Butterflylabs Huge SCAM

[FrenchFriesKetchup]

Whether it is scam or not. I'm glad i did not invest money. Not worth the troubles.

[1715464188]

1715464188

[crazynoggin]

I remember at one point I was really interested in buying the 5gh/s ones for some casual mining. It did seem sort of fishy just reading their description and having none of the useful information about their product that one would really want. Extremely glad I didn't invest in one of them from what I have seen so far.

[tuliplover]

Even if it's not a scam, I'd never pay for a product that's not even in production yet, not to mention the ridic shipping times.
But each to his own, I guess.

[GigaCoin]

I remember at one point I was really interested in buying the 5gh/s ones for some casual mining. It did seem sort of fishy just reading their description and having none of the useful information about their product that one would really want. Extremely glad I didn't invest in one of them from what I have seen so far.

What i understand is based on many calculations even if they aren't scammers, if you purchase anything lower than 500GH/s it won't be worth it, since by the time you receive the equipment, difficulty will go through the roof, you won't be making much. The only ones who will truly benefit are the ones who get it early.

[tuliplover]

I remember at one point I was really interested in buying the 5gh/s ones for some casual mining. It did seem sort of fishy just reading their description and having none of the useful information about their product that one would really want. Extremely glad I didn't invest in one of them from what I have seen so far.

What i understand is based on many calculations even if they aren't scammers, if you purchase anything lower than 500GH/s it won't be worth it, since by the time you receive the equipment, difficulty will go through the roof, you won't be making much. The only ones who will truly benefit are the ones who get it early.

Not to mention that it's in their self interest to delay the shipping as much as possible, either to use the rigs for mining or just to have less competition for their own stuff, although the latter is prob less of a factor.

[MooC Tals]

Really, everybody needs to calm donw. I know when I started reading about the whole bitcoin stuff I was also a bit confused, but it's just a matter of reading with a critical mind and becoming informed. BFLabs is not a scam. I know of people that have their Jalapeños working, I ordered one myself... Calm down boys....

Really I guess I should believe you. I'm not disputing that they won't deliver a working product. What I am saying is since I been following BFL which was Oct of 2012 I been hearing every month that they were just weeks away from delivering a working product.

How many ordered in Dec that heard they were shipping in Jan?
How many have ordered in Jan that heard they were shipping in the end of Feb?
How many ordered in Feb hearing they were shipping the end of April?
How many are ordering today because of seeing a working unit on youtube?

How many are hearing now that shipping would be late July if you order Today?

This is the crime I'm talking about but this was being done from last year as early as August of 2012. Stringing customers along for a year lying along the way.

[Rampion]

Jalaps seem to mature, but it seems there are issues with the other 2 SC ASIC miners.

Actually with 3 - 25G, 50G and 1.5 TH.

I still wonder how minirig will look like

Wake up, minirig won't exist for a long time, at least for this generation of ASIC.

If you want 1.5 TH you will need a mining farm, not a single machine that can be used on a residential installation. Too much electricity.

[richardyang]

Just ordered one, and waiting ......

[Aahzman]

K, let me be the millionth person to say that BFL is not a scam. They just suck at business and customer service.

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all those links are shit, dude. Beats is nothing more than enhanced bass being pimped out by the Dr Dre name. They suck ass. I got a free pair of Beats Tour Earbuds and won a pair of Beats Pro headphones at an HP event, and man, they are nothing special at all. I refuse to even wear the headphones in public, because i think people who wear giant studio headphones out and about look like wannabe DJ douchebag assholes.  The earbuds have no better audio quality than my $100 Sennheiser buds.  Christian Louboutin are the ugliest farking shoes I have ever seen on a woman. And trust me, with my fiancee shopping for wedding shoes, I have had to look at some ugly farkin' shoes.  Even Louis Vuitton is pretty much crap these days.

But back on topic.  As I've said before, I'm optimistically hopeful that my 2 x Jalapenos will ship. If they don't, I'll be very disappointed, but I'll quickly get over it.

LOL @ the guy who claims to "don't care if any of you if any of you get your miner" yet continues to post the same old tired BFL-hate over and over again, like repetition somehow makes it more valid. Did Josh knock your sister up or something, MooC?

[GuiltySpark343]

All businesses are ponzi schemes, in a way. What I mean is, they sell a product/service, generate revenue. That revenue is needed to pay their staff, overhead (electric bill, office space, taxes, etc), and that revenue is necessary to fund parts necessary to build more product to sell.

As with all ponzi schemes, if new customers stop buying into the scheme, the ponzi scheme falls apart. Well, if new customers stop buying a product/service, then that business also falls apart.

