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Author Topic: AMHash1: Cost-Effective Mining Contract  (Read 304037 times)
MrTeal
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March 11, 2015, 02:23:18 PM
 #2841

Check again the second part of the translation of the Rockxie disclosed emails, they were using 110nm chips, this was a scam since day one.

So basically: The miners were not stolen, but IMPOUNDED, FC is not missing but ARRESTED, and we are totally SCAMMED BEYOND REDEMPTION.
What second part of the rockxie emails? byt411's last post was the first part, and he hasn't posted the second yet. 5PH/s isn't BE100, that's retarded. That would be 16 million chips, 500,000 blades, ~50MW of power.
Puppet
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March 11, 2015, 02:33:07 PM
 #2842

I vaguely remember an argument about AMhash maintenance cost being improbably low with Chinese electricity rates, unless you got some special deal which would involve politicians. If it was pure theft, I would assume friedcat didnt know about (cant be that stupid) and he would have no reason to hide. My guess its more a case of corruption, lying about nature of the operation or straight  bribing someone to obtain low prices. That might make you want to run in China, and Id expect police or media to label it as theft of electricity.

Then again, Im just guessing.
Kipsy89
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March 11, 2015, 02:39:48 PM
 #2843

I vaguely remember an argument about AMhash maintenance cost being improbably low with Chinese electricity rates, unless you got some special deal which would involve politicians. If it was pure theft, I would assume friedcat didnt know about (cant be that stupid) and he would have no reason to hide. My guess its more a case of corruption, lying about nature of the operation or straight  bribing someone to obtain low prices. That might make you want to run in China, and Id expect police or media to label it as theft of electricity.

Then again, Im just guessing.

I suspect that maybe the food production plant was already stealing electricity and offered FC a good deal for the mining operation. So they would have sold FC cheap electricity that was in fact stolen. Does that qualify for death penalty in China?!

Puppet
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March 11, 2015, 02:44:02 PM
 #2844

I suspect that maybe the food production plant was already stealing electricity and offered FC a good deal for the mining operation. So they would have sold FC cheap electricity that was in fact stolen. Does that qualify for death penalty in China?!

Or instead of stealing,  the food production plant was given low electricity rates, because, well, it produced food. And then they used much of that electricity to power bitcoin miners.
primeminer
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March 11, 2015, 03:25:37 PM
 #2845

...
I suspect that maybe the food production plant was already stealing electricity and offered FC a good deal for the mining operation. So they would have sold FC cheap electricity that was in fact stolen. Does that qualify for death penalty in China?!

Right in the neck.
http://8btc.com/data/attachment/forum/201503/11/114439md5d5d572lk65jdu.png

thats the location where Fried Cat was last seen

apparently they got in trouble with local officials and got arrested as the partner site (apparently a food factory) has been stealing electricity. All people at the site and hardware has been arrested.

That is what I can understand with my limited Chinese is being said on the weibo

If that's the case, they've all been shot in the neck* Sad

*Just extrapolating from previous post by local scholars of the Chinese justice system re. China's firm stance on white-collar crime.

*Electricity thieves are usually pitted against each other in gladiatorial combat before being shot in the neck.  Thusly:




Mate where do you take those pics from Huh?
primeminer
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March 11, 2015, 03:58:17 PM
 #2846

^Internet=>Google=>images.

shit it seems to be too complex
Jayjay04
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March 11, 2015, 04:44:42 PM
 #2847

They should just buy back all our shares as everything unfold.
The hardware wasn't our responsability, that's all !

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   `▀▀▀      ▂▄█████████▀▀    ,▄▄µ    ▀▀▀
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                      "▀▀▀╙
Hello!
STAKER
.The Next Proof-of-Stake.
KSmart Contract Tokene.














ujka
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March 11, 2015, 04:58:08 PM
 #2848

Statement posted, not from AM Shareholders Board, but from David Fan (cofounder). Nothing new: FC misssing, they're headless:
https://bitcointalk.org/index.php?topic=99497.msg10739094#msg10739094
finbad
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March 11, 2015, 05:49:08 PM
 #2849

ah , I see it now.

they had free power so could pile on the 110nm junk gear,  probably got it next to nothing.

free power allows for  maintenance fees to go into pocket, rest gets paid to investors.

except, no one figured eventually the numbers would be too big, even for a factory.

or,  got too greedy adding extra mining gear for more in pocket stuffing, and eventually popped the factory circuit which alerted someone who could not be bought off.


