Topic: What's happenning with HashFast? (Read 1573 times)

So no new news from hashfast ? I am expecting batch 4 at the end of Feb . Hoping .

 Let me give you Hashfast guys some real good advice .
 Most companies doing the mining thing are scam artists out to get rich . Selling things they do not have .  Promising shipments that come many months later . Why ? because that is huge money . Sell something that has a no refund policy then ship after it is useless . then the customer barley makes back money so thinks he needs a better model that you will gladly sell him and ship many many months later when it also is useless.

So, here is the good advice .  you Hashfast guys are obviously very smart technicians . How about being the leader in the field and selling what you actually have in stock not what you plan on making . Sure you would make a lot less but would make more later and have a good reputation to follow unlike the other guys . then you would not need a no refund policy to cover your asses. this would make you the good guys and build a great customer base and pushing the scam artists  out of business. Then when this whole bitcoin stuff blows up and becomes a foot note later on this year as we all know it will you smart guys could obviously come up with new cutting edge stuff to build and you would already have them happy customers to follow you into your new adventures.
 

They've run out of '1' characters in their Letraset.

The only thing I note is that they mention REV 0, and REV 2... was there also a REV 1 that didn't work well?

http://hashfast.com/hashfast-customer-update/ - found on their website from Dec. 27:


3PM PST (GMT-8), DECEMBER 27TH, 2013

Dear Customers,

Our apologies for not communicating more often these past days. We have been going all-out on production in order to ship Batch 1 units by December 31.

We have enough GN chips in hand for all Batch 1 orders.  We also have enough hardware (boxes, cooling systems, power supplies, etc.) on hand for all Batch 1 orders.

We are in the final stages of production.  Our initial modules (Rev 0) had reliability issues due to the PCB layout (Printed Circuit Boards).  We received Rev 2 PCBs this morning and they are currently being assembled.

We expect these Rev 2 PCBs to work well, and to begin bulk production and be on track to ship Batch 1 orders December 31.

The remaining steps (assembling the modules into the Sierra or Baby Jet chassis, packaging and shipping) are quick and generally very predictable processes.

Please know we are doing everything possible to get you your orders as soon as we can.

We will  update you with our progress as it happens. Stay tuned to Twitter and our HashFast Blog for the most up to date news.

Many Thanks & Happy Holidays,

The HashFast Team

I've had a few recent emails from them, so I'll post my responses. This AM I sent them an email with a link to this thread, asking them to please respond. Let's hope they do.




------



-----

-----------

I'm sorry to say it, but I don't think you're going to hear anything else from them. They've essentially given no information out for 2 weeks now, and that alone should tell any customers that all is not well. It may be time to get legal with them, I know they're an LLC but the directors still have a Duty of Care to operate the business responsibly, and can be jailed (in the UK at any rate and I'm sure the US is the same) if there has been gross mismanagement or abstraction of excessive funds from the company's coffers.

I still hope they will 'man up', talk to their customers and agree a recovery plan with them.

HashFast says on its website that there would be 4 announcements to start out in 2014.
Could HashFast post here to let us know what is happening?

Or, could someone living in San Francisco walk into HashFash office to find out what is happening?
Hashfast Technologies LLC 100 Bush Street Suite 650 San Francisco, CA 94104

---

Kevin
http://blog.ikevin.me

There are several possible explanations for the Hashfast situation:

They have run into mammoth technical difficulties which they don't know how to solve
Their attempts at making an asic went wrong and they've run out of cash to try again
They had no intention of making rigs and have stolen customers money
They paid themselves too much and underestimated production costs for customer systems

Feel free to add your own.

I have no interest in Hashfast save that I don't like seeing hard working, trusting people getting a raw deal from suppliers. If they are genuine, they could at least try solve their present situation by being honest and communicating with their customers.

Lots of complex technical projects go wrong, the trick is to keep customers in the loop and tell them whats happening, even if it's bad news. An information vacuum very quickly gets filled by speculation. If Hashfast have had some kind of spectacular failure, I'd urge them to at least come clean and tell their customers what the real situation is. People are a lot more understanding if you at least give them the chance to understand the problem, at this stage they might still be willing to wait and help work out a recovery plan if they have some chance of
actually getting their rigs.

They basically committed massive fraud, they told customers they were going to ship in october and offered full btc refunds in order to sell at such high priceS, it is now January and they haven't shipped and they've gone back on their word about full btc refunds, DONT BUY FROM THEM!

There was a negative publicity about HashFast:
http://www.coindesk.com/asic-manufacturer-hashfast-faces-legal-action/

Excerpt from the article:


Then, on January 1, 2014, HashFast tweeted with pictures of the BabyJet and claims that they started shipping:
https://twitter.com/HashFast

Which batch are they shipping currently?
If an order was placed in December 2013 (ie. Batch 4, promised to ship by "March 31, 2014"), when will it ship?

-----------

Kevin
http://blog.ikevin.me