Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 19. (Read 3917029 times)

He did not scam, he just ran

He did not scam, he just ran or couldn't handle the pressure, after his whole business went to pieces.

First of all he skipped a batch of chips because they did not perform well.
Regarding the next generation of chips, they did not sell well.
In the mean time, tried to build and sell miners, did not go well.
Even the liquid cooling company he had a deal with got bought by a competitor.
Depressing bitcoin prices didn't help the profitability of his chips and miners.
Cloud mining looked very promising, until his whole farm got stolen.
And in the end he did not succeed to secure enough money for a new batch of his 'promising' next generation chips.
Too many setbacks in less than a year.

Hmm, how many reasons do you need....

here's the most info I can find on the guy.

https://bitcointalk.org/index.php?topic=974893.90;imode

FC real name appears to be Xinyu Jiang also known as Brandon Lu or Della Lu, accordingly to ninjabot, nubbins and others


And the factory is not located at Mongolia but HuaiAn City, JiangSu Province

but honestly, if I had ... how many millions? ... and wanted to disappear... AND I already was from SE asia area.... youd never see hide nor hair of me again. Lets hope he does something stupid, loses it all gambling, gets sloppy and gives away his location...

and who the hell was holding a lot of AM shares anyway? private shares i will assume? they were all in since IPO? already made a huge profit, so written the whole deal off?

I have to stop obsessing about this. its only money i guess, but geez louise man!

It's bad for the market that BitFury went commercial cloud only. (and I still can't see how corporate cloud mining is any different, cloud mining is a loss for the customer so why would large companies buy large amounts of cloud mining?) 

(ref:) http://www.coindesk.com/digitalbtc-signs-bitcoin-mining-hardware-deal-bitfury/

What is his real name again? Anybody got it? If I can find him it's going to be broadcast everywhere. The mfckr

from SFARDS website:

The SFARDS team has many years of experience with ASIC technology.

Our microchip team has extensive experience with Intel microelectronics, with our senior management coming from Gridseed and Vimicro electronics’ core research to create the most complete team we possibly could.
Members of the SFARDS team were responsible for designing and mass-producing the world’s first bitcoin mining chip.

Is just me thinking it is about FriedCat?

We all know that Bitmain will just keep raising prices on us due to no competition.

In the grand scheme of things, why not.

However, as SFARDS spawned from GridSeed (+ WiiBox + etc.), and GridSeed's chip was largely a Gridchip design - who made a chip design independently a while back and also was involved in the first Avalon (A3256) design - it's not like they'd need him.  Plus, can you imagine the sh*tstorm if it turned out they had done so, not to mention potential legal ramifications

Is just me thinking it is about FriedCat?

Likewise. If Bitcoin is to have any future it will be a decentralized one. The current centralization of mining is dangerous.

I understand that we as investors in AM have drawn the short end of the stick. So be it.

However, AM belonged to all shareholders and we should still have the IP including the ASIC designs.

Can we at the very least open source these designs and give something back to the community for the betterment of the Bitcoin ecosystem?

This is why I supported AsicMiner....as Friedcat vision was to keep it decentralized.

How does it make them not a scam? If you were able to withdraw your amhash.com balance it's strange because other people, including myself, could not, but don't forget that they stole your hashrate and future dividends. If even your transaction is from them...

Looks like an Exchange wallet.  Most likely converted to fiat.

I will have to say that AM (Bitquan and the AMHash guys) is not a scam. I went to the AMHash website which is almost gone now and they said they sent all data to AM. I sent another email asking for information and right after I sent it I noticed that the bitcoin address that was associated with AMHash had received the outstanding dividend amount. So I quickly sent another email thanking them.

At least one good note in this mess. And I will say I was sad to sell my AM shares...

EDIT: the date on the transaction was Yesterday so I was a bit embarrassed I missed it before I sent the email.  

I was thinking about how the market has condensed..

Essentially if I am correct, within six months the amount of vendors offering ASICs for retail mining sales (consumer availability) will be zero, and power-efficient mining (chips of .28nm or smaller) will be solely in the hands of large centralized parties...

Hash rate will stagnate and rhe major entities will hold status quo until the next halving... Then without major asic breakthroughs in efficiency we will probably see some major players drop out or unplug. 

Power draws don't drop exponentially, but costs of smaller and smaller masks/designs do escalate.. and the halving will alter running costs dramatically.

I envision 2016-17 as a battleground where the 'Bitcoin Network' essentially is owned by 5-6 Large entities who control the majority of the hash rate...and therefore collect most of the mining fees... The new world conglomerates if you will.

Any new entrants who even try to compete will need a competing design and +$10-20Million just to start playing the Asic game...and a lot of coins to capture at 12/block just to break even.

End Game.

This is why I supported AsicMiner....as Friedcat vision was to keep it decentralized... Now that he's gone, and private people can't own a share in a future mining conglomerate, all we can hope for is to buy/hold/use bitcoin itself.