Butterflylabs Huge SCAM

[45kaliber]

I might gamble away the $274 of the 5Gh on the off chance they actualy deliver

[JSMill]

https://bitspend.net/ makes it largely irrelevant whether a retailer accepts bitcoin or not. Nice little outfit.

So many things can go wrong with that.  There's no point to it.  Nice concept though.

Why no point?  I think there is a huge need for it.  Great concept and execution IMHO.

[QuestionAuthority]

Assuming they do start to deliver, the first recipients will be the only ones that have any chance to pay off their device. Soon after delivery they will not be able to mine more than the best GPU can today.

[ranlo]

Assuming they do start to deliver, the first recipients will be the only ones that have any chance to pay off their device. Soon after delivery they will not be able to mine more than the best GPU can today.

This was my first thought when I started looking into them. Even if you could get one today, the chances of having it pay off are already slimming down quick. I can't imagine what an influx of ASIC's are going to do to the difficulty. I can see it going up 100x or more within a short period, after which the only people earning anything will be those that have a farm of ASIC's, rather than just one.

[QuestionAuthority]

Assuming they do start to deliver, the first recipients will be the only ones that have any chance to pay off their device. Soon after delivery they will not be able to mine more than the best GPU can today.

This was my first thought when I started looking into them. Even if you could get one today, the chances of having it pay off are already slimming down quick. I can't imagine what an influx of ASIC's are going to do to the difficulty. I can see it going up 100x or more within a short period, after which the only people earning anything will be those that have a farm of ASIC's, rather than just one.

Yep, if you don't have one in your hands pretty damn soon don't even bother.

[Frizz23]

Only to people who are assholes to me first.  I respond in kind, if you haven't noticed.

"I respond in kind" ... LOL ... that could become the quote of the month 





Calling people liars, idiots, retards and cock suckers might be "kind" in the parallel universe you live in - in this universe it's very rude.

http://www.youtube.com/watch?v=UlWrmIqGs3Y&t=2m48s

[nagnagnag2]

Is this the first time BFL does not have won a auction for advertise on this site (round 83 is now closed)?

Or do they have secured the three slots which is not in the auction?

[joeventura]

Assuming they do start to deliver, the first recipients will be the only ones that have any chance to pay off their device. Soon after delivery they will not be able to mine more than the best GPU can today.

What are you basing that on?

Please remember that as diff goes up, so will the value of BTC, if it doesn't then no one will mine.

Who is going to run a 50gh unit when the diff is 300m if BTC is $140? No one that is who!

But if BTC is $1000 and you earn 1/10th of a BTC a day, that doesn't suck.

[Cyberburner]

Assuming they do start to deliver, the first recipients will be the only ones that have any chance to pay off their device. Soon after delivery they will not be able to mine more than the best GPU can today.

What are you basing that on?

Please remember that as diff goes up, so will the value of BTC, if it doesn't then no one will mine.

Who is going to run a 50gh unit when the diff is 300m if BTC is $140? No one that is who!

But if BTC is $1000 and you earn 1/10th of a BTC a day, that doesn't suck.

I ordered one recently with and order number in the 60k somewhere and I'm starting to doubt my earlier assessment :p

[Preschoolv2]

[/quote]

I ordered one recently with and order number in the 60k somewhere and I'm starting to doubt my earlier assessment :p
[/quote]

Ordering one now is noooo good. Should find a preorder..itll help you jump some of the line.

[joae1975]

But if BTC is $1000 and you earn 1/10th of a BTC a day, that doesn't suck.

Yeah, the price of BTC could skyrocket just the same.  The lovely Max Keiser is calling for 200K BTC.  I doubt that but I don't doubt 1000, especially after the USD crashes.

[Jaden]

Maybe if some of the rumblings regarding legislation to register ownership of precious metals comes to fruition, there will be a larger demand for Bitcoins as a store of wealth. I know I'm seriously thinking about it.

Huh?  Where'd you hear that from, the registration?  I know our pseudo pres is trying to say that the internet fuels extremism and that he's trying to control it.  Heck telegrams fuel extremism, people riding around on horseback fuel extremism, i.e. "The British are coming!"  Bumper stickers fuel it.  There's no end to the governments reach when it comes to security. 

