Topic: Off-Topic - page 85. (Read 384416 times)

If you guys wish, I can bring up the refund issue with Yifu (in case he answers), and get the chips refunded. But we are heavily invested into this. The cases, custom heat sinks, PCBs, parts acquired at higher prices or acquired from secondary market are all non-refundable and impossible to sell. And since we ordered everything for 80,000 chips (40,000 our own and 40,000 anticipated assembly orders). So even with a refund from Avalon (which we highly doubt they will ever give), we might be able to give only a very small partial refund.

But as I said we are working on something new, I request all of you to be a little more patient. We are going to announce something very unique, very exciting and very affordable next week. We really can't give out much details as of now, but in our opinion this would essentially be the final evolution in Bitcoin mining.

All of you know that we have demonstrated the ability to produce and run the boards. We were the first one to successfully assemble a K16, and we were the first to start mining with a fully assembled K16 as well. And we will again demonstrate the ability to mass produce boards once we get the chips.

In my opinion, instead of taking a decision of behalf of everyone and pressing Avalon for refunds, we give everyone the following options individually:

a) If you want 100% refund, you need to give us 3 months time. We fully acknowledge that we are legally required to issue a refund when asked. Legal issues aside, we ourselves want to do the right thing to maintain our credibility. But the fact is we do not have enough liquidity right now to process all the refund requests. If you are willing to settle for a partial refund right now, please contact us and we can work something out.
b) Keep your order with us. We deliver it within the promised time (2 weeks of receiving the chips). We will also give you a 20% (of your current order) credit for our next project which we will be announcing next week. This credit will be transferable (you can sell it if you want).

I hope you understand that we are doing this despite the fact that the current situation is NOT our fault. Everyone who ordered from us were totally aware of the risks involved. Also 20-25% was our average profit per order. So even with option 'b', we are willing to make 0 profit from this whole Avalon saga, just for the sake our next project and to maintain long-term credibility for our company.

We would love to hear your comments on this.

As much as I want to resist posting a reply to this crap, I am caving in.

- Salary
- Rent - phone line, internet, electricity

a) If you want 100% refund, you need to give us 3 months time. We fully acknowledge that we are legally required to issue a refund when asked. Legal issues aside, we ourselves want to do the right thing to maintain our credibility. But the fact is we do not have enough liquidity right now to process all the refund requests. If you are willing to settle for a partial refund right now, please contact us and we can work something out.
b) Keep your order with us. We deliver it within the promised time (2 weeks of receiving the chips). We will also give you a 20% (of your current order) credit for our next project which we will be announcing next week. This credit will be transferable (you can sell it if you want).

...
We would love to hear your comments on this.

im in it for the long haul.

I trust you.

We would love to hear your comments on this.

we all paid for units that would ship within two weeks of chip deliveries.  known fact - yifu shit the bed.. damnit!  oh well.  life isn't always fair...

To all the naysayer, Terrahash has been communicating through PM but please don't flood him with pm; he's a busy man

I just want to reiterate to Terrahash to help me help you prove the naysayer wrong by sticking to your two weeks promise.
But be frank I'm a bit worry because from potential working prototype tomorrow (08/29) to full shipping production in two  weeks doesn't sound too realistic to me. But I hope you prove me wrong. Thanks.

Assuming you're serious... Most people didn't pay for a unit that wouldn't ship until October at best.

We will be assembling a test K64 tomorrow.
We really don't know what's happening at Avalon's end. We have not received any communication from Yifu whatsoever.
We are already working on Plan B. Can't reveal anything right now. But will update as soon as we can.

Why refund now?  Chips are shipping and Yifu is responding to his Incoming Avalon news thread.

We've waited this long; may as well get what we paid for.

Yifu wrote back to zefir
https://bitcointalksearch.org/topic/m.3035535

Yifu is open to chip refund.  

Terrahash should get a refund.

Wait for bitsyncom to offer their chips at a discount and buy it back.

Terrahash can then Distribute the discount to their customer.  

So what have you done all this time in your office if you still have not assembled another k-16 without so many HW errors, or proper speed?  Take a few week vacation?

Plan B predictions:
Least likely:
Partial refund (will be interesting to see salary and office out of this)

Most likely predictions:
They claim to change chips, this basically extends time they have and they will promise higher speeds with newer generation of chip. 
They claim to change chips, make this a big announcement and open up preorders again.

Worst Case:
They are saying anything they can to get more time.  With this they use it to figure out a way to funnel as much money out of their assets and close shop.  With it being incorporated any assets they are able to get into their personal funds such as salary and other things,  would be much harder to get even with lawsuit with Terahash legally considered its own entity.

I just sent in a tech support ticket to Terrahash asking for a full refund.  We'll see how long it takes for a reply.  I'll update once they reply.