Topic: Cointerra is dead (Read 5687 times)

Oh no, the ROFL train of bFL is still choo choo choking along the tracks. Have you not seen there new offerings? Cloud mining and there new sister company 'bithashminers' lol. Seriously. Unempathetic asswipes like them never stop because they don't suffer from remorse or guilt. Just jump onto the next big con!

At least cointerra did the right thing and just called it a day!

i cant read with a whole pile of text if no one bothers to summarize in a few bullet points.

so basically they ended up like being a BFL failure.

It's enough that I'm seriously pissed off about it (thousands) but it's less than it would end up costing to pay lawyers here and in the US to try and recover it.
Interesting the notice states there is no property to claim against and not to bother lodging a claim until they advise otherwise and further assets are discovered.

That smells of rats jumping ship with the loot to me ... Where are all the servers that were supposed to be hashing away at C7 ? What about all the product in stock etc.

I emailed C7 and asked if the Cointerra servers were still hashing and got one reply as follows, then nothing more...

Hi Michael,
I'm currently onsite, but unfortunately i don't have the answer to your question but i can forward your question to the employe that will be revealing me. That will be in an hour. 
Thanks, Danny Wisdom
To see full details this ticket, go to https://portal.c7dc.com/ticket.php?ticket=106998. (you can't view the ticket unless you are a C7 customer and have a login)

how much money do they own you?

The notice clearly states that creditors with a foreign address should consult a lawyer familiar with US bankruptcy law. It also says that court staff cannot provide any legal advice.

contact the ones who sent you the letter. I think it's better to talk with them by phone. it's faster than email.

Today I received a notice from the United States Bankruptcy Court advising me of a meeting of creditors scheduled for ...

February 27
10:00 am
Austin Room 118
Homer Thornberry Building
903 San Jacinto
Austin
Texas 78701

I cannot attend as I live in New Zealand. If someone is planning on going would they be kind enough to post a review of the proceedings

i never use this site
bu it's sad for bitcoin comunity
every died invest area is bad news for us..

Cointerra's website has been taken down and replaced with a notice that say's they've applied for chapter 7 bankruptcy protection ... I don't live in CONUS so have no idea what that means, perhaps some kind hearted CONUSian will explain it for the benefit of us aliens.

http://cointerra.com/ if you want to go see for yourself

So you think a man in a cave 4000 miles away on a dialisis machine did 9/11 do you (who was friends with the bush family)? So you think 1 man fired a rifle 3 times in less than 10 seconds with a rifle that's proven to be impossible? So you think Hitler rebuilt Germany all on his own with no help from no one (look up Hitler project? So you think the titanic sank and the olyimpica sailed on for another 24 years unhindered and it wasn't an insurance job by no other than JP Morgan? Fact is, if there's a film about it, its a cover up for reprogramming you!

Shit dude, you lost your critical thinking! Anyone who uses tinfoil hat/ conspiracy theorist loses all credibility as they prefer to label and put people in boxes rather than have a critical thinking conversation. The joke is, conspiracy theory is the conspiracy! Anyone who as a brain that's used for its intended purpose, critical thinking, instead of filling it with bullshit knows this!

If you got an attention span longer than a goldfish (yes, I know they have a memory longer than 2 seconds but you get the point!), watch this..... Then think hard about it. Then go and look at multiple sources, look up well documented writings if reading is your preferred method and use your brain! Look around you and analyse what you see and then come back and have a discussion with me if you really want some credibility from people who are not zombies/powered by greed etc etc.

https://www.youtube.com/watch?v=U1Qt6a-vaNM

Remember, even in a minority of 1, the truth is still the truth! I never let schooling get in the way of my education! Yourself?

And if you want to know how easy it is to control people, just watch this! I use these tactics to wake people up in real life (its nye impossible to do this online without having human contact as text does not relay the intended projection). Were all human resources! Used and abused by unempathetic pathological peodo's no less. Keeping your head in the sand makes you apart of the problem!

https://www.youtube.com/watch?v=1pCigAw2-0g

And if you can't spend the time to look at what I'm trying to show you, keep me in that imaginary box that's been programmed into you and keep being a failure of a decent human being. No skin off my nose! Can't save everyone, that's just how it is unfortunitly. Your obviously powered by greed and miss the point of the Bitcoin block chain! Its not even a currency lol. Take some lessons from amir taki or something!

Can't say I don't try! Joke is, all this is so fucking obvious!

LOL, stay crazy bro.  It's funny!   

Lying about delivery dates when you know otherwise is! All companies have done that (bar sponddodles and bitmain I think). So yes, they are liars!

The fact is that they were always going screw average joe over if the coin stayed at the highs of 600-1000 and this is true with all these cowboy asic makers.

People are building centralised systems on top of the most powerful decentralised system we've ever had and wonder why its failing!

