Troll free thread about the facts of HashFast's bankruptcy

[iCEBREAKER]

This is a thread where we can discuss the facts of HashFast's bankruptcy.

Unlike the main thread, it will be kept free of distracting personal attacks, misdirection by emotional appeal, and baseless speculation.

Fact One: HashFast wanted to give us our backorders and MPP in the form of chips, but now cannot thanks to the bankruptcy filing:

We have been converting existing system and board orders, even those who have requested a refund or sought legal action, to ASICs orders. We have a large chip inventory that is immediately available for shipping.

http://hashfast.com/hashfast-refocuses/

[RoadStress]

Fact One: HashFast wanted to give us our backorders and MPP in the form of chips, but now cannot thanks to the bankruptcy filing:

When were they supposed to give backorders and MPP in form of chips?

[iCEBREAKER]

Fact One: HashFast wanted to give us our backorders and MPP in the form of chips, but now cannot thanks to the bankruptcy filing:

When were they supposed to give backorders and MPP in form of chips?

May or June.  I don't know the exact dates, but the chips were available.  HF just needed contact all concerned to get totals, and ship the chips.

It doesn't matter now, because they cannot provide chips for backorders/MPP for legal reasons due to conditions imposed by the bankruptcy.

Our only realistic hope was for HF to finish the process of finding investors to recapitalize, but that hope was killed by the Chapter 7 filing.

Sorry folks, we all get to suffer now because of a few people who thought it wise to cut off their noses to spite their faces.

[iCEBREAKER]

Can I ask why there are 3 threads about the same thing made by 2 different people? (1 is now closed but still there)

A new, post-bankruptcy HashFast thread was discussed as being a good idea.  So I made one.

Let's brainstorm ideas/questions for the creditor committee.

How do we get the chips hashing instead of sitting around losing value? 

If nobody wants to pay for it, why not put everything on eBay or make an auction thread here?  EG:

For Sale:
State-of-the-art ASIC company

+proven industry leading 28nm chip, with next gen 28nm and 16nm designs near completion
+two proven board designs, with next gen designs near completion
+two provisional US patents, possibly more
+reels of chips, wafers ready to cut
+piles of components, ready to turn into boards/systems
+nice website, existing retail and commercial customers
+swanky office in downtown SF, near good coffee

I'll start the bidding at BTC1000.

[iCEBREAKER]

I may owe you an apology.   You now say that you bought units by converting stock that you had purchased in Icedrill into Sierras?

Dude, where have you been?  The IceDrill share conversion happened last year as Bitfunder closed.  I guess you don't read that thread.

Apology accepted.   

[RoadStress]

Fact One: HashFast wanted to give us our backorders and MPP in the form of chips, but now cannot thanks to the bankruptcy filing:

When were they supposed to give backorders and MPP in form of chips?

May or June.  I don't know the exact dates, but the chips were available.  HF just needed contact all concerned to get totals, and ship the chips.

It doesn't matter now, because they cannot provide chips for backorders/MPP for legal reasons due to conditions imposed by the bankruptcy.

Our only realistic hope was for HF to finish the process of finding investors to recapitalize, but that hope was killed by the Chapter 7 filing.

Sorry folks, we all get to suffer now because of a few people who thought it wise to cut off their noses to spite their faces.

When were customers supposed to get the MPP and why didn't HF gave chips to customers faster than May or June because the chips were available earlier than these months since it was obvious that they missed their MPP deadline.

Can I ask why there are 3 threads about the same thing made by 2 different people? (1 is now closed but still there)

The locked one wasn't self moderated.

[iCEBREAKER]

Fact One: HashFast wanted to give us our backorders and MPP in the form of chips, but now cannot thanks to the bankruptcy filing:

When were they supposed to give backorders and MPP in form of chips?

May or June.  I don't know the exact dates, but the chips were available.  HF just needed contact all concerned to get totals, and ship the chips.

It doesn't matter now, because they cannot provide chips for backorders/MPP for legal reasons due to conditions imposed by the bankruptcy.

Our only realistic hope was for HF to finish the process of finding investors to recapitalize, but that hope was killed by the Chapter 7 filing.

Sorry folks, we all get to suffer now because of a few people who thought it wise to cut off their noses to spite their faces.

