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Author Topic: Butterflylabs Huge SCAM  (Read 390289 times)
MooC Tals
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June 11, 2013, 01:17:26 AM
 #1881

The best scam would be if butterfly had units built months ago but setup them up to use meanwhile so being paid to mine twice

Well that would be interesting. To say the least.
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June 11, 2013, 01:23:50 AM
 #1882

Thanks for the heads up
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June 11, 2013, 01:26:12 AM
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So im still really confused about BFL are they legit because i see them all over ebay but the sellers are all using the same pics
and if they are can someone prove they have one with pics and outputs and if not then why dont we just say it lol
Before you buy read as much as you can about the company, the history and the people running it, the CEO and most important of all go look at their forum and read as many good posts as the bad one. Look around and get a feel for the customer service and what products have been shipped and how long people have been waiting.

In my opinion VERY HIGH RISK!!

Thanks for the tips and i have been doing this but im just getting really confused because its very conflicting
but im sure its just FUD to either lower the demand or cripple the comanys batch launches however i dont see that happening

just reading threads such as them selling their chips separate are really confusing but ill work through it and as i said thanks for the tips

I have already made my mind up but I have done a great deal of reading. I have been here ever since I ordered in Oct of 2012 and cancelled in Jan 08 of 2013. I have followed every update and read both the good and bad posts. I have followed Inaba through either his incompetence or deceit. Depends how you perceive it. These are my opinions formed from what I have read. If you are new to this you will unfortunately need to make up your own mind.

You will also need to understand where bitcoin is these days and understand how fast the difficulty will rise by the time you get your unit. This is important to understand because if you get it later your ability to use it to make money will be more difficult.

The rate at which bitcoins difficulty is rising is about 18% every 2 week so far and that can change for better or for worse.

Its not as simple as buying a miner and making money. Really think what your getting in to.

I'm not telling you to not buy from them I'm just saying that at this point and time make sure you get it quickly.  


It quite simply seems to me that unless you can stay ahead of the curve which seems at the moment is a huge hurdle unless you are in the right circle....ect ect

you are better off investing and trading in the currency having a slow return on the investment

I have been hearing that as well. At this point and time after mining a bit myself some of the crypt-alternatives out there I been getting a bit of experience with different currencies and how they work on the exchanges. What works and how the currencies age effects its value. Guessing in most cases but there are consistencies to look at. After a while you may start to see patterns. However this is not the first time a leap in technology of processors has happened however what is new is the fact that we now have two dominant main currencies that are being taken seriously by people, commerce and unfortunately governments along with at least 15 smaller contending alt-currencies pitting at third place. Mind you most are jokes however I am seeing a few that can be considered number 3 if they can survive the tech spurt.

We are seeing GPU's that were able to support bitcoin being squeezed out and forced either off line or find a place in the other alternatives and the dropping of bitcoin prices are speeding up that process. Litecoin is taking on most of the GPU's however litcoine is no where near the size of bitcoin and can never support all GPUs. With litecoin at 3 dollars the profit for GPU power hungry miners will not be enough. Will litecoin increase in price? Who knows. For GPU sakes they better.

We are living very exciting times. Please understand the flux we are entering. Bad time for miners with obsolete equipment.


Understood, and my understanding is people rely on resale of gpus and use that as a basis to justify "still remaining profitable mining" but quite frankly alt mining is not that profitable and they are lucky at all to stay alive as the miners dont seem to mind it not being so profitable and are either looking at it in the long term or just staying oblivious to the fact they arnt actually making money in the short term

but in saying all this i guess its a given that big rigs profit and when they dont on a certain coin that is then opening opportunity for a new altcoin to come out and start the process over. and reducing the redundantcy of their equipment

it is all exciting i am a small miner and would consider investing in a decent rig one day but it really seems that trading it is much more profitable and less work and less risky
and imo altcoins only bolster bitcoin but the altcoin forum is a bit of a mess and its ashame really because the world is really watching this and really wants to be convinced in its integrity and the jokes that are the majority of the altcoin forum are from a speculators standpoint imo  a waste of their time even looking at and a massive turnoff and makes it very hard for anyone to take seriously

i live in Australia and there are even real estate agents wanting to impliment house sales in bitcoin but as you know the currency is still way to volatile and people dont like it because of that
thats why i have some faith in YACoin its remained very stable and will be interesting to see who will take hold of it and boost it and how that could coexcist with Bitcoin

anyhow im babling on a bit but these are my thoughts and im really enthuesed about all this but dont have a clue how the future tech will have effect in all of this because im sure tech will change dramaticly in the near future i mean take spintronics for instance now thats a whole new ballgame but i guess we cross that bridge when we get to it


sorry if im getting wildly offtopic and sorry about my spelling gramma and punctuation they are not at all my strongpoints
MooC Tals
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June 11, 2013, 02:06:07 AM
Last edit: June 11, 2013, 02:22:39 AM by MooC Tals
 #1884

