Topic: Address with Avalon bulk chip payments now tops $8 million... - page 7. (Read 18116 times)
Something just feels a little "off" about Avalon these days.
The real Q is how to cash out 65K btc to pay for expenses. Even half of that is a lot to cash out. Look at the order book at Gox and you can see thats going to be difficult.
In the video of him at the Bitcoin conference, Bitsyncom said something about not using online exchanges to cash out. That not all transactions happen on exchanges. He also said that they do it in batches, not all at once, as the orders come in. So, when the first order for 10,000 chips came in 7 weeks ago, this would mean that he only converted the money needed to order the chips from TSMC (or whoever is making the chips). Presumably, he could do that with BTC from a different source than the receiving address.
Bicknellski, I assume you think I'm someone else who's already been posting on this forum, but no. I'm a noob who's been researching and reading through the posts on bitcointalk for a few months now. I haven't really participated in discussions, though, hence the low post count.
I wasn't equating BFL and Avalon, simply stating that they have both shipped a mere fraction of their stated goals. Ever since I first came into this forum and started reading all the horror stories about BFL, I've avoided BFL like the plague. I have no stake in the BFL game as I've not put any money into them, and have basically written them off.
This post from FCTaiChi is one I've been reading because I like the spreadsheet he's working on of miners in development: https://bitcointalksearch.org/topic/mining-equipment-manufacturers-209750
He recently took BFL off the list completely, which is great for me because I was ignoring those rows anyway since BFL basically doesn't exist to me. Of course, FCTaiChi also extended the estimated shipping dates for any Avalon ASIC chip based projects, which I also tend to agree makes sense as Avalon's history says that shipping dates will not be met.
Bitsyncom sounds like he means what he says and is legit. I hope he is. I have taken some risk and purchased chips in various group buys. I would love to be wrong and see posts tomorrow from BKKCoins, burnin, etc saying they've received sample chips and can continue developing miners. But the silence is unnerving.
tl;dr i'm new on here, but getting into btc mining, so been lurking bitcointalk. For me, BFL = no. Avalon/Bitsyncom = maybe, shipping much later than stated, difficulty climbing, they've collected a mountain of BTC, I've preordered chips in some group buys, developers awaiting sample chips, but no one has heard from Bitsyncom. And we desperately want to!
I wasn't equating BFL and Avalon, simply stating that they have both shipped a mere fraction of their stated goals. Ever since I first came into this forum and started reading all the horror stories about BFL, I've avoided BFL like the plague. I have no stake in the BFL game as I've not put any money into them, and have basically written them off.
This post from FCTaiChi is one I've been reading because I like the spreadsheet he's working on of miners in development: https://bitcointalksearch.org/topic/mining-equipment-manufacturers-209750
He recently took BFL off the list completely, which is great for me because I was ignoring those rows anyway since BFL basically doesn't exist to me. Of course, FCTaiChi also extended the estimated shipping dates for any Avalon ASIC chip based projects, which I also tend to agree makes sense as Avalon's history says that shipping dates will not be met.
Bitsyncom sounds like he means what he says and is legit. I hope he is. I have taken some risk and purchased chips in various group buys. I would love to be wrong and see posts tomorrow from BKKCoins, burnin, etc saying they've received sample chips and can continue developing miners. But the silence is unnerving.
tl;dr i'm new on here, but getting into btc mining, so been lurking bitcointalk. For me, BFL = no. Avalon/Bitsyncom = maybe, shipping much later than stated, difficulty climbing, they've collected a mountain of BTC, I've preordered chips in some group buys, developers awaiting sample chips, but no one has heard from Bitsyncom. And we desperately want to!
When are the Avalon chips suppose to be delivered? If the first order was 7 weeks ago then delivery should take place within 2-3 weeks right? If Avalon is delayed in sending out the chips then that will end up delaying all the assemblers waiting on the Avalon chips in order to get their miners made. I am a little worried as i have placed orders with assemblers waiting on Avalon chips. 
the latest update is from presentation that held place during foundation conference... it was third week of may, yifu said during next couple of weeks they're looking to setup new production line since the old one is only capable of delivering at the frame rate we have seen so far and that is roughly 10 per day including regular delays nye and mayday holidays ... which means do the math... new line should deploy 50 per day, yet no confirmation of the new facility....
both companies are capable of delivering only 10 units per day as it seems statistically so far, bfl with 5ghash and avalon with 65, and apparently neither one lacks money, bfl is giving to charity and bitsyn still doesn't have to touch the 60k btcs... i wouldn't be surprised if that wallet with $8mil is their profit, on top of all production costs...
both companies are capable of delivering only 10 units per day as it seems statistically so far, bfl with 5ghash and avalon with 65, and apparently neither one lacks money, bfl is giving to charity and bitsyn still doesn't have to touch the 60k btcs... i wouldn't be surprised if that wallet with $8mil is their profit, on top of all production costs...
