Novello Technologies new Mining System Project, prices as low as $0.3/GH

[CanaryInTheMine]

snip

90% chance it's a scam
5% chance it's a real company which fails to deliver anything
4.9% chance this company delivers underperforming/delayed hardware

snip

it doesn't matter how you arrange percentages and descriptions of these 3 categories, any combo is fatal.

[CanaryInTheMine]

probably 1 yr.
60 PH are already rolling of the line, per fc.

<snip>

You haven't been on online forums much I take it.
We all went through same epiphany at one point or another.

Probably true. Just felt that it might be worth throwing out there.....

Did you get a chance to look at my reply to your query about AM? We're very interested in getting feedback on the whole network growth scenario

I think you should assume 1400-1600 pt produced by AM.

Again you're probably right, but over what timescale? At roundabout 990PH the electricity cost - even at 4  cents per kWh - is the same as the amount earned (at Btc = $500). If you have any other information relevant to this that you'd like to share with us, we'd be most grateful. Not to use against AM, I hasten to add, they have ever right to exist and make money the same any other asic companies. i did like their new and the concept, it's a real shame that it didn't come in at the planned power specs. Still, they have plenty of time to take another pop at it.

[watcoin]

<snip>
0.1% they deliver on time/on spec (being optimistic here)

Has there been one ASIC delivered on time, as promised? I'm not joking. Has there been?

[CanaryInTheMine]

<snip>
0.1% they deliver on time/on spec (being optimistic here)

Has there been one ASIC delivered on time, as promised? I'm not joking. Has there been?

ASICMiner?

[dropt]

<snip>
0.1% they deliver on time/on spec (being optimistic here)

Has there been one ASIC delivered on time, as promised? I'm not joking. Has there been?

ASICMiner?

And Bitmain as well as Spondoolies-Tech IIRC.

[novello]

Anyone still not convinced this a scam?

OP has written a short novel worth of vague evasive answers.

Tons and tons of claims and literally not a single peice of evidence.

This "ipo thread" consists entirely of 50% bold unsubstantiated claims, 25% self contradiction, and 25% ignorance regarding bitcoin/mining.

Even if this "team" is capable of designing/producing such an asic, they have demonstrated extreme incompetence on the business/PR side of things.


My final evaluation:

90% chance it's a scam
5% chance it's a real company which fails to deliver anything
4.9% chance this company delivers underperforming/delayed hardware

0.1% they deliver on time/on spec (being optimistic here)

Well, I delivered a challenge to you, bully boy. You seem to have ignored it, Strange that you jump on all our other posts but wait until we go offline to deliver your usual prose. I'd really like to meet you in person to see if you actually have something constructive to say about anything instead of being critical of everything that doesn't suit you.

But I guess you'll come up with some excuse, won't you? It's a shame because you seem so determined to prove us wrong. I'm actually a bit disappointed that you don't still rate us at 100%, it gives me a lot less of a challenge, and I like challenges - I'm a real engineer, after all.

[novello]

probably 1 yr.
60 PH are already rolling of the line, per fc.

<snip>

You haven't been on online forums much I take it.
We all went through same epiphany at one point or another.

Probably true. Just felt that it might be worth throwing out there.....

Did you get a chance to look at my reply to your query about AM? We're very interested in getting feedback on the whole network growth scenario

I think you should assume 1400-1600 pt produced by AM.

Again you're probably right, but over what timescale? At roundabout 990PH the electricity cost - even at 4  cents per kWh - is the same as the amount earned (at Btc = $500). If you have any other information relevant to this that you'd like to share with us, we'd be most grateful. Not to use against AM, I hasten to add, they have ever right to exist and make money the same any other asic companies. i did like their new and the concept, it's a real shame that it didn't come in at the planned power specs. Still, they have plenty of time to take another pop at it.

And that's a lot of PH. How does the community feel about that? If it gets deployed quick enough - and I assume Mr. Cat is clever enough to have built that into his plan - then in a month or two your earnings are going to be probably half of what they are now.

[brian_23452]

Anyone still not convinced this a scam?

OP has written a short novel worth of vague evasive answers.

Tons and tons of claims and literally not a single peice of evidence.

This "ipo thread" consists entirely of 50% bold unsubstantiated claims, 25% self contradiction, and 25% ignorance regarding bitcoin/mining.

Even if this "team" is capable of designing/producing such an asic, they have demonstrated extreme incompetence on the business/PR side of things.


