I am shocked, SHOCKED to hear that people are having their money seized by Bitfloor once again.
What money seized? bitfloor has paid out BTC withdraw requests and has paid out ACH withdraw requests yesterday. We will see in 48 hours if they are paying out current ACH withdraw requests. So what seized money are you talking about? How about the money you gained at my expense by getting a preferential payout from the last 'hack'? When I tried to sell to a third party Roman specifically intervened and said that BTC owed were not transferable. Yet you were able to sell your bad debt off. No wonder you are such a fan of this failed business. |
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As much as I regret the post I am about to write I feel that it is only fair and holding to the spirit of BitFloor that I disclose everything that is going on and make the information available. Please read the entirety of the post. As always, if you have any questions please post them here versus contacting support so that other users may benefit from the answer (unless it is private). Last night, a few of our servers were compromised. As a result, the attacker gained accesses to an unencrypted backup of the wallet keys (the actual keys live in an encrypted area). Using these keys they were able to transfer the coins. This attack took the vast majority of the coins BitFloor was holding on hand. As a result, I have paused all exchange operations. Even tho only a small majority of the coins are ever in use at any time, I felt it inappropriate to continue operating not having the capability to cover all account balances for BTC at the time. Due to the serious nature of what has happened I am currently evaluating options for BitFloor. One of the last things I want to happen is for BitFloor to shutdown and cause more panic in the bitcoin community. The platform itself is very valuable and provides an important and friendly service to many users. BitFloor is very much focused on the end user and creating a reliable and trusted platform for everyone. Through exchange user support, I can continue to operate BitFloor. I believe that posting the exchange source and being even more transparent about operations would be a step in this direction if we were to continue operating. BitFloor is currently the #4 USD exchange and #1 in the US. As a last resort, I will be forced to fully shut BitFloor down and initiate account repayment using current available funds. I still have all of the logs for accounts, trades, transfers. I know exactly how much each user currently has in their account for both USD and BTC. No records were lost in this attack. I realize that saying that I appreciate everyone's understanding is a moot point, however I do wish to re-iterate that my goal is to find the best and most reasonable way forward for BitFloor customers and the exchange and not create more panic that the community has already seen time and time again. I would like to keep this thread focused on evaluating ideas of BitFloor operation and will create a separate thread for discussion (see below) about the actual transactions and tracing the coin theft. I will not speak at detail about the actual breach at this time as my current focus is on the future and not the past. In the intrest of information for tracking stolen coins: https://bitcointalk.org/index.php?topic=105819.0~Roman Wow so they are closing up shop for a second time. You guys learn your lessons yet? I certainly won't touch a US-based bitcoin exchange ever. Until the trust factor has been built up over time. I am shocked, SHOCKED to hear that people are having their money seized by Bitfloor once again. Who could have seen this coming? |
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I think every two weeks for the next three months we start see steps as difficulty adjusts and avalon plus ASICMiner constantly ship asics. This gets extended (or the steps get larger) if UPS ever gets called to come to BFL. I think we plateau next april after the people who get delivery of devices in december take months to realize they may never get their capital back......
BFL buyers from last year will never get their BTC back. Mining equipment purchases are always speculation on the exchange price of BTC. As such you always need to compare buying equipment against market purchases of BTC directly. People also tend to substantially underestimate the work required to maintain a mining farm with reasonable uptime. |
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I'm happy I didn't buy....
Congrats. Seems to me the biggest winners are those that simply just turned their computer off last year, and simply held onto their bitcoins. LOL! Talk about unnecessary customer frustration. I actually didn't visit these forums from September to February. I just ran my FPGAs and worried about how the reward halving would impact profitability. My estimate last June was that February was the earliest plausible delivery if they had competent staff. I was right about the date, but missed the team that would deliver in that time frame. |
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Friedcat,
Does the direct network connection support stratum? Are backup pools implemented?
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I encourage people who don't know what they are doing to buy as many of these chips as possible. I will buy them from you at pennies on the dollar later.