ujka
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March 11, 2015, 05:58:22 PM
 #2850

Stop repeating this 110nm BS, AM produced 40nm chip in 2014, BE200, and built mining hardware with that chip.
To bild a 5PH/s mining farm with 110nm chip, BE100, you need:
5PH/s isn't BE100, that's retarded. That would be 16 million chips, 500,000 blades, ~50MW of power.
RoadStress
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March 11, 2015, 06:59:31 PM
 #2851

Stop repeating this 110nm BS, AM produced 40nm chip in 2014, BE200, and built mining hardware with that chip.
To bild a 5PH/s mining farm with 110nm chip, BE100, you need:
5PH/s isn't BE100, that's retarded. That would be 16 million chips, 500,000 blades, ~50MW of power.

People tend to get irrational exactly when they need to be rational.

RealMalatesta
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March 11, 2015, 08:15:06 PM
 #2852

Stop repeating this 110nm BS, AM produced 40nm chip in 2014, BE200, and built mining hardware with that chip.
To bild a 5PH/s mining farm with 110nm chip, BE100, you need:
5PH/s isn't BE100, that's retarded. That would be 16 million chips, 500,000 blades, ~50MW of power.

People tend to get irrational exactly when they need to be rational.

This happens when they watch way too many action movies instead of learning how to manage a situation individually.
primeminer
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March 11, 2015, 08:59:32 PM
 #2853

ladies and gentlemen i have posted automated translation of rock xie's old post just to show how unreadable it is.It had  somwhere 110nm mentioned but who the hell made it out to be 5PH mine???

be serious even with free elec there would be no sense of doing it having 40nm in hand so please stop spreading this bs !!!!!!!!!!!
freedomno1
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March 11, 2015, 09:57:34 PM
 #2854

Statement posted, not from AM Shareholders Board, but from David Fan (cofounder). Nothing new: FC misssing, they're headless:
https://bitcointalk.org/index.php?topic=99497.msg10739094#msg10739094

Didn't see that one I would have missed it if you didn't point it out thanks
2 hours after your post another statement was posted from the AM shareholders board, from Jutarul
https://bitcointalk.org/index.php?topic=99497.msg10740209#msg10740209

Believing in Bitcoins and it's ability to change the world
flame1012
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March 11, 2015, 10:17:33 PM
Last edit: March 11, 2015, 10:32:57 PM by flame1012
 #2855

David Fan: https://bitcointalk.org/index.php?topic=99497.msg10739094#msg10739094
Jutarul  : https://bitcointalk.org/index.php?topic=99497.msg10740209#msg10740209



STATEMENT FROM DAVID.FAN

Dear customers and clients,

The last few weeks have not been easy for the company. Friedcat went missing and this caused an interruption with the business. We are slowly recovering from the loss in company leadership.

First, the company is still operating, albeit at a reduced employee count. The physical location of our new office is currently confidential to guarantee an undisturbed office environment. Our sales contact is still the same. For all other requests please contact us through our general help line (email: help@bitquan.com).

With friedcat missing, the current management of the company is carried out by David Fan temporarily. We will keep you informed of any significant changes, as we are still developing a long term solution to the current situation. We understand that many people are concerned about friedcat and his safety. We ask to not spread any misleading rumors and not pursue speculation.

Due to unforeseen events , the computational that power AMHash managed by RockMiner has become unavailable. We are sorry for the resulting damage experienced by any third parties. We are doing everything in our power to mitigate the damage.


Yours truly,
ASICMINER Management


--------------------------------------------


STATEMENT FROM JUTARUL

Let me break the silence, since many have wondered about the events on the board and among major shareholders. I apologize to all who sent me messages and didn't get a reply. But the situation at ASICMINER is simply hard to diagnose without first hand information. I guess I speak for every major shareholder when I say that no one saw the current situation coming. Sure - the company has been struggling lately, in part because the window of opportunity closed quickly and ASICMINER didn't move as fast as some of the competition. However, seeing how ASICMINER got hit by a double whammy of first loosing its farm and then its CEO is quite disturbing, to say the least.

The situation surrounding Rockminer is complex. I am saddened to see such an aggressive stand of Rockminer towards ASICMINER. I can only suspect that they are getting a lot of pressure themselves. However, there are more professional ways to deal with the issue than to clutter the internet with confidential material - that alone speaks volumes. The only excuse I can see for this is that ASICMINER so far has dealt with the situation poorly - and this is inexcusable.

