Topic: HashFast announces specs for new ASIC: 400GH/s - page 577. (Read 880461 times)

Continental Grain: We're selling corn!  Minimum purchase $1 million dollars. 

Potential Buyer:  Great; I need corn.  How much per bushel?

Continental Grain:  And the first three customers at that level win an all expenses paid trip to Peoria IL to visit their corn and the cows who eat the same corn in the feed lot in the next town over.

Potential Buyer:  So delivery is immediate?  And what's that price per bushel, again?

Continental Grain:  And if you order in the next 10 minutes, you'll also receive this set of steak knives to eat the cow that eats the corn in the next town over.


This. is. fucking. nuts.  I got a bad feelin' about this...

Same... suddenly got a funny feeling about them.  Not sure if it is just the large numbers for purchase, or the "different" sales model than what we are used to. 

For that kind of money, I would think a buyer would want contracts set up with firm deadlines and penalties for missing targets/deadlines... funds to be held by a "real" escrow service etc.  This is real estate pricing, and I would expect all the paper work and legal ramifications to be upto the same.

Asking $500k min. is a facade of exclusivity & credibility, plus a false barrier to entry¹.  If you continue reading to the first footnote, the actual plan is exposed:
"*For those interested in orders below USD $500k, send an SMS (text) message to (415) 480-4921 with the approximate USD amount that you would like to contribute to a group buy. We will get back to you if a credible group buy arrangement materializes."

¹ "Make them beg for it!" -Eric Cartman School of Economics

Asking for US$500,000 with a 2 day window just reeks of dodgyness. Interesting that seemingly reputable people would endorse such offers without them even saying what share you get/ total investment sought etc.
I was very keen right up until I saw that post (which is locked it seems so no one can ask questions)

Sorry, totally off optic, but I cannot help but read that second comic strip and think of our corrupt idiot Mayor; Boris Johnson:

http://www.guardian.co.uk/local-government-network/2013/jul/17/boris-johnson-airport-plans-not-thought-through

I'd assume HashFast will be announcing specs soon... I think they under-estimate the community if they expect people to put down ~5K BTC with no specs... just hype.

I don't have 1/2 mill to fling around, but would want to know MUCH more about how many chips I might get for my money and what total projected production was. 10K chips might be worth 1k a piece, but 200,000 damn sure aren't.... and you'd want cast iron guarantees that they're not gonna do another run of chips in sooner than 12 months say if you pay 1k a chip.

Because basically if it's unlimited production, they've just made 100Gh only "worth" as much in projected ROI as 1Gh is right now... that's how this crap works, gonna go two powers of ten higher in speed, well it's worth two powers of ten less per hash by the time it's applied to the network.

But, should they go ahead and assume the gullibility and lack of math skills of the community will allow them to ask $1000 for unlimited numbers of chips, then I'd advise everyone to step out of BTC for the 3-6 months, watch the train wreck then pick up the pieces after with a new algorithm.

I'm more than careful, but also if I were crazy I wouldn't have 500K bucks to spend

Anyway the thing that really amaze me is that Simon Barber,  http://www.linkedin.com/in/simonresume, is confirming announcement's validity.

these guys are a serious joke

lol

Hmm $500.000 for a minimum order. They say they will sell chips wholesale, so it means not ready-to-hash devices?
The question that still remains, how much will each individual chip cost, resulting in which price for a ready-to-hash device? I don't think that an averagely serious miner is ready to pay more than $10.000 - $15.000 for one device. We need more handfast info.

Otherwise, I am afraid it will look like this:

http://dilbert.com/strips/comic/2006-05-19/
http://dilbert.com/strips/comic/2006-04-27/

Be careful, no specs on the miner and no working model of the miner and they want to collect big bucks. Tradehill probably will definitely side with them in any disputes.

Amazing they are proposing minimum reservation of USD $500k

and more to the point Simon is confirming that the offer is legit:

https://bitcointalksearch.org/topic/m.2824122

As well as thread 264113, there's also this thread 264175 with similar info on $500k minimum order size (and a free trip to San Jose?):
https://bitcointalksearch.org/topic/hashfast-400ghs-asic-chips-under-1watt-per-ghs-264175

---------------------

Look at the Competition, Please Look at the Competition
HashFast 400GH/s ASIC Chips @ under 1Watt per GH/s

Gridfinity.com is working with HashFast to assist earliest wholesale customers and ensure on-time delivery of your order for these gamechanging ASIC chips. Outstanding prices if you order and pay by July 31th 2013. Minimum reservation: USD $500k (or equivalent in bitcoin) in escrow account (see below). For details, call (415) 480-4921 and leave a voice message for Daniel Bateman, Managing Director at Gridfinity LLC. Stay tuned for the video that introduces the rock-solid team behind the 400GH/s ASIC chips. Click here to learn more about Uniquify and their recent announcement. 

For the largest order received by end of day Wednesday July 31st 2013, Gridfinity.com will pay for your flight to San Jose and we’ll provide two nights hotel accommodations, so that you can meet the HashFast team and tour the office at Uniquify.

*For those interested in orders below USD $500k, send an SMS (text) message to (415) 480-4921 with the approximate USD amount that you would like to contribute to a group buy. We will get back to you if a credible group buy arrangement materializes.

**Funds are to be deposited into a Tradehill escrow account - customer can verify directly with Tradehill. We spoke with Ryan at Tradehill on Friday, and we are going in tomorrow (Monday) morning to finalize details.

It seems that I'm able to see the post you were referring to here:

https://bitcointalksearch.org/user/gridfinity-140898

a screenshot just in case:

http://imgur.com/RTtd5rM

What is the size of your chip? What kind of package are you going to use? Any thermal problems you have thought and solved? I still feel hard to believe such a condensed designed chip. Can you explain a little bit why is it possible?

That was weird. A new member Gridfinity started a thread announcing one day to purchase hashfast chips and then his post was erased.

https://bitcointalk.org/index.php?topic=264113.new#new

Cheers Prof! I think...

My Avalon is hashing.  Statistics are visible to anyone.

I'll give you one reason, and then I have to go.  Cross-currency fungibility.  If someone (a rich person) were to mine thousands and thousands of bitcoins, and didn't want to have to walk around wearing a "bitcoin millionaire" tee shirt, she has to repatriate those things into the currency(-ies) in which she counts her wealth.

Right now, the risks in getting those things repatriated is very real, from the standpoint of liquidity and low-cost transactions, all the way through to attracting unwelcome attention of governments. 

On the other hand, if she currently sells the present value (or greater) of the potential self-mining earnings, and gets paid for that in her home currency, then the fungibility problems are vastly reduced.

Yes, and we often recognize each other through the focused yet civilized language that we post.