When were customers supposed to get the MPP and why didn't HF gave chips to customers faster than May or June because the chips were available earlier than these months since it was obvious that they missed their MPP deadline.

Can I ask why there are 3 threads about the same thing made by 2 different people? (1 is now closed but still there)

The locked one wasn't self moderated.

Yah, I have no earthly idea why cedavid, in his wisdom, made two duplicate threads.  That boy ain't right in the head.   

The original plan for MPP was to provide chips.

Due to popular demand, HF upgraded the chip-only offer to be full working boards (just add cooling and power).

That decision seemed affordable and doable at the time, but as cash and time ran out became an increasingly difficult commitment to keep.

By May it was clear HF needed to go back to the original plan of chips-only, because it was the most feasible option remaining.

Also by May Peppermining and other 3rd parties had started independent board designs and assembly capacity, removing the primary objection to the chips-only idea ("but what can I do with raw chips?")

[RoadStress]

The original plan for MPP was to provide chips.

Due to popular demand, HF upgraded the chip-only offer to be full working boards (just add cooling and power).

That decision seemed affordable and doable at the time, but as cash and time ran out became an increasingly difficult commitment to keep.

By May it was clear HF needed to go back to the original plan of chips-only, because it was the most feasible option remaining.

Also by May Peppermining and other 3rd parties had started independent board designs and assembly capacity, removing the primary objection to the chips-only idea ("but what can I do with raw chips?")

Wasn't the MPP supposed to be shipped in March? If yes then it took 3 months to realize that they won't be able to ship it while withholding chips?

[Micky25]

[iCEBREAKER]

Wasn't the MPP supposed to be shipped in March? If yes then it took 3 months to realize that they won't be able to ship it while withholding chips?

HF wasn't just sitting around passively during those three months.

HF was actively pursuing investors and came close to being able to recapitalize, which would have enabled backorders and MPP boards to be produced and shipped.

Before Peppermining and BlackMiner, there was nothing to do with raw chips and nobody wanted them.

Once PM's Habanero came out, raw chips became a desirable commodity.

Settling backorders and MPP with chips came about as the result of the Peppermining carrot and cash crunch stick.

Given those circumstances, it was the right thing to do.

Unfortunately for us (and fortunately for the lawyers) the bankruptcy filings preclude any more such settlements in chips.   

[iCEBREAKER]

Thank goodness Icebreaker is here to criticize the bankruptcy and the committee.  With that verification, I can be positive we are doing the right thing.

I CAME AS SOON AS I HEARD!!!

If you were really an insider, you would know that all of the assets would have been stripped from Hashfast if the bankruptcy proceedings hadn't prevented it. 

I don't need to be an insider to know that HF was ready to give me my MPP/delay compensation in raw chips, only to have the bankruptcy filing prevent it.

Are we now to hold the committee above criticism?  Will being silent result in a better outcome?

Or should we continue exploring the conflicts of interest and possible resolutions?

[Bicknellski]

Oh boy, another DeadTerra adventure in Bitcoin investment.  Sign me up please.  

Gamma turned out well after tons of glorious drama.  I got my money back plus some, and have bragging rights for being an (indirect) ASICMINER OG.  

At HashFast, we are excited to be working with Ice Drill and DigiMex. We are particularly pleased that their entry point is low enough for wide and diverse participation.

John Skrodenis
www.hashfast.com

[Micky25]

Or should we continue exploring the conflicts of interest and possible resolutions?

oh yes please. What do you suggest?

[pmorici]

HF was actively pursuing investors and came close to being able to recapitalize, which would have enabled backorders and MPP boards to be produced and shipped.

In testimony they said they had a term sheet from an investor but the deal fell through during diligence on Hashfast's books.  Maybe you would care to elaborate on why you think the investor was no longer interested in investing once they saw the company's records?

[iCEBREAKER]

HF was actively pursuing investors and came close to being able to recapitalize, which would have enabled backorders and MPP boards to be produced and shipped.

In testimony they said they had a term sheet from an investor but the deal fell through during diligence on Hashfast's books.  Maybe you would care to elaborate on why you think the investor was no longer interested in investing once they saw the company's records?

Not being privy to the deal, I'd speculate it fell through due to the presence of noisy, litigious customers (many of who insisted on being awarded a windfall because of a massive 900% rise in BTC/USD exchange rates).

Regardless, HashFast has/had some juicy assets despite massive liabilities.  It's entirely plausible they would have found the right backer given more time.

