Topic: Butterflylabs Huge SCAM - page 174. (Read 415663 times)

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.

I understand skepticism, and being cautious. I don't understand the certainty that it's a scam that most of these people seem to have

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.

My point is that the "firmware update" is likely how they plan on achieving double the hashrate. In terms of progress, final renders of the Jalepeno enclosure were floating around a couple weeks ago. Likely that they are just going for a production run of those now in China. There's time left, for sure.

BFL probably isn't a scam. And it's going to be tough for a lot of people with the perfect storm of the reward drop to 25 and the introduction of ASICs.

Firmware's the least of their troubles - I'd be surprised at this point if they actually have a working device yet...

(full disclosure, I have a couple of jalepenos and a bASIC pre-ordered)

Sonny isn't the CEO, he is an upper level executive, however. The BFL ASIC technology was set to be the speed it was via a software lock on the clock speeds. They have in the past said that they could increase it if they had competition, otherwise they would likely make an 'unlocked' version. The Jalepeno is simply a locked down version of the SC Single.

The release of the Avalon's raw numbers made them increase their hashrate, they have most likely unlocked the chips to their full potential. Several other ASIC developers have also mentioned the ability to increase their chip's potential.

Regarding their authenticity and marketing methods. I personally think they are a little shaky, but there is a lot going on for a small company. From the pictures I've seen "leaked" from their site, I do not anticipate BFL shipping until very late 2012, especially after this new firmware change.


I feel this is getting redundant; there is a search feature. I recommend you change your title unless you have hard proof (a simple '?' amendment would work for me), otherwise you are just spreading FUD and we have enough of that.


EDIT: After looking at what board this was in, I realized I'm in newbies. Sorry for being a little more ranty that I should have been. There are many other threads like this, just not necessarily in newbie.

Excuse me for not clicking the link. 

What kind of bets I might take that and let you know how it works out.  I have coins to spare, is hobby, not anything I care about lol.

Since over 10 days I wait, that BFL ([email protected]) confirms my BTC payment.
I already sent them 3 emails but until now no reply...

I hope they "are just busy"....  

Edit (10/02/2012): Finally answered and confirmed it 

we'll know when the network hashrate hits the roof.

Seeing as how he just registered 3 days ago and likely has an ulterior motive, I wouldn't be holding my breath on that.

I strongly encourage volavak to put his money where his mouth is by betting against http://betsofbitco.in/item?id=665
There are 50 coins for you to win...

You do realize that other companies are offering ASICs right?
https://www.btcfpga.com/index.php?route=product/category&path=61

What does anybody think that the odds are that new production of bitcoins will become harder in the next few months?

I say its probably fairly high that it will become increasingly difficult and possibly "imposibru" for the small miner in the next year.  But I also say there are so many alternate crypto-currencies (even as of just right now) and so much apparent momentum by all the bitcoin semi-profit, semi-hobbyists out there that it won't be a big deal.

 We will just mine the next new thing lol. Chill out!

I will stay.

We've seen the worst effect of bankerster's greed brought to the world -- trust in financial institutions was lost. 

We are seeing the worst effect Pirate brought upon BTC community ... trust in bitcoin businesses is being destroyed.

double that ROI figure. You're not gonna get your ASIC before the reward drop. And doing a ROI on mining equipment for >4 months is quite risky. You don't know how competitive mining becomes in 6 months.

I have this feeling that all the idiots who scream that BFL is a scam will just disappear and make new accounts later this year. And there will be a few nuts that believe that hundreds of forum users are being paid by BFL to act like they got working ASIC's.

Not true - I actually did the math on this (based on 10000 pre-orders) if every single one of those is a 1th/s sc rig, the network difficulty will increase by a factor of 40.

in that cast - you're sc rig would make you just over 8 btc per day. at currect rates thats over $100. That's $3000. That's 10% a month. 120% per year. 10 month ROI.

A stellar investment if you can afford it.

~

as for me, I've already invested in bfl singles, and have sc upgrades ordered for 1 of them (It's in the 2500 range) so I'm hoping to catch a bit of that wave, but if I don't no big deal. I'm also planning on getting a couple of pre-orders in for bASICs - since (while the prev hardware was lackluster) I love the level of customer service given...

You should all do what any smart investor would do - act to mitigate your risk own risk.

There's risk in pre-ordering a product that doesn't currently exist --- there's risk in not - because you'll have dead time where you aren't earning. Spread it around get orders in with competitors.

ITT noobs think that BFL wants bitcoin more than a reputation as an ASIC manufacturer.