Topic: HashFast announces specs for new ASIC: 400GH/s - page 116. (Read 880461 times)

well good luck to you on proving that, i have been in the manufacturing business... and this happens all to much, i mean look at all the other companies, isn't the only ones that actually got their machines out fully developed by them? not hiring another company to do it? isn't that why BFL says they have failed to?

The whole management knew they were never gonna ship on time and they kept selling the same lie until 3 days before "shipping", to get more overpriced sales, and blatantly lied about the delays later as well. So the whole management is screwed. Add every detail we don't known yet like emails, invoices, shipments, contracts, and they are in a sinking boat themselves. I'm starting to wonder what lawyer I should use already. It's gonna be a great collective lawsuit this time. No shitty no-group-action limitations.

... Sure, they could still do the impossible to prove their good faith, but I doubt that at this point. I did everything possible and it amounted to exactly nothing.

The law is pretty clear about it, lawsuits would be confined to what is owned by the company. there is exceptions to the LLC protection against personal assets, but they don't fit in this case, proving this was a scam is going to be next to impossible, especially if they could prove a functioning business model(even if they didn't follow through with that) knowing eduardo, sure it has a better chance of fitting... but still, its going to be next to impossible for nailing him under a personal lawsuit.

The point is really simple. You are either in good faith, or you are not. In the first case you will try to do the best you can and you will use that later to defend yourself in court. In the second case you will do the exact opposite and people will use that as yet another argument against you. The third option is that they really believe that three letters are gonna save them.

"Douchbag mode" was written into Hashfast's articles of incorporation. 

I don't think there was ever much serious intent to serve their customers, unless it happened by accident after the douchebag management and douchebag investors took "their" share.

That was the intent from the start, at least that's what I suspect would come out in the course of a bankruptcy.

Sure, they "could" to this, or they "could" do that.  Making amends with the customers has always been among Hashfast's options.  Have they ever done it?  No.  Will they do it now?  No, not even if they were able.  Would they have done it if the bankruptcy petition was never filed?  Absolutely not.

They can try to dump everything in a garage sale but it's not something that will work, regardless of it ending in the hands of customers; peppermining will probably be forced to give all of their profits back to the creditors. So will VMC and the 5000 board they claim to have all the components for, etc.
The directors will be liable because if you run a scam, regardless of the suffix on your company name, you are liable.

Liquidating doesn't make any sense, if they don't fight back at least with a chapter 11 I don't even want to start thinking about how much of the possible hate I have left they will take. It's nothing magic. Please someone explain to me why this won't work:

• Antminer is selling their in stock S2 for 2300$ and the market is being flooded with them. HF can make their 2TH sierra for less than that and have some in stock. So there is a damn profit margin.
• File for chapter 11, put it on your website in red and bold, so that people knows that they can scratch everything they knew about HF.
• Raise capital, capital that as per chapter 11 rules will be protected from creditors and the first to be paid back. I myself would be stupid enough to invest half of the USD value of what I gave them last year.
• Use that capital to produce more of those sierras, that you are selling as in stock with a 100% profit. Re invest the margin on producing more of those that are better than the S2 and you don't even need to pay import taxes and such.
• If you are gonna be really open and honest, your creditors will help you in whatever manner they can. With marketing, for example. If you ship only in stock hardware, or with a real delivery date as the s2, you won't have any reputation problem.
• And if you can't rise enough money, sell part of the components.

I mean, what could possibly go wrong with this? By liquidating you are helping others making money on the assets paid with customers' money. Why the hell would you want to do that? Only to scam them a little more?

sadly they can function normally while a petition is on the table, including dumping everything in to pepper mining(people were all up in arms saying thats illegal, but it really isn't), the possible legal ramifications of that would take time to process, so in essence, pepper might have the stock sold and on boards, how do you get anything back from that? how do you reverse something thats in customers hands?
i hold little faith in hashfast, i obviously think worst case scenario. worst case is, this petition forced the company into "douchebag mode" meaning they dump everything, screw the customer and walk away. being an LLC does protect personal assets of owners so everyone being like "IMMA SUE YO ASS" should probably look up some legal definitions first.  As above, legally, assets owned, or possibly owned at time of the petition might be able to be recovered, but then again how do you get something back thats in a customers hand? the suit for that could take a long time, and im not sure if a judge would place an injunction that would forbid the sale of the chips beyond hashfasts control(meaning, they wouldn't stop pepper mining from selling them)
This whole thing is a huge clusterf&*k, the petition sadly stopped some litigation or possible litigation due to time constraints mostly which has a few people like me up in arms. (basically because they made a decision for us that is not in the best interest of anyone imho)
We can sit and argue legal all day, but its not gonna get us anywhere.

No link, but it's what was emailed to several of us. The shipments are blocked and so are the chip settlements.
By petition I mean the bankruptcy petition.
http://ia902509.us.archive.org/13/items/gov.uscourts.canb.522575/gov.uscourts.canb.522575.1.0.pdf

what petition you mean? do you have a link or something? thank you!

That was before the petition, now they decided to froze everything regardless from the fact that they the petition doesn't force them to. They just like to have their assets devaluating.

batch 2 almost complete according this tweet.

batch 3 (May) and batch 4 (June) will follow. after that they will deliver MPP. all information is taken from here.

you can expect delays due their difficult financial situation and limited manpower.

perhaps you can expect a bankruptcy before.

Just tell me who to sue...

And btw, I don't believe their bullshit anymore, really. The first batch was barely two millions and they had already paid for the development and the tapeout when I sent my payment. Then they took in at least another ten millions. I can't wait to see with my eyes how full of shit they are. And who the hell owns the address with my poor bitcoins.

did anyone got any news about MPP's , supposed to be delivered in june ?

It is possible.  The BTC did not move far.  It's very likely much of it is in the hands of Simon and Eduardo or their investors.  Sue them personally and recovery is likely.

Do you even think there is a slight chance of that happening (btc refund)? Last I heard they spent all customer btc payments on developing the chips.

I have two hashfast babyjets that have a ghash.io one day hash average of just slightly above 400GH/sec. Initially I had a windows server connected via USBs to the miners running cgminer 3.11, but now I just have the raspi's controlling the miners and I have a netboot power device that auto-pings the minepeons ---automagically power cycles whichever minepeons doesn't respond to pings.

Other than a HUGE FORM FACTOR for the hash output involved (Antminer S2s are better), my Baby Jets now are finally doing just great...

I prefer this one: https://www.youtube.com/watch?v=vr0hA4kTT1k

http://www.youtube.com/watch?v=GN82R-7pfM8

Someone just sent me an email on the lines of "Lasciate ogni speranza, voi ch'entrate.".

Nice image!  

My suspicion about the troller, based on a couple things he has said (e.g. knowing about the intricacies of Hashfast's situation) is that he's one of a number of people that have been watching carefully as Hashfast circles the drain, with the hope of swooping in and making some sort of sweetheart deal.  The BK petition has somehow foiled his plan, exactly how it's hard to know.  He seems to fear Ch 11 in particular.  Or maybe, especially given the kind of unsavoury company that Eddie keeps, he already has a sweetheart relationship that is being cut off.

But as far as I can see, if Hashfast manages to prove its solvency to the tune of $350k right now (e.g. if Simon finds an angel), they will still be susceptible to similar, perhaps even larger, filings going forward.  So if this one fails, just wait a little while and file another.  They don't seem to be in a position to actually pay their debts. This smallish filing only represents a small proportion of the debt, as Johnny Scrotum's new linkedin page attests, and additional creditors could certainly be found.