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Author Topic: Butterflylabs Huge SCAM  (Read 376088 times)
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October 08, 2012, 02:37:43 AM
 #101

And you kids will be the ones crying after everyone else is mining 1TH/s.
+1

And the people that buy them will be the ones crying when enough people have ASICs that the difficulty rises and people don't make their investments back.
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October 08, 2012, 02:41:46 AM
 #102

It's literally as if they discovered a way to print free money, and instead of spending it themselves they sell it to you for 10% of the original price.

No. That would be an analogy and thus it's figurative.

Furthermore, BFL could have been using this entire development cycle to obtain huge amounts of btc whilst funding development through conventional funding. If so they've got a vested interesting in keeping the treadmill um hamster wheel I mean bitcoin going for a couple more years at least, so that their btc gains even more value. At least that's what I'd be doing if I were them.

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October 08, 2012, 02:46:50 AM
 #103

this thread is pointless.

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October 08, 2012, 05:03:42 AM
 #104

this thread is pointless.
Your post is.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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October 08, 2012, 06:31:18 AM
 #105

I typically don't get on board with the "BFL IS A SCAM OMGWTFBBQ".

That said, the fact that one of their managing execs is on parole/probation for Fraud is a little unnerving.

I'm not sure of his title, but cablepair is some form of senior management with BTCFPGA, is a frequent poster here, and seems to be an all-around stand-up guy. If I had to choose who to do business with, he would get my hypothetical dollar.
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October 08, 2012, 09:48:12 AM
 #106

The BFL SC chip might be the first product line to help significantly harden security for the first proven ptp crypto-currency.  Profitability?  Production Timing?  Who knows how price vs network hashrate will play out (nobody).  If you believe in the future of Bitcoin, and also that a company can develop a full custom ASIC that will harden the security of bitcoin from government attack, then backing this endeavor just makes sense.  With Inaba at BFL, at least the unknown can be tackled competently during this transition.

I'd bet that no money is wasted in buying a BFL product.  Trade your stinky paper with numbers on it for a tech marvel that frees the world of currency exchange from banking system control... but if you have doubts, please wait a few months in order to keep my difficulty lower while you decide Tongue  And so, yes - it's a huge scam.




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October 08, 2012, 03:44:10 PM
 #107

If you believe in the future of Bitcoin, and also that a company can develop a full custom ASIC that will harden the security of bitcoin from government attack, then backing this endeavor just makes sense. 

I believe that there are some investments that could legitimately return 10% in a month too.

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October 08, 2012, 03:50:29 PM
 #108


I believe that there are some investments that could legitimately return 10% in a month too.

Totally, based on what you define an investment as. If you use your money properly, it's quite easy to make an almost certain profit. Using Forex strategies on the Bitcoin market, and selling coins on the side has made me about $100 in the last 2 days.
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October 08, 2012, 04:59:19 PM
 #109

I just find it weird how there is not 1 bit of evidence they exist. Why don't they release a video of one working as a beta or something...
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October 08, 2012, 05:02:45 PM
 #110

That's one of the problems I have with it. We have the render of the final product, and the two(?) photos of circuit boards being held by gloved hands.
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October 08, 2012, 05:57:11 PM
 #111

I think they'll deliver eventually.  I also think that within a few months of them being delivered any benefit to owning them will be greatly reduced, as the more they sell, the less BTC you'll get out of them.

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October 08, 2012, 05:59:01 PM
 #112

I think they'll deliver eventually.  I also think that within a few months of them being delivered any benefit to owning them will be greatly reduced, as the more they sell, the less BTC you'll get out of them.

And the longer they take to get to YOUR order, the less you'll make.

That's why I've pretty much nixed any plan to obtain one at this point in time.
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October 08, 2012, 10:22:45 PM
 #113

How many people here are currently using the BFL rigs?

Did any one experience a delay, or has anyone here spoken to anyone at the BFL head office?

It shouldn't be hard for BFL to show some live demo of their new rigs for everyone to see especially with all of the pre-orders that they're getting right now.
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October 08, 2012, 10:25:36 PM
 #114

How many people here are currently using the BFL rigs?

Did any one experience a delay, or has anyone here spoken to anyone at the BFL head office?

It shouldn't be hard for BFL to show some live demo of their new rigs for everyone to see especially with all of the pre-orders that they're getting right now.

I'm pretty sure no one has one yet, none have shipped insofar as I know.
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October 08, 2012, 10:31:27 PM
 #115

Josh from Butterfly Labs @ Bitcoin Conference 2012   

          http://youtu.be/bT-smMzg54k

You can make me smile Smiley
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October 08, 2012, 11:13:17 PM
 #116

Josh from Butterfly Labs @ Bitcoin Conference 2012   

          http://youtu.be/bT-smMzg54k

Thanks for sharing! I'm in that vid although I'm not that clearly visible, just the top of my head at best.

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October 08, 2012, 11:28:45 PM
 #117

Josh from Butterfly Labs @ Bitcoin Conference 2012    

          http://youtu.be/bT-smMzg54k

"We wanna get the ASICs in as many people's hands as possibly can to secure the network ..."

To speak about securing the network while promoting the product which will most likely centralize it even more is really ridiculous.

Yeah I'll admit I was thinking of the prospect of them attempting some kind of 51% attack with all those big rigs... Grin

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October 09, 2012, 03:06:40 AM
 #118

Josh from Butterfly Labs @ Bitcoin Conference 2012    

          http://[Suspicious link removed]/bT-smMzg54k

"We wanna get the ASICs in as many people's hands as possibly can to secure the network ..."

To speak about securing the network while promoting the product which will most likely centralize it even more is really ridiculous.

Let's say BFL selling a bitcoin-mining product line based on ASICs is like AMD having sold a bitcoin-mining product line based on GPUs.  AMD never owned the the network any more than Levi Strauss owned the gold of miners he sold the highest quality pickaxes, tents and jeans to during the gold rush.  Besides, there are other bitcoin ASIC-type products on the horizon from other developers. 




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October 09, 2012, 03:52:10 AM
 #119

That's one of the problems I have with it. We have the render of the final product, and the two(?) photos of circuit boards being held by gloved hands.

Can you give me a link to the circuit board photos?

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October 09, 2012, 04:48:00 AM
 #120

It really doesn't make sense to sell your goose that lays the golden bitcoin eggs.  If these low power ASICs really have such a good ROI, why would anyone want to sell them?  Why would you even want to mass produce them?  Something about this doesn't make sense, but I will admit that I don't know what BFL is planning. 

I guess if they can build these rigs for $100 and sell them for $500 they have a fairly good ROI, but it is such short term when they could just mine with it and get a much higher ROI

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