The real Q is how to cash out 65K btc to pay for expenses. Even half of that is a lot to cash out. Look at the order book at Gox and you can see thats going to be difficult.
Here's what we know as of today:
- Batch 1 Avalons still not all delivered, no response from Bitsyncom
https://bitcointalksearch.org/topic/who-else-from-avalon-batch-1-hasnt-received-a-unit-or-shipping-information-157856
- Batch 1 badly damaged Avalon, Bitsyncom replied to say "that's unfortunate, we will work out a solution to ship this one back and send you another." and then no follow-up or response from Bitsyncom for over 50 days and counting.
https://bitcointalksearch.org/topic/--178168
- Batch 2 Avalons significantly delayed and still not all delivered, no response from Bitsyncom
https://bitcointalk.org/index.php?topic=167726.1200
- Batch 3 Avalons not delivered at all, no updates from Bitsyncom
https://bitcointalk.org/index.php?topic=203745.60
- Avalon ASIC chip purchases started over 7 weeks ago and no sample chips in sight, no updates from Bitsyncom despite Avalon website stating "30 sample chips will be provided 4 weeks into ordering per 10,000 chips."
Of all the Avalon ASIC chip group buys, no one has heard a single word from Bitsyncom about the sample chips
- Zefir's Batch 8 Avalon ASIC chip purchase issue has not be resolved or even addressed by Bitsyncom, resulting in ~$93,000 of the community's money being received by Avalon but no confirmation of the order given by their order system. No response from Bitsyncom for over 6 weeks.
https://bitcointalk.org/index.php?topic=177827.660
At this point, there is no good excuse for the lack of communication on his part, especially considering the amount of money this community has spent to purchase his goods. These aren't technical support issues, either.
For all the sensitivity there is now to potential scams whenever an ASIC company pops up, why isn't Avalon under the same scrutiny? They've shipped a small number of units, but so has BFL. Is there any way to confirm with TSMC that they are actually having chips made?? So many developers are awaiting those samples.
- Batch 1 Avalons still not all delivered, no response from Bitsyncom
https://bitcointalksearch.org/topic/who-else-from-avalon-batch-1-hasnt-received-a-unit-or-shipping-information-157856
- Batch 1 badly damaged Avalon, Bitsyncom replied to say "that's unfortunate, we will work out a solution to ship this one back and send you another." and then no follow-up or response from Bitsyncom for over 50 days and counting.
https://bitcointalksearch.org/topic/--178168
- Batch 2 Avalons significantly delayed and still not all delivered, no response from Bitsyncom
https://bitcointalk.org/index.php?topic=167726.1200
- Batch 3 Avalons not delivered at all, no updates from Bitsyncom
https://bitcointalk.org/index.php?topic=203745.60
- Avalon ASIC chip purchases started over 7 weeks ago and no sample chips in sight, no updates from Bitsyncom despite Avalon website stating "30 sample chips will be provided 4 weeks into ordering per 10,000 chips."
Of all the Avalon ASIC chip group buys, no one has heard a single word from Bitsyncom about the sample chips
- Zefir's Batch 8 Avalon ASIC chip purchase issue has not be resolved or even addressed by Bitsyncom, resulting in ~$93,000 of the community's money being received by Avalon but no confirmation of the order given by their order system. No response from Bitsyncom for over 6 weeks.
https://bitcointalk.org/index.php?topic=177827.660
At this point, there is no good excuse for the lack of communication on his part, especially considering the amount of money this community has spent to purchase his goods. These aren't technical support issues, either.
For all the sensitivity there is now to potential scams whenever an ASIC company pops up, why isn't Avalon under the same scrutiny? They've shipped a small number of units, but so has BFL. Is there any way to confirm with TSMC that they are actually having chips made?? So many developers are awaiting those samples.
Address 1FGAftzSTztFSB8LMwsrdCKTyqGY6zr3sU, which appears to hold payments for Avalon bulk chip orders, now holds 67,185.1 BTC which is worth over $8 million @ $120/BTC. With the lack of info coming out of Bitsyncom, I'm very curious what exactly is going on over there. With the additional delays in batch 2 since the April 15th update, something obviously is not going according to plan and I am surprised the bulk chip funds have not been touched considering the first orders were made over 7 weeks ago with a supposed lead time of 9-10 weeks. If they have placed all of these chip orders with the foundry, I wonder how they are paying for them. Any theories out there?
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