My final evaluation:

90% chance it's a scam
5% chance it's a real company which fails to deliver anything
4.9% chance this company delivers underperforming/delayed hardware

0.1% they deliver on time/on spec (being optimistic here)

Well, I delivered a challenge to you, bully boy. You seem to have ignored it, Strange that you jump on all our other posts but wait until we go offline to deliver your usual prose. I'd really like to meet you in person to see if you actually have something constructive to say about anything instead of being critical of everything that doesn't suit you.

But I guess you'll come up with some excuse, won't you? It's a shame because you seem so determined to prove us wrong. I'm actually a bit disappointed that you don't still rate us at 100%, it gives me a lot less of a challenge, and I like challenges - I'm a real engineer, after all.

No one here has to prove anything.  Last I checked, he wasn't asking you for 4.2 million dollars.  You're asking for 4.2 million dollars with no strings attached, no contract guaranteeing delivery, no nothing, and the only thing you can do to respond to that is attach the people who question it, and make ridiculous claims about our ulterior motives.  At least the bums on the street who ask for free money don't pretend they will eventually pay it back.

[Syke]

Has there been one ASIC delivered on time, as promised? I'm not joking. Has there been?

ASICMiner?

And Bitmain as well as Spondoolies-Tech IIRC.

ASICMiner, Avalon, BitFury, KnC, Bitmain, Spondoolies, all basically delivered on time on spec for their first round of products. (some were a little late, but much better specs, so it's no real difference)

[jimmothy]

Well, I delivered a challenge to you, bully boy. You seem to have ignored it, Strange that you jump on all our other posts but wait until we go offline to deliver your usual prose.

Sorry I must have missed the "challenge". I'm not going to wade through pages of bullshit to find it so please let me know what it is because I love challenges. It is somewhat hilarious you think I waited until you went offline to deliver my "prose".

I think attempting to steal $4,000,000 from naive investonomers is the very definition of bullying.

I'd really like to meet you in person to see if you actually have something constructive to say about anything instead of being critical of everything that doesn't suit you.

This is a great idea. That way I or someone else can verify that human beings actually work for this company. What is your business address?

There’s also a hard core of individuals and companies who really don’t want every wanabee miner with $59 joining their party, making the difficulty higher and reducing their earnings. They will try extremely hard to convince you that pre-orders are ‘bad’ and under no circumstances should you go down this route - despite the fact that most of them made their money from pre-order products! We’d advise you to read, read, then read some more and make up your own mind.

I had a great laugh from this quote. How stupid do you think we are? Do you really think any of us miners care about these cheap usbs that will ship in a year? (assuming this is not a complete scam and there are plans to create a real product.)

despite the fact that most of them made their money from pre-order products!

Please look up the definition of "fact". Either you have not been following the bitcoin mining scene for more than a month, or you are simply lying.

[Phinnaeus Gage]

Hello folks, greetings from Novello Technologies Ltd in the UK.

We'll shortly be launching a funding campaign to finance the development of a family of low cost, high performance mining rigs.

How does $1 per Gigahash/second (or less) sound to you? But before you groan "not another mning asic startup" wait until you see our plan, it's not what you might expect.

Gordon

What is Godon's full name and what position does he have at Novello Technologies Ltd?

[Phinnaeus Gage]

Hello,

I am considering funding your project but I would like know what the difference is between the 49' and the 500' options. I went through your website and I would strongly recommend having a more professional website created as it looks..... Well it looks bad is all I can say. I really appreciate the balance your organization is looking to return to the mining market. This is the main reason why I am considering funding you. I feel like you are bringing a business perspective that is not entirely profit driven and I can really get behind something like that.

I think your investors will be people like me so focus on what your strengths are and don't let the naysayers discourage your efforts; though I do think you still fall short as far as passing the smells test. There have been good suggestions made previously about increasing your credibility. Maybe some more specific engineering data that can be verified by forum members. (Wish it would mean something to me, other than independent verification)

Good luck!
-cheers

Hi, and thanks for you post. The only difference is in the price - it's a reward for contributing early. Apologies for the website, we were not planning initially to put one up at all.

We've given more than enough engineering data for any competent asic / system designer to look at and pass comment on - an awful lot more than any other company has ever given at this stage. Trouble is. on these forums you never know who is really independent let alone competent.

Thanks also for your encouragement. Believe me, we've faced a lot tougher crowds than this in our careers; we're patient and persistent and will defend our project to the end.

WOW! Simply, WOW!

