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Author Topic: Butterflylabs Huge SCAM  (Read 383702 times)
MooC Tals
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May 29, 2013, 04:56:15 PM
 #1741

Oh!!!!

 I see NOW bfl is a bet!!

I guess people are beginning to see the light that this could go bad.

Anyone here put down 30 grand on BFL?



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kencox
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May 29, 2013, 05:10:56 PM
 #1742

BFL has a few thousand of my dollars. I hope they are not a scam. I am not charging back the credit card just yet. I want the miners.
Crindon
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May 29, 2013, 05:13:51 PM
 #1743

Paying with Bitcoins is optional, though it is true they can run away with them. Whenever I make large ticket purchases, I use a credit card through PayPal. I don't like the part of them likely and probably using their systems to hash. In essence, they are no longer selling you a new item. However, if they doing some light testing to make sure everything works properly, that won't be a bad thing. It's just that I don't think that is what they are doing with the items.
creativex
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May 29, 2013, 05:18:22 PM
 #1744

BFL has a few thousand of my dollars. I hope they are not a scam. I am not charging back the credit card just yet. I want the miners.

If that isn't a few thousand in Jalapeno orders placed in June or July of 2012 you should definitely request a refund or initiate a charge back. Their backlog of orders will ensure that you don't receive a product any time soon even if they do miraculously start shipping other products at or near the rate of production they claim to be within their capabilities.

BitCoinNewGuy
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May 29, 2013, 05:27:59 PM
 #1745

By the time the BFL items ship, they will be outdated lolz.
Quote
It's just that I don't think that is what they are doing with the items.


They are currently mining bitcoins with your rig you purchase, duh!
newmars
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May 29, 2013, 05:32:46 PM
 #1746

ordered one BFL miner as well. Don't know when I can get it.
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May 29, 2013, 05:37:38 PM
 #1747

Last time I looked they do NOT publish power consumption.  KWH per bitcoin or KWH per GHS will tell you what their product is worth. 
joae1975
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May 29, 2013, 06:58:14 PM
 #1748

So if they're sitting on all of these active miners, then once they ship, the difficulty won't change... One can only hope.

1CTRG2ozX9ugneLeGjwDWDSNimpghTdLJm
creativex
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May 29, 2013, 07:03:56 PM
 #1749

Last time I looked they do NOT publish power consumption.  KWH per bitcoin or KWH per GHS will tell you what their product is worth.

That's because when they did publish power consumption numbers they turned out to be off by several hundred percent. Until recently the published power consumption of BFL's entire SC line was 1w/Gh/s. They were allegedly so confident that this impressive level of efficiency would be met that they bet 1000BTCs that it would be achieved on shipping products, though the efficiency of the few products they have shipped has been measured to be approximately 6x 1w/Gh/s.

This means that they owe 1000BTCs to charity which they've thus far failed to pay.

Quote
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%. We are offering our devices at 1 watt consumed per gigahash. If our power targets end up consuming more than 1.1w of power per gigahash, we will donate 1000 BTC to charity! How is that for confidence in our power usage?

With the recent focus on power consumption, we want to reiterate that we stand behind our customers and our products. We have designed our mining equipment to be the smallest, fastest, most aesthetically pleasing and most power efficient mining device available on the planet. We guarantee that in the form of 1000 BTC! When you buy a BFL product, you know you're getting the absolute best mining device available, period.

Last month, we gave an extensive interview to Bitcoin Magazine where we shared many of the "secrets" and technical details everyone has been been waiting to see. In anticipation of the magazine's release, they've put out a couple teaser pictures of our Jalapeno and MiniRig boards.

More pictures are on the way!

https://bitcointalk.org/index.php?topic=160627.0  

charleshoskinson
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May 29, 2013, 07:19:47 PM
 #1750

And Josh lied there. He never donated to charity.

