Topic: Butterflylabs Huge SCAM - page 46. (Read 415663 times)
Then perhaps people will be encouraged to make better choices going forward and the predators will starve. BTC investments should be made with the goal of obtaining a positive return measured in BTC. If you have to do exchange rate hocus pocus to justify your investment in BTC mining gear then your investment was a mistake and you should have kept your BTC in your wallet or used your fiat to put BTC in your wallet and left those in your wallet.
Quite frankly I don't believe many of them believe what they're saying. We've all seen instances where Josh has used exchange rate fairy dust to justify what can only be described as robbery. Why would this miner turned COO of a mining hardware equipment company find it so difficult to believe people would want their BTC investments to return more BTC? He doesn't believe his own words.
This is a situation that's hardly unique to BFL, and will likely be widespread going forward... Most BTC mining investments aren't likely to return the same amount of BTC in the future. Hopefully some people will be satisfied by the dollar denominated returns, because if everyone decides they'ed rather hold their bitcoins than invest in a mining venture that likely won't return the same amount of Bitcoins, then pull the plug.
I wonder, if all the people who are upset that the 1 BTC they spent when the BTC/USD rate was $6 and then earned back a total of .75 BTC when the exchange rate was $150, would they be happier if their 1 BTC investment returned 2 BTC, but the BTC/USD exchange rate fell to $1 in the intervening time period?
They scammed lot of peoples by accepting pre-orders.
Their devices is not profitable now.
Their devices is not profitable now.
I actually got the Single I ordered more then 13 months ago. It hashes 55 instead of 60 but whatever, I'm happy to at least have it...
I'm still waiting for my upgraded Jalapeño ordered y may. When it arrives I hope the return of my investement in 2 moths or so. But I'd like to know other uses to it, altcoins or scientific calculations...
I think that in december the Jalapeño will be a expensive brick in the Bitcoin's network
A friend of mine was really after me that I should take a loan and buy the Terrahash miner from Butterfly Lab. I was so close to get the loan but then I realised something is not good and then I read this..I am definitely steering clear ofButterfly Labs
Awesome
If you really want a miner go with KnC, or possibly Cointerra. But I don't know if their units will be profitable any time soon.
I actually got the Single I ordered more then 13 months ago. It hashes 55 instead of 60 but whatever, I'm happy to at least have it...
Actually come to think of it... Any entity that trades goods, services or other currencies for multiple currencies should be considered an exchange and then would have to abide by US regulation if USD is an option for return.
I see. You want bitcoin to all of a sudden become the most regulated currency anywhere? And what do you think that will do to the value of your bitcoins? Cause them to plummet. But then I guess that doesn't matter because you'll still have the original quantity of bitcoins, right?
A friend of mine was really after me that I should take a loan and buy the Terrahash miner from Butterfly Lab. I was so close to get the loan but then I realised something is not good and then I read this..I am definitely steering clear ofButterfly Labs
Yes, people waiting for 10 months to get their product. When they made order bitcoin mining was profitable but now it is low profitable.
The problem is that many sent their precious BTC to BFL last summer with an exchange rate hovering around $6 because BFL promised delivery in October(2012). They'll never get those BTCs back from their gear even if it's delivered tomorrow. When you convert the cost of a BFL minirig paid for in BTC in June of 2012 at a $6 exchange rate you quickly begin to understand the magnitude of the problem.
What's odd is that BFL's defenders get so emotional about the fact that ROI in BTC doesn't matter, just fiat. Except, for people who rolled over the BTC they got from mining hoping to increase the amount they had, they... basically got screwed over.
I don't know why it's so hard for them to deal with the fact that a lot of people wanted to increase their BTC holdings, and believed the price would go way up (which it did)
Quite frankly I don't believe many of them believe what they're saying. We've all seen instances where Josh has used exchange rate fairy dust to justify what can only be described as robbery. Why would this miner turned COO of a mining hardware equipment company find it so difficult to believe people would want their BTC investments to return more BTC? He doesn't believe his own words.
