BitPay is officially now an exchange and no longer just a payment provider.

[Piston Honda]

LOL the way these threads derail from pg. 1 onwards is hilarious

[dopecoindude]

LOL the way these threads derail from pg. 1 onwards is hilarious

Laughing so hard....I read the whole thing with a bag of popcorn....

[QuestionAuthority]

LOL the way these threads derail from pg. 1 onwards is hilarious

Word up

[Gleb Gamow]

BitPay processes $1 Million bitcoin order for Butterfly Labs

Geoffrey Hamilton • a year ago
Who bought what from ButterFlyLabs for $1 million? This is the missing piece of information that is boggling my mind right now...

Milly Bitcoin • a year ago
I thought Bitpay only handled legitimate companies? This whole BFL thing is a black mark on Bitcoin and everybody stands by while it continues unabated. I can't see a legitimate company processing a payment like this after all that has happened. It is about time these Bitcoin companies start taking responsibility for their actions.

slipbuck • a year ago
lol!..This is just BFL cashing in SOME of the bitcoins it mined with our miners.

turn kit • a year ago
BFL sent themselves the order to get free press. Well, maybe?

Jordan Merz • a year ago
I would love to see Proof of this, otherwise it just seems like BFL bought a lie on coindesk to make them seem legitamate, seriously now people, why would someone order $1,000,000 worth of BFL gear when KNC and Bitfury have a better track record, perform better, have higher efficency, cost less $per.Mh/s and can be constructed faster?!!

John Law Mod -> Jordan Merz • a year ago
"Bought a lie" ? It was a BitPay press release on businesswire sent by their PR team, available publicly - http://finance.yahoo.com/news/... etc.

If you ignore the BFL/BitPay for a moment - Such large transactions could increase awareness, and so increase adoption by other merchants, buyers, which is a good thing, right?

Erik -> John Law • a year ago
I disagree BFL, is like the Silk Road of mining.
And should disappear from the scene completely

Jordan Merz -> John Law • a year ago
In retort to the first half, That is exactly my point, I don't think it would be hard to offer bitpay somemoney to get them to say "someone bought 1m worth of gear through us!, We're great!" Untill I see proof of this Drastic mistake to order from BFL, I won't believe it.

In response to the second half, I wholeheartedly agree.

However BFL is a crooked company run by fraudsters (literally) and frankly puts a horrible stain on the bitcoin community with their horrible gear, terrible staff, lack of support, but most importantly their constant unyeilding lies and lack of transparency.

BFL is untrustworthy and as the Seemingly largest ASIC producer it makes bitcoin look even less appealing when such a nasty company is considered the largest producer of mining hardware.

Erik • a year ago
Somebody is clearly insane or overly greedy or both.
There a slim chance someone will profit for buy equipment this late in the waiting line. Perhaps a massive discount and put ahead in line may be the reason why.

Looks like a completely unfair advantage if that the case, unless there going to start there own mining lease company

I was not aware of any of the above comments when I proved beyond a shadow of a doubt that BFL did indeed own the 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs BWA pretending to belong to HashTrade, and now the FTC has full control of what remains after Sonny Vleisides tried to liquidate the rest of the BTC via BitPay amounting to ~$5M USD within a 30-day period prior to the FTC raid on BFL, with only $1.2M USD remaining in BFL's Harris bank account that remains frozen sans court approved payouts, and having a receiver in place overseeing BFL's day-to-day operations.

Now, thanks in part to BFL, a concerning issue looms for ESPN's upcoming televised Bitcoin St. Petersburg Bowl. What would ESPN's course of action be if they discovered that BitPay in essence help launder over $10M USD for BFL over the past year, with half that about as late as only this past October? That would not bode well for ESPN's advertisers, now would it?

#ASKFTC

[MineForeman.com]

............. snip bullshit .............

Doing business with people who later on turn out to have been crim's is not a crime.

It is only in wakadoodle land that you can be guilty by association.

[Gleb Gamow]

............. snip bullshit .............

Doing business with people who later on turn out to have been crim's is not a crime.

It is only in wakadoodle land that you can be guilty by association.

KYC comes to mind.

How was BitPay able to declare with 100% certainty that HashTrade did indeed transfer $1M USD to BFL, being so confident that such was the case that they were first to release the press release espousing such? http://www.prweb.com/releases/2013/10/prweb11283333.htm

Think about it! Think really hard... actually, not that hard, for the answer is plain as day as to what transpired.

#ASKFTC

[MineForeman.com]

How was BitPay able to declare with 100% certainty that HashTrade did indeed transfer $1M USD to BFL

Jeepers.. the answer is in the link you provided, did you even look?

HashTrade paid the BitPay invoice for BFL gear.  BitPay was the payment provider... what is confusing about that?

You're thick.

[Gleb Gamow]

How was BitPay able to declare with 100% certainty that HashTrade did indeed transfer $1M USD to BFL

Jeepers.. the answer is in the link you provided, did you even look?

HashTrade paid the BitPay invoice for BFL gear.  BitPay was the payment provider... what is confusing about that?

You're thick.

Thick as a Brick.

Let's revisit how that infamous $1M USD transaction went down, shall we?

Did you know that BitPay had the heads-up from BFL a week prior, making sure that said million-dollar transaction would sail through sans any hitches? Me neither (or I forgot such), till I view (perhaps reviewed) this video: https://www.youtube.com/watch?v=UdV48a-Ay2k (at the :30s mark).

Also, in the same video, we learnt that BitPay DOESN'T hold any client's BTC on their site. That is, if a client wants X% in fiat transferred to their bank account, and the remainder Y% transferred to a bitcoin wallet address, said BWA is in the control by the client and NOT by BitPay. Toward the end, Tony goes into details as to how and where clients can cash out their BTC, for BitPay is only a payment provider for merchants.



Note, as proven previously by me, over 95% of all the BTC that were transacted to the 1QAH BWA stemmed from BFL mining bitcoins and the sale of chips from one dedicated BWA only found on Sonny Vleisides' personal website.

With the exception of the last transaction(s) conducted by the FTC on ~11/6/14, all as in ALL the major dumps (read money laundering) was processed through BitPay prior to, during, and after the infamous $1M USD HashTrade-my-ass transaction.

I see it, you see it, and everybody else sees, but you telling me that BitPay didn't see? Are you seriously telling me that there are no KYC rules/regulations in place that BitPay has to abide to see who really owns/owned that 1QAH BWA as over $10M USD was funneled out into BFL's bank account. Goddamn it, I want in on some that action if that's the case.

And, if the inept BFL's Sonny Vleisides can pull such off, then surely there are a myriad more not-so-inept actors pulling the same ruse. In fact, I know such was/is the case for it was openly discussed at Bitcoin conferences I attended.

circa ~30 days prior to the FTC raid:

Sonny: Hey, Tony, looks like HashTrade is about to pay us $5M+ for what's owed on their obsolete order that we're barely getting out the door now. Can BitPay handle such volume?
Tony: Sure, but have HashTrade break it up into smaller weekly chucks.
Sonny: Will do. Contacting them now.

Sonny: Jody, break up those bogus HashTrade payments into smaller weekly chucks. We got to get them bitcoins liquidated ASAP, for I smell that smell again, you know that smell...
Jody: Will do! And Bruce and Nasser are on line one. Something about garden hoses leaking.

#ASKFTC