I digress.  Point being, the big O is trying to control bitcoins by controlling the internet.  And the public is oblivious.  Actually makes me comfortable knowing what I know and actually doing something about it. 

Nothing at the federal level right now, just a few states considering laws to document precious metal transactions and limit the use of cash. I believe the intent is to mostly limit crime of precious metals, but it also infringes on those of us that want to anonymous.

http://www.ilga.gov/legislation/fulltext.asp?GAID=11&SessionID=84&GA=97&DocTypeID=SB&DocNum=3341&LegID=64562&SpecSess=0&Session=0

[daggerismo]

seriously its a scam?? holy frijoles!! i just buy a jalapeno few days ago...

[neonemu]

Maybe if some of the rumblings regarding legislation to register ownership of precious metals comes to fruition, there will be a larger demand for Bitcoins as a store of wealth. I know I'm seriously thinking about it.

Huh?  Where'd you hear that from, the registration?  I know our pseudo pres is trying to say that the internet fuels extremism and that he's trying to control it.  Heck telegrams fuel extremism, people riding around on horseback fuel extremism, i.e. "The British are coming!"  Bumper stickers fuel it.  There's no end to the governments reach when it comes to security. 

I digress.  Point being, the big O is trying to control bitcoins by controlling the internet.  And the public is oblivious.  Actually makes me comfortable knowing what I know and actually doing something about it. 

Nothing at the federal level right now, just a few states considering laws to document precious metal transactions and limit the use of cash. I believe the intent is to mostly limit crime of precious metals, but it also infringes on those of us that want to anonymous.

http://www.ilga.gov/legislation/fulltext.asp?GAID=11&SessionID=84&GA=97&DocTypeID=SB&DocNum=3341&LegID=64562&SpecSess=0&Session=0

Sometimes it feels like any rights or privileges we have are slowly disappearing.

[QuestionAuthority]

Assuming they do start to deliver, the first recipients will be the only ones that have any chance to pay off their device. Soon after delivery they will not be able to mine more than the best GPU can today.

What are you basing that on?

Please remember that as diff goes up, so will the value of BTC, if it doesn't then no one will mine.

Who is going to run a 50gh unit when the diff is 300m if BTC is $140? No one that is who!

But if BTC is $1000 and you earn 1/10th of a BTC a day, that doesn't suck.

I'm basing it on the fact that difficulty is going to skyrocket and the cost per coin needs to jump astronomically to keep up and make it profitable. You better hope trade volume increases a lot and btc does jump to $1,000 quickly. I don't see the logic in anyone not mining with a device that's energy efficient even as price falls. They waited so long and have such a large investment in hardware it would be stupid to ever shut it off. It's not like you can repurpose it or play video games with it.

[Kaylee14]

So how long you guys been giving this guy money and he still hasn't delivered anything substantial?  Just curious.

Sent from my iPad

[fflewddur]

So how long you guys been giving this guy money and he still hasn't delivered anything substantial?  Just curious.

It'll be a year come June. But I think the earlier comments about the value of BTC matching the difficulty are on the right track, just reversed; if network difficulty outpaces the value of BTC to the point where miners are spending more in electricity than they're earning, the most inefficient will likely shut off their hardware. So, if BFL delivers reasonably efficient miners, there's still hope of making some money back. It's not a secret who runs BFL. If they don't deliver *anything*, there'll be a huge class-action suite or massive refunds for everyone who pre-ordered... maybe both.

(And this totally ignores the speculation aspect--if someone is betting on BTC hitting $10,000+ soon, then they'll mine whatever dust they can.)

[pathogen]

By the end of August 75% plus will have their orders.

You heard it here first...

[jseverson]

For all those convinced its a scam..go put your money where your claim is and win some BTC for being right!

I started a bet on BFL going bankrupt:

http://betsofbitco.in/item?id=1624

[Preschoolv2]

For all those convinced its a scam..go put your money where your claim is and win some BTC for being right!

I started a bet on BFL going bankrupt:

http://betsofbitco.in/item?id=1624

they shipped a shitton of jalas today lol.