Butterflylabs Huge SCAM

[Trommie]

Does anyone know which foundry these ASICs are being built at? If so we could ring them up and have a thirs person verification. If they are building the ASICs then it's pretty sure the rigs will appear at somepoint but if no foundry has heard of them then it doesn't look good ...

If BFL say which foundry are producing the ASICs I'll put a few pre-orders in.

[wmikrut]

I placed an order, was almost ready to wire $30k, then thought the better of it.

Unfortunately, I also put off buying BTC directly for 3 months after that, until last month :-(

-- FK

Unfortunately it's not going to matter much.  If/When BFL actually gets around to shipping the units, the difficulty will have skyrocketed so high you will never make as much as the early Avalon adopters.  Granted you will make more than us FPGA people  ....

In one month I have watched the difficulty jump from 3.2M to almost 9M.
Where do you think it will be 1 month from now?  How about when Avalon releases the second batch, or people add the upgrade module to the first batch?

[asphaltocean]

I'm quite on the fence about it as well.

Think about it, even with the 5gh/s machine, you'd be mining 10BTC a month.  You're going to tell me that they're totally fine with selling a piece of hardware that generates (at the time of this posting, based on recent market values) ~$2,300USD a month?!

yeah right.

I'd simply never have to work again.

I always remember the old adage:

"If it sounds too good to be true, it probably is."

[jfisbein]

I want to have one of those.

[Facedown5150]

Still waiting on my ASIC.  At least for now my single is chugging away. 

[kevcoins]

maybe josh is using this ASIC for his own mining for a couple of months before he deliver to you all ......let say 60gH/s per set x  1000 set = 60TH/s that is a very powerful weapon considering the hash rate this butterfly machines can produced. making double profit...

[ande85]

Personally I'm relieved that this is a scam. I mean, seriously, one mini rig replaces about 20%-25% of all mining globally? Sounds like a bad thing for the average miner who doesn't have thousands of dollars to throw around...or in my case even $500 would be breaking the bank. So, yeah, for self-serving reasons I hope it remains GPU based...at least this way I have a nice card for gaming as well as mining.

[bcminer9]

Personally I'm relieved that this is a scam. I mean, seriously, one mini rig replaces about 20%-25% of all mining globally? Sounds like a bad thing for the average miner who doesn't have thousands of dollars to throw around...or in my case even $500 would be breaking the bank. So, yeah, for self-serving reasons I hope it remains GPU based...at least this way I have a nice card for gaming as well as mining.

Not to mention decent video editing. My thoughts exactly.

Sorry to those who bought the BFL bs 

[mrb]

Personally I'm relieved that this is a scam. I mean, seriously, one mini rig replaces about 20%-25% of all mining globally?

Your math is bad. It would be only 2% (1.5 Th/s out of 70 Th/s).

And, no, BFL is not a scam (they have a working prototype of their ASICs - not the Mini Rig though).

[roy7]

I can only assume they have taken my money and run. No contact from them since my order in july 2012 (apart from a couple of news letters) and no response to my emails. They dont even sell the product I ordered now.

I've seen numerous people report they got refunds after asking for one. Ask for a refund if you don't want to keep waiting. They've also said the new product line for future orders is separate from the prior product line on older orders. You'll get what you ordered before, not one of the new products.

[gsibble]

As a GPU miner, I'm not sure whether I want this to be true or not.  I'd be happy to see asics move forward and people not get ripped off......but I still want my GPUs to be worthwhile

Oh well.  Time will tell.

[naiqus]

Though they have worked on it......but not this time. I say, negative.

[nightminer]

I don't believe this is a scam because usually scammers do not give refunds. Sure, I am a bit biased because I am also patiently waiting for my 60MHash little box. I am technically speaking an "investor" in butterflylabs. It's almost like a kickstarter project for their new range of products, because I'm pretty sure they use pre-order money to keep this thing afloat.

All new projects have teething problems. I'm pretty sure when Intel created their very first chip they had problems too. If all their investors fled right at the beginning we would not have i7 today.

[Grouver (BtcBalance)]

I don't believe its a run-away-with-money scam either.
There just to much people that placed an order which will hunt down them personally if they run away with the money.
I do think they play a very wrong game with there customers and are lying about a couple of essential things like they paid the whole chip design proces with there own capital.

[Francesco]

I don't believe its a run-away-with-money scam either.
There just to much people that placed an order which will hunt down them personally if they run away with the money.
I do think they play a very wrong game with there customers and are lying about a couple of essential things like they paid the whole chip design proces with there own capital.

...yes. Remember how there being so many people heavily invested in Pirate (some claiming to know who he was or where he lived, some having met him in person) effectively kept him from disappearing, right?

[Fallen666]

Long term they willl earn more by keeping the market alive than to be the only miner out there.....

[Pokokohua!]

maybe josh is using this ASIC for his own mining for a couple of months before he deliver to you all ......let say 60gH/s per set x  1000 set = 60TH/s that is a very powerful weapon considering the hash rate this butterfly machines can produced. making double profit...

Can you show me which pool, or where on the network graphics you saw it? Or is the magic word "maybe" most important in your message?

Personally I'm relieved that this is a scam. I mean, seriously, one mini rig replaces about 20%-25% of all mining globally? Sounds like a bad thing for the average miner who doesn't have thousands of dollars to throw around...or in my case even $500 would be breaking the bank. So, yeah, for self-serving reasons I hope it remains GPU based...at least this way I have a nice card for gaming as well as mining.

How can one minirig of 1.5TH  be 20-25% of a total of about 66TH now? + 600x Avalon coming? Man, primary school stuff!

What a load of funny people involved in bitcoin.

[bub]

Will def keep this in mind

[InspiredEye]

Was there this much FUD leading up to BFL shipping their FPGAs?

[theprofileth]

Butterflylabs has produced and shipped products before and they will do it again, they aren't a scam, they have an office and people actually building things in it...
though I believe this to be true, I mainly just want this to be true so that my $700 purchase will not be in vain.