Just ignorance and greed that rules this word powered by fear! Period. No love left!

Also, Icebreaker, I have no problem agreeing with you that most people are stupid, and a lot of people make bad decisions, and most of them would rather spend all day ascribing blame than work to fix it and move forward. In America at least, profiting maximally from minimal effort and taking to the woodshed any available scapegoat when things don't work perfectly for you is almost mandatory, and I hate that about our culture. I just wish people in the bitcoin industry would stop making it so easy to do.

I think the major screwup that Cointerra did was their decision to mine for themselves, rather than to sell hardware and allow their customers to take on the mining risk. The proof of this can be seen by their absurdly high miner prices over the summer. Had they not been so greedy and gone all long shot BTC to da moon, sold their hardware instead of build now completely unprofitable farms, they might have enough left over for round two. Hindsight is 20/20, but after having a few offers rejected by Cointerra over the summer for a few miner machines- fair offers IMO but apparently not good enough or bulky enough for them to bother. If anyone took the long shot bet here is by some higher ups at Cointerra that steer the ship to get the profit.

BTW I have one terraminer IV that still runs great and has run great sense delivery of April 2, 2014. April order, so you could say I even got mine on time. I'm sure my one terraminer paid for 3 at their farm, and they are worse off because of that alone. Greed killed this goose, it wasn't their customers.

As a brief follow-up before turning in for the night -

I mentioned Hashfast because you first mentioned Hashfast, as someone else you vehemently defended when their crap hit the fan as well. As I have said, if I have the facts about them wrong please correct me, else it doesn't lend much to your credibility.

Additionally, "neither a borrower nor a lender be" was Shakespeare, not Jesus. Specifically, Polonius' long-winded ("as brevity is the soul of wit, I will be brief") advice to his son in "Hamlet", I believe the first act. Just a matter of correctness, not to detract from the point itself. My complaint is not about owing the investors or creditors, but the people they were extracting services from or rendering services to in the course of running the business. It's inarguably irresponsible (or immature) to not pay your bills and still expect things to keep running smoothly. And when you do so right up until the moment the dam breaks, it looks even worse from the outside.

Regarding worker vs corporation metaphor, the metaphor holds so long as the understanding is this: you contract a service and then fail to pay for it, repeatedly, while still drawing benefits from the rendering of said service. That's not credit, that's cheating. Could the host have cut them off sooner? Yes. Should they have? Probably. But by not addressing the issue of being flat broke with anyone, while continuing to pull in mining revenue as they build up additional debt both to the hosting company and with hosted-mining customers, until well after the "point of no return" toward bankruptcy, they lose all credibility they might still have had with customers. Basically, it looks a lot like they decided to try their luck mining for free and pocketing some of the coin for a while, and until they can prove that's not what happened (or at the very least, that it wasn't premeditated), people will continue to hate them. Courts assume innocence until proven guilty, but spurned customers and unpaid service providers usually don't, especially when no reasonable explanation is given.
So basically, if you're about to rip someone off because it's the only choice you have left, at least be transparent about it.

My point is that most ASIC vendors have been late and tardiness is no indication of malfeasance, so please don't derail this thread with Yet Another^TM voyage into ancient HF history.

If you can get by without credit, good for you.  But you are not making bleeding-edge BTC mining ASICS.  So don't pat yourself on the back too hard.  And equating a corporation (which provides hosting or whatever) to an individual "worker at contract wage" is not a metaphor I find apt, much less a persuasive basis for your conclusion.  

My point was that CT, etc. did not "know" ahead of time that they wouldn't be able to find more investment/customers or benefit from higher BTC prices/lower difficulty.  They were supposed to give it everything they could and go for broke.  That was their job and their investors could sue them if they did anything less than max out their credit line in the course of their best efforts to achive a turnaround.  Their vendors can write off the losses.  That happens all the time and I'm beyond tired of people making it into a moral/ethical issue.  In business you win some and lose some.  It's not The Devil vs. Jesus FFS.  Please leave the Puritan 'neither a lender nor borrower be' BS in Sunday School.  Without credit and risk, economic/technological development goes Dark Ages (again).

CT, etc.'s job was to make best efforts to create a viable/profitable firm, not appease prejudiced outsiders (many of who are irredeemable trolls or shills for the competition).

Whether or not CT, etc. scammed anyone is a matter for the legal system (where the presumption is of innocence), not the defamatory court of public opinion, to decide.

Caveat emptor is a thing.  Due diligence is an obligation.  When an investment goes sour, it's asinine to cast about for scapegoats to absolve oneself of these responsibilities.  That the problem with the 'ZOMG I JUST SUDDENLY REALIZED HASHFAST/ICEDRILL/100TH/COINTERRA/KNC WAS A SCAM ALL ALONG' crowd.  That why those people don't like it when I remind them we voluntarily gave them our BTC.