Whats wrong with somebody wanting to act like a distributor? It works for Coca-Cola and it works for Digikey/Avnet/Arrow? Both of those organizations know exactly what to do to utilize their product, and they offer support. This isn't some heathkit project you solder together in your garage. I can't remember anymore whether I ever had a heathkit or not. I wanted one and I had other kits. I did read the entire Scientific American book of projects for boys. My opinion is that many of those projects would be challenging today for graduate students. I wonder how many people both know what bitcoin is, and also know what heathkit was. While many of your comments are on point in general in any bitcoin forum, please do go back and re-read my original post. I thought I was pretty droll, very under-promised, issued proper cautions about the difficulty, and gave the exit strategy as well as the buy in strategy. I did not promise easy money, nor did I promise a marketing view of engineering or science. It may appear rushed: I thought I was racing the clock, and the "out of stock" status seems to agree with this thinking. I do value constructive criticism and I spend considerable time evaluating it for any instruction that I may gain from it. However, I find that I assimilate the criticism better when I see some connection to my own actions. Well, in this case you are the apparent adult inviting children to come play on the highway. What exactly will you do with one chip? Avalon modules have 80 chips in them. How will you manage risk of yield loss? Who will you contract to build them? How long will it take to go from order to hashing hardware? What will alternative cost at that future date? How many ASIC programs will be shipping in that time frame? They are not my children, so go ahead, let them play in the highway just as rush hour starts. |
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This isn't some heathkit project you solder together in your garage.
It's a QFN48 package with a grand total of eight digital signals. (yes, you could solder together in your garage). get back to me on your yield after you do it with 10 000 chips. The only think dumber than giving money to BFL is trying to be your own BFL. |
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What are your qualifications to handle the board design, manufacturing, assembly and testing?
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Utoh if you shoot a realistic price out I'd take all 4. 50K equiv, since it's 4. Or 50k cash.
So you are offering $30k for one, or $50k for 4? That seems realistic. |
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An exchange which offers an API is subject to flooding attacks either through malice or incompetence.
Automated trades should be forced to operate through a QOS mechanism which limits both individual activity, and the aggregate automated action to a small percentage of total exchange capacity. A fee for API driven trades would also be an effective mechanism to moderate the load caused by automated trading systems.
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Luke-Jr is not an employee. The true side might have won due to the timezone thing and some other factors, but it's close enough that BoB is justified in calling it a draw IMO. It'd be different (though not enough for a scammer tag) if it was BoB's policy to never decide events as draws if at all possible, but they seem to decide events as draws frequently when there would be significant controversy if either side won.
It has seemed to me, for a long time, for whatever reason, this community makes a lot of pro-BFL decisions. Theymos has made them in the past, as has gmaxwell, and now coinjedi makes a pro-BFL move that will destroy his site. Theymos has refused to post my ad which states: BFL: Bald Faced Liars His justification is that it is slander (he means libel). Since the truth is a demonstrative defense against libel and slander, I have absolutely no concerns on that account. I'm not sure where Theymos' heart felt concern for false statements has been every week that Josh gives an update claiming that after they finish step X they will be shipping next week. Since there has always been a dozen or more steps to go beyond step X, every shipping claim I have seen from BFL since I stopped back in here in January has been obviously false. And if we want to talk about libel, here is Josh posting from the same account he uses to buy ads on this forum. I love the armchair engineers that make strong technical pronouncements on the basis of fuzzy/blurry, pixelated images of an object that measures 11mm x 11mm taken with a camera phone. Especially pronouncements made by engineers that can't tell a reflection from a piece of underfill or who define jpeg artifacting as chipped cores. Or ones who can't tell triangles from squares or circles! Oh Burn! You really got me there Josh! I'm totally stung by you. By the way, my armchair for 15 years has looked over a Ph.D. in Engineering, and that chair is situated at Intel's packaging and assembly development division. I've worked a senior engineer on every aspect of those activities for 856 to 1274 today. To explain what that means in terms you are bright enough to understand: - I know about semiconductor manufacturing 100x what you do about making up imaginary schedules
- I know about semiconductor manufacturing nearly 10x what you know about being a douchebag on the internet
Wow, you must really be a good cock sucker then. Any engineer that can't tell a reflection from underfill or underfill from epoxy isn't worth much more than a buck fifty blow job. Congrats on your abilities. I would say you are quite possibly the crappiest "engineer" on the planet, given those facts. Did that PhD come out of a crack jack box? Next time you're under that table, keeping your job, watch the teeth. |
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I'm proud of you for sticking up for us little folks. How much did this ad run you? I may kick some coinage your way.
