ButterFly Labs SCAM OR NOT???

[Jordsie669]

Hello, people were saying that BFL is a scam, the other person says it's not.
So... let's have this poll

Also, if you have any BFL experiences, please post them here.

[1713909445]

1713909445

[D1rk D1ggler]

I hope not. I ordered 15 asic sc miners 8 and a half months ago. I had good experiences ordering fpga miners from them in the past also.

[BitHits]

I happen to know someone that was recently at ButterFly Labs

They are not a scam. At least not in their opinion.

I was told they are unlikely to ship in April.

[avulhop]

I haven't ordered, so I'm not invested either way, but it smells fishy to me. I don't think they were necessarily an out-and-out scam selling vaporware. Rather, I think someone was overconfident in their tech and their supply chain's ability to provide them with what they needed. Some numbers didn't add up, so the hashrates dropped and the prices increased.

I wish the best of luck to anyone who is still holding out with a preorder throughh BFL. I, personally, wouldn't give them a dime until people have working ASICs in-hand from BFL.

[spindizy]

Nope, not a scam.

Their products are real.   They're producing game chaging hardware, thats pretty much the first of its kind.. Give the people a break. Bugs happen.  Not everything goes according to plan, delays occur.  No one gave a crap when bitcoins were 5$ .. Now that they're 240$ everyone is chomping at the bit (hurr durr) to get mining and crying because this company who's spent countless sleepless hours on developing a brand new product to bring to market, with chips that have never been made before, by anyone, is taking a little longer than expected.  

[xcrowd]

I think that they (BFL) are just realizing what it takes to mass produce asic's and how easy things can go wrong. However wish them luck in and hope they come through or on the other hand congratulate them for the elaborate scam that pulled in thousands.

[atibus]

It's definitely a scam.  Until they deliver something.  Then it's not.

[wetjet43]

I'm stuck between ordering an ASIC miner (which nobody can get) or building a GPU mining rig. I have $4k to build one, but I won't order anything till I've done my homework. I don't want to order an ASIC miner, and have to wait a year to get it!

[davidkassa]

My understanding is that they have delivered FPGA units in the past so I would assume the company itself isn't a scam.

[ankutsa]

prob. not a scam, but they will  release them when it's not worth mining anymore :|

[HappyBitCoinUser]

If the rigs exist, then they can't ship during April cause they are 'testing' them. Thanks for your understanding and patience (esp during a time of BTC hyper inflation lol).

[Idalon]

If the rigs exist, then they can't ship during April cause they are 'testing' them. Thanks for your understanding and patience (esp during a time of BTC hyper inflation lol).

Exactly - why on earth would you be selling a rig for a few hundred or thousand respectively, when they can make you tenfold that? They will probably sell them once the difficulty has gone up enough or similar to double-dip and make a profit of reselling the hardware on top of having used it. Worst part, you'll be buying them as 'new' but technically they will have be second hand... oh, I mean 'tested' sorry 

[HappyBitCoinUser]

You mean triple-dip.

After the difficult has gone up, people will have to buy even more of these machines just to be able to mine anything.

[Lore]

I'm stuck between ordering an ASIC miner (which nobody can get) or building a GPU mining rig. I have $4k to build one, but I won't order anything till I've done my homework. I don't want to order an ASIC miner, and have to wait a year to get it!

Not trying to troll you but GPU mining is pretty obsolete with current generation hardware.  Google "bitcoin mining hardware comparison" and with the current difficulty level you'll see you really can't be cost effective.  You would probably never recover your hardware investment.  This weekend, I got two easily available Radeon 6770 which were listed as having the third best Mh/S/$. I ran about at the listed hash rate and generated ~.0156BTC or $3 at today's rate.  That would have taken me roughly 75 days at current rates to recover my investment. In 75 days even BFL will probably have an ASIC out and mining will be even harder.

[Jordsie669]

So, basically BFL will ship the hardware when it's nothing worth anymore (for mining)
And they will use it in the meantime for mining themselves.

So that makes them a LEGIT SCAM. Or a half-scam, what you wanna call it!
So should I then get a GPU Miner? Or just give up?

[Whale]

Why would they ship when they can make 1000x time more money by mining with their asics....

[TheBigYak]

So, basically BFL will ship the hardware when it's nothing worth anymore (for mining)
And they will use it in the meantime for mining themselves.

So that makes them a LEGIT SCAM. Or a half-scam, what you wanna call it!
So should I then get a GPU Miner? Or just give up?

GPU mining is not particularly profitable at this point unfortunately, might be best to sit on the sidelines (or mine with existing hardware) until the "next gen" of ASICs come out and try to get in on those.

[loszhor]

How about the the guys from BTCFPQA who sell the ModMiner Quad? I've been wanting to get one but I've been iffy because I hear the owner is shady. I want to wait to see if BLF delivers but the date keeps getting pushed back. I wanted to get a Jalapeno in November when they were going to ship in January.

[pheaonix]

i would not trust them with my money. i have been watching them closely.

[Drkrills]

If the rigs exist, then they can't ship during April cause they are 'testing' them. Thanks for your understanding and patience (esp during a time of BTC hyper inflation lol).

Exactly - why on earth would you be selling a rig for a few hundred or thousand respectively, when they can make you tenfold that? They will probably sell them once the difficulty has gone up enough or similar to double-dip and make a profit of reselling the hardware on top of having used it. Worst part, you'll be buying them as 'new' but technically they will have be second hand... oh, I mean 'tested' sorry 

It would be pretty sleazy business, but I know id be tempted to do the same.  Hold them for a month and mine a ton, which would make more people need to buy your product, by raising difficulty, to stay profitable.  Then ship the machines after getting a ton of bitcoins.