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Author Topic: Butterflylabs Huge SCAM  (Read 415624 times)
BitshireHashaway
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April 28, 2013, 07:20:44 PM
 #801

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

Then I'll buy one then and be mining at that speed too like everyone else. I'd rather take the risk of potential lost income by waiting then giving them the money and losing it all.
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bitbrandon
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April 28, 2013, 07:27:22 PM
 #802

DIY Is the best way to go imo, and its fun to build :p

I'm just curious as to what you mean by DIY. Are you talking about building your own ASIC type machine or some FPGA or just a bunch of GPU's?
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April 28, 2013, 07:36:34 PM
 #803

I would presume an FPGA or GPU. DIY ASICs are not for normal people

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April 28, 2013, 07:43:31 PM
 #804

I always take notice of changes in the bitcoin market when it's already too late to make a profit Sad
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April 28, 2013, 07:45:35 PM
 #805

I prefer the DIY route, its so much more fun and you do learn along the way. In-the-box or PnP ASIC's just kills the fun.

"Everything is a matter of degree"
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April 28, 2013, 07:47:26 PM
 #806

BFL will have about 50,000 orders soon, worth well over $50,000,000. This is before shipping even starts up proper. It will get even worse before people finally start to catch on. They will never stop taking per orders.

And then what happens to mining if they somehow can ship $50,000,000 in cheap ASIC chips within six months? Game over for everyone involved in mining? I guess we'll see how this all rocks out soon enough.

If you could physically see all the tens of thousands of people with preorders standing in a single file line, would you still buy a $300-$30,0000 ticket to go stand in it?
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April 28, 2013, 07:50:37 PM
 #807

BFL will have about 50,000 orders soon, worth well over $50,000,000. This is before shipping even starts up proper. It will get even worse before people finally start to catch on. They will never stop taking per orders.

And then what happens to mining if they somehow can ship $50,000,000 in cheap ASIC chips within six months? Game over for everyone involved in mining? I guess we'll see how this all rocks out soon enough.

If you could physically see all the tens of thousands of people with preorders standing in a single file line, would you still buy a $300-$30,0000 ticket to go stand in it?

I killed my preorder for my Jap in early April as I ordered in Feb/March period. The time to claim was looming and I was not prepared to take any chances. New shipping dates were announced every month causing more delays.

"Everything is a matter of degree"
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April 28, 2013, 07:55:06 PM
 #808

I still can't beleive I was about one click away from ordering one myself a while back. I still don't know what stopped me. I just hate being the last one to get in a long line I guess.
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April 28, 2013, 08:20:49 PM
 #809

I still can't beleive I was about one click away from ordering one myself a while back. I still don't know what stopped me. I just hate being the last one to get in a long line I guess.

That's what's stopping me. Right now the jalapeno would be pretty good compared to what I have now. But by the time I get it... not so much.

They've shipped their ASIC Jalepeno recently... doesn't look like a scam anymore.

What's funny is that the guy who was first in line and posted his unpacking video on youtube bought the Jalepeno as a supplementary thing to his singles.
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April 28, 2013, 08:33:30 PM
 #810


What's funny is that the guy who was first in line and posted his unpacking video on youtube bought the Jalepeno as a supplementary thing to his singles.
[/quote]

Its fishy that he says he bought it to have while waiting for his singles, like he knew he would have to wait for them or something. If I was a first day order I wouldn't have had any concern about waiting at all. The whole thing smells foul.
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April 28, 2013, 08:35:21 PM
 #811

Im agree but their price is luring

Selling fully funded Titan BTC Physical Bitcoins, Gold and SIlver - BTC Physical Bitcoins BTC PM if interested.
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April 28, 2013, 08:54:53 PM
 #812

Why are there still ads on the site for BFL when it's all a scam anyway?
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April 28, 2013, 09:29:04 PM
 #813

Is there even an ETA on these things? My friend brother bought one of their jalapenos and we're all wondering if he will ever get it.

Fixed.

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April 28, 2013, 09:35:17 PM
 #814

They only seem to be shipping a small amount, with the amount of funds they have with pre-orders you would think a company of the potential size would get its act together and start pushing out more units.

Really, I think they might ship out small spec high performance units at a slow pace while taking on massive pre-orders for the higher, un-developed units yet to be shipped.  Which will ultimately supplement profits & development costs.




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April 28, 2013, 09:41:10 PM
 #815

Quote
They only seem to be shipping a small amount, with the amount of funds they have with pre-orders you would think a company of the potential size would get its act together and start pushing out more units.

