The absolute lack of any tangible fundamental information that influences the price of BTC means that you should seriously consider not asking or trying to answer why, what, or how prices move.
I'm surprised no one has challenged me on this comment yet. This means that all of the "China is coming online...BUY", "Gold is down...BTC UP!", "The fair value of BTC is X" threads are absolutely worthless. It's pure unsubstantiated speculation which deludes and confuses the participants. If you are relying on Chinese buying, flight from gold, or a magic "fair value" to emerge, you are simply gambling. You have no science, no method, and no plan. You're holding onto hope and hope is one of worst enemies of the objective trader. "Absolute lack of tangible fundamental information influencing the price of BTC" Beep! Beep! This just in:• ...Pirate is closing shop... • ...GLBSE is closing shop... • ...Blockchain reward halving... • ...Wordpress accepting Bitcoin... • ...Reddit accepting Bitcoin... • ...Cyprus on the brink... • ...SilkRoad under sustained DOS, future uncertain... • ...DHS seizing MtGox Dwolla account... • ...Union Square Ventures... • ...Founders Fund ... |
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I'm glad they run the show without a VC.
Yes, the OP has valid points, but do you homework and make up your own mind. Actually BFL reps have stated on many occasions that product development was funded by VC and that pre-order funds were not used for that purpose. I think you'd have to be pretty special to believe that a legit VC firm would watch BFL's antics over the course of the last year+ and not pull out, but that's what we've been told. Which VC firm and how much did they put in? (Must be public info.) Well, It was claimed in their June 15 press release: http://www.prweb.com/pdfdownload/9611889.pdfButterfly Labs Announces Next Generation ASIC Lineup Largest SHA256 Hardware Manufacturer Acquires Venture Capital Funding
...
Venture Capital Funding Acquired, Record Rate of First Quarter Growth
Butterfly Labs, the largest market provider of SHA-256 hardware, is now backed by private venture capital, and
looking forward to continuing its operations in what some have recently labeled the “Silicon Prairie” of the
Midwest.
Retail sales have continued to grow strongly, and with exponential month-to-month sales increases, the decision
to back BFL was made easily. “Butterfly Labs has strong fundamentals indicative of the kind of rapid growth
company we support,” the private equity group notes. “Having made bold investments in new technology,
they’re poised to redefine the landscape for SHA-256 hash verification.”
...
I very, very strongly believe this to be an outright lie or a misrepresentation*, as would anyone with even the faintest knowledge of how professional VCs operate. In one sentence I would summarise it thus: Venture Capital firms do DUE DILLIGENCE. It is just about the very most important factor considered when investing in a nascent company.
*i.e. "Venture Capital" really means Sonny Vleisides personal piggy-bank, the missing millions stolen from little old-ladies and verifiably never recovered: RESTITUTION:Pursuant to 18 U.S.C. § 3663A(c)(3), restitution is not ordered because (1) the number of identifiable victims is so large as to make restitution impracticable [3663A(c)(3)(A)]; and (2) determining complex issues of fact related to the cause or amount of the victim's losses would complicate or prolong the sentencing process to a degree that the need to provide restitution to any victim is outweighed by the burden on the sentencing process [3663A(c)(3)(B)].
Some of the money was spent on furthering the criminal activity.
Some of the money was paid out to victims in small-dollar checks that the co-schemers misrepresented to be lottery winnings.
The rest of the money was paid out to the co-schemers and others for their own use.
VLEISIDES and the other defendants did not buy any lottery tickets, and the vast majority of the victims lost the money they sent.
The total loss from the scheme is in excess of $19 million.
Victims of the scheme were directed to send their money to mail drops in Ireland, The Netherlands and other locations, where participants in the scheme returned the money to the United States. From domestic bank accounts controlled by Henry Walther and others, some of the money was sent back to victims who were told that they were receiving “winnings,” even though the “winnings” were far less than the amount of money sent in by victims. The rest of the money was either spent to further the scheme or to enrich the defendants. Investigators estimate that victims lost approximately $20 million during the scheme, which ran for more than 15 years until it was shut down by federal agents in July 2006.
The 23 counts in the indictment carry a maximum statutory penalty of 460 years in federal prison and fines of up to $8.75 million.
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If I had any bitcoins left I'd sell them at $2 before it dropped to $1.50, then $1. There's a pattern here.
Pardon the necro...  |
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Has anyone ever argued any wrongdoing on part of the consultancy except:
(1) Getting involved in Bitcoinica?
and
(2) Amir's leaking the source-code?
If so, what? (Please refresh my memory. It's been a while.)
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Peter Thiel invested in Bitcoin. Billionaire. (Sorry, Vladimir.)  |
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Buy! Buy!! BUY!!! (Buy the documentary, that is.)  |
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"If Bitcoin ....becomes totally regulated"
Would this even be possible?
sure, the DHS will just raid the raid the block chain if we don't comply. What does that mean? It's a joke. Trollgoat... What he's suggesting is impossible. Well, perhaps not impossible. It's around as possible as, say, confiscating all the water and all the air in all the world. You do have your drinking and breathing license, right? The genie really, truly can't be put back in the bottle. And that's the joke. |
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That was... impressive. |
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Another point to be moved to the OP for visibility... 10 ) "Oh but it was just an innocent unsanctioned lottery, and everyone knows what happens when you cross the gov't."
Hum, could it be that his only "crime" was defying the state monopoly on lotteries? (what is not a real crime at all)
If the letters sent didn't lie about how the prizes would be (amounts and everything), then there's no fraud actually.
But anyways, even if there's no real crime, one may still question this guy's moral character.
