Topic: HashFast announces specs for new ASIC: 400GH/s - page 109. (Read 880461 times)

So why don't you detail for us where you think all the money went?   They seem to only have bought chips, so where did the other 20 Million or so go?

I am not hf-engineer.

But yeah, he's a good guy and representative of the people who have been working their asses off to try and make things right. I'm not sure what his current involvement is, but he certainly has been committed. This company represented a lot to a bunch of good people. We're not happy it came to this either. And we certainly aren't sitting on our piles of paper wallets or overseeing our vast mining farms laughing maniacally. There are a lot of people who took a financial and emotional beating on this side as well.

fred sounds credible, like HF-Engineer did https://bitcointalksearch.org/user/hf-engineer-234041

Welcome back and thanks for your commitment.

Here's one quote:

when did they claim such refund?

Orders are taken in BTC, in the unlikely event we get to refunds they will be given in BTC.

They did. They explicitly claimed refunds would be exactly the same number of BTC as a refund.

I'll bite too.

If the boards were being built by a contract manufacturer for VMC, how did they come - and I've seen pictures of several this way - to have all the different rev stickers on them?

You seem to think that all the employees and management acted in good faith, except conceding that the liquidbits deal was "surprising", but those millions have to be somewhere.  A lost wallet is a little too convenient and, to me, implausible given how damn hard Eddie must have been looking for money in the last several months.  

Do you apply the same cheerful outlook on employees' intent to the porn crowd?  And what is the origin of the relationship, and nature of the relationship. with Scrotum and company?

They should have made it explicitly clear what exactly the refund terms would be.

Alright, I'll bite.

So, explain to me how you can justify the blatant lies about btc refunds in the beginning?  Us first batch customers were highly skeptic... you only got those orders due to that promise.

At this point I feel I can address some of what I have read on this forum that is just crazy talk:

There is no 16nm chip. Wow. Now that would be something. New chip designs were in development that  would apparently get more performance out of 28nm.

There is no secret mining bunker. The liquidbits kickback deal was a bit of a surprise to me, but the actual amount of GHS shipped to liquidbits was fairly negligible and I'm sure they never paid anything back to HF considering what they were owed. There was absolutely no HF mining operation beyond burn-in and engineering. There was never a surplus of hardware, and when there was, there was nowhere to plug it in.

There were no "used" boards sold to anyone, including VMC. Every single board was tested, and that test process involved applying thermal paste. Without it the chips overheat in seconds. In the interest of shipping rapidly, the paste was not cleaned off the dies by the contract manufacturer.

There is no money. The company has been completely undercapitalized from the get-go. I am not sure why it took so long for management to realize this. Some sort of cognitive dissonance set in.   Most of the haphazard decisions and erratic behavior can be explained by a lack of money and hardware that only worked perfectly at about 75% yield. There was also a bit of an obsession with setting the performance bar for hardware at near the theoretical maximum at the expense of yield and reliability.

There was no extravagant spending, no gold plated yachts, Caribbean vacations or anything else. If anything they were fairly cheap. The offices were actually a bargain and a short term lease. Many decisions were made, however, with the expectation of rapid growth. Money was thrown at problems under the assumption that sales would keep rolling in.

Building hardware is expensive. Really expensive. Especially in a hurry, and especially when it doesn't work quite right. So are lawyers.

If there are missing millions, it will be because of outright sloppy accounting.  A tremendous amount of orders were taken in a very short time with nowhere near the amount of financial oversight that should have been present. I would not be surprised if they pull a GOX and find something in a wallet that got overlooked. 

 

There were no "used" boards sold to anyone, including VMC. Every single board was tested, and that test process involved applying thermal paste. Without it the chips overheat in seconds. In the interest of shipping rapidly, the paste was not cleaned off the dies by the contract manufacturer.

If there are missing millions, it will be because of outright sloppy accounting.  A tremendous amount of orders were taken in a very short time with nowhere near the amount of financial oversight that should have been present. I would not be surprised if they pull a GOX and find something in a wallet that got overlooked.  

I'm just a dog. 

Up until recently I have been afraid to have my name associated with this company at all because of the ensuing harassment. The bulk of people listed on hashfast.org haven't even been involved with the company for ages.

A lot of people have worked their asses off in good faith trying to fix the situation because there was always hope things would turn around. Management never intended to defraud anyone, but just didn't know when to admit they were in too deep.

Lots of people have personally paid the price for having faith, myself included. Let's just say I am a creditor.

And you, sir, what name do you go by in the real world?

At this point I feel I can address some of what I have read on this forum that is just crazy talk:

There is no 16nm chip. Wow. Now that would be something. New chip designs were in development that  would apparently get more performance out of 28nm.

There is no secret mining bunker. The liquidbits kickback deal was a bit of a surprise to me, but the actual amount of GHS shipped to liquidbits was fairly negligible and I'm sure they never paid anything back to HF considering what they were owed. There was absolutely no HF mining operation beyond burn-in and engineering. There was never a surplus of hardware, and when there was, there was nowhere to plug it in.

There were no "used" boards sold to anyone, including VMC. Every single board was tested, and that test process involved applying thermal paste. Without it the chips overheat in seconds. In the interest of shipping rapidly, the paste was not cleaned off the dies by the contract manufacturer.

There is no money. There really hasn't been any money for a long time. I am not sure why it took so long for management to realize this. Most of the haphazard decisions and erratic behavior can be explained by a lack of money and hardware that only worked perfectly at about 75% yield. There was also a bit of an obsession with setting the performance bar for hardware at near the theoretical maximum at the expense of yield and reliability.

There was no extravagant spending, no gold plated yachts, Caribbean vacations or anything else. If anything they were fairly cheap. The offices were actually a bargain and a short term lease. Many decisions were made, however, with the expectation of rapid growth. Money was thrown at problems under the assumption that sales would keep rolling in.

Building hardware is expensive. Really expensive. Especially in a hurry, and especially when it doesn't work quite right. So are lawyers.

If there are missing millions, it will be because of outright sloppy accounting.  A tremendous amount of orders were taken in a very short time with nowhere near the amount of financial oversight that should have been present. I would not be surprised if they pull a GOX and find something in a wallet that got overlooked. 

At this point I feel I can address some of what I have read on this forum that is just crazy talk: