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Topic: [$0.35/GH] Bankrupted HashFast Hardware Sale (Read 5375 times)

legendary
Activity: 2128
Merit: 1073
October 24, 2014, 12:58:38 PM
#87
Well, if someone wanted a quick % out of a half million dollar investment, maybe this could happen.
In the normal financial circles this would work as follows:

1) group buy collects the funds in a bank A's account
2) bank A issues a letter of credit
3) bitcrane takes the letter of credit an obtains a loan against it from bank B
4) using loaned funds bitcrane manufactures the miners and ships the miners
5) upon proof of shipment bank A releases the credited funds to bitcrane
6) bitcrane repays the loan to bank B

In other words:

a) bank A is supervising the availability of the funds
b) bank B is supervising the timeliness of manufacturing and shipment

But this is Bitcoin, there's nothing normal about it. In particular many Bitcoiners are actively against banks and conventional finance.

This free market is exactly what you people were screaming for all the time. This is exactly what you wanted. You made the soup, now eat it.
legendary
Activity: 3234
Merit: 1220
I think that one way this would work would be if buyers could pay like a deposit, 10% to secure their miners and then when the miners are built and ready to ship they could pay the remainder.
Well, if someone wanted a quick % out of a half million dollar investment, maybe this could happen.

The onus and majority of risk should be on the manufacturer/supplier building the machines, the xx% deposit idea shows the manufacturer the customers are serious about purchasing. Using an existing known manufacturer, as is the case here, should add credence to the deal, however the weight of responsibility needs to move back to a normal supply chain system where companies are shipping from stock.
legendary
Activity: 1176
Merit: 1001
I think that one way this would work would be if buyers could pay like a deposit, 10% to secure their miners and then when the miners are built and ready to ship they could pay the remainder.
Well, if someone wanted a quick % out of a half million dollar investment, maybe this could happen.
legendary
Activity: 3234
Merit: 1220
I think that one way this would work would be if buyers could pay like a deposit, 10% to secure their miners and then when the miners are built and ready to ship they could pay the remainder.
legendary
Activity: 3878
Merit: 1193
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.

Then Bitcrane should build them and sell them from stock. Anything less is unacceptable.
newbie
Activity: 7
Merit: 0
oh yes please gimme gimme wait no.
legendary
Activity: 3234
Merit: 1220
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.

The thread about their already existing Hashfast powered rigs is here: https://bitcointalksearch.org/topic/bitcrane-announces-black-friday-sale-718383
legendary
Activity: 1176
Merit: 1001
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.
sr. member
Activity: 358
Merit: 255
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.
legendary
Activity: 1764
Merit: 1756
Verified Bernie Bro - Feel The Bern!
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  Wink
legendary
Activity: 2128
Merit: 1005
ASIC Wannabe
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
legendary
Activity: 2450
Merit: 1002
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.
legendary
Activity: 1176
Merit: 1001
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.
legendary
Activity: 1764
Merit: 1756
Verified Bernie Bro - Feel The Bern!
Are Eddie and Simon still drawing salaries?
Not exactly a definitive, proven statement but https://bitcointalksearch.org/topic/m.9287659 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?
sr. member
Activity: 291
Merit: 250
Scam-Busting PSA: Beware of Black Arrow Software
Are Eddie and Simon still drawing salaries?
Not exactly a definitive, proven statement but https://bitcointalksearch.org/topic/m.9287659 I'd be interested in knowing the formal answer to this too.
legendary
Activity: 1764
Merit: 1756
Verified Bernie Bro - Feel The Bern!
Are Eddie and Simon still drawing salaries?
sr. member
Activity: 291
Merit: 250
Scam-Busting PSA: Beware of Black Arrow Software
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.
hero member
Activity: 857
Merit: 1000
Anger is a gift.
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."
legendary
Activity: 2128
Merit: 1119
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!
legendary
Activity: 1176
Merit: 1001
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.
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