Topic: Butterflylabs Huge SCAM - page 173. (Read 415663 times)
It may not be a documentable scam, but that doesn't mean that doesn't mean it's entirely legitimate, either. With these kind of prices and elusive behavior, there's got to be a big gotcha in there somewhere. I only mine to make a few coins on the side. If I'm convinced of BFL's legitimacy after the ASIC launch, I may pick one up. However, for now I will hold steady, watch and wait. Gold rushes may make some rich, but just as many will be ruined. I prefer my investments long term and low risk. I may not become a millionaire, but I won't end up a pauper. There are plenty of other ways to make money with bitcoin than mining. Wherever there's an opportunity for arbitration, I'll find a way to monetize it.
Did I miss the Daily BFL bashing?
So the time to mine is now, and start looking speculatively towards alternate currencies which may still be able to hold out and be profitable for gpu computing in the future...
Let's not forget that BFL will be testing those units before they go out.
We know that inaba's currently mining with 500Gh/s of what are probably people's mini-rig and single orders for "burn in" testing.
If they do a similar thing with the ASICs (and really, why wouldn't they?) they'll earn a small fortune and have the vast majority of the network hashrate.
Assuming the whole thing's not a total crock of shit
We know that inaba's currently mining with 500Gh/s of what are probably people's mini-rig and single orders for "burn in" testing.
If they do a similar thing with the ASICs (and really, why wouldn't they?) they'll earn a small fortune and have the vast majority of the network hashrate.
Assuming the whole thing's not a total crock of shit
I don't think your math is right. Currently there are roughly 7200 bitcoins generated per day, if 10000 equal powered asics were to compete (disregarding everything else), that is less than 1 bitcoin per day per unit.
And given the reward drop, it's going to be less than half a bitcoin per day before these ship. So you're looking at 10+ years at current rates to break even.
And given the reward drop, it's going to be less than half a bitcoin per day before these ship. So you're looking at 10+ years at current rates to break even.
It's possible... lets check:
here are my numbers for a current BFL mini-rig.
Average daily profit: 7.98704233 BTC ($101.60)
vs SC rig after 40x difficulty increase
Average daily profit: 12.17867686 BTC ($154.91)
Since the topic is BFL is a scam, and assuming (perhaps incorrectly) that it really is a scam...
Do you happen to have the numbers for GPU/FPGA mining projected for 6 months?
I don't think your math is right. Currently there are roughly 7200 bitcoins generated per day, if 10000 equal powered asics were to compete (disregarding everything else), that is less than 1 bitcoin per day per unit.
And given the reward drop, it's going to be less than half a bitcoin per day before these ship. So you're looking at 10+ years at current rates to break even.
And given the reward drop, it's going to be less than half a bitcoin per day before these ship. So you're looking at 10+ years at current rates to break even.
It's possible... lets check:
here are my numbers for a current BFL mini-rig.
Total Hash Rate:25000 MH/s @d= 2864140.507811
Average time to find one block: 5.70 days
Average daily revenue: 8.77949578 BTC ($111.68)
Average daily commissions/donations: 0.00000000 BTC ($0.00)
Average daily electricity cost: $10.08 (0.79245345 BTC)
Average daily profit: 7.98704233 BTC ($101.60)
vs SC rig after 40x difficulty increase
Total Hash Rate:1500000 MH/s @d= 114565620.31244
Average time to find one block: 3.80 days
Average daily revenue: 13.16924368 BTC ($167.51)
Average daily commissions/donations: 0.00000000 BTC ($0.00)
Average daily electricity cost: $12.60 (0.99056682 BTC)
Average daily profit: 12.17867686 BTC ($154.91)
Please use the calculator of your own choice. . .
I don't think your math is right. Currently there are roughly 7200 bitcoins generated per day, if 10000 equal powered asics were to compete (disregarding everything else), that is less than 1 bitcoin per day per unit.
And given the reward drop, it's going to be less than half a bitcoin per day before these ship. So you're looking at 10+ years at current rates to break even.
And given the reward drop, it's going to be less than half a bitcoin per day before these ship. So you're looking at 10+ years at current rates to break even.
It's possible... lets check:
here are my numbers for a current BFL mini-rig.
Total Hash Rate:25000 MH/s @d= 2864140.507811
Average time to find one block: 5.70 days
Average daily revenue: 8.77949578 BTC ($111.68)
Average daily commissions/donations: 0.00000000 BTC ($0.00)
Average daily electricity cost: $10.08 (0.79245345 BTC)
Average daily profit: 7.98704233 BTC ($101.60)
vs SC rig after 40x difficulty increase
Total Hash Rate:1500000 MH/s @d= 114565620.31244
Average time to find one block: 3.80 days
Average daily revenue: 13.16924368 BTC ($167.51)
Average daily commissions/donations: 0.00000000 BTC ($0.00)
Average daily electricity cost: $12.60 (0.99056682 BTC)
Average daily profit: 12.17867686 BTC ($154.91)
Please use the calculator of your own choice. . .
