BFL creates new charity project to donate 1000 BTC to [ROFL!]

[San1ty]

Euh, What's wrong with that? If you look at the website they created they are donating to projects, effectively spending the amount.
Ok, they aren't sending 1000 BTC to a traditional charity, but they are still giving it away...

Donation as a form of self propelling ones buisness is not a donation. (in my book)

Coca Cola might "donate" to a supplier that then mines a mineral that goes into their [own] products and reduces cost to their bottom line.

Is it a real donation?

If they fund projects "omni-directionally" that deal with BitCoin (and not their specific products), then yes, they would passably be donating.

Ok, Yes, That sounds a bit shady. Don't know if they are trying to get away without paying the 1000 BTC or not, but it's true that it is definitely in the gray zone. I would like to see an open source project unaffiliated to BFL on that list.

[ScaryHash]

Not that I'm advocating for BFL but..

Lots of rich people do exactly that, basically give money to themselves, but a separate tax entity. All of which is perfectly legal.

Bill Gates created the Bill and Melinda Gates foundation, which he and his wife controlled, and then donated Micro$oft money to it. Essentially, he donated the money to himself, so he still has a say in where the money goes.

Did you really thing Bill Gates was going to give money to anybody but himself?

So did Guggenheim, Carnegie and many others.

It's standard operating procedure in corporate America. It's always a shady, but perfectly legal.

[DPoS]

Not that I'm advocating for BFL but..

Lots of rich people do exactly that, basically give money to themselves, but a separate tax entity. All of which is perfectly legal.

Bill Gates created the Bill and Melinda Gates foundation, which he and his wife controlled, and then donated Micro$oft money to it. Essentially, he donated the money to himself, so he still has a say in where the money goes.

Did you really thing Bill Gates was going to give money to anybody but himself?

So did Guggenheim, Carnegie and many others.

It's standard operating procedure in corporate America. It's always a shady, but perfectly legal.

yeah but half of these aren't charities at all..  I have no doubt that BFL will bolt before next April to avoid dealing with an impossible tax filing

[kakobrekla]

OK... This should do it for a scammer tag.

Theymos is a shill and a scammer if you dont get it yet. Nothing will happen.

[Bicknellski]

Not that I'm advocating for BFL but..

Lots of rich people do exactly that, basically give money to themselves, but a separate tax entity. All of which is perfectly legal.

Bill Gates created the Bill and Melinda Gates foundation, which he and his wife controlled, and then donated Micro$oft money to it. Essentially, he donated the money to himself, so he still has a say in where the money goes.

Did you really thing Bill Gates was going to give money to anybody but himself?

So did Guggenheim, Carnegie and many others.

It's standard operating procedure in corporate America. It's always a shady, but perfectly legal.

Whose money was donated? Investors or BFL's?

[qwk]

They're just pissing on us without even giving us the courtesy of calling it rain.

[ScaryHash]

Not that I'm advocating for BFL but..

Lots of rich people do exactly that, basically give money to themselves, but a separate tax entity. All of which is perfectly legal.

Bill Gates created the Bill and Melinda Gates foundation, which he and his wife controlled, and then donated Micro$oft money to it. Essentially, he donated the money to himself, so he still has a say in where the money goes.

Did you really thing Bill Gates was going to give money to anybody but himself?

So did Guggenheim, Carnegie and many others.

It's standard operating procedure in corporate America. It's always a shady, but perfectly legal.

Whose money was donated? Investors or BFL's?

Probably money that was mined with prototype equipment funded by preorders, which have not shipped yet.

Yeah, it sucks.

[PuertoLibre]

Not that I'm advocating for BFL but..

Lots of rich people do exactly that, basically give money to themselves, but a separate tax entity. All of which is perfectly legal.

Bill Gates created the Bill and Melinda Gates foundation, which he and his wife controlled, and then donated Micro$oft money to it. Essentially, he donated the money to himself, so he still has a say in where the money goes.