The revolution begins with the mind and ends with the heart. Knowledge for all, accessible to all and shared by all
karlsberg
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May 29, 2013, 07:29:46 PM
 #1751

Delivery is in two weeks  Roll Eyes
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May 29, 2013, 07:36:00 PM
 #1752

I spoke to one of their CSR's in China over chat yesterday. When I asked if they had the 5Gh units ready to ship they said "yes". When I asked if they could ship it out tomorrow if I pay right now, they said "no, 2 months". This seems ambitious but possible since they now have their manufacturing up and are learning how to box and ship.
MooC Tals
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May 29, 2013, 07:43:18 PM
 #1753

Last time I looked they do NOT publish power consumption.  KWH per bitcoin or KWH per GHS will tell you what their product is worth.

That's because when they did publish power consumption numbers they turned out to be off by several hundred percent. Until recently the published power consumption of BFL's entire SC line was 1w/Gh/s. They were allegedly so confident that this impressive level of efficiency would be met that they bet 1000BTCs that it would be achieved on shipping products, though the efficiency of the few products they have shipped has been measured to be approximately 6x 1w/Gh/s.

This means that they owe 1000BTCs to charity which they've thus far failed to pay.

Quote
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%. We are offering our devices at 1 watt consumed per gigahash. If our power targets end up consuming more than 1.1w of power per gigahash, we will donate 1000 BTC to charity! How is that for confidence in our power usage?

With the recent focus on power consumption, we want to reiterate that we stand behind our customers and our products. We have designed our mining equipment to be the smallest, fastest, most aesthetically pleasing and most power efficient mining device available on the planet. We guarantee that in the form of 1000 BTC! When you buy a BFL product, you know you're getting the absolute best mining device available, period.

Last month, we gave an extensive interview to Bitcoin Magazine where we shared many of the "secrets" and technical details everyone has been been waiting to see. In anticipation of the magazine's release, they've put out a couple teaser pictures of our Jalapeno and MiniRig boards.

More pictures are on the way!

https://bitcointalk.org/index.php?topic=160627.0  



https://forums.butterflylabs.com/content/123-bfl-offers-1000-btc-charity-if-they-miss-their-power-targets.html

This?
solareclipse64236
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May 29, 2013, 09:14:45 PM
 #1754

Hi can we get a group together who is interested in suing BFL?

I'm thinking class action lawsuit, if there were 1 million orders then the US law system will take us more seriously.

1 million people is a significant number after all.

charleshoskinson
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May 29, 2013, 09:23:51 PM
 #1755

Quote
Hi can we get a group together who is interested in suing BFL?

I'm thinking class action lawsuit, if there were 1 million orders then the US law system will take us more seriously.

1 million people is a significant number after all.

Certain thresholds must be met before this occurs, but they are moving closer to such an event. Please be patient and let's hope BFL delivers on their promises. A class action wouldn't recover the damages just bankrupt BFL and expose their lies to the general public. It's the nuclear option in my opinion.

The revolution begins with the mind and ends with the heart. Knowledge for all, accessible to all and shared by all
MooC Tals
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May 29, 2013, 09:31:20 PM
 #1756

Hi can we get a group together who is interested in suing BFL?

I'm thinking class action lawsuit, if there were 1 million orders then the US law system will take us more seriously.

1 million people is a significant number after all.
Ever hear about beating a dead horse? Everyones better off letting them at least try to deliver to their customers. law suit now will only hurt the bitcoin community and solve nothing.imho

Just like charleshoskinson said this need to work it self out. The time is not now!

Let them have a chance but Josh is better off doing his job and stop posting here to stir up hornets.

Josh!  Just get the dam job done stop promising shit!
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May 29, 2013, 09:38:08 PM
 #1757

Butterfly labs should be shut down today.
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May 29, 2013, 09:39:55 PM
 #1758

As a non BFL-purchaser the longer it takes the better for the rest of my Miners Wink
skippylou
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May 29, 2013, 09:52:18 PM
 #1759

BFL appears to be severely mismanaged; that might qualify them for some Stimulus money.  Grin
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May 29, 2013, 09:56:19 PM
 #1760

Last time I looked they do NOT publish power consumption.  KWH per bitcoin or KWH per GHS will tell you what their product is worth. 

As I recall the 5 Ghash/s unit had 30W TDP. Avalon units are 60 Ghash/s and 620W, so if long-term profitability matters (well, for BFL customers it is the last bastion of hope), they would be better compared to other solutions to date.
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