So im still really confused about BFL are they legit because i see them all over ebay but the sellers are all using the same pics
and if they are can someone prove they have one with pics and outputs and if not then why dont we just say it lol
Before you buy read as much as you can about the company, the history and the people running it, the CEO and most important of all go look at their forum and read as many good posts as the bad one. Look around and get a feel for the customer service and what products have been shipped and how long people have been waiting.

In my opinion VERY HIGH RISK!!

Thanks for the tips and i have been doing this but im just getting really confused because its very conflicting
but im sure its just FUD to either lower the demand or cripple the comanys batch launches however i dont see that happening

just reading threads such as them selling their chips separate are really confusing but ill work through it and as i said thanks for the tips

I have already made my mind up but I have done a great deal of reading. I have been here ever since I ordered in Oct of 2012 and cancelled in Jan 08 of 2013. I have followed every update and read both the good and bad posts. I have followed Inaba through either his incompetence or deceit. Depends how you perceive it. These are my opinions formed from what I have read. If you are new to this you will unfortunately need to make up your own mind.

You will also need to understand where bitcoin is these days and understand how fast the difficulty will rise by the time you get your unit. This is important to understand because if you get it later your ability to use it to make money will be more difficult.

The rate at which bitcoins difficulty is rising is about 18% every 2 week so far and that can change for better or for worse.

Its not as simple as buying a miner and making money. Really think what your getting in to.

I'm not telling you to not buy from them I'm just saying that at this point and time make sure you get it quickly.  


It quite simply seems to me that unless you can stay ahead of the curve which seems at the moment is a huge hurdle unless you are in the right circle....ect ect

you are better off investing and trading in the currency having a slow return on the investment

I have been hearing that as well. At this point and time after mining a bit myself some of the crypt-alternatives out there I been getting a bit of experience with different currencies and how they work on the exchanges. What works and how the currencies age effects its value. Guessing in most cases but there are consistencies to look at. After a while you may start to see patterns. However this is not the first time a leap in technology of processors has happened however what is new is the fact that we now have two dominant main currencies that are being taken seriously by people, commerce and unfortunately governments along with at least 15 smaller contending alt-currencies pitting at third place. Mind you most are jokes however I am seeing a few that can be considered number 3 if they can survive the tech spurt.

We are seeing GPU's that were able to support bitcoin being squeezed out and forced either off line or find a place in the other alternatives and the dropping of bitcoin prices are speeding up that process. Litecoin is taking on most of the GPU's however litcoine is no where near the size of bitcoin and can never support all GPUs. With litecoin at 3 dollars the profit for GPU power hungry miners will not be enough. Will litecoin increase in price? Who knows. For GPU sakes they better.

We are living very exciting times. Please understand the flux we are entering. Bad time for miners with obsolete equipment.


Understood, and my understanding is people rely on resale of gpus and use that as a basis to justify "still remaining profitable mining" but quite frankly alt mining is not that profitable and they are lucky at all to stay alive as the miners dont seem to mind it not being so profitable and are either looking at it in the long term or just staying oblivious to the fact they arnt actually making money in the short term

but in saying all this i guess its a given that big rigs profit and when they dont on a certain coin that is then opening opportunity for a new altcoin to come out and start the process over. and reducing the redundantcy of their equipment

it is all exciting i am a small miner and would consider investing in a decent rig one day but it really seems that trading it is much more profitable and less work and less risky
and imo altcoins only bolster bitcoin but the altcoin forum is a bit of a mess and its ashame really because the world is really watching this and really wants to be convinced in its integrity and the jokes that are the majority of the altcoin forum are from a speculators standpoint imo  a waste of their time even looking at and a massive turnoff and makes it very hard for anyone to take seriously

i live in Australia and there are even real estate agents wanting to impliment house sales in bitcoin but as you know the currency is still way to volatile and people dont like it because of that
thats why i have some faith in YACoin its remained very stable and will be interesting to see who will take hold of it and boost it and how that could coexcist with Bitcoin

anyhow im babling on a bit but these are my thoughts and im really enthuesed about all this but dont have a clue how the future tech will have effect in all of this because im sure tech will change dramaticly in the near future i mean take spintronics for instance now thats a whole new ballgame but i guess we cross that bridge when we get to it


sorry if im getting wildly offtopic and sorry about my spelling gramma and punctuation they are not at all my strongpoints