Also, I'm having difficulty finding Charring Cross, Clasgow, on a map. Should I be looking north or south of the equator?

http://www.companiesintheuk.co.uk/ltd/novello-technologies

Address

NOVELLO TECHNOLOGIES LTD
4 WOODSIDE PLACE
CHARRING CROSS
GLASGOW
SCOTLAND

[Phinnaeus Gage]

UPDATE - Friday 6 June

Good morning everyone, it's a pretty dull and overcast morning here in Glasgow, but expected to get sunnier and warmer later on. Pity I'm tied to a desk but we all have our crosses to bear.

Yesterday was another interesting day, and again thanks to everyone who's taken the time to post in this thread. Ben Turas made some very interesting points about how project like these might be funded in the future, and it's certainly food for thought. Not saying that I necessarily agree with all he suggests, but if you have an open mind it's surprising what you can learn from others.

I'll now return to some points that have come up during the past few days. We've been asked time and time again for 'details' about our technology and I gave out some extra information yesterday, expecting some kind of feedback.

Silence. Nothing.

This tells me that either those requesting the information didn't see it, or that they don't understand it, so here's a summary of our chip's spec:

40nm medium Vt process (simulated in bulk, so vendor independent)
100mm²  die size
256 dual SHA256 pipelines in main array + 16 spares
FPMBGA packaging with exposed die
Clock speed 500 Mhz at rated Vdd of 0.85V
Power consumption at rated speed/Vdd is 23.5 - 25 watts approximately
0.18 - 0.19 Joules/GH at chip level
Power distribution:      Flip flops : 46.2%
                               Full Adders (in carry save chain):31.3%
                               A,E and Word generator Adders: 22.5%
                               Clock Power approx 14% included in figures
Areas of key elements: Full adder - 1.72 square microns, Flip Flop- 2.02 square microns

That should tell an experienced engineer all that he or she needs to know about the chip.

I have to admit that we have been a little disappointed in the lack of professionalism exhibited by a minority of the posters, but then its easy to say things and use obnoxious language if you're safely tucked behind a computer. Most of the posters are actually pretty polite and courteous and the professional credentials of some shine through. For the others .....  the most strident and hateful ones have clearly never worked in a proper company or had to work with teams of other professionals, so to those people please take this message on board: We're here to stay in this forum and don't respond to taunts or insults. You are rank amateurs compared to customers we've dealt with all our working lives.

I would also reinforce to other readers what we've already said in our proposal:

There’s also a hard core of individuals and companies who really don’t want every wanabee miner with $59 joining their party, making the difficulty higher and reducing their earnings. They will try extremely hard to convince you that pre-orders are ‘bad’ and under no circumstances should you go down this route - despite the fact that most of them made their money from pre-order products! We’d advise you to read, read, then read some more and make up your own mind.

There's even a separate thread started by one poster asking if we're a scam - they've already made accusations about this several times, and you have to question what their motivation is in this instance.

Hint: it's not about protecting innocent buyers from evil scammers like us.

Now I'm pretty certain this person lives in the UK, so I'll give him (or her) this challenge:

One of our team will meet you personally at a time and place of your choosing anywhere in the UK to discuss this project face to face, on the proviso that you bring along your original Passport or Photo Driving License and proof of your address, as will our team member. We will pay your reasonable travel costs to attend this meeting, as we're fairly sure you're unemployed. You can call us directly on our telephone number, 0141 280 0447

But back to business.

One poster remarked that we have 'got' $4k from Indiegogo. That's not true, we have some contributors who want to buy products, but we don't get the money until the campaign ends AND we draw it down, so at this time we have nothing. I've already answered a question put by C2M earlier in regard of what happens if we don't hit our target.

Canary posted a question earlier on about whether we had considered the amount of network power that would be added by the Asicminer chips. I've answer this so please have a read at my reply, whether or not you choose to contribute to our program, it's an explanation that might help you decide what to about your own mining strategy. There's lots of other stuff in our proposal that might also help you, if you have any questions about how we calculated our various metrics, please email us directly.

One of my younger colleagues will be posting later today regarding the situation around our team's identities and some other business. Please watch out for it.

Lastly, keep the posts coming. We like to discuss what we're doing, and will be more than pleased to answer sensible questions. Thanks again for taking the time to look us up.
 
Oh, if anyone does want to talk to us, they can do so by calling +44 141 280 0447 during normal business hours. There's no one in the office today, but leave a message and we'll get back to you. You can also email us at any time: tech@novellotech,com or sales@novellotech.com

I'm late to the party, hence reading this thread one post at a time and I, for one, have yet to read a post where the sentiment is hatred.

Now, excuse me, for I need to read the rest of this post and, BTW, if I'm not satisfied by the end of this thread, I'm going directly to the Scam Section.

