Organizing a group buy for 50+ BFL 600 GH/s Monarch ASIC cards

[bcp19]

Dude please don't give them any of your money. I have 2 SC orders from July 15 2012. Still waiting. I have lost so much potential profit. They don't give an eff about us.

I love this line... potential profit.  The sad part is they truly believe it.   Singles are shipping from July 4th, 11 days out from his order.

Unfortunately, the god's honest truth that you and so many others will refuse to accept is that you have made FAR more running your FPGA for the last year than you ever would have if BFL had shipped last October.  The sheer volume of orders placed before your July 15th upgrade would have caused you to be making less than $10 a day by the time you got your equipment.  What's that? BTC over $100?  You KNEW that would happen last December???  Bullshit.  Show me proof you held onto every single BTC you earned from December to March and didn't sell anything before the rocket took off.

[1713977749]

1713977749

[Bitalo_Martin]

1) Why do you sign a non disclosure agreement when you post the prices publicly in the forum??? Do you think BFL will not see this post?


2) No way these are institutional prices. I just ordered 10 and I got a price of 3536,40 USD per unit



Anyway the money is lost for sure, as they will ship earliest 2015 i assume :-)

[slavix]

1) Why do you sign a non disclosure agreement when you post the prices publicly in the forum???


2) No way these are institutional prices.

1. Prices that I posted are "Monarch Group Buy" prices I am able to offer as part of this group buy. These are NOT BFL prices.

2. You probably had a 25 % off voucher, that is why you got the price that you did.

[philipma1957]

Butterly labs is offering such good prices that even if they are late these cards will pay for themselves many times over.

BFL is now out of money from all of the pre-orders they took for the last ASICs. This will be the boost they need to keep running and producing all of the old orders. They are a joke and I am almost at the point of telling them to keep the 3 fuckin singles I ordered and talked to Dave the same guy offering discounts on orders of 50+ and was assured NO LATER than July 31st. Now I am given an offer to retract my order on their terms of extending out for another pre-order???WTF?? So wait a minute they can cancel my order but I cant?? I dislike them very much right now and I just hope you do not end up being the bad guy for taking a bunch of newbies money and waiting for years to get the product.

 you do realize how wrong this statement is.  bfl is rolling in cash bro.
 right now as I type there is 100 th in unknown hash power.  
bfl has built working mini rigs . and most likely they are hashing like mad just pulling in coins let and right.    I do agree with the rest of your assessment  to not buy the new gear from them.

One more thing if you are a april 2013 single purchaser + little single purchaser  + 1 5gh unit  at the new hi price this deal may work, do the math. you could convert 75-90gh of hash to 600gh of hash for almost $0

one single is 2500 one little single is  1250  1 5gh is 274 that is a 4024  credit  the card here is 4200 . the card on bfl is 4680 .  So if this is your order setup why not?

[defcon23]

Interesting to read all the hate

 I preordered 4 Monarchs in first hour of sale time upgrading my 6 Singles from Sept 15th 2012.

With ASICS as with any investment, you shouuld only invest what you can afford to loose or you will stress out, that said, everyone always got a full refund from them which is not too bad for investment going bad lol

Also, everyone I know who did 1st day preorders with BFL got their equipment and mined at least 600% return on their initial cost which is nothing to complain about dispite them loosing the race due to production mistakes.

If anything,this whole bfl adventure has taught me that you gotta be there day 1-5 or max first week of preorders or you can forget about ROI.

 Your group buy is too late now so forget about it.  
Look at how many ppl already upgraded their Minirigs and Singles orders. You are now going to be months behind in the queue while something like 10-20TH are ordered on 17 and about same 18th, also you gotta consider that most people are waiting for banks to open to make wire payment or scooping up btc now. I think the market move in BTC this weekend is due to ppl buying up BTC to pay for their orders as banks are closed on the weekend.
My point is if you didnt buy it form them already then forget it  

+1

[millsdmb]

Change the subject to "Organizing a group buy for 50+ powerball tickets"

you'll have better odds.

[cycloid]

Change the subject to "Organizing a group buy for 50+ powerball tickets"

you'll have better odds.

this is silly, if I was OP I would walk away now. All the group buys I ever participated with were first day preorders and organized in adance not after product was selling like crack in redlight district.

[slavix]

Working on a plan that may allow fractional participation.

I hope to be able to offer our group buy participants an option to order less than a whole Monarch card for fractional ownership.

A group participant would be able to order less than 100% of a Monarch card. One could order 10%, 50% or 25%. I think this will attract many more participants with current BFL pre-orders who want to upgrade, but do not want to spend much more money on a whole card.

This option would require Seattle Data Center hosting for the Monarch cards. Under agreement I have with the Data Center I am able to assign fractional payouts from each miner hosted.

I am working on a document describing the offer and will consult with a Law firm on details.


I would like to hear what you all think about this idea. Please do leave a reply and let me know. Thanks.

[millsdmb]

negative roi / investors = ?

[slavix]

I have some good news. I spoke with Dave of Butterfly Labs this morning and even though we do not yet have 50 cards confirmed for the first order, he said it was ok for us to go ahead and get started with what we have so far. This means we can get started on placing our first order!

