Yes, it was part of my electrum wallet. It's not now. I think I might have deleted my old electrum wallet because I'm lame and I had/have no idea what I'm doing. But yes the HEWL.... is/was part of my electrum wallet. Is it possible to get my money back? The "new" electrum wallet I have is showing no money or transactions against it. But i do still have the phrase. I've tried to restore my wallet using it, but it hasn't worked yet.

Yup it makes sense now.  I feel stupid (but I blame it on a lack of caffeine as part of a balanced breakfast) .

What? That's the most nonsensical thing I've heard all week.

thanks... i see where the confusion is..  you're right..  its misleading...!

although  the question itself is more of an issue than cointerra's answer.  if it was asked exactly like this in his interview, cointerra probably should've corrected the misconception.    what may have happened is that the question itself may have been edited after it was asked and became slightly different than the question they asked him... but anyway, ravi's answer pretty much  matches my understanding of what happened... namely that they raised $1.5m from investors, which funded 'development' (designing the chip).  And then the product was announced, and preorders started, which allowed them to go into production without requiring additional investment - which is the key takeaway from ravi's answer.   and this practice of designing the chip, then taking pre-orders, which raises the cash to go into production jus no different than every single bitcoin mining asic company has done... from avalon, to bfl, to kncminer, to hashfast, to bit mine etc...   and makes cointerra no different than any of the others.

originally cointerra was trying to raise $6m and go into production (which would've been a different business model without pre-orders and probably without selling mining hardware at retail).. and instead, they raised $1.5, and did pre-orders to sell direct to customers.. so yes, the company pivoted from its original funding model.

its the question thats misleading and if it was asked it exactly like this i think he probably should've gone into more detail to correct the misconception...  so yea, as they've quoted it, its confused messaging.

although its no secret how much it costs to go into production of a 28nm asic, so everyone knows it can't be done for $1.5m or anyone and everyone would've been doing it.

-- jez

since when have they said that?  no recent asic mining company - as far as I'm aware - has ever entered mass scale production without taking customer funds in the form of pre-orders.   (and don't say bitfury because they only make the chips, not boxes and boards... )

cointerra said they raised $1.5m, which covers the engineer cost of designing the asic.  but in order to go into production they would've paid the fab several million, plus their partners would require a million or two... plus they need to order parts to build the boxes... so, the total cash requirement to enter production is $5-7m...  and they would've needed to take customer pre-orders before production could start.

Agree with Korbman... theres no difference between Cointerras use of pre-orders and any other companies use of pre-orders.  The only companies that can afford not to need pre-orders are the ones who didn't do 28nm silicon, which has very high NRE cost and requires taking pre-orders to get a big enough cash pile together to fund the NREs to enter production.

And of the chips that aren't 28nm, the only good one is BitFury... and that was painstakingly designed by hand in full custom.  and was very lucky it worked... it could've easily not!  And it ran at best, at half its intended speed.  And its supposedly difficult to keep running and requires a lot of hands on maintenance.

Anyway, going back to Cointerras model... if there was a mature investor market, then an asic company could raise finance from private investors and fund the multi-million production cost of making high performance bitcoin mining asics... but since there isn't such an appetite for investment from private investors, the only model that can raise the cash required is the pre-order model... effectively crowdsourcing the funds required to enter production.   As stated many times before, if the pre-order model wasn't done, and the asic companies did have a way of funding their multimillion dollar production of asics, do you think they would sell them as cheaply as they do right now...  when they could mine with them instead ?  (or sell them for a lot, as in-stock boxes, like avalon/asicminer did?)

The pre-order system requires that said asic company needs to establish its credentials and provide its specs and target delivery date... and then raise cash from its customers via pre-orders to crowd-source the funds needed to go into production (some estimated it was between $5-7m for a 28nm asic system).  In exchange the customers get the asics for a better price, and get them earlier than they would've otherwise got.   And its a free market, with many asic providers so customers have complete choice of who they're going to back.

Dont like the model?  then don't buy.  or wait til you can buy from stock, but expect to pay more per GH for an in-stock miner than a pre-order miner.  Or why not avoid any risk entirely and buy gigahashes from someone who's selling them hassle-free in the form of mining contracts (like cloudhashing or cex.io).   there you're paying $10-20-30 per GH for something that if you buy direct from a pre-order asic company might only be $3/gh plus 50% more in hosting costs that you pay yourself if you host it at home or pay someone else to host in a professional datacenter.

good find.  Either someone shutdown their mining operations (coinlab?), terahash machines are breaking left and right or tera hash machines are on their way to customers. Time will tell

hmm  no other company ever ditched an old gen and just said, hey look at this shiny new gen!!   let us just move your pre-order money to that... 

Secondly, did you guys miss the title of that job opening ?

Hiring: Principal Verification Engineer for Next Gen ASIC

umm? i thought that was standard, is it not?

If they are late they ship out more hardware at the same cost.

the losses will be fairly consistent throughout the various batches.