[User705]

HF was actively pursuing investors and came close to being able to recapitalize, which would have enabled backorders and MPP boards to be produced and shipped.

In testimony they said they had a term sheet from an investor but the deal fell through during diligence on Hashfast's books.  Maybe you would care to elaborate on why you think the investor was no longer interested in investing once they saw the company's records?

Not being privy to the deal, I'd speculate it fell through due to the presence of noisy, litigious customers (many of who insisted on being awarded a windfall because of a massive 900% rise in BTC/USD exchange rates).

Regardless, HashFast has/had some juicy assets despite massive liabilities.  It's entirely plausible they would have found the right backer given more time.

But it's like the current Argentinian debt deal problem.  That unlimited and continuously rising liability prevents anyone from stepping in because at a certain point even if you settle with 90% of investomers the remaining 10% would still have claims exceeding the entire companies net worth. 

[pmorici]

HF was actively pursuing investors and came close to being able to recapitalize, which would have enabled backorders and MPP boards to be produced and shipped.

In testimony they said they had a term sheet from an investor but the deal fell through during diligence on Hashfast's books.  Maybe you would care to elaborate on why you think the investor was no longer interested in investing once they saw the company's records?

Not being privy to the deal, I'd speculate it fell through due to the presence of noisy, litigious customers (many of who insisted on being awarded a windfall because of a massive 900% rise in BTC/USD exchange rates).

They would have known the company was being sued prior to getting a look at the books, that was public information Hashfast's testimony was that the deal fell through after the books were examined which have little to do with lawsuits.

[Micky25]

a windfall

= mindfart

[RoadStress]

HF wasn't just sitting around passively during those three months.

HF was actively pursuing investors and came close to being able to recapitalize, which would have enabled backorders and MPP boards to be produced and shipped.

Before Peppermining and BlackMiner, there was nothing to do with raw chips and nobody wanted them.

Once PM's Habanero came out, raw chips became a desirable commodity.

Settling backorders and MPP with chips came about as the result of the Peppermining carrot and cash crunch stick.

Given those circumstances, it was the right thing to do.

Unfortunately for us (and fortunately for the lawyers) the bankruptcy filings preclude any more such settlements in chips.   

Wait a minute. So instead of helping third party manufacturers to assemble those chips HF was looking for investors for a company that already was delayed a couple of months? Best business decision ever! For me it sounds much easier to offer to third parties whatever PCB they had and work with them to improve it, instead of seeking investors.

And please don't blame the bankruptcy for the fail. You should blame HF staff for the fail. This is looking like ActM all over again where the biggest shills were complaining that ken was on the right track and the MSD investigation bought the company down. HF was damn late and they promised things which were never true like full bitcoin refunds. They deserve to go down no matter what.

I still don't understand why is it so hard to prove that they were lying from the start. Just ask for some damn receipts for the chips or look in the contracts and the scam will be revealed!

[iCEBREAKER]

Wait a minute. So instead of helping third party manufacturers to assemble those chips HF was looking for investors for a company that already was delayed a couple of months? Best business decision ever! For me it sounds much easier to offer to third parties whatever PCB they had and work with them to improve it, instead of seeking investors.

And please don't blame the bankruptcy for the fail. You should blame HF staff for the fail. This is looking like ActM all over again where the biggest shills were complaining that ken was on the right track and the MSD investigation bought the company down. HF was damn late and they promised things which were never true like full bitcoin refunds. They deserve to go down no matter what.

I still don't understand why is it so hard to prove that they were lying from the start. Just ask for some damn receipts for the chips or look in the contracts and the scam will be revealed!

You present a false dichotomy.  HF was doing both, simultaneously shipping dev kits to Peppermining, etc *and* also seeking investors.  Unfortunately for us, their efforts to turn the company around were prematurely short-circuited by an ill-conceived bankruptcy filing.

You can't really compare HF to ActM.  HF has Simon and his team's world class 28nm 400GH ASIC plus the skills and experience to bring it to market.  ActM had...INTELLiHASH.

It's "hard to prove" HF was "lying from the start" because they are/were not a scam.  High-tech start-ups (much like Bitcoin) are EXTREMELY risky; that's a fact of life you should deal with instead of seeking cop-outs to justify your own complacent sense of entitlement.