[Phinnaeus Gage]

I like the concept of your proposal but you are asking for $4.2 million in funding using the Indiegoo flexible funding option. I will keep my eye on it and see if you can cross the threshold because I am not interested in funding an underfunded project where you get to keep the investment money even if you do not have the required funds to complete development.

Good luck!

Thanks for your post. We chose flexible funding because it will also give our customers a choice...if we had said we want $2m, no one would have believed we could fund chip development AND fulfill orders out of that amount. So we ask for what we need. If it's all or nothing, then we fail and a lot of people will be disappointed. If we use flexible funding, we might secure funds from elsewhere or use a backup plan which we'll present to our customers to see if they want to go ahead. If they say no, then we don't take the money from Indiegogo and it gets refunded to their cards.

It's a perfectly reasonable way to go about things.

But thanks for your good wishes, we really do hope we can get the chance to prove what we can do.

A Co-op via DyslexicZombei comes to mind.  (if you know what I'm implying)

[Phinnaeus Gage]

Anyone still not convinced this a scam?

OP has written a short novel worth of vague evasive answers.

Tons and tons of claims and literally not a single peice of evidence.

This "ipo thread" consists entirely of 50% bold unsubstantiated claims, 25% self contradiction, and 25% ignorance regarding bitcoin/mining.

Even if this "team" is capable of designing/producing such an asic, they have demonstrated extreme incompetence on the business/PR side of things.


My final evaluation:

90% chance it's a scam
5% chance it's a real company which fails to deliver anything
4.9% chance this company delivers underperforming/delayed hardware

0.1% they deliver on time/on spec (being optimistic here)

Well, I delivered a challenge to you, bully boy. You seem to have ignored it, Strange that you jump on all our other posts but wait until we go offline to deliver your usual prose. I'd really like to meet you in person to see if you actually have something constructive to say about anything instead of being critical of everything that doesn't suit you.

But I guess you'll come up with some excuse, won't you? It's a shame because you seem so determined to prove us wrong. I'm actually a bit disappointed that you don't still rate us at 100%, it gives me a lot less of a challenge, and I like challenges - I'm a real engineer, after all.

I apologize for having to have to post this while you're offline, but I've already spend over an hour on this thread and can clearly see through the ruse.

No, I'm not getting paid from any competition nor do I mine.

Since we all are at lost as to who is behind Novello Technologies Ltd, it's safe to save there is no such company. Since there is no such company, then there shouldn't be some cleverly penned campaign to amass funds via Indiegogo. Since there is, then Novello Technologies is a scam.

FUCKIN' PERIOD!

Bruno Kucinskas
406 W. Center St.
Sandwich, IL  60548

815-508-1668

[Bicknellski]

5 in row?

Really... can't you just edit everything into one post? Why spam the thread?

[Phinnaeus Gage]

5 in row?

Really... can't you just edit everything into one post? Why spam the thread?

Please accept my apologies if this somehow fucks with you, but that was not my intent. I spent over two hours, and counting, on these fucks, replying when I reached the post I quoted.

Either, we're on the same page, or we're not, for quite frankly I don't give a FUCK!

You and I both see through this piece of shit company, so don't take the time to post shit about me, for I sure the hell don't do it toward you, nor never have, even once coming to your rescue during Josh's accusations.

For the life of me, I ain't got a clue as to why you have the red-ass toward me, but you do.

That said, later, bud.

~Bruno Kucinskas

[Unacceptable]

5 in row?

Really... can't you just edit everything into one post? Why spam the thread?

Please accept my apologies if this somehow fucks with you, but that was not my intent. I spent over two hours, and counting, on these fucks, replying when I reached the post I quoted.

Either, we're on the same page, or we're not, for quite frankly I don't give a FUCK!

You and I both see through this piece of shit company, so don't take the time to post shit about me, for I sure the hell don't do it toward you, nor never have, even once coming to your rescue during Josh's accusations.

For the life of me, I ain't got a clue as to why you have the red-ass toward me, but you do.

That said, later, bud.

~Bruno Kucinskas

Welcome back Phin  Scetchem boy!!!!! 

[taipo]

Dear Satoshi/Andresen/Antonopoulos,

Look at the monster you have created

Naku noa

Taipo

[Phinnaeus Gage]

We think profitable Bitcoin mining should be accessible to anyone no matter what their budget; by ‘profitable’ we mean a device that will pay back its’ purchase price in less than 3 -4 months, even with a very large rate of growth in network processing power.

The above was gleaned from the OP. Note the bold. Does that describe a customer or an investor?