While several forum members are educated buyers, there are certainly a lot of trolls and bullies on this forum.  the signal to noise ratio is very low.  

+1!
I have ordered 5x2TH/s for $70.000
And now I get get 10x2TH/s for the same, but I must
need to wait one month more?

Thats really not fair! I will try to upgrade my order to 10x2TH/s

Apparently they don't engage with the forums because they are too full of trolls. I did point out that it seems odd that a company in the bitcoin space would not wish to engage their their customer community.

The fact that they would let these scam accusations go unanswered is a red flag as well. If I was doing a press release for a large product line and new run of chips, which severely undercut my previous run's buyers, I'd have someone monitoring monitoring this thread.

My point is that the past is the past and you should let go of it now.  Its too late to go back in time and buy some hardware miners that were previously incredibly good deals because the network hashrate was low at that time.

we're not talking about a distant future offering thats cheaper than current competitors.  we're talking about similar products from similar companies in a similar timeframe, and even factoring in the discount or net diff rise, you can compare to some extent the price per GH between one company and another.

But today, we are in a different landscape.  The days have long gone of 10 or 20 day roi. And all of the mining companies are out in the marketplace selling hardware for nov/dec (or beyond) deliveries at this point.  Its almost impossible to buy any hardware at a reasonable price for delivery any time before nov/dec, and when i say reasonable price, i mean absolutely extortionately expensive.

And my point is that for the nov/dec delivery dates, the cointerra products seem well priced simply because they are the lowest $/GH for delivery in december.  You cant argue with that?   saying that you dont want to buy in december is a luxury that many people dont have.  Some people, in fact, many people DO want to buy in december.  For some, its adding to their fleet of existing miners, of which their re-investment policy dictates they keep buying new hardware to stay ahead.  For others, its getting into mining for the first time.  Either way, there WILL be people buying mining hardware in december, and there will be people looking at the different options available to them and deciding which is the best value.

no one can argue that if you go back in time, you can buy avalons or even bfls (if you ever got any.. im still waiting for mine!) that are much more expensive per GH, but because the net hash rate was lower, that they are actually more profitable than anything you can buy today.  its nice to wear rose tinted glasses and fondly remember the recent past when mining was insanely profitable.

but, on the assumption that we are where we are today, and anyone who wants to buy NEW mining gear, will be buying in today's landscape, then your options are limited to those that are delivering in the nov/dec timeframe.  And of those, well, im just saying, that even though its a december delivery, a 2 TH box for $14k is actually pretty good value compared to a November delivery of a 400 GH hashfast at $5800 or a knc box at $5000, or a Feb delivery BFL 400 GH box thats $3900.  you do the math and it really doesnt work out that expensive when you take into account what else is available.

or, are you saying that no one is going to buy any more mining gear, ever, just because the net hash rate is continually rising?

changing the subject slightly... i do not agree with the simplistic forecasting tools that many people are using.  the ones that just look at the last 30, 60 or 90 days, and see what % the net has grown, and then multiply through that percentage for every month for the rest of the next 12 months.   Thats just insane forecasting.  We're in a transition here.  The network is transitioning from gpus & fpgas to 1st gen asics, and then from 1st asics to fast asics which have a huge leap in performance this latter part of the year.  once all the fast asics are in use and we have say 4 or 5 petahash on the network at year end, there is absolutely no way that the network can keep doubling every month forevermore.  do the math, dont blindly watch your mining calculator double the net hash rate every month for a year, cos we both know that is physically and mathematically impossible.  The people who claim the network will be a trillion in 2014 are deluding themselves.  a trillion difficulty is 7,000 Petahash.  Just who is going to make 7,000 petahash in a year?  and who, more importantly, will pay for 7,000 petahash to be made?   its insane to think that just cos we've had a very quick growth spurt, that it will continue at the same rate ad infinitum.  it cant possibly!

ergo, people will still want to keep buying mining gear for the forseeable future.  but mining gear is sold at market prices.. ie: the market - the customers - decide the price.  its not sold at cost, clearly, and its not even sold at cost plus margin.  its simply sold at market price.   And the market price is probably at a price thats a chunk less than the asic companies could make for themselves doing solo mining with their own progeny  instead of selling their mining hardware.  otherwise why would they sell their hardware if they would make more, by not selling it ?  everyone is rational in this market.  the mining hardware companies will only build, and sell hardware that they have paid customers for, and the customers will only buy if they think its profitable.  the minute it stops being profitable, everything will slow down (or even reverse).  And of course the ones who will sell for the highest prices to end users are probably the ones that have already made their fortune earlier this year (avalon, asicminer, bfl and to some extent knc).   its the new 'hungry' guys like bitfury, hashfast and cointerra that HAVE to sell their hardware at a more competitive price, because they dont have the luxury of having already made a fortune in the previous generation.

-- Jez

If you are ok with discarding your KNC product in a couple of months after purchase, then go for it.