Investing in BFL hardware doesn't seem any more risky than investing in BTC in the first place. It's a gamble. Don't put in more than you can stand to lose.
Bitcoin isn't vaporware.
Sure, the client and hashing power of the network DO exist. But the value of a BTC could come crashing down tomorrow. A few big hacks / attacks, government involvement, protocol changing, etc... This whole thing is an experiment. It will be interesting to see where BTC are in 10 years. I'm betting on it still going strong and it's in our best interest to support that.
No way, if america still stands by the end of 10 years, its fucked government will have already removed all possible "threats" to its control. Controls over currency is a big one.
Investing in BFL hardware doesn't seem any more risky than investing in BTC in the first place. It's a gamble. Don't put in more than you can stand to lose.
Bitcoin isn't vaporware.
Sure, the client and hashing power of the network DO exist. But the value of a BTC could come crashing down tomorrow. A few big hacks / attacks, government involvement, protocol changing, etc... This whole thing is an experiment. It will be interesting to see where BTC are in 10 years. I'm betting on it still going strong and it's in our best interest to support that.
As always, I feel terribly sorry for all you guys.
I was unaware. Thank you.
Or you can watch zombieland for a good definition lol.
This recent increase in bfls launch numbers just remind me of all those 1 uppers that ive dealt with in life.
For those who dont know what an One-upper is, according to urban dictionary:
For those who dont know what an One-upper is, according to urban dictionary:
Quote
A one-upper who always has to be bigger or better than you. If your uncle has 20 ft. boat, his uncle or cousin has 21 ft. boat. A one-upper never loses in the world of story-telling.
A one-upper is someone who always has to be bigger and better than everyone else. If you say you are drunk, they exclaim with how much more they have drank than you.
A one-upper is someone who always has to be bigger and better than everyone else. If you say you are drunk, they exclaim with how much more they have drank than you.
Investing in BFL hardware doesn't seem any more risky than investing in BTC in the first place. It's a gamble. Don't put in more than you can stand to lose.
Bitcoin isn't vaporware.
Investing in BFL hardware doesn't seem any more risky than investing in BTC in the first place. It's a gamble. Don't put in more than you can stand to lose.
People focused on mining and seeing gains and profits out of mining are missing the point of Bitcoin.
(true point removed and I totally agree but lets address the above for a moment)
Without the miners to secure the network it would be shit, so you're missing the point.
I've seen so many people on a moral high ground claiming "BITCOIN WASN'T MADE FOR MINERS" when in fact it was, is, and will die without.
When it stops being profitable to mine, you better sell your coins fast cause this shit's gonna crash faster than a yugo with bald tires on an icy road.
I suspect the number of $$$ invested in GPU mining will cause an alternate currency to take off once the reward halves or once these ASICs finally materialize.
Also, the word is out... the end is near.. the scammers who have been being good, gaining rep... they're all gonna scam you. You can expect people you trusted to flip and become a scammer. It's the name of the game.. the funds are drying up, call in your markers.
That line is in fact why I chose my handle.
People focused on mining and seeing gains and profits out of mining are missing the point of Bitcoin. They're also missing where the real money is.
Once everyone has an ASIC, it'll be just the same as when no one had them. Except the community will have sent a lot of money to Butterflylabs.
Once everyone has an ASIC, it'll be just the same as when no one had them. Except the community will have sent a lot of money to Butterflylabs.
"And when everybody's super...then no one will be."
People focused on mining and seeing gains and profits out of mining are missing the point of Bitcoin. They're also missing where the real money is.
Once everyone has an ASIC, it'll be just the same as when no one had them. Except the community will have sent a lot of money to Butterflylabs.
Once everyone has an ASIC, it'll be just the same as when no one had them. Except the community will have sent a lot of money to Butterflylabs.
ASIC are not power hungry like GPU's which is part of the appeal!
Then people will buy MORE asics than they did with gpu. So the 1th/s will mine even less That's not really true. The key metric here is continuous watts/capital outlay, because ROI will drive how many ASICs are purchased. In this regard, ASICs beat GPUs by an order of magnitude, and FPGAs by about a factor of 2.
That depends on other factors though. Bitcoin was only a small part of buying my GPU so ROI should be relatively quick (especially if I remember to get that rebate form in).
I'm fairly new to this, admittedly but it seems like buying specialized hardware for mining may be marginal at best at this point. Unless you're just doing it for altruistic reasons, you might be better off investing your money in Bitcoins up front and waiting for the value to go up (or not).
As to this company in particular, the fact that they have a convicted scammer in there (allegedly) is a big, big red flag to me. Even if I was optimistic about the technology, I'd probably be looking for it elsewhere.
you can taste the crazy on this thread.
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