The problem is that many sent their precious BTC to BFL last summer with an exchange rate hovering around $6 because BFL promised delivery in October(2012). They'll never get those BTCs back from their gear even if it's delivered tomorrow. When you convert the cost of a BFL minirig paid for in BTC in June of 2012 at a $6 exchange rate you quickly begin to understand the magnitude of the problem.
What's odd is that BFL's defenders get so emotional about the fact that ROI in BTC doesn't matter, just fiat. Except, for people who rolled over the BTC they got from mining hoping to increase the amount they had, they... basically got screwed over.
I don't know why it's so hard for them to deal with the fact that a lot of people wanted to increase their BTC holdings, and believed the price would go way up (which it did)
The problem is that many sent their precious BTC to BFL last summer with an exchange rate hovering around $6 because BFL promised delivery in October(2012). They'll never get those BTCs back from their gear even if it's delivered tomorrow. When you convert the cost of a BFL minirig paid for in BTC in June of 2012 at a $6 exchange rate you quickly begin to understand the magnitude of the problem.
@coinlogger:
Please provide the approximate date you upgraded to Little SC, and the additional price paid.
Thanks
Please provide the approximate date you upgraded to Little SC, and the additional price paid.
Thanks
I upgraded on 2013 JAN 23... Upgrade cost $371.00... over the past 18 days my miner has generated ~5.2 BTC... In reality it will only take about 3-4 more days for this device to cover ALL costs associated with its purchase... at that point it will generate $20-$45 USD per day depending on the normal Bitcoin market/mining factors... I looked at this as a 1 year 1 month breakeven investment @ about $2.18USD/day.. My breakeven analysis simple included non-mining time with the actual time taken to recoup the full investment... This is just steady supplemental income chain... I entered into this knowing my exit... How many of you can say the same... I honestly do understand people being upset about the delays and so forth. However, it was pretty easy for me to navigate the available information & arrive at a profitable position... The question now is would you pay ~5k now for 600GH in the future with BFL's new product offering.? or anything similar?
BFL was a bad horse in our gold rush race. Now it seems Avalone as well wasn't right pick (chips delays). Current winners appear to be Bitfury and KnC.
We won't know the real winners until a few years from now, but it definitely won't be the fat beast that's trampled into the spectator stands, or the one who's peg leg fell off just a few strides out of the gate, respectively.
BFL was a bad horse in our gold rush race. Now it seems Avalone as well wasn't right pick (chips delays). Current winners appear to be Bitfury and KnC.
Yeah. Neither which have delivered. Winning. A lot.KnC and Bitfury will never win. Just keep watching their services.
I got mine Idk what the problem is for you..
Yes you got your devices after 1 year. Do you think it is normal duration to deliver any product?
I do not feel scammed. I ordered Two Jalepenos back SEP 2012. I'd read all the complaint about slow product delivery, missed deadlines and the lot. I assumed a 1 year delivery date from time of order. When the offer was made, I upgraded to a Little SC & paid the difference. I received my Little SC in AUG 2013 (One month earlier than I expected). My Little SC will have paid for itself in about 8-9 more days.
Aside from BFL hardware and custom luxury boats, I can't think of a single thing that you pay for and then receive almost a year later. Help me out here?
This is simple long term investment strategy. It is very much like buying and holding stock purchased near the ground floor. I saw a viable but nor quite complete technology. I accepted a time risk with an expected return about 15 months out. This non-off the shelf, specially designed & fabricated product is much more like your custom yacht, plane or vehicle. This product is specialized machinery like a generator in a power plant. It's not a slapdash of video cards poked into some pc skins chewing up power and spitting out BTC. These are sleak pieces of optimized mining equpiment.
Well, have fun with that. While you're waiting my B2 Avalon has already paid for itself.
@coinlogger:
Please provide the approximate date you upgraded to Little SC, and the additional price paid.
Thanks
Please provide the approximate date you upgraded to Little SC, and the additional price paid.
Thanks
Recommendation:
I bought a KNC Mercury instead.
I actually have one for sale that is in the october shipment. If you offer the right price you might get lucky! =)
I bought a KNC Mercury instead.
I actually have one for sale that is in the october shipment. If you offer the right price you might get lucky! =)
KNC is my only choice
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