I think you are singularly the most thoroughly offensive person it has been my displeasure to encounter in this forum.

I could get offensive in return and suggest that you get some weird twisted psycho-sexual stimulation off deliberately offending people online ... This is typical behavior from obese reasonably intelligent nerds with zero real world interaction that get off whacking the winky at the greatness of their offensiveness. Typically these types of people live their lives in darkened rooms in front of a multi-screen gamer setups ... oh, and they smell too.

But I wont do that, because that would lower me to your depths and I'd rather not do that thanks very much.
No one is going to deny you the the chance to express your opinions, but why do you need to be so goddam offensive and personally offensive about it too. If you wound the attack back a notch of two you would find people are more likely to take what you have to say seriously instead of lashing out because you've chosen to be directly offensive.
you mention debate ... have you ever debated in a real world properly moderated forum ?

Correct me if I'm wrong, I just remember reading timelines after the fact but Hashfast posted numerous times leading right up to their anticipated ship date that everything was on schedule, when they hadn't actually received chips yet, and didn't have deployable working hardware until two months after the original ship date? I'm fairly certain telling someone you'll deliver a product on X date, and on day X-1 continuing to assure people you'll deliver on X date, when you know for certain that some of the parts you need to complete the task don't even exist yet, constitutes lying. Yes, everyone misses ship dates. Blowing a deadline by a month right now in bitcoin is considered "pretty good". But not letting people know you'll miss the deadline when you know pretty clearly that you will miss the deadline, and insisting on what you know to be impossible, is lying. If my information about their conduct leading up to the blown deadline is wrong (which is possible, memory being fallible) please correct it.

And yes, businesses operate on credit all the time. Mine doesn't, but that's because I'm stubborn about borrowing and we always pay our bills. The thing about credit, though, is it really helps to ask for it up front, instead of expecting to be allowed it by default. When you skip out on the bill for the second month in a row, you probably knew ahead of time that you couldn't pay it. When a bill comes due and you check the bank and you don't have that much money, you talk to the person you owe and work out terms. You don't wait for another month to roll over and continue to accrue debt for services rendered - services you draw a revenue stream from, which goes who knows where - without trying to work it out with the renderer. Back debt and credit are basically the same thing, sure, but the main difference in this case is prior permission. You don't buy a car and skip monthly payments using "credit with the dealer" as an excuse. You don't hire a worker at a contract wage and then not cut him a paycheck come Friday because "credit" with no warning or explanation. Cointerra may not be overt scammers, might be unwitting victims of bad luck and a bad market may be more to blame than poor planning. All that's semantic, internal stuff to figure out. But whatever caused the downturn, somewhere along the line they started looking like overt bastards from an outside perspective. That's the problem. That's what people don't like.

What are you, my debate coach?   I'll make my points as I see fit, TYVM.  If I make the discussion less dry by peppering it with banter, that is of educational benefit to readers who might not otherwise follow a humorless boring conversation.  If you strenuously object to a little verbal jousting, fuck off and put me on ignore instead of whining pedantically about it.   

Missing a delivery date isn't the same as lying.  Cointerra and many almost all other ASIC vendors have missed anticipated delivery dates.  Designing and building the chips and board is hard, as is writing firmware and drivers, dealing with regulation/logistics/etc.  So it would be foolish to take such dates as gospel deadlines.

Businesses operate on credit all the time.  Credit lubricates the economy and makes the world go around.  You must be new to this universe to not already be aware of such common knowledge.  Cointerra, etc. did not know they would "not be able to pay" for services rendered.  That depended on numerous unforeseeable random factors, like finding more investment and/or customers, the price of Bitcoin, network difficulty, etc.

These shopworn, long-debunked false premises annoy me, because I am fairly certain they are not made in good faith but rather to support the popular defamatory foregone conclusions of dishonesty and criminal motives.

Now that I've explained the source of my hostility and vehemence, let's hope you can understand (if not forgive and henceforth applaud) it.   


You are new here, Mr. Newbie.  This is BTCT.  We thrive on/adore drama, and thus appreciate straightforward, honest rough and tumble.  If you can't stand the heat, GTFO the kitchen.

When sidehack insults our intelligence with specious ignorance, he may expect to experience retaliatory insults.  I am not a punching bag, and always hit back harder than the other guy when I know I'm right.  That's why the 'ZOMG HashFast/Cointerra/100TH/iCEDRILL WAS A SCAM ALL ALONG!!!111!' sheeple absolutely despise me.   

Turnabout is fair play.  Go ahead, lock the thread if your constitution is too delicate for anything but patronizing namby-pamby gladhandling.  Frankly, my dear, I don't GAS.   

Here here ... pull your horns in icebreaker and play nicely or I'll just lock the topic and you can jog on.