Really, I think they might ship out small spec high performance units at a slow pace while taking on massive pre-orders for the higher, un-developed units yet to be shipped.  Which will ultimately supplement profits & development costs.

http://www.youtube.com/watch?v=MW5aDmQLqVY

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April 28, 2013, 09:46:16 PM
 #816

right..

we'll see...

yawn
Pernette
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April 28, 2013, 09:50:48 PM
 #817

Wow!!
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April 28, 2013, 09:57:44 PM
 #818

Any advice for folks who've already invested in BFL? Any experience getting a refund etc?
roy7
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April 28, 2013, 10:21:21 PM
 #819

Any advice for folks who've already invested in BFL? Any experience getting a refund etc?

As far as we can tell, every refund request they've received has been honored. So if you'd like your money back just ask them for it.
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April 28, 2013, 10:32:36 PM
 #820

I thought about ordering one of these my main issue is the wait time.


Has anyone taken into account the amount Bitcoins are and how much more you could have made when these went on sale. This company if they have this in Bitcoin that you paid for has made a mint off of you.

Lets say you paid for bit coin around Jan before the huge spike.

Then is was around $10USD a Bitcoin - so with that logic lets break down the products they are offering. Then how much you would have if you just sat on BTC and sold them today. These will be estimates and according to the markets avg.

5gh Miner Jan 10th order would have cost you 27.4BTC - at current markets that would = $3973 not $274

25gh Miner Jan 10th order would have cost you 124.9BTC -  at current markets that would = $18110 not $1249

50gh Miner Jan 10th order would have cost you 249.9 -  at current markets that would = $36234 not $2499



This is the main thing that bothers me. Not grant it, you could still get the product and make all that money back but they are sitting on a huge amount of money and have made way more off you. No one seems to mention or see this and it leaves me baffled


* side note, that current rate I used was today $145, if they had sells when it spiked to $200 or higher that would be much much more.


I do not think they are a scam, I just think doing a preorder of this nature is stupid.



^^ This!

Well hello everyone, I have a lot of things on my mind that I would like to share in this thread (related of course), but let me begin by introducing myself. Because of the anonymous nature of the Bitcoin community (exciting  Cheesy) it is only cool if we use pseudonyms. I am Erik.

This being my first post, I wont be talking too much I promise.

I got caught in by the Bitcoin frenzy a few days ago and by now I have done hours of extensive research on the subject. I must say I am quite excited by the whole idea, beginning with the potential of Bitcoin as a currency of the future and its anonymity, all the way to the possibility of actually capitalizing on its (currently) volatile and risky nature.

(now on the subject)

Butterfly Labs (aside from GPU mining tools) were the first dedicated bitcoin mining tools I encountered in my research. They gave me the impression of a well made product, about to make everything else useless (due to its impact on the global hashrate). I spent hours of calculating ROI if I were to buy their 50 GHS/s ASIC. I was seriously conflicted if it would be a good investment, given the fact that people have "already" started using them and they have already caused the huge increase in difficulty since around Jan 2013.

No doubt it would be profitable if I had one right now! However, I later realized that not only I can't have one until August (financial reasons),  but no one will because they havent even filled their pre-orders!! After a bit of research I was introduced more into the problem. This confused me a little and made me consider a few questions. Why haven't they shipped anything yet? Why have they been delaying it for soo long? What caused the almost exponential increase in difficulty since January? In fact, what really caused the mini-bubble the beginning of April?

I would just like to point out that I don't exactly have an opinion on BFL, and I am actually forming one as we speak. I liked the idea of having one of those and I would definitely choose BFL, but these new findings have made me skeptical.

A lot of people here have their own theories and one thing which really caught my eye is "BFL running their own ASICs". I am sure that this would hardly make sense if they were a reputed company which they supposedly are: selling their FPGA miners, promptly doing their refunds, etc. However, I find a strange coincidence here.

One could argue that the rapid increase in the hashing was caused by factors such as: increased interest due to more public attention, people investing more in newer mining hardware, etc. I believe that such a rapid increase was caused by something major. In addition to this, the BTC price significantly went up during this period, which is slightly contradictory. It is my understanding that increase in mining essentially acts like the Fed. Increasing the money supply should prevent hyperdeflation.

After reading that BFT accepted BTC for the pre-order of their ASICs, I realized that they might be behind the bubble. Just picture what a company with resources like them could do. They had the means to mine extensively, partially financed by this community (speaking of the payments done with CC, PayPal, wire-transfer). They already held extensive amounts of BTC (assuming that a large number of people also paid in BTC), in addition to probably investing themselves.

What if.. BFT (and Co) started buying BTC at such a huge rate, that they managed to move the markets significantly? This probably would have been enough to lure in less experienced investors who believed in making money off the volatility. What if they (BFT and Co) actually started a major sell off right at the time the price was about to plateau? This would have been more than enough to actually cause a panic sale, that would essentially crash the BTC (like it did).

I know it sounds a little bit crazy. I know it may even lack sense, mind you I am quite new to all of this.

However this would have left BFT and Co, assuming that they previously sat on a ton of BTCs, sitting on a HUGE pile of USD. A ponzi scheme would be like a silly joke compared to this.

What do you guys think?
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