

Show HN: Reality of running a [Bitcoin] hardware startup - redegg

I am a long term supporter of Bitcoin, and have ordered a couple of specialized mining devices (ASICs) from a well-known individual of the Bitcoin community. This individual, Tom, is known for founding [BTCFPGA](http://btcfpga.com), which sells Bitcoin FPGAs and was one of the first to provide FPGAs to Bitcoin.<p>Recently, he started [BitcoinASIC](http://bitcoinasic.com) to launch ASICs to the Bitcoin mining market. There have been a couple companies who have promised to deliver ASICs, but none of them have delivered yet. Competition is fierce, as ASICs provide significant advantages in hashing power compared to GPUs, resulting in greater profits to miners.<p>Today, I was notified of an announcement of the founder stepping down and selling his equity to an Chinese manufacturer in response to not being able to meet shipping expectations.<p>I find this announcement relatively depressing, Tom had been very enthusiastic and hopeful attempting to have his company be the first to launch ASICs when he started. However from yesterday's announcement, the stress he had taken can be clearly reflected from his post. I also found [this article](http://pandodaily.com/2012/11/20/the-last-day/) relavent through the hard reality of startups.<p>Announcement link (also in comments; too long for here): https://www.btcfpga.com/forum/index.php?topic=954.msg2804#msg2804
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redegg
\--- actual announcement because doesn't fit in self post ---

I know - no one is happy about this

and I have a confession to make.

I have been dumping my blood sweat and tears into making this happen and
perhaps I was in over my head

I thought I could put this together like I did with the ModMiner Quad
obviously it was not and I was in WAY over my head

I fixed the post up from last night - so at least now its has a big of
legibility

yes I had a few drinks before I posted that post (last night) - I was fucking
heart broken, some of you look at my like im a fucking scammer and it kills me
- I helped start some of the infrastructure Bitcoin runs on today, and have
set many Bitcoin firsts and this idea couldent be farsest from the truth. Look
at what ive done for Bitcoin over the last 3 years, I live and breath bitcoin
and I love it.

Unfortunately this project was way over my head and I thought I can handle
this the same way I handled-ed the ModMiner Quad project, obviously I was
sorely wrong and I am so sorry I could not bring this project to market in a
timely manner

But I swear to you and I give you my word I never meant to lie to you or tried
to give anyone bad advice. I am sorry about my drunken (now fixed ) post from
last night - I had a few drinks before that post because after receiving the
bad news (about March) - this was the only way I knew how to deal with it. I
am selling my share in BTCFPGA and it is now going to be owned by a asian
company that is 100% sure of a March Delivery. if you are not interested in
doing business with this company please feel free to filll out a refund
request and we will refund your money is full. There is plenty enough money to
make all of these refunds and I have been a pillar of this community for
years, so please no panic. Anyone that wants a refund - they will receive one
today. Please I ask you to please accept my apologize - if you can wait until
March you will receive a superior ASIC mining device, if you lost your trust
in me and my company than I dont blame you at all. But please understand I
tried the best at the best of my ability and I can't take any of this anymore.
I am not the right man for this job. Your new ASIAN benefactors will be online
soon to greet you all and see where were are at and hopefully they can calm
some of your nerves. They have the equipment to do most of these processes in
house. They dont have to relay on sub contractors and deal with all these
little problems that pop up in that process. They can fab pbcs, pick parts,
soldering machines, the whole nine yards. You will be much happier with this
company and with my out of the picture. Expect contact from them soon.

As for me im going to back to my web hosting business and my computer repair
shop and live the simple life for awhile, enjoy time with my kids and please
accept my apologies for not being the person you needed - the person who you
needed to make his happen.

I will continue to sell modminer quads on <http://btcfpga.com> or mining and
hobbyist uses on the side, and im going to try and live a happy life, I am
sorry I let you down I really am and I hope the Asians took good care of you.

we are not going to scam anyone - if you request a refund you will receive it
right away - if your willing to wait until March you will probably receive a
better product than if you stick with me, thats just the reality of the
situation.

sincerely with blood sweat and tears, Tom

