Quote from: gwoplock on September 05, 2013, 06:59:22 PM

Quote from: terrahash on September 05, 2013, 06:49:51 PM

Quote from: mrthundercleese on September 05, 2013, 06:39:53 PM

Quote from: gwoplock on September 05, 2013, 06:32:18 PM

what will be the converson from current orders to this?

In the other thread TH posted this:

Quote from: terrahash on August 29, 2013, 11:54:36 PM

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.

I think means that those of us that decide to keep our Avalon based order could get that + a 20% credit towards this based on whatever we originally spent. So if you spent 5K, you get a 1K credit towards this one. Not exactly a current order conversion but it's something.

TH did I read that right?

Yes, that's right.

what about my current order?

You'll still get your current order when the Avalon chips arrive. The 20% credit is in addition to your current order, assuming you keep it.

jelin1984, this is the answer to your question as well.