Now I'm not really suggesting that all businesses are ponzi schemes, but my point is that depending on how you define a ponzi scheme, all legitimate businesses could be classified as such. Obviously, most rationale people would not consider legitimate businesses as ponzi schemes. What distinguishes a true ponzi is that the "product" or "service" does not really exist. Madoff's ponzi was reporting profits that did not exist, and distributing profits that did not exist (he was just giving customers other people's money).

We know BFL jala exists. We have seen it on Youtube and developers' reviews.

[totemITnow]

I would not say BFL is scam.

They just dont have experience with asic, so they learn from mistakes. They cant say truth as well because they would risk many refunds and thus business failure. This explain the situation imho

[greyhawk]

all those links are shit, dude

You're talking to a chinese spambot... 

[deep0]

I disagree, they are trying hard to finalize their product, and they'll release as soon as it's ready to be released.

[BitGlory]

If they're scammers:
-They control the users who post fake reviews of the jalaps (I believe so)
-You lost your money

If thy're legit:
-They are shipping the jalaps and early the ASICs and the difficulty will increase every day
-You lost your money

If it's a scam or they're legit you always lost your money.

[Richy_T]

I think there's quite a few people who need to re-read and comprehend what a ponzi scheme is. BFL is not a ponzi scheme, Bitcoin is not a ponzi scheme, regular businesses are not a ponzi scheme. 

[DaFool]

Hey,

I'm new to the forum and I've been following the BFL debate for quite a while now and thaught of a method allowing BFL to prove their legitimacy without any doubt:

They should announce a name under which they would let one of their MiniRigs mine in a pool.

Since that machine is supposed to produce 1,5 TH mining power the preorderers of the MiniRig would then be able to see that name in the list of the top hashing users in the pool.

If they really hat these machines they would already do that for a few minutes.

Every video that only shows BFG Miner on the laptop screen could easily be staged, so if I would have invested $29k I would ask them to do that!

[mrkubanftw]

Butterfly labs doesn't care.. they produced FPGA products to consumers that worked. They were and continue to be a legit business. Why throw that away for some odd million $? They wouldn't. They can and will make more money producing a product. BTW the pay methods are not just wire transfer and bitCoin. I paid through paypal with an E-check. Easy as hell to trace and dispute if sh*t DOES hit the fan. For now.. the risk is worth the reward. You have nothing to lose. If by the time you get the hardware ASIC has already dominated the network and the difficulty is at a point where you are yielding slow minimal profits.. then guess what, the demand for ASIC hardware will be at an all time high?! You can still sell your hardware. No one will be simply "OUT" money as several people here have suggested. Hell and i'm one who actually believe's in conspiracies commonly.

If anyone follows the Arms manufacturers in the last 6 months you already understand perfectly what is happening with this company. They are overwhelmed with orders from people in a literal panic to get hands on hardware. It is no surprise and relatively typical for a growing company. Sit back and enjoy the ride people

[jwatchachang]

If it's a scam or they're legit you always lost your money.

This is why I can never win or catch a break.

[LorenzoMoney]

Seriously, I hope BFL is not a scam. Even if they deliver in July I will be happy. Partly, I do want to make money from mining. Partly, I feel that to keep bitcoin up and alive, it is important for there to be as many miners as possible and not have the whole blockchain maintained by just a few.

I did buy two BFL machines, a single and a jalapeno way back in February. I am trying to decide whether to just wait for delivery, ask for a refund, or sell my preorder position.  Any suggestions?

My order number is: Order #100016XXX   I did Xed out the 3 lowest digits
I ordered it on: February 19, 2013

If anyone is interested in buying my preordered Jalapeno, contact me and tell me what you would pay. I would accept a bid in either bitcoin or USD.
I can provide proof that I actually ordered the Jalapeno to any serious offer.

LorenzoMoney at gmx dot com
 

[wrenchmonkey]

OK, so now that I've seen that they've actually shipped a product, I immediately ordered a Jalapeno using Paypal's "pay after it's delivered" option. That gives me 2 weeks to decide if they appear to be continuing to make a concerted effort to ship them. I know this won't mean that *I* get mine in 2 weeks, but it will give me time to decide if I need to bail or not.

The way I see it, a $300 miner that will do 5gh is a no-lose situation. Even if the market gets completely flooded, and difficulty goes through the roof, at that point, it becomes the ONLY way to mine. Your $10,000 GPU mining rig won't be earning any faster than my $300 Jalapeno, so you still "lose", and I still win.

No way in hell I'm investing in GPU equipment at this point. If the Jalapeno breaks even even if it takes a year, I'm still ahead in the long game, and I doubt that it'll take that long. Once the Butterflies hit the Bitcoin mining pools, all the GPUs are gonna get pulled off, and sold, or focused on some other coin, like litecoin, which will ease up on competition in the bitcoin mining realm. There's no way a GPU rig will break even on power costs, once the AISC goes mainstream...