So the whole backed by silver act was a bullshit?
Have you done the math? 1oz of silver is like $15.
Whether its bullshit or not, that never made any sense. Its like saying my house is "backed by gold", its got a gold plated chandelier somewhere.
Amhash was supposed to be one of the most trusted operations. I remember when Hashie started to show signs of a scam people were defending it by saying: 'but it's backed by Amhash, so it has to be legit'
Hashie at one point resold AMhash hashrate. I also considered AMhash "legit", even though I had always said hashie was a scam operation, and their previous 'gen 1' and later 'firecrackers' or whatever imagined mining products, where clearly non existent. They just used reselling of amhash to confuse customers and gain appearance of legitimacy. Worked well too.
When hashie collapsed, amhash did back their hashrate sold through hashie, at least until this whole friedcat disappearing act hit and no on knows what to think.
FWIWI dont think AMhash set out to scam; I do think they made a huge mistake by not disclosing this earlier, but I still believe they had honest intentions, but they were completely dependent on AM. Whatever happened at AM, I also do not believe it was a run of the mill heist, it makes no sense if you think about it, AM has already paid out many times more in dividends to investors then it ever collected, it has delivered on all its hardware sales afaik, and it could have stolen so much more if they had wanted to, by selling the widely anticipated BE300 chips and hashrate. I can only guess, but something like an escalated internal conflict between FC and the general manager resulted in the company breaking apart, perhaps with both people taking a crucial element (bitcoin wallet, asic design) and creating some sort of Mexican standoff. Whatever the truth, its probably better than most fiction.