ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Window2Wall]

I really doubt this is a scam because AM/FC has shown integrity matters more than profit time and time again (200 btc fee returned, prisma refunds, etc) , however the lack of professionalism cannot be ignored. Even if they do somehow make it out of this mess, I hope FC steps down and replaces himself with someone more qualified.

You were scammed by AM. Your money is gone.

Did you enjoy being in the denial stage with regards to AM for the last year?

We still have no hard proof that this was a scam, but I'm willing to admit it as soon as we get some. (for example if FC gave himself and other employees a massive raise while their company was heading towards bankruptcy, I'd admit they were scammers)

To me this looks like a failed business due to FC's lack of business skills. AM's chip was solid, they just fucked up everything else. (PR, sales, resource allocation, etc)

Fortunately I took whiff of the unprofessionalism around half a year ago and dumped all my shares when they refused to publish a financial report. At that point it was a gamble I wasn't willing to take. I didn't expect the company to go under, but I didn't see them making a huge comeback either.

FC has been offline for almost two months now. When someone scams, they almost always will never allow you to hear from them again.

Instead of giving himself a raise prior to the company failing, he simply stole the mining equipment and mining revenue of AMHASH. It is as simple as that

[jimmothy]

FC has been offline for almost two months now. When someone scams, they almost always will never allow you to hear from them again.

Instead of giving himself a raise prior to the company failing, he simply stole the mining equipment and mining revenue of AMHASH. It is as simple as that

Do you have any proof he stole the hardware and mining revenue?

[iCEBREAKER]

You were scammed by AM. Your money is gone.

So what is different with Hashfast? All HF customers were scammed, none of them ever received what they paid for. Their money is gone, too. In both cases, all the developed "superior"  technology will go to waste, perhaps to be sold off pennies to the dollar. Perhaps some vulture lawyers will benefit.

Good question.  Here are some differences between the HashFast the unsuccessful business, and AM the scam:

1) HF operated in a transparent manner.  We knew the investors' and executives' identities and backgrounds since the beginning.  AM guys hid behind silly fake names like 'FriedCat' and 'BitFountain.'

2) HF operated in the heavily (over)regulated California business climate, and never had any criminal charges brought against it.  OTOH, AM existed in the shadowy world of unregulated BTC securities, in the wild-west environment of China's 'mixed capitalism.'

3) HF's chip did exactly what it it was supposed to.  AM's chips kept failing to meet spec.

4) HF told us when and why they suffered delays.  AM was/is nearly completely opaque.

5) HF went to bankruptcy court, in the normal manner for unsuccessful businesses.  AM is on the run from the law and its customers/investors/wives.

6) HF Batch One customers eventually got their ASICs, or refunds.  AMHASH customers are holding empty bags, with no recourse via normal legal means.

7) When everything went wrong, HF execs stayed around and went to court while the process ran its course.  AM's CEO is hiding on a beach in Thailand or something.

Now that AM turns out to be the real scam it's time to start treating its supporters like they treated HashFast's.  So they squeal like dying pigs.

Squeal piggies, squeal!  

[iCEBREAKER]

FC has been offline for almost two months now. When someone scams, they almost always will never allow you to hear from them again.

Instead of giving himself a raise prior to the company failing, he simply stole the mining equipment and mining revenue of AMHASH. It is as simple as that

Do you have any proof he stole the hardware and mining revenue?

What do you want, a signed confession (with a shoe and banana on top)?

Funny how you insisted HF was a scam despite having no proof, but make excuses for AM despite overwhelming evidence.

Don't worry, I won't let you forget that inconsistency.  

[jimmothy]

You were scammed by AM. Your money is gone.

So what is different with Hashfast? All HF customers were scammed, none of them ever received what they paid for. Their money is gone, too. In both cases, all the developed "superior"  technology will go to waste, perhaps to be sold off pennies to the dollar. Perhaps some vulture lawyers will benefit.

