' and took the money and ran....

For Roadstress The Cheerleader Shill, this bankruptcy is "a fun ride."  For BTCS investors and shareholders, it is devastating.

ROADSTRESS is a troll.  He helped Spondoolies scam 100 MILLION $ from BTCS and group buyers.

[AleScamHole]

best news all year!

great machines you guys made, but i bet  dealing with scammers genesis mining didn't help

man with the scam they had on us i bet they had huge predictions for value for 2016 hey?
then it came and genesis can't sucker any of us anymore. actual profits prob 10% of predictions
well with spoondlies being their sole mining partner i think one can put 2 and 2 together

as it def had nothing to do with hardwear IF you guys really had 0.16 chips you spoke of months ago  (vaporwear prob)
you would have been fine. but nope a shame but i personally am happy to see you go! hope genesis soon too!

[dogie]

As of May 4, 2016 Spondoolies-tech has ceased operations.

Sorry to see you go! It was a fun ride. Thank you for everything and good luck in your future ventures!

Spondoolies may have abused the fact that BTCS kept giving them money for only token amounts of equity, then filed for bankruptcy so they keep the money and pay out their own creditors / investors. Maybe this was the master plan Guy had all along and why no one else could work out why they were merging with BTCS.

Alternatively, a different creditor filed to force them into bankruptcy before I got around to it and so while neither Spondoolies or BTCS chose this, its still happening.

They 'merged' with BTCS which from what I understand has "sole' use of their SP 50's if they exist yet.....(any correction on this welcome)

So Spondoolies...'merged' and took the money and ran....(hey no shame in that) but they are not into personal miners or heck any public for sale miners anymore from

They received $2.25M from BTCS, that's a significant amount.

Spondoolies...'merged' and took the money and ran....

For Roadstress The Cheerleader Shill, this bankruptcy is "a fun ride."  For BTCS investors and shareholders, it is devastating.

ROADSTRESS is a troll.  He helped Spondoolies scam 100 MILLION $ from BTCS and group buyers.

Just to make it clear, I was referring to the $1.5M and $0.75M investments Spondoolies received while the merger was pending. These were topups to keep the company alive and seemingly healthy while the merger was pending, as it took longer than expected to gain all the approvals. These two amounts amount doesn't include the actual merging money which never triggered.

In return for the $1.5M on December 15, 2015, BTCS received just ~3% of Spondoolies’ equity. Similarly for the $0.75M on December 15, 2015, they received just ~3% of Spondoolies’ equity, again giving Spondoolies a valuation of $25M for a very dead company. These are the "token" payments that Spondoolies appears to have taken to the grave with them, in funding rounds with likely their highest ever valuations. Crazy stuff.

Edit: To comment about RoadStress - he did at times act as Spondoolies attack squad as to keep their hands clean, but from his perspective there wasn't anything wrong with the company. He organised a group buy and received his remuneration; apparently most affiliates didn't. To then deny the existence of such claims and failures of the company was shill like though. People's mortgages, investments and even entire companies are are on the line here but its okay just as long as he got paid.

[finbad]

so ,  who gets the IP?

[dogie]

so ,  who gets the IP?

Whomever the receiver sells it to.

[Guy Corem]

To our valued customers ,

As of May 4, 2016 Spondoolies-tech has ceased operations.

It has been a great privilege to serve the Bitcoin mining community and especially our customers. We deeply appreciate the support and faith that you have placed in us and wish you success in your future endeavors.

Sincerely,

Guy Corem CEO
Spondoolies-tech

Sorry to see you go! It was a fun ride. Thank you for everything and good luck in your future ventures!

Thank you.

[iCEBREAKER]

As of May 4, 2016 Spondoolies-tech has ceased operations.

Sorry to see you go! It was a fun ride. Thank you for everything and good luck in your future ventures!

Spondoolies may have abused the fact that BTCS kept giving them money for only token amounts of equity, then filed for bankruptcy so they keep the money and pay out their own creditors / investors. Maybe this was the master plan Guy had all along and why no one else could work out why they were merging with BTCS.

Alternatively, a different creditor filed to force them into bankruptcy before I got around to it and so while neither Spondoolies or BTCS chose this, its still happening.

They 'merged' with BTCS which from what I understand has "sole' use of their SP 50's if they exist yet.....(any correction on this welcome)

So Spondoolies...'merged' and took the money and ran....(hey no shame in that) but they are not into personal miners or heck any public for sale miners anymore from

They received $2.25M from BTCS, that's a significant amount.

Spondoolies...'merged' and took the money and ran....

For Roadstress The Cheerleader Shill, this bankruptcy is "a fun ride."  For BTCS investors and shareholders, it is devastating.

ROADSTRESS is a troll.  He helped Spondoolies scam 100 MILLION $ from BTCS and group buyers.

Just to make it clear, I was referring to the $1.5M and $0.75M investments Spondoolies received while the merger was pending. These were topups to keep the company alive and seemingly healthy while the merger was pending, as it took longer than expected to gain all the approvals. These two amounts amount doesn't include the actual merging money which never triggered.

In return for the $1.5M on December 15, 2015, BTCS received just ~3% of Spondoolies’ equity. Similarly for the $0.75M on December 15, 2015, they received just ~3% of Spondoolies’ equity, again giving Spondoolies a valuation of $25M for a very dead company. These are the "token" payments that Spondoolies appears to have taken to the grave with them, in funding rounds with likely their highest ever valuations. Crazy stuff.

Edit: To comment about RoadStress - he did at times act as Spondoolies attack squad as to keep their hands clean, but from his perspective there wasn't anything wrong with the company. He organised a group buy and received his remuneration; apparently most affiliates didn't. To then deny the existence of such claims and failures of the company was shill like though. People's mortgages, investments and even entire companies are are on the line here but its okay just as long as he got paid.

RoadStress wasn't just ScamDoolies attack dog.  He also acted as a liability buffer for the group buy of machines that failed to perform as marketing specs advertised.

If Cypherdoc's Bitcoin can be claimed in bankruptcy court as an improper asset transfer, then RoadStress' shill renumeration (especially if paid in BTC) may also be up for clawback by creditors.

I suggest you find out who he is and how much he was paid to help promote/defend this exit scam.

[tvasbn]

To our valued customers ,

As of May 4, 2016 Spondoolies-tech has ceased operations.

It has been a great privilege to serve the Bitcoin mining community and especially our customers. We deeply appreciate the support and faith that you have placed in us and wish you success in your future endeavors.

Sincerely,

Guy Corem CEO
Spondoolies-tech

Any last foughts on Classic vs Core?