I never judge ones ability to use grammar and spelling and as for babbling well I seem to be guilty of that as well. The relationship between altcoins miners and bitcoin is quite simple. Bitcoin is the facet where the altcoins get their values in my opinion. If bitcoins drop in price litecoin follows and this is due to the trade dynamics I have seen. The easier it is to flow money into bitcoin the easier it will flow down to other currencies. If an alt does better than another one its usually due to the expectation of the currency's ability to grow if its seen as a seriously tended currency by its devs then it will be accepted. For instance if it is pre-mined its usually looked down on. If it's reward is too low the miners give up on it and the transactions stop being processed. If the rewards are too easy to get the market gets flooded and the value of it becomes watered down.

I have watched many die different deaths and most are just dumped and forgotten about. There are other things to consider here and litecoin is a scryped based algo that was to be GPU resistant and it does require more power to mine and is more stressful on the gpu. By using a killawatt this can be seen very easily. Litecoin has a quicker difficulty targeting and quicker transaction process. Bitcoins about a half hour and litecoin is a full 2 minutes. That means the coins can be sent quicker to pay for things.

As for yacoin the idea is a good one but as I see it very vulnerable to botnets and lets be honest how many are making money with yacoins? Do you see a future with yacoins?

Here is a great site I look over where the all coins are easily analized by performance for a great glace you can see how some coins are having different symptoms of same death.

http://cryptometer.org/

Here is a great alt currency exchange I use for checking their progress as time goes on. You can see which ones are flatlining and what coins are being taken seriously. Those two sites are full of information that are very useful.

https://www.cryptsy.com/markets/view/11

Remember their is a flood of BIG GPU farms already paid for and built with experienced users just waiting for a price jump to make them start back up. So it will be quick jumps in difficulty.

Look at these graphs


Thats bitcoin going to the moon. From all the new asics jumping in.



Thats bitbar a very rare coin aka low reward coin.



Thats what a dead coin looks like. A complete dump at the exchange and no one is buying.



This is DGC and you can see a big difference as it does look like people are interested and usually pumps and drops and then finds a middle where people trading believe it will go higher. As the price climbs it keeps miners interested in mining it and on it goes.



Here is litecoin notice the difference it has reached its saturation and the hash rate drops because the money is not there to mine it. Gpu's already built and running on bitcoin just need to point to litecoin. Litecoin was 0.06 cents and in less than 3 months has gone from 53 difficulty to 600 and 3 dollars after reaching as high as 6 doillars. Notice the halfing of the price after a peak. That is a sucessful finding of value. Completely natural.

Go and take a look at yacoin and see for your self. What do you see in its future knowing what you know now. Look at how its having trouble keeping the hash rate up (miners interest) or could be that the currency difficulty is stunning its growth.



Blaw blaw blaw lol
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June 11, 2013, 02:10:34 AM
 #1885

heal the world
MooC Tals
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June 11, 2013, 02:15:24 AM
 #1886

heal the world
hahah ya I know BLAW BLAW BLAW

SHUT UP AND GET A JOB!!!!

I know
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June 11, 2013, 02:28:12 AM
 #1887

heal the world
hahah ya I know BLAW BLAW BLAW

SHUT UP AND GET A JOB!!!!

I know

Thankyou, you have given me lots to think about and my thoughts on YAC and what ive seen is it has survived massive botnet invasions and in the end
the more the merier imo because it never took a hit at all and in the end mining it is securing it if gpu is unprofitable for people then people will stop mining it and it will not be secure

so from what i can work out if a botnet takes 51% it wouldn't be to attack it but would mainly be to make their coding life easier by not having to transmit the network info to all theri zombies
but im not 100% sure how that works and may be wildly miss informed but for now ive seen huge waves of botnets hit it and it hasnt taken much of a hit at all
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June 11, 2013, 02:40:46 AM
 #1888

