Topic: Butterfly Labs hardware Ponzi scheme? (Read 1562 times)

Almost a year after announcing Monarch by Butterfly Labs, we have yet to see a single proof there is an actual hardware development by BFL.  The best they have posted a rigged up photo of GPU PCB, and a questionable grainy video that is supposedly hashing with Monarch.  These photos and grainy videos could have easily be a fudged up rigs to imitate actual product.

My suspicion started couple of weeks ago after I questioned Josh one of the board member clowns (http://butterflylabs.com/management/, for their latest progress update which was also asked by several other members.   he intentionally dodged questions.  Later he posted option for Cloudmining, and later couple days back he mentioned they are being hacked, yet dodged question about the hardware update.  Today and yesterday I asked Josh who also use another ID as Slok forum moderator, to give us solid proof that there is an actual development in progress.  When I pressed him for proof, they just banned me from their forum. 

I yet to see any solid proof of development from Buttlerfly labs.  It is common for Josh and his minions post favorable updates here or there bragging about BFL, but am I the only fool out there questioning them whether or not there actual development in progress?

Here is why I call Butterfly Labs (BFL) a hardware ponzi scheme regardless of their past delivery of FPG singles.  Monarch advertised nearing its production 2-3 away as of Jan 2014 at unbelievable price of $3/GHS while every other miner would have cost around $30 or more.  That lured many buyers including myself.  Six month past Jan 2014 they are now offering refunds or cloud mining compensations upgrade as alternate to refund.  The refund is being paid back out of selling new spots in queue as reason why it would take 30-45 days to complete.  Since there is no tangible sign of Monrach development, I am seriously considering this Monarch BS a new version of Ponzi scheme.

Any thoughts from more senior people who have more experience with BFL or have inside knowledge that could share with us would be extremely helpful.

Thanks
Sean