Quote from: xstr8guy on January 03, 2014, 07:58:38 PM

Quote from: gmaxwell on January 03, 2014, 07:28:46 PM

Quote from: xstr8guy on January 03, 2014, 07:18:41 PM

It doesn't matter what your ToS said at the time of purchase, no one is going to be refunded 50-60 BTC. It's absurd to even wish that could happen. You're going to get $5600 (or whatever you paid in USD) back and that's it.

Where were you when they were claiming thats exactly what they'd do? I don't recall any posts from you on it then. I suppose you are not actually a HF customer and instead bought from their competition without these "absurd" claims, at 1/5th the price?

Why do you think it absurd? If they'd collected the coins and sat on them after all, they say their fabrication was paid for by investors not by spending preorder money then they could easily return them.

Or do you mean its absurd in that they're now sitting on millions of dollars of other people's coins which they obligated themselves to return but can plausibly escape doing so without consequence because of the cost of a legal fight and the possibility of them spending themselves into bankruptcy first, and so it would be "absurd" to honor their agreement? Is that what you mean?

What's absurd? That anyone believes that they sat on millions of dollars of BTC without exchanging them for USD. Sure, maybe development costs were initially covered by investors but where has the money for materials and salaries come from? And HashFast would probably bankrupt then selves if they tried to refund even 25% of their sales in BTC.

And no, I'm not a HF customer. I'm just a curious bystander and ASIC enthusiast. Does that mean I shouldn't have an opinion and can't post here or something?

Yes, they should declare bankruptcy if it comes to that. In the meantime they should begin honoring their refund promises. I'm sure they don't want to refund the total amount in BTC, but they may have no choice.

Think of it this way:

BTC was at about $100 when orders were opened. Let's say BTC was still at $100. It's obvious that right now a babyjet has no chance of ever mining 56 BTC, so EVERY SINGLE ONE of hashfast's batch 1 customers would request a refund and hashfast would be quickly bankrupt. Bankrupt UNLESS, they decided to bump up the MPP so that their customers would at least have a chance of breaking even. Now that their R&D is complete, the easiest and cheapest them for them to do is ship more chips. The only thing that is saving HashFast's asses right now is the current BTC value. Otherwise they'd be in a tough spot.