There is one condition though that I must make you aware of. When speaking with Dave on logistics of placing this order he made it clear that it would be a heavy administrative burden on them to ship our group buy order to multiple addresses. Our group buy order will have to be shipped to me to be reshipped to you or to the Seattle Data Center for hosting. I told Dave that this may be unattractive to some of our investors as they do not know me enough or trust me enough to handle their precious hardware. Dave said he will think about this issue further, but for now this is the only option.



Next step in our ordering process:

- Please confirm once again your readiness to order

- I will submit list of our orders to Dave of Butterfly Labs

- A BFL employee will contact you for confirmation if you are upgrading.

- I will send you invoices for the amounts due. I will be using Bitpay merchant tools. Same as Butterfly Labs.

- Once I have the funds collected from all participants, I will pay for our order and notify all participants.

[slavix]

 - Sept 12. Spoke with Dave this morning. We are good to go! I am making last preparations on service agreement document and will soon start sending out invoices and service agreement to group buy participants. Stay tuned!

[wrenchmonkey]

Interesting to read all the hate

 I preordered 4 Monarchs in first hour of sale time upgrading my 6 Singles from Sept 15th 2012.

With ASICS as with any investment, you shouuld only invest what you can afford to loose or you will stress out, that said, everyone always got a full refund from them which is not too bad for investment going bad lol

Also, everyone I know who did 1st day preorders with BFL got their equipment and mined at least 600% return on their initial cost which is nothing to complain about dispite them loosing the race due to production mistakes.

If anything,this whole bfl adventure has taught me that you gotta be there day 1-5 or max first week of preorders or you can forget about ROI.

 Your group buy is too late now so forget about it.  
Look at how many ppl already upgraded their Minirigs and Singles orders. You are now going to be months behind in the queue while something like 10-20TH are ordered on 17 and about same 18th, also you gotta consider that most people are waiting for banks to open to make wire payment or scooping up btc now. I think the market move in BTC this weekend is due to ppl buying up BTC to pay for their orders as banks are closed on the weekend.
My point is if you didnt buy it form them already then forget it  

That's absolute bullshit. Everybody knows that I was as big a defender against people trolling BFL as anybody, back when you could readily get a refund. The second they decided to unilaterally implement a "no refunds" policy, ex post facto, is when their remaining credibility went bad. They've still got 90%+ of their queue to ship, aren't putting a dent in it, and have decided that people aren't eligible for refunds. Fuck that shit. I'm not buying anything again from either Avalon or BFL that isn't on the shelf, and ready to ship same day. Period. You're a fool to pre-order more vaporware from BFL, based on their miserable past performance.

[vesperwillow]

I have some good news. I spoke with Dave of Butterfly Labs this morning and even though we do not yet have 50 cards confirmed for the first order, he said it was ok for us to go ahead and get started with what we have so far. This means we can get started on placing our first order!

They required a large number for group buy in, but suddenly they're ok with half that? Yeah, that does't sound desperate or anything.

There is one condition though that I must make you aware of. When speaking with Dave on logistics of placing this order he made it clear that it would be a heavy administrative burden on them to ship our group buy order to multiple addresses.

That's odd honestly. While I don't understand their "management process", working out up to 50 shipping labels shouldn't be an issue.

[slavix]

While I don't understand their "management process", working out up to 50 shipping labels shouldn't be an issue.

yes, you do not understand BFL work process. It is not just about labels. Anyway this is their condition and I will execute re-shipping to buyers in a timely manner.

[slavix]

They required a large number for group buy in, but suddenly they're ok with half that? Yeah, that does't sound desperate or anything.

Our group will be placing regular orders, likely once a month and Butterfly Labs realizes that this is not just a one off, but a multi-order arrangement. We decided to start with the first order being less than 50 to make sure all the people who are ready to order get it done and people who have not confirmed yet will be on next order.

[Choadmeyer]

F BFL

[BeepBeep2]

How is 30 cards a "heavy administrative burden" for a company to ship?

Even I can ship 30 manufactured cards to 30 addresses within a matter of a few hours...

[slavix]

How is 30 cards a "heavy administrative burden" for a company to ship?

Even I can ship 30 manufactured cards to 30 addresses within a matter of a few hours...

You are free to buy at retail and not participate in this group buy. However I explained their condition. Take or leave.

[Wesly]

So did BFL tell you when your Monarch group buy will be shipped?  According to this new coindesk articles, Josh said a fast-track limited production run will product the chip in 24 days, and a limited number of initial orders will be shipped around mid-November, but the rest of the orders will start shipping late January or early February 2014?  In 2-3 months time, the hash rate will increase by 4-8 times, making the Monarch unprofitable.

http://www.coindesk.com/butterfly-labs-coo-responds-to-detractors-amid-company-struggles/

[millsdmb]

So did BFL tell you when your Monarch group buy will be shipped?  According to this new coindesk articles, Josh said a fast-track limited production run will product the chip in 24 days, and a limited number of initial orders will be shipped around mid-November, but the rest of the orders will start shipping late January or early February 2014?  In 2-3 months time, the hash rate will increase by 4-8 times, making the Monarch unprofitable.

http://www.coindesk.com/butterfly-labs-coo-responds-to-detractors-amid-company-struggles/

bringing me back to my previously unanswered question, negative ROI / investors = ?

F BFL.