Did you really thing Bill Gates was going to give money to anybody but himself?

So did Guggenheim, Carnegie and many others.

It's standard operating procedure in corporate America. It's always a shady, but perfectly legal.

I already know that. That is one of the references I was thinking of when typing out the above posts.

[wtfvanity]

rofl, i'm dying here laughing

They donate the 1000 BTC to themselves.

Then they pay their developers and call it charity?

Luke -jr gets $6,000 and they are calling that a fulfillment of their not meeting power specs (by a factor of what again?)

hahaha

Too much.

[Bitcoinorama]

Not that I'm advocating for BFL but..

Lots of rich people do exactly that, basically give money to themselves, but a separate tax entity. All of which is perfectly legal.

Bill Gates created the Bill and Melinda Gates foundation, which he and his wife controlled, and then donated Micro$oft money to it. Essentially, he donated the money to himself, so he still has a say in where the money goes.

Did you really thing Bill Gates was going to give money to anybody but himself?

So did Guggenheim, Carnegie and many others.

It's standard operating procedure in corporate America. It's always a shady, but perfectly legal.

But one assumes those people to be of moral standing, we can see that this particular case, Butterfly Labs is now not!

They've lost a bet, promised to pay a real charity and donated it to themselves, all after having legitimate doubt cases on the ethics of recent business practice.

Legally acceptable or not they've hurdled moral obligation and struck an all time low.

Pussies.

[TLS freedom]

If they're serious they should dump the cash into a trust controlled by people outside BFL. Or they should make sure to give a few BIG chunks of that cash out immediately to worthwhile causes like zerocoin. Charity in my mind was like cancer treatment or hospitals or something...

[k9quaint]

I am amazed they built enough units to mine 1000 coins. I always figured they would be donating to the Homes for Hooks and Beer or some such.

[smoothie]

If they're serious they should dump the cash into a trust controlled by people outside BFL. Or they should make sure to give a few BIG chunks of that cash out immediately to worthwhile causes like zerocoin. Charity in my mind was like cancer treatment or hospitals or something...

+1 This.

They should use an escrow to prove they have 1000 BTC to donate and have that escrow donate it on behalf of them publicly so there is no funny business.

John could do it.

Likely BFL doesn't want to do this because it involves an honest 3rd party to keep things transparent.

[k9quaint]

If they're serious they should dump the cash into a trust controlled by people outside BFL. Or they should make sure to give a few BIG chunks of that cash out immediately to worthwhile causes like zerocoin. Charity in my mind was like cancer treatment or hospitals or something...

+1 This.

They should use an escrow to prove they have 1000 BTC to donate and have that escrow donate it on behalf of them publicly so there is no funny business.

John could do it.

Likely BFL doesn't want to do this because it involves an honest 3rd party to keep things transparent.

Oh. No escrow?
Not real. Not news. All BFL news must contain escrow.

[wtfvanity]

If they're serious they should dump the cash into a trust controlled by people outside BFL. Or they should make sure to give a few BIG chunks of that cash out immediately to worthwhile causes like zerocoin. Charity in my mind was like cancer treatment or hospitals or something...

+1 This.

They should use an escrow to prove they have 1000 BTC to donate and have that escrow donate it on behalf of them publicly so there is no funny business.

John could do it.

Likely BFL doesn't want to do this because it involves an honest 3rd party to keep things transparent.

They did put the 1000 BTC at an address that they have sent the first three 50 BTC donations out from.

I'm too lazy to do too much analysis on where the coins came from, but there is this one https://blockchain.info/address/1KhHvmZXxqGRA821Rsqcs6FF2EwLsddrSX

which has had over 44,000 BTC run through it starting back in October. Which, is coincidentally, the first time they said they were going to start shipping.

