[$0.35/GH] Bankrupted HashFast Hardware Sale

[RoadStress]

Is this basically like giving HashFast another chance? Why would we do that?

Not. This is for trying to repay HF's customers since HF was unable to do it and all they could do it to make some millions vanish.

How much do you think the actual markup is? $260 is pretty cheap. 2000 x 260 = $520,000.00  HF has got to be making at least 30% margins. $156,000 is probably not enough to cover their customers.

It's the only way the customers are ever going to see any money from HashFail. Even if it's pennies for the dollars that they've spent it's better than nothing and it seems that this is the legal bankruptcy way after eating 15M$ and producing nothing. (oh yeah lots of failed PCBs and lots of useless and inefficient chips)

Idiot icetard is looking very much like retard Inaba at this point. BFL was claiming that they are a good company just because they have 45k customers, but just like in HF's case everyone is trying to stay away from both companies no matter how much the cock-suckers sock-puppets praise the companies.

[MrTeal]

Is this basically like giving HashFast another chance? Why would we do that?

Not. This is for trying to repay HF's customers since HF was unable to do it and all they could do it to make some millions vanish.

How much do you think the actual markup is? $260 is pretty cheap. 2000 x 260 = $520,000.00  HF has got to be making at least 30% margins. $156,000 is probably not enough to cover their customers.

They really aren't making any margins, in fact they're almost certainly losing money. It's just about mitigating loss. Right now they have a bunch of stuff with somewhat unknown value (the chips themselves, IP) and some stuff with a known value that's difficult to recover (coolers, fans, cases, long leadtime PSU parts, etc). If (example only, I don't know the numbers so don't take this as a real value) you've paid $200 per kit of stuff and can spend another $150 in order to sell it for $260, you've essentially turned $200 in parts into $110. Yeah you lose money, but it's better than liquidating them for pennies or letting them sit on the shelf for another 6 months.

[daddyfatsax]

They really aren't making any margins, in fact they're almost certainly losing money. It's just about mitigating loss. Right now they have a bunch of stuff with somewhat unknown value (the chips themselves, IP) and some stuff with a known value that's difficult to recover (coolers, fans, cases, long leadtime PSU parts, etc). If (example only, I don't know the numbers so don't take this as a real value) you've paid $200 per kit of stuff and can spend another $150 in order to sell it for $260, you've essentially turned $200 in parts into $110. Yeah you lose money, but it's better than liquidating them for pennies or letting them sit on the shelf for another 6 months.

I get what you are saying with the fans and watercooling stuff. They do have chips and want to use us to make 2000 boards with there chips. So they gotta be making something in there. Nobody is gonna just give chips away. Yeah the price may be slashed, just to get some value, but I doubt HF would get all these boards built if there is not something in there for HF.

I know you have a rough estimate of what these boards cost to get made. 

[Blazed]

I am sure if someone was dumb enough to order FailFast would screw it up. How anyone could even consider them blows my mind. They should just sell in hand chips to people like Mr. Teal / TechnoBit and let them handle it.

[cedivad]

How much do you think the actual markup is? $260 is pretty cheap. 2000 x 260 = $520,000.00  HF has got to be making at least 30% margins. $156,000 is probably not enough to cover their customers.

I think it to be way less than 30%, and CEO, CTO, CRO are still being paid a total of around $50k a month in salaries, there will be priority claims, lawyer expenses, etc, before coming down to standard claims. So basically I won't be seeing even a billionth of that amount.

So it's not about giving money to HF creditors, since that it's not gonna happen.

In the best case scenario it is about building trust so that HF can take another round of preorder in the future when their rev4/rev5 will be ready. We have paid them to work on it for months, but naturally they won't give us status updates.

[klondike_bar]

How much do you think the actual markup is? $260 is pretty cheap. 2000 x 260 = $520,000.00  HF has got to be making at least 30% margins. $156,000 is probably not enough to cover their customers.

I think it to be way less than 30%, and CEO, CTO, CRO are still being paid a total of around $50k a month in salaries, there will be priority claims, lawyer expenses, etc, before coming down to standard claims. So basically I won't be seeing even a billionth of that amount.

So it's not about giving money to HF creditors, since that it's not gonna happen.

In the best case scenario it is about building trust so that HF can take another round of preorder in the future when their rev4/rev5 will be ready. We have paid them to work on it for months, but naturally they won't give us status updates.

NOOOOPE

[klondike_bar]

You really wanna go there? Ok. Watch and learn.

1x ztex: $1355 for 850 MH/s in Apr 2012. $1.6/MH
2x Icarus: $1138 for 760 MH/s in Feb 2012. $1.5/MH

Icarus boards were cheaper and started mining months in advance of ztex. Ztex was overpriced and late. Hmm, just like HF now. No wonder you like ztex.

PS: A ztex board would have mined about 100 btc over its life. Had you purchased bitcoins instead you would have had over 200 btc. ztex again was the loser.

PPS: GPUs were getting double the performance for the same price with plenty of resell value afterwards. That's who got all the bitcoins back then.

You do a fantastic job of using FUD to make 'perfect' and 'best' the mortal enemy of 'good enough.'

Any mining back then was well worth it.  You can snivel about how your baby was the cutest, but the point is that we may still be in that situation, so you could well be wrong about HF being a "horrible" choice.

you are an idiot. he just laid out in very clear terms why his post about FPGAs (which you dragged up from 2 years ago to prove an incorrect point) was correct, and that FPGAs at the time of his post were not actually a good idea. I can back that up, because the GPU values stayed, and FPGAs all went to worthlessness the second ASICs arrived.

point is that hashfast has a terrible reputation, and a poor price. Bitmain ships on time. You are shilling like crazy for godknowswhy

[cedivad]

NOOOOPE

Because of your prejudice for a bankrupted company with a new management and dozens of lawyers' eyes double checking everyone of their moves? Or because you already speculate to know the specs of this other product to be non-competitive?

