Topic: BitSyncom, what compensation is planned for chip buyers/trade in customers? (Read 2325 times)

BitSyncom will issue compensation when hell freezes over.

http://avalon-asics.com/product/avalon-110nm-chip-10000-tray/

10,000 Chips at 100 BTC, those who pay more than 700 BTC we felt ripped off, the price of bitcoin has not risen as much as 7 times to reduce the cost, we have all lost our bitcoins not rising difficulty, just to pay the profit margin of these people ... if we had paid 100 BTC in his day could still reach the ROI
I hope everyone take note, we are being ripped off with the profit margin of manufacturing a asic.

Even those group buyers who have received refunds are still screwed by Yifu if they offered assembly services. And all the group buy customers who got a chip refund are still screwed if they purchased assembly services. Those that have received chips are also screwed as they won't make ROI.

Not to mention that time, labor, integrity, failed business models by GB's, and the ultimate let down by the total failure of this project has not only potentially ruined many GB organizers, but their project momentum, hopes, and reputations have been put on the line. Group Buyers are people and the energy they have invested, hours they have put in, and the farce this has turned into - it can ruin some one, if not put them into bankruptcy, by robbing them of their motivation and strong desire to see future projects succeed. Legality aside, this whole episode is highly unethical and immoral.

Sure people can say don't risk more than you can afford to lose, but Yifu did a pretty good job selling himself as an individual that would deliver the product with integrity, no BS, and wouldn't mine himself. GB organizers, as well as customers, trusted him based on his speech, and placed their faith in the words coming out of his mouth.

The shame is that this could have been something really great, and led to long lasting business relationships, and Yifu would have been a hero. Where and why did this all go so wrong?

"Go hug your mother (or something)" by Yifu Guo, 2013 All Rights Reserved.

You'll have to find answers in a legal action.

Still looking for answers....

Your compensation is you can bid on the units they have been hashing with for the last 6 months

That's not even mentioning the price break for buying 10k chips. I think a case could be made for a sub .02 value. Still, Yifu needs to make this right, or risk a rep. as bad as Pirateat40 aka Trendon Shavers.

Agreed. Chip buyers should be refunded to equalize this price point at bare minimum. They are literally selling entire pre-built units for HALF the price that chip buyers paid for just the chips to go into a unit.

For example, 320 chips at half the price of a unit = 7.5btc which comes out to .0234btc per chip.

10,000 chips * .0234 = BTC234. Thus, it equates that chip purchasers should be refunded at LEAST BTC550 per order. Even at that price point Avalon would cover their costs of the chips and still be making a significant profit margin on the chips.

Since Avalon is auctioning their new 320-chip models starting at 16btc, (.05btc/chip) the chips alone are maybe worth half that.