Post
Topic
Board Hardware
Re: HashFast announces specs for new ASIC: 400GH/s
by
SolarSilver
on 11/12/2014, 11:26:53 UTC
That email doesn't say you'd get all the BTC you spent back regardless of how high the price of BTC goes.

Even if HF did say "no matter what" how could you reasonably believe a tiny start-up could possible make good on such an unlimited liability?

How many other impossible things do you believe, when it is in your financial interest to (pretend to) do so? 

The sec/fbi had all the time in the world to get involved.  They've already heard your tale of woe, and found it lacking.

http://lmgtfy.com/?q=if+it+sounds+too+good+to+be+true

You lied to yourself.  Because greed.

Sorry ICEBREAKER, I take on many contracts with other companies that promise me things that are too good to be true, like insurance companies and bank guarantees. The way it works in the real world, is that these companies hedge themselves. They have to. Even lotteries have insurance against certain statistical odds.

If my house burns down or my car gets stolen, I do get a refund. We had a freak storm (this is the no matter what part) here last spring and hail damaged a lot of properties, we all got our glass surfaces replaced, in my case it covered all of our solar panels. There are a few cases that excludes their coverage like nuclear disasters and terrorism, but it's clearly described in their contract. There is no discussion about it.

Is that greed? I pay them 5 cents on the dollar for the insured value and they do pay. And they don't even go bankrupt. Why? Because they have a sound business plan that involves hedging and re-insurance.

For all the goods I order in USD and sell in EUR, I hedge all my contracts against currency fluctuations. And with the drop in the EURUSD value over the last months, I'm not affected. I'm not going bankrupt.

It's obvious Hashfast made promises they could not keep because they never hedged. They did not keep a sizeable buffer of refund money in BTC. They did not get a reinsurance contract with a company like Swiss Re.

That shows either malicious intent or incompetence.