Because neither one of them make any sense to me.

[Blazed]

As much as I dislike FailFast this is probably the only way customers can get anything back. I would purchase some gear if it was in hand for sure. Not a chance of me pre ordering from FailFast or any other ASIC company though...risk is not worth the reward. I hope the people that got screwed can somehow work something out. FailFast were just incompetent mixed in with some shady management. Good luck on this though!

[daddyfatsax]

NOOOOPE

Because of your prejudice for a bankrupted company with a new management and dozens of lawyers' eyes double checking everyone of their moves? Or because you already speculate to know the specs of this other product to be non-competitive?

Because neither one of them make any sense to me.

I am pretty sure his answer is based on the old phrase: "Fool me once, shame on you; fool me twice, shame on me."

[btmtb]

NOOOOPE

Because of your prejudice for a bankrupted company with a new management and dozens of lawyers' eyes double checking everyone of their moves? Or because you already speculate to know the specs of this other product to be non-competitive?

Because neither one of them make any sense to me.

I am pretty sure his answer is based on the old phrase: "Fool me once, shame on you; fool me twice, shame on me."

Yup. They either need to stop paying the executive officers and redirect those funds to get the equipment in-hand which is the only commercially sensible decision if they want bolster trust and gain a shred of legitimacy, else market their assets directly to someone who isn't a managerially incompetent scam merchant (that counts blackarrow out too), maybe Marto74 might at least stand a modicum of a chance of being able to turn these into working miners.

[Flying Hellfish]

Are Eddie and Simon still drawing salaries?

[btmtb]

Are Eddie and Simon still drawing salaries?

Not exactly a definitive, proven statement but https://bitcointalk.org/index.php?topic=830418.msg9287659#msg9287659 I'd be interested in knowing the formal answer to this too.

[Flying Hellfish]

Are Eddie and Simon still drawing salaries?

Not exactly a definitive, proven statement but https://bitcointalk.org/index.php?topic=830418.msg9287659#msg9287659 I'd be interested in knowing the formal answer to this too.

Ya I saw that but it is also being heavily touted that old management is no longer involved.  I am hoping that Eddie and Simon no longer hold C level positions within the corporation.  I assume C-level execs are considered management.  Also if they are still there couldn't they have different titles so they didn't have to pay them 6 figure salaries?

[cedivad]

You can hear it in the hearings and have it confirmed this Friday (in the status update hearing). Simon and Edward are still there, but they signed most of their powers away to the CRO, Victor, that was agreed with the committee. Edward was moved to sales but kept his full salary, at least the last time I heard something about him. So yes, they are still being paid 6 figures, and that was the case even before that they raised their own salary at the beginning of this year (twice) while they weren't shipping machines due to a lack of cashflow.

[GenTarkin]

Sucks about this whole HF ordeal, their ASIC is truely phenomenal. I have a few myself, extremely flexible clocks & voltages is what I enjoy most about them.

[klondike_bar]

NOOOOPE

Because of your prejudice for a bankrupted company with a new management and dozens of lawyers' eyes double checking everyone of their moves? Or because you already speculate to know the specs of this other product to be non-competitive?

Because neither one of them make any sense to me.

yes, i have a prejudice against:
a) a bankrupted company
b) a company with a terrible history of non-delivery
c) pre-orders

when you combine all of the above to create the new hashfast - its more unappealing than ever.

the price and efficiency is okay - but there is not a chance in hell that i would trust them with a pre-order, especially of such mainitude. This is not a company that anybody should be trusting half a million dollars to on a pre-order.

now, if someone wants to fund this, and sell boards that are in stock today, I would be interested. But right now hell is still hot and I am not giving any money to hashfast.

I am pretty sure his answer is based on the old phrase: "Fool me once, shame on you; fool me twice, shame on me."

I wasnt fooled the first time as I watched others struggle and complain - and I dont plan to be fooled this time until theres proof that boards work and are shipping

[Flying Hellfish]

You can hear it in the hearings and have it confirmed this Friday (in the status update hearing). Simon and Edward are still there, but they signed most of their powers away to the CRO, Victor, that was agreed with the committee. Edward was moved to sales but kept his full salary, at least the last time I heard something about him. So yes, they are still being paid 6 figures, and that was the case even before that they raised their own salary at the beginning of this year (twice) while they weren't shipping machines due to a lack of cashflow.

Well it might comfort some potential customers that a portion of the money they spend will indeed be used to maintain the comfortable meager lifestyles of the two people mostly responsible for fucking everything up.

It wouldn't comfort me but hell I'm kinda funny like that 

[achtung082]

I am very suspicious of this and would not want to buy from them. I have and would buy again from pepperming but not from Hashfast.
The pepperming boards are great and are indeed very flexible when it comes to changing voltages and clock speed to get the power to hash rate you want.

I would rather buy S3’s than boards from HashFast.

[cedivad]

Well it might comfort some potential customers that a portion of the money they spend will indeed be used to maintain the comfortable meager lifestyles of the two people mostly responsible for fucking everything up.

I don't keep track anymore of the things that I "don't like" at HashFast, to use an euphemism. I don't think it could suck more.

Anyway, in order to try to raise trust towards the manufacturer Simon was authorised to share their name; the company is Bitcrane, and they do their manufacturing in Shenzhen.