If the DOJ testimony is accurate, then this was clearly not merely unsanctioned gambling: Some of the money was spent on furthering the criminal activity.
Some of the money was paid out to victims in small-dollar checks that the co-schemers misrepresented to be lottery winnings.
The rest of the money was paid out to the co-schemers and others for their own use.
VLEISIDES and the other defendants did not buy any lottery tickets, and the vast majority of the victims lost the money they sent.
The total loss from the scheme is in excess of $19 million. This directly contradicts Inaba/BFL_Josh's story, though not necessarily the story he was originally told. In conclusion, there was NO WAY investors could win. It was massive, organized fraud and the theft of old ladies savings. |
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Radio Stream from #Bitcoin2013 in San Jose - LIVE NOW! LINK: http://www.freetalklive.com/listen/liveReposting what I posted to reddit just now: I won't be able to tune in all night...  Would be super awesome if some of you guys would be so kind as to take notes of interesting developments or breaking news covered on the stream and post them here. <3 ... Hmm... Conference coverage was cut off by some really annoying commersials and pre-recorded self-promotion loops. Hope they return shortly. ... Yay, they're back... ... Interviewing Fred Ehrsam from Coinbase right now. This is awesome. And I'll stop talking to my self now.  ... |
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Vitalik Buterin on now, nice interview. ... Lawd... Ads for Viagra and Cialis... If I wanted penis-pill spam, I'd open my inbox.  ... I guess there has to be ads running while they find the next guy to interview, but... Are these ads especially bad, or is this normal for American radio? |
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LINK: http://www.freetalklive.com/listen/liveReposting what I posted to reddit just now: I won't be able to tune in all night... Would be super awesome if some of you guys would be so kind as to take notes of interesting developments or breaking news covered on the stream and post them here. <3 ... Hmm... Conference coverage was cut off by some really annoying commersials and pre-recorded self-promotion loops. Hope they return shortly. ... Yay, they're back... ... Interviewing Fred Ehrsam from Coinbase right now. This is awesome. And I'll stop talking to my self now. Feel free to post updates here as well, in case the reddit thread doesn't fly. Turn on, tune in, coin up! Ooh... Tony Galippi on now.
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hello everybody
as I am very busy lately I can't follow developments
so, one question;
is there any known reasons for this rise in price?
1) WebMoney adopts bitcoin 2) PayPal founders get into bitcoin 3) Return to upward trend before Dwolla news came out, we were at $119 testing 120 back then. 4) Bitcoin conference And probably more reasons I'm not thinking about right now. This morning, Bart Chilton of the Commodity Futures Trading Commision said, about Bitcoin, quote:
"They don't exist. And I didn't want to regulate them. I didn't want to put the government's stamp of approval on Bitcoin."
Source: http://video.cnbc.com/gallery/?play=1&video=3000169018 |
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 TSUNAMI ALERT.  |
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To be added: 8 ) https://bitcointalk.org/index.php?topic=204375.0;all
 It's not like there's a top bitcoin pool in Kansas City or anything... oh wait...
Dhenson: consummate idiot.
Feel like defending your intelligence now?
I'm sorry, but the coincidence is just too great to ignore. Of all the 30,000+ cities in the United States, the largest concentration of U.S. hashing is situated in your backyard and yet we are to believe that you aren't involved? Really? You didn't even bother to deny it, you simply jumped straight to the personal attack. This is a well known tactic used by companies all over the world to discourage dissent in online forums. You sir do, it well. It simply isn't possible for Josh to spout off like this and keep his job if he didn't have the consent of his boss(es). Why would the company support this flagrant behavior if not to discourage dissent whilst continuing to ram the proverbial hashing rod deep within our collective rectum? Why would I try to convince anyone that I'm not involved with that node? (It's actually a set of nodes) Are you serious?
9 ) https://bitcointalk.org/index.php?topic=207331.0;allOrders 2030, 2158, 1000033476 - Paid for via BTC - 4 x Single SC 60GH/s units
---
On May 16, 2013, at 12:46 PM, Butterfly Labs Inc wrote:
Dear Christian,
It has been relayed to me that you are unhappy with our company and I was asked to cancel your orders. If you would send me a PayPal address I will send your money back to you ASAP.
Jody
BF Labs, Inc.
----
My response;
---
I am sorry, but that is erroneous.
I have never asked for, nor do I wish to receive a refund.
I have been patiently waiting for over 11 months now, and still have faith Butterfly Labs will deliver product.
Regards,
Well, what do you know, butterflies in jackboots... Since BFL's ASIC announcment last summer, Bitcoin as appreciated by almost ~20X. Assuming you bought a minirig for about half a million dollars at today's exchange rate, and you dare complain, and it displeases them, they can arbitrarily cancel your order, refund 30000 USD and keep the ~5000BTC difference. Attn. Josh & Sonny: please go and Die In A Fire. Sincerely, -elux. (On behalf of the silent victims.) |
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Erm, genuinely what proof does anyone have that they are specifically singling him out for abuse?
From: Butterfly Labs <office@butterflylabs.com>
Subject: Re: Orders to refund
Date: May 16, 2013 3:30:16 PM CDT
Hello Christian,
After reviewing your account, we have decided to end our business relationship with you. At this time, we are severing all business ties with you and will be refunding your money. This decision was based on a number of different factors and is final.
Sincerely,
Butterfly Labs, INCIOW, Thank you very much for the almost 5k interest free loan you provided us for the last xx months, now kindly fuck off and leave us alone!!!!!!! Colour me unsurprised... Remember the Pirate and his Savings and Trust? "If you make a fuss he'll bump you to the back of the line." Fear tactics against voices of dissent. WAKE UP, SHEEPLE! |
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