Cloudhashing is the only way in bitcoin mining to guarantee you get ripped off and don't see a profit.

Seriously I dare anyone to find a single person who has reached a positive ROI using any type of cloudmining.

Just thought it might be fun to make a thread to create an organized list of all the blatant lies from BFL. I am talking about things that can be factually proven to be inaccurate/misleading/bullshit. I would like this to be a civilized discussion so please attempt to keep the trolling to a minimum.

Updated last: May 4 2014



List of Lies
1. (monarch) The fastest and most power-efficient Bitcoin miner yet
2. Butterfly Labs has shipped more ASIC products than all competitors combined
3. Our facility in Kansas has the largest production capacity of all Bitcoin hardware manufacturers.
4. The Competition at least $ 17.50 /GH
5. 65nm ASIC chip is now powering the majority of the bitcoin network
6. The bottom line is that BFL is the only 28nm chip manufacturer on its 2nd generation ASIC
7. All manufacturers in this space have experienced some degree of delay with their first generation ASIC
8. 28nm products won't begin shipping til year end
9. (monarch) plan to begin shipments in February, 2014
10. Orders are shipped in order date priority so any order placed now should be expected to be delivered in March.
11. We are pioneers of the industry - having manufactured the first commercial Bitcoin mining hardware.
12. November / December    Initial Shipping
13. still on track for December/January
14. As we enter the 28nm era, we're the only competitor with a proven ASIC design in the field.
15. Tape out August 2013
16. Gen1 65nm asics will be around 1w/gh
17. BTC mining, being a zero sum activity, makes it viable and profitable to get as many people to cancel their orders as possible, so your position improves
18. We are so confident in our power consumption that we are offering up 1000 BTC to charity if we miss our power consumption targets by more than 10%
19. Everyone should be aware of the fact that you are allowed to upgrade 1, 2, 3 or 4 Jalepeno's to 1 Single and keep your place in line
20. Individual orders that are less than 6 months old and that paid for the reduced price 600GH or 300GH Monarch will likely not be delayed past the expected delivery date
21. We have developed the most technologically advanced, most power efficient mining chip on the planet by a factor of two.
22. KnC's new 20nm chip isn't even close to our 28nm chip in terms of performance.
23. I have spoken with Theymos, the operator of Bitcointalk, about this and I have his full knowledge and permission to perform this experiment
24. plan to begin shipments in March 2014
25. However, this is our second generation, so we have much greater clarity on the process
26. meaning the deployment of the Monarch will be delayed about 5 weeks from now
27. it is possible we will begin shipping limited quantities by the end of the week of the 21st(april), it's more likely we will begin shipping the following week, assuming no blocking issues arise.
28. our mining chip is more than 2x efficient than any other chip out
29. The Monarch product line is essentially 3x - 5x more efficient at any comparable hashrate than the competition
 
Forecast:
- (monarch 600GH) 350w (0.6w/GH conservative estimate)
- Orders are shipped in order date priority so any order placed now should be expected to be delivered in June.
- Refunds will be issued in 30 to 45 days from the date of request of refund. Refunds will be in USD.
- We plan to begin shipping within the next 10 - 12 days, but that timeline is still in flux as we adjust the board components to best utilize the chips.

Bonus:
- Josh/Inaba of BFL has now resorted to paying shills to boost his own trust rating and defaming critics by leave false negative trust.
- https://bitcointalk.org/index.php?topic=549403.msg5979745#msg5979745



Sources:
1. See KNC, Avalon, Bitfury, Bitmain, Bitmine, Cointerra, Hashlast, Spondoolies, Dragon/lightning
2. Obviously not talking about hashrate because that would be absurd. I assume # of products which is still untrue considering the amount of asicminer/bitfury usb miners sold.
3. If largest production capacity means shipping out hardware in a timely manner, I would say they fall in dead last. (maybe hashfast is slower in shipping products)
4. Competition is actually as low as $3/GH. See bitmain
5. Obvious lie. Unless less than 5% of the network is now considered a majority.
6. See KNC.
7. See asicminer/bitmain
8. Already 3 months past years end and this statement is still not removed. *unless they mean this years end which would probably be accurate
9. Misleading. They have planned to ship every month since October of 2013.
10. Devices confirmed to not be shipping march.
11. See asicminer
12. Still have yet to ship anything.
13. See 12.
14. Was said literally months after KNC gave us a proven 28nm design.
15. Tape out September 2013
16. Actually around 3.5w/gh
17. Absolutely ridiculous to believe anyone would think this.
18. https://bitcointalk.org/index.php?topic=197050.0
19. Jalapenos intentionally sent out first.
20. March was expected delivery date for all orders before march.
21. Bfl 28nm chip is estimated to be 0.45 w/gh. Knc is estimated around 0.35 w/gh.
22. See 21
23. "He asked me whether he could demonstrate that the Trust system is broken. I said that he could, though I didn't know exactly what he was planning, and I don't like what he's doing" - theymos
24. March has officially passed. No products shipped.
25. Delays from gen1 were 8 months. Delays from gen2 are currently 6 months.
26. past 5 weeks since announcement.
27. past 2 weeks since announcement.
28. 2x better than bitfury would be below 0.2w/gh
29. see 28.