[smoothie]

If they're serious they should dump the cash into a trust controlled by people outside BFL. Or they should make sure to give a few BIG chunks of that cash out immediately to worthwhile causes like zerocoin. Charity in my mind was like cancer treatment or hospitals or something...

+1 This.

They should use an escrow to prove they have 1000 BTC to donate and have that escrow donate it on behalf of them publicly so there is no funny business.

John could do it.

Likely BFL doesn't want to do this because it involves an honest 3rd party to keep things transparent.

They did put the 1000 BTC at an address that they have sent the first three 50 BTC donations out from.

I'm too lazy to do too much analysis on where the coins came from, but there is this one https://blockchain.info/address/1KhHvmZXxqGRA821Rsqcs6FF2EwLsddrSX

which has had over 44,000 BTC run through it starting back in October. Which, is coincidentally, the first time they said they were going to start shipping.

PROVE TO ME THE ADDRESSES THEY CLAIM TO HAVE SENT "DONATIONS" TO ARE NOT THEIRS....OH RIGHT YOU CAN'T.

 YOU FAIL.

[chanberg]

If you shake hands with somebody from BFL, I recommend to count your fingers afterwards!

HAHHHAHHAAHAHAH

[wtfvanity]

PROVE TO ME THE ADDRESSES THEY CLAIM TO HAVE SENT "DONATIONS" TO ARE NOT THEIRS....OH RIGHT YOU CAN'T.

 YOU FAIL.

huh?

I'm not proving anything. All I'm suggesting, is that on their website, they have an address posted, that had 1000 BTC in it, and they have made an announcement, and then sent three 50 btc donations from it. That's what it looks like.

I use donations liberally, because it looks more like two of them are payment for work.

Yes, some other random person could have sent 1000 BTC to an account, and sent out three payments for work to people that happened to perform work for BFL. Yes, that's a possibility, and I'll agree that with BFL's track record, who the fuck knows for sure...

[maqifrnswa]

If they're serious they should dump the cash into a trust controlled by people outside BFL. Or they should make sure to give a few BIG chunks of that cash out immediately to worthwhile causes like zerocoin. Charity in my mind was like cancer treatment or hospitals or something...

+1 This.

They should use an escrow to prove they have 1000 BTC to donate and have that escrow donate it on behalf of them publicly so there is no funny business.

John could do it.

Likely BFL doesn't want to do this because it involves an honest 3rd party to keep things transparent.

I originally didn't have a problem with BFL creating an external charitable organization, but you're right - all celebrity charities are run by an external board. BFL too may need to set this up, otherwise it could be seen as a way of money laundering or tax evasion.

I, personally, like the idea of the 1000BTC donation going to an organization which then doles out smaller donations to the community. But that organization's choices should be independent of the group funding it, and maybe it will be.

[Phinnaeus Gage]

https://forums.butterflylabs.com/content/134-butterfly-labs-donates-1000-btc-charity-bitcoin-related-projects.html

Nice. Create your own charity project and then donate 1000 BTC to yourself because you still control the money supply or "honey pot".

BFL is seriously dirty players.

This saddens me to no end!

This is the icing on the cake to have them get the scammer tag of which is no longer available on BitcoinTalk.

Not only is BFL a piece of shit, but all those who defend them are PIECES OF SHIT also, for there is no motherfucking way in hell an honest person would even begin to try to justify this action.

I haven't finished reading everything yet, but it wouldn't surprise me to see that Josh, too, is donating his 1000K BTC to the same phantom fund, and this is a PHANTOM FUND run by none other than Sonny Vleisides, of which I'm pretty sure it's against his probation terms to do such.

These motherfuckers are going down, and going down hard. I advice that all those who have pre-ordered to get out while the getting out is good, for a handful of use are about to go full retard and start making phone calls and sending out emails.

THIS IS NOT A MOTHERFUCKING THREAT!!!

I predicted that BFL would do just this (set up their own charity), but currently too fuckin' pissed to hunt the post.

Madness! Utter motherfuckin' madness!