So im still really confused about BFL are they legit because i see them all over ebay but the sellers are all using the same pics
and if they are can someone prove they have one with pics and outputs and if not then why dont we just say it lol


BFL Jalapeno and five ASICminer USBs running on a raspberry pi, total 6,850 Mhash/s

MooC Tals
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June 11, 2013, 02:45:24 AM
 #1889

So im still really confused about BFL are they legit because i see them all over ebay but the sellers are all using the same pics
and if they are can someone prove they have one with pics and outputs and if not then why dont we just say it lol


BFL Jalapeno and five ASICminer USBs running on a raspberry pi, total 6,850 Mhash/s


Just so I don't have to search how much did the usb ASICminers cost? What is the individual has rate of the usb ones

Nice photo btw
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June 11, 2013, 02:47:15 AM
 #1890

Thanks, the USBs are 2 BTC each, most resellers are charging 2.2-2.5BTC for units in hand. I paid 2.1 in the first batch group buy. They are 330 Mhash/s each, I bought them more for novelty than actual mining, they will take a long time to pay off and new buyers may never reach ROI depending on future difficulty increases.
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June 11, 2013, 02:47:53 AM
 #1891

So im still really confused about BFL are they legit because i see them all over ebay but the sellers are all using the same pics
and if they are can someone prove they have one with pics and outputs and if not then why dont we just say it lol


BFL Jalapeno and five ASICminer USBs running on a raspberry pi, total 6,850 Mhash/s

https://dl.dropboxusercontent.com/u/1181169/P101017466.jpg

Wow thankyou for the pic, looks legit and is that about 8ghs or abouts?
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June 11, 2013, 02:52:07 AM
 #1892

1 GHash/s = 1,000 Mhash/s so 6.8 Ghash
MooC Tals
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June 11, 2013, 03:45:34 AM
 #1893

Thanks, the USBs are 2 BTC each, most resellers are charging 2.2-2.5BTC for units in hand. I paid 2.1 in the first batch group buy. They are 330 Mhash/s each, I bought them more for novelty than actual mining, they will take a long time to pay off and new buyers may never reach ROI depending on future difficulty increases.

Gawd damn it  Everything is too expensive and no ROI. I hate that and I am pretty sure its gonna hurt bitcoins in the long run. heh! I see no future in mining if this stays the norm.

Looks like I'm out!
Peace!
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June 11, 2013, 03:46:04 AM
 #1894

Nice setup.
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June 11, 2013, 03:55:11 AM
 #1895

Thanks, the USBs are 2 BTC each, most resellers are charging 2.2-2.5BTC for units in hand. I paid 2.1 in the first batch group buy. They are 330 Mhash/s each, I bought them more for novelty than actual mining, they will take a long time to pay off and new buyers may never reach ROI depending on future difficulty increases.

Gawd damn it  Everything is too expensive and no ROI. I hate that and I am pretty sure its gonna hurt bitcoins in the long run. heh! I see no future in mining if this stays the norm.

Looks like I'm out!
Peace!

Goddluck my friend and btw your post makes me think of the chorus in that gambler song Kenny Rogers sang
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June 11, 2013, 04:14:42 AM
 #1896

Thanks, the USBs are 2 BTC each, most resellers are charging 2.2-2.5BTC for units in hand. I paid 2.1 in the first batch group buy. They are 330 Mhash/s each, I bought them more for novelty than actual mining, they will take a long time to pay off and new buyers may never reach ROI depending on future difficulty increases.

Gawd damn it  Everything is too expensive and no ROI. I hate that and I am pretty sure its gonna hurt bitcoins in the long run. heh! I see no future in mining if this stays the norm.

Looks like I'm out!
Peace!

Goddluck my friend and btw your post makes me think of the chorus in that gambler song Kenny Rogers sang

As long as you know when to run you're ahead of the game. So true!!! Mine on brotha haha
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June 13, 2013, 02:03:28 PM
 #1897

Bump, still a scam!
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June 15, 2013, 08:13:08 AM
 #1898

The saga continues: https://bitcointalk.org/index.php?topic=234711.0

The revolution begins with the mind and ends with the heart. Knowledge for all, accessible to all and shared by all
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June 15, 2013, 10:06:44 AM
Last edit: June 30, 2014, 09:08:56 AM by vladh
 #1899

------
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June 15, 2013, 10:41:46 AM
 #1900

http://www.coindesk.com/butterfly-labs-ship-first-bitforce-sc-60-bitcoin-miner/
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