Good question.  Here are some differences between the HashFast the unsuccessful business, and AM the scam:

Here's some more differences between AM and Hashfast:

- AM had built a solid reputation over 2+ years of delivering hardware without doing anything remotely untrustworthy (up until this disaster). HF sold a shitload of preorders based on exaggerations, outright lies, and didn't even deliver all their first gen preorders.

- AM has a plausible excuse for their collapse, while HF somehow went bankrupt even though they charged ~50 times their production cost for preorders.

- There is no proof AM acted in bad faith. Right before FC and the farm went missing they gave compensation for delays and full refunds/replacements to those with faulty Prismas. HF on the other hand massively raised employee wages while heading towards bankruptcy, greatly exaggerating shipment dates, lied about btc refunds/compensation, etc.

Funny how you insisted HF was a scam despite having no proof, but make excuses for AM despite overwhelming evidence.

I'm not making excuses or saying it's definitely not a scam (like you do with HF), I'm just looking for evidence/proof either way.

Please do post this overwhelming evidence you claim to have.

[xkeyscore89]

I was out the loop for a while... sad to see friedcat and AM follow the scammers route.

[yuchuanzhen]

Breaking News:

Base on some reliable source,Friedcat went to Thailand on Feb 16.
But there are still no entry record(the record back to China).

Link: http://weibo.com/2242645650/C8NXWuSw1

Seems like nobody notice this.

[primeminer]

FC has been offline for almost two months now. When someone scams, they almost always will never allow you to hear from them again.

Instead of giving himself a raise prior to the company failing, he simply stole the mining equipment and mining revenue of AMHASH. It is as simple as that

Do you have any proof he stole the hardware and mining revenue?

he claimed hardware been stolen, and the mint has not been paid out to investors. But it has been paid out to someone...

what other proof than investors empty pockets and missing fc you need?

would you be happy with fc signing a msg with his private key? Dude not going to happen, so you can take it as it is or keep going with the delusion that it is something different (what that would be???)

[primeminer]

Breaking News:

Base on some reliable source,Friedcat went to Thailand on Feb 16.
But there are still no entry record(the record back to China).

Link: http://weibo.com/2242645650/C8NXWuSw1

Seems like nobody notice this.

we did notice together with the breaking news that FC was killed, kidnapped, arrested, and finally resurrected and  fled to bahamas

[keystroke]

I'm currently in Cambodia but will be in Thailand on the first of April. Should I start a search and rescue operation? If anyone has any leads I am happy to follow up (seriously).

[iCEBREAKER]

FC has been offline for almost two months now. When someone scams, they almost always will never allow you to hear from them again.

Instead of giving himself a raise prior to the company failing, he simply stole the mining equipment and mining revenue of AMHASH. It is as simple as that

Do you have any proof he stole the hardware and mining revenue?

he claimed hardware been stolen, and the mint has not been paid out to investors. But it has been paid out to someone...

what other proof than investors empty pockets and missing fc you need?

would you be happy with fc signing a msg with his private key? Dude not going to happen, so you can take it as it is or keep going with the delusion that it is something different (what that would be???)

jimmothy will never admit he was wrong about HashFast being a scam and also wrong about AM not being a scam.  His ego and pride won't allow it.  The shame would destroy his fragile self-image.

He's rather keep moving the goalposts, second-guessing the 12+ bankruptcy lawyers and Court involved with HF's 'not-a-scam' judgment while demanding metaphysical certainty that AM is-a-scam.

Even if FC signed a confession and held it up with the requisite banana and shoe, jimmothy would claim it was shopped, or not the real FC, or that FC was being blackmailed by Mongolian pirates.

And if you pointed out Mongolia is landlocked and thus pirate-free, he'd sputter something about how HF was still a scam even though they were granted Chapter 11 (a status that is denied to scams and even mismanaged companies) *TWICE*.

