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Author Topic: Butterflylabs Huge SCAM  (Read 415241 times)
btcminer021
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May 02, 2013, 09:51:30 PM
 #961

Did anyone get that email yesterday? BFL explained the reason for higher power usage and larger form factor was to "deliver customers what they expected". Well, it would have helped if they indeed did deliver what was sold, and on time!

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stevenb
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May 02, 2013, 09:54:18 PM
 #962

Almost 6 month for a 5GH/s one? i better buy GPU rigs.

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May 02, 2013, 10:16:05 PM
 #963

Did anyone get that email yesterday? BFL explained the reason for higher power usage and larger form factor was to "deliver customers what they expected". Well, it would have helped if they indeed did deliver what was sold, and on time!

did not get anything - but my order was for jalapeno what was your`s?
megaminer59
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May 03, 2013, 03:32:40 AM
 #964

Almost 6 month for a 5GH/s one? i better buy GPU rigs. +1
Thorgrim
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May 03, 2013, 04:21:55 AM
 #965

I was thinking of buying from BFL for awhile but when I did the math I realized that if they could actually deliver what they promised they would be able to make as much money running one of their jalapenos for a week as they would selling it.

IF they actually had the technology they claim why sell it at all? Why not just mine. After the first week of mining it would be free money and the asics they sell are supposed to use so little electricity that the difficulty would have to go up an awful lot before mining would be unproductive.

When something sounds too good to be true it usually is.

At best these guys are running their company terribly by over promising and under delivering. Continuig to take pre-orders when you are over 6 months behind schedule is not a good business practice.

At worst they are perpetrating a massive scam, always coming up with new excuses why their product is delayed, all the while raking in more money for product they never intend to deliver.


ETphonehome
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May 03, 2013, 04:25:28 AM
 #966

Sad thing is with competitors delivering product, the game is over for bitcoin mining, basically.  If you aren't already in, you may as well mine Litecoin, which is I think exactly what is happening with the bitcoin price- miners switching their gear to litecoin, selling bit coin.
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May 03, 2013, 04:28:46 AM
 #967

You can mine with a GPU in Litecoin- no ASIC for litecoin- yet.  More profitable to mine feather coin, actually.  http://coinchoose.com/
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May 03, 2013, 04:32:21 AM
 #968

Actually, if you aren't already knee deep into mining, the best thing is probably just to buy coins, which is what I'm doing.  Instead of buying a rig, I put that money into buying coin.  Better investment.  It's like an arms race around here.  I'm too far behind.  You place your bet with the coin that has the greatest future.  I think bitcoin will always be around- like Ford.  But you will have options.  i think Litecoin clones are the future, and its a matter of whoever gets there first.  Like .com mania of 1998, people will probably get behind CNC coins just because of the name.  Adding a .com to your name and going public equaled $40 million in 1999. 
Thorgrim
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May 03, 2013, 04:37:54 AM
 #969

Sad thing is with competitors delivering product, the game is over for bitcoin mining, basically.  If you aren't already in, you may as well mine Litecoin, which is I think exactly what is happening with the bitcoin price- miners switching their gear to litecoin, selling bit coin.

Exactly. At this point only the first round of ASIC miners will have an edge. After that their will be so much hashing power that they won't be nearly as profitable as the people buying them figured.

Even if they start shipping now all the people that ordered them are going to get screwed. They could have been GPU mining something for the last 9 months. Think about how may LTC you could have mined before the difficulty went retarded in the last few weeks.

cryptogoldstandard
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May 03, 2013, 04:55:01 AM
 #970

I thought about mining until I did a little research into it. It's quickly getting out of reach for the average Joe. I heard that some Wall Street traders are going to start trading Bitcoins. That should drive the price higher, and then higher and then lower..... Sort of like the stock market during the 1920's and before. My fear is that Bitcoins are becoming too volatile to serve as a useful currency.
Fighting Irish
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May 03, 2013, 05:50:38 AM
 #971

Looks like I will just stick with my GPU until the difficulty gets so high it make no sense to mine anymore.
PMB
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May 03, 2013, 02:24:14 PM
 #972

I am giving him the benefit of the doubt and I leave the burden of redemption on him. If BFL ships, then I will congratulate them personally. 

Hi,

When are they scheduled to ship???

regards,

P
Chuck Finley
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May 03, 2013, 05:53:48 PM
 #973

Actually, if you aren't already knee deep into mining, the best thing is probably just to buy coins, which is what I'm doing.  

As someone who mines coins I am perfectly happy to have fewer miners and more people buying the currency  Grin
m00min
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May 03, 2013, 05:57:31 PM
 #974

Anyone actually got a Jalapeno yet?
Dayglo
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May 03, 2013, 06:05:33 PM
 #975

I don't want to believe it. My housemate lost so much money if this is true =(
rosatambo
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May 03, 2013, 06:56:39 PM
 #976

Anyone actually got a Jalapeno yet?

There are a few threads with screencaps... check the mining subforum.  It looks like they're finally trickling out of the factory.  Next speculation - what will the hashrate be once they're shipping in volume?  I predict 1PHash/s before the reward drops again.
JackMack96
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May 05, 2013, 12:13:44 AM
 #977

Yeah I think they're finally shipping. They sent an email out to all their customers with an order on Wednesday.
charleshoskinson
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May 05, 2013, 12:16:04 AM
 #978

Could you post a link to those threads?

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jonptl
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May 05, 2013, 12:18:53 AM
 #979

I got the email, but seems they are shipping the  jalapeno only so far

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needsmths
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May 05, 2013, 01:42:14 PM
 #980

Eh, wish I knew about bitcoins a year ago.
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