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Author Topic: Should i buy a butterfly monarch.  (Read 2174 times)
Sonny
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January 30, 2014, 02:47:12 PM
 #21

Never try the BFL pre-order IMO.

BFL? No way.

BFL
Verb

1. To have something you ordered - delivered so far behind schedule, that it is no longer useful to you. Especially in cases where delays are 100+ days and the manufacturer or reseller is refusing to offer a refund for the goods.
2. Scammed
3. Completely fucked over

The term originates from the famous case in the Bitcoin community of longer than 1 year backlog of orders at Butterfly Labs, who have refused to refund their customers.

Usage:
Damn, I think we're getting BFL'd
Be careful, you might get BFL'd

lol Cheesy
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MarketNeutral
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January 30, 2014, 03:23:55 PM
 #22

If you really want to mine and see the most bitcoins for your dollar, do the following:

1. Download Bitcoin-Qt wallet from bitcoin.org, install it, and download the blockchain.

2. Use whatever money you may spend on the BFL Monarch to instead purchase bitcoins directly.

3. Receive bitcoins to your Bitcoin-Qt wallet. Be sure to follow all proper security precautions.

4. Open the debug menu in Bitcoin-Qt, go to the console, and type "setgenerate true" and then press enter.

You are now mining, and you have more bitcoins than you'd ever likely receive with a Monarch.
brooklynite
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January 30, 2014, 07:22:25 PM
 #23

Im a noob but i understand the system. Should i buy tt. Will ot make a profit within a month.

If you had the 600gh/s card you could make 1BTC in 5.5 days. That's a ROI in only 11 days.  If you really think BFL is going to hand you such hardware for 1.9BTC when difficulty is still hovering in this range then you are deeply mistaken.

What happens is that you will fund the hardware, BFL gets it built with YOUR money,  mine the crap out of it and ship it to you when 600GH/s makes one BTC in 550 days. Very simple.

Also if you build a GPU miner you will have good resale value let's say 50% of what you put in.  With dedicated hardware your resale value is pretty much zero when the thing can't make BTC faster than one in 1800 years.  See what happened to those $60 USB miners? Worthless now.

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January 30, 2014, 07:28:17 PM
 #24

If you really want to mine and see the most bitcoins for your dollar, do the following:

1. Download Bitcoin-Qt wallet from bitcoin.org, install it, and download the blockchain.

2. Use whatever money you may spend on the BFL Monarch to instead purchase bitcoins directly.

3. Receive bitcoins to your Bitcoin-Qt wallet. Be sure to follow all proper security precautions.

4. Open the debug menu in Bitcoin-Qt, go to the console, and type "setgenerate true" and then press enter.

You are now mining, and you have more bitcoins than you'd ever likely receive with a Monarch.

What's the reason for step two? ? He doesn't need to buy bitcoins to mine them. You are telling him to go spend $800 on a single BTC? You also are telling him to mine BTC that happens to be the worse coin to mine?

If hedoesn't want to buy dedicated hardware, then he should mine doge with GPU rig and convert to BTC immediately as he mines them.
brooklynite
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January 30, 2014, 07:35:25 PM
 #25

I asked the dude at BFL both at CES why would you sell this hardware that makes $200/day for only $2100 bucks??

His answer was "we don't have the space and power to mine with them"

His answer should have been "we make you pay for it,  we will build it , wont ship when ready, instead mine with it and send it to you when it makes only $2/day and at that time that $2" is the electricity cost. "
MarketNeutral
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January 30, 2014, 09:01:22 PM
 #26

If you really want to mine and see the most bitcoins for your dollar, do the following:

1. Download Bitcoin-Qt wallet from bitcoin.org, install it, and download the blockchain.

2. Use whatever money you may spend on the BFL Monarch to instead purchase bitcoins directly.

3. Receive bitcoins to your Bitcoin-Qt wallet. Be sure to follow all proper security precautions.

4. Open the debug menu in Bitcoin-Qt, go to the console, and type "setgenerate true" and then press enter.

You are now mining, and you have more bitcoins than you'd ever likely receive with a Monarch.

What's the reason for step two? ? He doesn't need to buy bitcoins to mine them. You are telling him to go spend $800 on a single BTC? You also are telling him to mine BTC that happens to be the worse coin to mine?

If hedoesn't want to buy dedicated hardware, then he should mine doge with GPU rig and convert to BTC immediately as he mines them.
Firstly, thinking Bitcoin is the worst coin to mine is your opinion. The relative hash rates and merchant adoption rates suggest otherwise.

Secondly, the reason for step 2 is to get as many bitcoins as possible with X amount of money, presumably, the cost of a BFL Monarch. He wants the most bitcoins for his money? Then why not simply buy them outright?

