Topic: Butterflylabs Huge SCAM - page 81. (Read 415652 times)

Bump, still a scam!

As long as you know when to run you're ahead of the game. So true!!! Mine on brotha haha

Goddluck my friend and btw your post makes me think of the chorus in that gambler song Kenny Rogers sang

Nice setup.

Gawd damn it  Everything is too expensive and no ROI. I hate that and I am pretty sure its gonna hurt bitcoins in the long run. heh! I see no future in mining if this stays the norm.

Looks like I'm out!
Peace!

1 GHash/s = 1,000 Mhash/s so 6.8 Ghash

Wow thankyou for the pic, looks legit and is that about 8ghs or abouts?

Thanks, the USBs are 2 BTC each, most resellers are charging 2.2-2.5BTC for units in hand. I paid 2.1 in the first batch group buy. They are 330 Mhash/s each, I bought them more for novelty than actual mining, they will take a long time to pay off and new buyers may never reach ROI depending on future difficulty increases.

Just so I don't have to search how much did the usb ASICminers cost? What is the individual has rate of the usb ones

Nice photo btw

BFL Jalapeno and five ASICminer USBs running on a raspberry pi, total 6,850 Mhash/s

Thankyou, you have given me lots to think about and my thoughts on YAC and what ive seen is it has survived massive botnet invasions and in the end
the more the merier imo because it never took a hit at all and in the end mining it is securing it if gpu is unprofitable for people then people will stop mining it and it will not be secure

so from what i can work out if a botnet takes 51% it wouldn't be to attack it but would mainly be to make their coding life easier by not having to transmit the network info to all theri zombies
but im not 100% sure how that works and may be wildly miss informed but for now ive seen huge waves of botnets hit it and it hasnt taken much of a hit at all

hahah ya I know BLAW BLAW BLAW

SHUT UP AND GET A JOB!!!!

I know

heal the world

I never judge ones ability to use grammar and spelling and as for babbling well I seem to be guilty of that as well. The relationship between altcoins miners and bitcoin is quite simple. Bitcoin is the facet where the altcoins get their values in my opinion. If bitcoins drop in price litecoin follows and this is due to the trade dynamics I have seen. The easier it is to flow money into bitcoin the easier it will flow down to other currencies. If an alt does better than another one its usually due to the expectation of the currency's ability to grow if its seen as a seriously tended currency by its devs then it will be accepted. For instance if it is pre-mined its usually looked down on. If it's reward is too low the miners give up on it and the transactions stop being processed. If the rewards are too easy to get the market gets flooded and the value of it becomes watered down.

I have watched many die different deaths and most are just dumped and forgotten about. There are other things to consider here and litecoin is a scryped based algo that was to be GPU resistant and it does require more power to mine and is more stressful on the gpu. By using a killawatt this can be seen very easily. Litecoin has a quicker difficulty targeting and quicker transaction process. Bitcoins about a half hour and litecoin is a full 2 minutes. That means the coins can be sent quicker to pay for things.

As for yacoin the idea is a good one but as I see it very vulnerable to botnets and lets be honest how many are making money with yacoins? Do you see a future with yacoins?

Here is a great site I look over where the all coins are easily analized by performance for a great glace you can see how some coins are having different symptoms of same death.

http://cryptometer.org/

Here is a great alt currency exchange I use for checking their progress as time goes on. You can see which ones are flatlining and what coins are being taken seriously. Those two sites are full of information that are very useful.

https://www.cryptsy.com/markets/view/11

Remember their is a flood of BIG GPU farms already paid for and built with experienced users just waiting for a price jump to make them start back up. So it will be quick jumps in difficulty.

Look at these graphs


Thats bitcoin going to the moon. From all the new asics jumping in.



Thats bitbar a very rare coin aka low reward coin.



Thats what a dead coin looks like. A complete dump at the exchange and no one is buying.



This is DGC and you can see a big difference as it does look like people are interested and usually pumps and drops and then finds a middle where people trading believe it will go higher. As the price climbs it keeps miners interested in mining it and on it goes.



Here is litecoin notice the difference it has reached its saturation and the hash rate drops because the money is not there to mine it. Gpu's already built and running on bitcoin just need to point to litecoin. Litecoin was 0.06 cents and in less than 3 months has gone from 53 difficulty to 600 and 3 dollars after reaching as high as 6 doillars. Notice the halfing of the price after a peak. That is a sucessful finding of value. Completely natural.

Go and take a look at yacoin and see for your self. What do you see in its future knowing what you know now. Look at how its having trouble keeping the hash rate up (miners interest) or could be that the currency difficulty is stunning its growth.



Blaw blaw blaw lol

Understood, and my understanding is people rely on resale of gpus and use that as a basis to justify "still remaining profitable mining" but quite frankly alt mining is not that profitable and they are lucky at all to stay alive as the miners dont seem to mind it not being so profitable and are either looking at it in the long term or just staying oblivious to the fact they arnt actually making money in the short term

but in saying all this i guess its a given that big rigs profit and when they dont on a certain coin that is then opening opportunity for a new altcoin to come out and start the process over. and reducing the redundantcy of their equipment

it is all exciting i am a small miner and would consider investing in a decent rig one day but it really seems that trading it is much more profitable and less work and less risky
and imo altcoins only bolster bitcoin but the altcoin forum is a bit of a mess and its ashame really because the world is really watching this and really wants to be convinced in its integrity and the jokes that are the majority of the altcoin forum are from a speculators standpoint imo  a waste of their time even looking at and a massive turnoff and makes it very hard for anyone to take seriously

i live in Australia and there are even real estate agents wanting to impliment house sales in bitcoin but as you know the currency is still way to volatile and people dont like it because of that
thats why i have some faith in YACoin its remained very stable and will be interesting to see who will take hold of it and boost it and how that could coexcist with Bitcoin

anyhow im babling on a bit but these are my thoughts and im really enthuesed about all this but dont have a clue how the future tech will have effect in all of this because im sure tech will change dramaticly in the near future i mean take spintronics for instance now thats a whole new ballgame but i guess we cross that bridge when we get to it


sorry if im getting wildly offtopic and sorry about my spelling gramma and punctuation they are not at all my strongpoints

Thanks for the heads up

Well that would be interesting. To say the least.

The best scam would be if butterfly had units built months ago but setup them up to use meanwhile so being paid to mine twice

I have been hearing that as well. At this point and time after mining a bit myself some of the crypt-alternatives out there I been getting a bit of experience with different currencies and how they work on the exchanges. What works and how the currencies age effects its value. Guessing in most cases but there are consistencies to look at. After a while you may start to see patterns. However this is not the first time a leap in technology of processors has happened however what is new is the fact that we now have two dominant main currencies that are being taken seriously by people, commerce and unfortunately governments along with at least 15 smaller contending alt-currencies pitting at third place. Mind you most are jokes however I am seeing a few that can be considered number 3 if they can survive the tech spurt.

We are seeing GPU's that were able to support bitcoin being squeezed out and forced either off line or find a place in the other alternatives and the dropping of bitcoin prices are speeding up that process. Litecoin is taking on most of the GPU's however litcoine is no where near the size of bitcoin and can never support all GPUs. With litecoin at 3 dollars the profit for GPU power hungry miners will not be enough. Will litecoin increase in price? Who knows. For GPU sakes they better.

We are living very exciting times. Please understand the flux we are entering. Bad time for miners with obsolete equipment.

It quite simply seems to me that unless you can stay ahead of the curve which seems at the moment is a huge hurdle unless you are in the right circle....ect ect

you are better off investing and trading in the currency having a slow return on the investment