The contractual obligations are currently being analyzed. So far it is clear that there seems to be no real clause which defines who is liable for events like theft or fire. Obviously, there has been no insurance plan either. The general rule for situations like these is that any clear liability assignment is commercially not viable and the affected parties have to sort it out somehow. The problem is that the product AMHash theoretically involves 5 Parties (Operator, Manufacturer, HashLord, Contract Platform, Contract Holder), of which neither has the ability to absorb the damage alone.  So far the overall understanding is that ASICMINER should carry some responsibility - however, the ability of the company to deal with the current fallout is hampered. Pressuring the company to do anything which it can't deliver is not productive.

I hear that some parties are considering legal steps. Let me tell you that from experience this won't end well for anybody and only results in wasting money on the parasitic elements of our economy. What we need in the current situation is a leadership figure who seeks compromise. This crisis won't be solved overnight. If a solution is reached it's likely gonna be a 2 year plan or some form of agreeable settlement. I hope I didn't shock anybody with this assessment.

Regarding the shareholding. It has been of a lower priority. For everyone who is holding shares and has traded recently, please preserve the full trail up to the last checkpoint, which means the cryptographic signatures which are used to authorize reassignment of shares. If traded unsafely, there is no guarantee that the ownership can be confirmed. Beware of double spending vectors in OTC transactions and use escrow if possible.

I saw some claim for the board not doing its work. Unfortunately there is no job description for board members, nor do they have an official duty with the company (unless a board member decides to get actively involved with the business). The conclusion which was already drawn a long time ago is that proper assessment requires boots on the ground. But those who actually were, never developed the habit of fiduciary reporting. AM Management always enjoyed a lax handling. I am not certain whether a stronger hand would have helped though. The business is tough. One little detail though - FC was always conflicted which information to release to the board and which not - especially since some of the board members have a conflict of interest because they are working for the competition. As such we covered mostly the baseline of sticking to financial statements as required by law.

According to the latest status the BE300 is confirmed and working. However, to bring the chip to market requires FIXED COST + COST PER CHIP + BUILD OUT COST. The funding situation for this is dire and it would require a new investor or a big buyer who has to be certain that he gets what he is promised. There are two scenarios where this could be quickly achieved:
a) A bitcoin price explosion would release dormant capital instantly shifting the reward/risk ratio.
b) A new type of investor who enjoys preferred treatment over AM Shareholders for the financing of the BE300 tech. Likely implemented as a joint venture.

I will collect further questions via PM and answer them publicly. I am certain I missed a few important points in this post.

Regards

> ALL cloudmining companies are SCAM <
flame1012
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March 11, 2015, 10:38:01 PM
Last edit: March 11, 2015, 10:50:11 PM by flame1012
 #2856


They got no insurance(Which is pretty cheap), they deny responsibility(because they probably stole electricity and got caught), they want us to compromise(Give up our rights to some extend) and give them 2 years to fix things Smiley

What a hell of a deal.

PS: Seems like there are no real companies in China.

> ALL cloudmining companies are SCAM <
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March 11, 2015, 10:42:39 PM
 #2857


They got no insurance, they want us to compromise and give them 2 years to fix things Smiley
What a hell of a deal.

So...  Trading halted for 2 years?

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March 11, 2015, 10:55:55 PM
Last edit: March 12, 2015, 12:38:23 AM by flame1012
 #2858

Jutarul says we will lose money to their parasites if we sue them.

A criminal complaint, and providing the information/evidence we've gathered will start a lawsuit.
Fraud is a public offense, and even if you forgive them the government will not.
Considering the outcome of such lawsuit, AsicMiner should be very willing to please their shareholders.

Cooperating leadership, well that's okay, but you should first be honest against your victims for that.

One says Amhash is nothing, has no importance, is not even good income for Asicminer because it's a tiny fraction of their wealth.
Then another says losing their farm got them screwed totally, and they need 2 years to recover, if they ever do.

Liar liar.

> ALL cloudmining companies are SCAM <
primeminer
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March 12, 2015, 07:59:40 AM
 #2859

compering David's Fan and Jutarul statement's one can easly say SHIT HIT THE FAN
flame1012
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March 12, 2015, 08:03:58 AM
 #2860


I don't think the company will return with an acceptable solution.
For me both announcements are unsatisfying.


> ALL cloudmining companies are SCAM <
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