Quoted before you delete.

Any plans for a low end miner?

What is the hashrate in eco/turbo mode?

Correct me if I'm wrong but this sounds a lot like you are getting a significant discount along with skipping all the thousands of hashfast preorder customers who have yet to receive their hardware.

Even with supposed discounts it is still not a good deal because by the time hashlast ships asicminer/knc/spondoolies will be releasing next gen hardware that makes 1w/gh obsolete.

+1

Even if they had efficient and competitively priced hardware (which they don't) I still would still never touch anything made by hashfast or bfl for the matter.

What is the deal with partnering exclusively with those companies that burned their customers?

Reread my post. Colored coins is a decentralized exchange of ownership and they are even working on decentralized exchanges implemented within the wallet software.

However exchanging fiat to cryptocurrency is not possible through an algorithm. It requires trust.

There is no algorithm that would allow us to not need to trust exchange/security operators

You don't understand what he is saying because he is talking shit.


You perfectly described colored coins


This requires a centralized exchange or trusting an individual. Not fixable by an algorithm.

So you are telling me you currently attempting to write code that can replace the need for centralized exchanges with things like mpex along with anonymity and no need for trust.

You sir are talking shit.

Are you going to tell me next you are working on a functional warp drive and time machine?


Talking shit confirmed.

https://bitcointa.lk/threads/asicminer-entering-the-future-of-asic-mining-by-inventing-it.61268/page-902#post-5242784

Unsurprisingly the forum using half decent software has a much better search utility.


I agree. At this time the only significant value in altcoins is that they are gpu/cpu only. Other than that 99% of them are just tweaks.

Let's not be coinist..

We need altcoins to test out new features.

Let the free market decide.

Lol.

Openly running a ponzi as an american citizen.  What can go wrong?

Found a pretty funny ipo from one of garrs shill accounts:

https://bitcointalk.org/index.php?topic=134825.msg1435767#msg1435767

Seems legit

Please do explain your idea point-by-point. Because I believe I am understanding you fully and it is you who is not understanding the concepts behind verifiable trust.

You cannot mathematically prove trust. Simple as that.

I never said I want the government doing anything with my money. I simply want to know who I am giving my money to so that in the case it is stolen from me, I can attempt to find who is responsible and let others know.

One thing very prevalent in the bitcoin world is running a decent business for a certain amount of time and then simply disappearing with the money. Happens just about every few weeks in this community.


It is not possible to prove trust mathematically. The point of bitcoin was to be trustless. We still need to trust who we are sending the coins to but we no longer have to trust the entities transferring the coins.


This is another idea I disagree with. As many have pointed out there are many thing about colored coins that would make them bad for exchanging including slow transfer times. We will still need centralized exchanges just like we have bitcoin exchanges but with colored coins implemented for security/standardization.

I think what TaT is trying to say is that without a name to attach trust to, there is nobody to go after should the company decide to pull a fast one.

For example btc-e could shut down right now and run with all their users coins and nobody would know who to go after (besides the NSA of course).

This is my main issue with WoT. Very vulnerable to shills/hackers/scammers.


Yes WoT is the solution to that specific problem. But it is far from perfect at its present state.

This is another topic for intense debate but unrelated to the purpose of the colored coin protocol.

Congrats. You discovered the main purpose of decentralizing trading.


This is not the purpose of a decentralizing trading protocol. There will still be 3rd parties/exchanges doing due diligence. Exactly what they do now but now with the ease/speed/security of a standardized/universal protocol for recording ownership.


I agree but we don't need a universal/standard WoT. We do not need a central point of weakness within any system.


A great example of how colored coins would benefit us investonomers would be looking at the bitfunder/btct.co situation. Had colored coins been implemented, instead of painstakingly manually reading/exporting/converting every security on the site, users could have simply set an address to receive colored coins and all shares could have been sent out in minutes with little effort.

This means that it will no longer be a huge problem when the SEC steps in and makes "owner of X exchange" halt trading/shut down.

Of course this will not solve the problem of scammers creating bitcoin securities, but that is like assuming that the purpose of bitcoin was to remove all scammers from using currencies.