My entire post was written in jest, since I advocate CPU mining Bitcoin, but the advice I give would still yield a greater net BTC return than purchasing any current mining equipment and mining for coins.

Lastly, GPU and doge mining are a different issue. Don't confuse yourself.

pjviitas
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January 31, 2014, 01:44:02 AM
 #27

Im a noob but i understand the system. Should i buy tt. Will ot make a profit within a month.

Regardless of all the FUD being generated about BFL you will eventually get something that resembles what you ordered a lot later than you thought you would get it.

If you want to mine then don't let anyone stop you.  Its a free world and you can do what you want.  Besides, Bitcoin needs as many miners as it can get its hands on right now.

With that being said, do not waste your time with pre-orders until you have some experience.  There is plenty of decent hardware "in hand" out there available for purchase at a decent price.
Sonny
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February 01, 2014, 11:49:02 AM
 #28

Im a noob but i understand the system. Should i buy tt. Will ot make a profit within a month.

Regardless of all the FUD being generated about BFL you will eventually get something that resembles what you ordered a lot later than you thought you would get it.

If you want to mine then don't let anyone stop you.  Its a free world and you can do what you want.  Besides, Bitcoin needs as many miners as it can get its hands on right now.

With that being said, do not waste your time with pre-orders until you have some experience.  There is plenty of decent hardware "in hand" out there available for purchase at a decent price.

FUD? lol  Cheesy.

FYR: https://forums.butterflylabs.com/blogs/bfl_jody/314-friday-august-30-2013-shipping-update-posted-saturday.html

Quote
Friday, August 30, 2013 Shipping Update
Jalapenos: Feb 12-14, 2013
Little Singles: Nov. 5, 2012
Singles: July 23, 2012 pay date
MiniRigs: for June 27 (2nd 500gh/s unit) and July 28 for 1st 500 gh/s

After sending your bitcoin in June 2012 for MiniRigs, you can finally get the products in Aug 30, 2013 lol.


pjviitas
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February 01, 2014, 04:08:06 PM
 #29

Im a noob but i understand the system. Should i buy tt. Will ot make a profit within a month.

Regardless of all the FUD being generated about BFL you will eventually get something that resembles what you ordered a lot later than you thought you would get it.

If you want to mine then don't let anyone stop you.  Its a free world and you can do what you want.  Besides, Bitcoin needs as many miners as it can get its hands on right now.

With that being said, do not waste your time with pre-orders until you have some experience.  There is plenty of decent hardware "in hand" out there available for purchase at a decent price.

FUD? lol  Cheesy.

FYR: https://forums.butterflylabs.com/blogs/bfl_jody/314-friday-august-30-2013-shipping-update-posted-saturday.html

Quote
Friday, August 30, 2013 Shipping Update
Jalapenos: Feb 12-14, 2013
Little Singles: Nov. 5, 2012
Singles: July 23, 2012 pay date
MiniRigs: for June 27 (2nd 500gh/s unit) and July 28 for 1st 500 gh/s

After sending your bitcoin in June 2012 for MiniRigs, you can finally get the products in Aug 30, 2013 lol.




Hey I know...I have ordered a Jalapeno from them in the past so I have personal experience with the process.
Sonny
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February 02, 2014, 10:49:33 AM
 #30

In the bitcoin mining world, delivery date is a crucial factor for your mining profitability.
A delay of a month or so could kill half of your profits; while a delay of a year would make your hardware trash.

Judging from the past delivery situation, it would be very hard for me to suggest people to make pre-orders of BFL...
pjviitas
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February 02, 2014, 02:34:06 PM
 #31

In the bitcoin mining world, delivery date is a crucial factor for your mining profitability.
A delay of a month or so could kill half of your profits; while a delay of a year would make your hardware trash.

Judging from the past delivery situation, it would be very hard for me to suggest people to make pre-orders of BFL...

+1

Totally agree.
oxfardk
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February 04, 2014, 06:17:54 AM
 #32

Quote
Im a noob but i understand the system. Should i buy tt. Will ot make a profit within a month.

you may make a quick profit by bitcoin mining however you should not buy a BFL to make your dreams come true

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February 04, 2014, 07:12:29 AM
 #33

The OP has stopped responding to this topic, I think he has got the point already Grin

R0yalAir
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February 05, 2014, 03:06:52 AM
 #34

The OP has stopped responding to this topic, I think he has got the point already Grin

The point is to prevent the newcormers about scammers.

thy
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February 05, 2014, 07:13:33 PM
 #35

Never buy anything from BFL, they will not deliver on time and you will probably not get the advartised hashrate from there products either.

byt411
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February 05, 2014, 07:16:45 PM
 #36

Never buy anything from BFL, they will not deliver on time and you will probably not get the advartised hashrate from there products either.

Or you will get a scrap of metal that works at half promised for 1 day, which then burns and dies.
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