Because failing due to unfavorable business conditions makes you a scam if you are HF, but taking the BTC and running doesn't make you a scam if you are AM.   

[jimmothy]

jimmothy will never admit he was wrong about HashFast being a scam and also wrong about AM not being a scam.  His ego and pride won't allow it.  The shame would destroy his fragile self-image.

He's rather keep moving the goalposts, second-guessing the 12+ bankruptcy lawyers and Court involved with HF's 'not-a-scam' judgment while demanding metaphysical certainty that AM is-a-scam.

Even if FC signed a confession and held it up with the requisite banana and shoe, jimmothy would claim it was shopped, or not the real FC, or that FC was being blackmailed by Mongolian pirates.

And if you pointed out Mongolia is landlocked and thus pirate-free, he'd sputter something about how HF was still a scam even though they were granted Chapter 11 (a status that is denied to scams and even mismanaged companies) *TWICE*.

Because failing due to unfavorable business conditions makes you a scam if you are HF, but taking the BTC and running doesn't make you a scam if you are AM.   

This is the last time I'm wasting my time replying to you before putting you back on ignore because you've made it clear your not here for a discussion, but rather to spew the verbal diarrhea you are known for.

One last time, I AM NOT DENYING THE POSSIBILITY THAT FC TURNED INTO A SCAMMER.

I just find it unlikely given AM's solid track record/reputation of fighting to make things right. And I refuse to conclude it a scam based on the single fact that the CEO is missing (who conveniently is the only one with the private keys).

Here's my guesses as to what happen in order of plausibility:

1. Their story is legit and the hardware was stolen by some shady datacenter operator and FC was kidnapped or something.

2. FC was stealing electricity and he along with the hardware was taken by the police.

3. FC decided to pull an exit scam after Prisma 2.0's and BE300 turned out to be failures.

In no case do I think the scam was premeditated or that anyone other than FC was involved.

[keystroke]

jimmothy will never admit he was wrong about HashFast being a scam and also wrong about AM not being a scam.  His ego and pride won't allow it.  The shame would destroy his fragile self-image.

He's rather keep moving the goalposts, second-guessing the 12+ bankruptcy lawyers and Court involved with HF's 'not-a-scam' judgment while demanding metaphysical certainty that AM is-a-scam.

Even if FC signed a confession and held it up with the requisite banana and shoe, jimmothy would claim it was shopped, or not the real FC, or that FC was being blackmailed by Mongolian pirates.

And if you pointed out Mongolia is landlocked and thus pirate-free, he'd sputter something about how HF was still a scam even though they were granted Chapter 11 (a status that is denied to scams and even mismanaged companies) *TWICE*.

Because failing due to unfavorable business conditions makes you a scam if you are HF, but taking the BTC and running doesn't make you a scam if you are AM.   

This is the last time I'm wasting my time replying to you before putting you back on ignore because you've made it clear your not here for a discussion, but rather to spew the verbal diarrhea you are known for.

One last time, I AM NOT DENYING THE POSSIBILITY THAT FC TURNED INTO A SCAMMER.

I just find it unlikely given AM's solid track record/reputation of fighting to make things right. And I refuse to conclude it a scam based on the single fact that the CEO is missing (who conveniently is the only one with the private keys).

Here's my guesses as to what happen in order of plausibility:

1. Their story is legit and the hardware was stolen by some shady datacenter operator and FC was kidnapped or something.

2. FC was stealing electricity and he along with the hardware was taken by the police.

3. FC decided to pull an exit scam after Prisma 2.0's and BE300 turned out to be failures.

In no case do I think the scam was premeditated or that anyone other than FC was involved.

I agree with this. It is absurd to say AM was a scam to start with. It could be a scam now but there are other explanations which make sense. Everyone in bitcoin land wants to call everything a scam but unless we have proof one way or another then making an assumption could lead down the wrong path.