This week I paid 5.75 BTC. But I anticipate that will be refunded as Theymos doesn't find it plausible that BFL are liars. I would ask you not to contribute, I will probably be refunding everything contributed so far. Theymos is not so stupid to think there isn't obvious proof of lies on BFL's part. Nor is he foolish enough to think that the BoB fiasco is in any way unclear. I leave it as an exercise for the reader to determine what that means about this site. These things take time. Give poor ~theymos another 6 months of BFL bullshit excuses and general slimyness and see if he's come around. I mean he ran ~nefario through the wringer for what seems to the casual observer to be far fewer indiscretions...although not necessarily similarly distributed ones somehow. Crossing Theymos seems to be the only thing that gets you a scammer tag anymore. |
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I'm proud of you for sticking up for us little folks. How much did this ad run you? I may kick some coinage your way.
This week I paid 5.75 BTC. But I anticipate that will be refunded as Theymos doesn't find it plausible that BFL are liars. I would ask you not to contribute, I will probably be refunding everything contributed so far. Theymos is not so stupid to think there isn't obvious proof of lies on BFL's part. Nor is he foolish enough to think that the BoB fiasco is in any way unclear. I leave it as an exercise for the reader to determine what that means about this site. |
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I love how GMaxwell is so quick to bury these threads.
And Theymos tells me that he doesn't think it's reasonable to say that BFL are liars.
A fish rots from the head, and something is foul.
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My bid is withdrawn if you fail to post my ad for round 76 as I delivered it to you.
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Theymos has rejected my ad which had the text. BFL: Bald Faced Liars! That's a little extreme. BFL supporters will call it slander and say that you can't prove that BFL has ever lied. I don't want too much drama. Can you please stick to undeniable facts or obvious statements of opinion?
I'll keep your old ad for now.
Thanks.
BFL has lied hundreds of times. Every claimed shipping date they have ever published is a demonstrated lie. They said they would guarantee hash rates better than all their competition, which is now shown to be a lie. How long did Inaba pretend to not be involved with BFL when he clearly had an ongoing business relationship? Post the ad as submitted or refund my coins. |
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That's a little extreme. BFL supporters will call it slander and say that you can't prove that BFL has ever lied. I don't want too much drama. Can you please stick to undeniable facts or obvious statements of opinion?
I'll keep your old ad for now.
Thanks.
BFL has lied hundreds of times. Every claimed shipping date they have ever published is a demonstrated lie. They said they would guarantee hash rates better than all their competition, which is now shown to be a lie. How long did Inaba pretend to not be involved with BFL when he clearly had an ongoing business relationship? Post the ad as submitted or refund my coins. |
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Why weren't you saying this about Avalon? They want 75 BTC ($9700+ USD) for their 64GH/s machine and 88 BTC ($11,440) for their 86+GH/s machines.
Avalon have actually shipped products into enduser hands, therein lies the difference. I'm going to hold my tongue till units ship but honestly you guys make no sense. If/When BFL delivers; will you guys own up to the fact that those who paid 75 BTC for a 60gh/s unit were fleeced? Uhh.... are you going to admit BFL buyers who paid 200 BTC for a single that still doesn't exist were fleeced? @Dalkore and EntropyUC: Hind sight is 20/20 and to a certain extent I agree with you regarding paying in BTC for ANY device; the lesson learned should be that buyers need to balance their risk when using BTC to purchase mining equipment. Not many people could have predicted that BTC would have risen to more than 10 (20 in some cases) the amount they originally paid. Was I fleeced? This remains to be seen as you have correctly stated that I do not yet have any hashing units. If I don't get my units in the next 2 - 3 months; then you are absolutely correct in stating that I fleeced and will likely be kicking myself in the ass for not just sitting on my coins. Hindsight? I posted that the whole schedule was bullshit the day of the announcement last June. |
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Could easily be a scam, or a failed attempt at an honest business, but isn't the price rise a good sign? I've been hoping their prices would rise, it seemed like the obvious thing they should do if 1) price of btc has risen and 2) demand for their devices has exceeded their potential near-term supply. Then again, I have a little single on order, so maybe I'm just starry-eyed.  The price rise is a desperate attempt to staunch the flow of refund demands before they run out of money to pay Josh's salary. |
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