[primeminer]

In no case do I think the scam was premeditated or that anyone other than FC was involved.

I know there can not be any proof for this claim, but would you disclose any logic behind this? What makes you  so confident to state above?
 

[iCEBREAKER]

In no case do I think the scam was premeditated or that anyone other than FC was involved.

I know there can not be any proof for this claim, but would you disclose any logic behind this? What makes you  so confident to state above?
 

See what I mean?  Even if FC admitted the scam was premeditated, jimmothy wouldn't believe him.

There is no logic behind jimmothy's assertion.  Only confirmation bias amplified by pride and the fear of having to admit being in the denial stage far longer than was reasonable.

[Blazed]

In no case do I think the scam was premeditated or that anyone other than FC was involved.

I know there can not be any proof for this claim, but would you disclose any logic behind this? What makes you  so confident to state above?
 

See what I mean?  Even if FC admitted the scam was premeditated, jimmothy wouldn't believe him.

There is no logic behind jimmothy's assertion.  Only confirmation bias amplified by pride and the fear of having to admit being in the denial stage far longer than was reasonable.

FailFast tried and was not a scam just incompetent. AM was an exit scam in my opinion..BE300 were junk so he bailed.

[flyingplows]

Guys - back to reality. Anyone who really believes it is possible to steal electricity for a mining farm please seek medical help immediately. Ok, someone might say that he is so lucky that he steals electricity for his antminer at work and gets away with it for a few months, that's believable. If he tells he steals for 10 - he is probably lying or lives in some third world country at war where nobody cares about anything or he is just brave to think he will not go to jail and exploits his control of a building/situation etc. If he claims to steal for 50 - he is probably insane as this cannot happen in general. But to steal for a mining farm   - i mean, come on, there are no words for this mental condition - the only explanation is that this story is ment for noobs who have no idea about mining hardware and even what is electricity at all and its cost and all the stuff involved   You please think of an analogy - somebody tries to sell you a story that.. lets say.. a car factory steals electricity to produce cars would you believe this also... god.. how they came to even consider to spread such absurd nonsense.. unbelievable...

[jimmothy]

In no case do I think the scam was premeditated or that anyone other than FC was involved.

I know there can not be any proof for this claim, but would you disclose any logic behind this? What makes you  so confident to state above?

It just doesn't add up. Why do you think they stopped new amhash sales around the time the hardware was supposedly stolen? Why did AM offer full refunds/replacements to those with defective prismas? Why did they even bother to set up a datacenter and back all shares with real hashrate?

You could argue that this was all done to paint the illusion that it wasn't a scam, but I just don't see why the guy who earned 10's of thousands of btc legitimately would scam the community for another ~1.5k btc. (though I admit it is definitely possible)

As for FC being solely responsible, is there any evidence to suggest otherwise? So far we've seen several insiders share their point of view about this debacle and they all point to FC (and his disappearance) being responsible.

[iCEBREAKER]

AM was an exit scam in my opinion..BE300 were junk so he bailed.

The junk BE300 and previous junk BE200 would indicate AM/FC were tremendously incompetent as well as a scam.

Funny how you paint HF as incompetent (even though the bankruptcy court found zero evidence for that assertion), while you accidentally forgot to note 2 ASICs worth of demonstrated AM/FC incompetence.  Oops, I guess fairness just slipped your mind because you were so busy applying a biased double standard.   

[Blazed]

AM was an exit scam in my opinion..BE300 were junk so he bailed.

The junk BE300 and previous junk BE200 would indicate AM/FC were tremendously incompetent as well as a scam.

Funny how you paint HF as incompetent (even though the bankruptcy court found zero evidence for that assertion), while you accidentally forgot to note 2 ASICs worth of demonstrated AM/FC incompetence.  Oops, I guess fairness just slipped your mind because you were so busy applying a biased double standard.  

I think both companies sucked   AM at least did not fail on their gen 1 though...HF sucked worse.