[NEWS] Butterfly Labs - Shut Down by US Government - page 4.

opieum2

hero member

Activity: 532

Merit: 500

They will be in receivership most likely at this point. At best you can hope they kept shitty books and you get a second refund lol. But somehow I doubt it. They will liquidate the hardware somehow at the cheapest cost somehow most likley just to ensure people all get made whole. There are plenty of ways this could go. FTC I do think will make an honest effort to make things right, but BFL likley has alot of it hidden out. And having their assets frozen at least makes it good for everyone. Homes will be sold, saunas auctioned off fancy cars, etc all auctioned off like they were drug dealers. Easy enough to recoup some if not all of the losses. But seems a stretch to expect interest, unless the FTC can make a solid case of it. Might be an untenable situation. FYI I too was lucky enough to get a refund, but it took nearly 6 months to make it happen. I placed an order of November of last year and quickly realized they were not going to deliver. January I started the refund process and they were not replying. At which point I filed with the FTC (yea BFL I am one of the 300 who filed....THIS IS SPARTA!!!!).

Quote from: LDeneault on September 23, 2014, 02:06:10 PM

The question I have is this: the FTC documents refer, in multiple places, to the "harm" done to customers by the seemingly intentional delays in hardware delivery.

As a former BFL customer - who was at least smart enough to get a refund at the first possible opportunity - since I've been harmed is BFL liable for my damages? It would make things very, very interesting if BFL was held responsible for the potential losses caused by not delivering the hardware in the time they stated.

At the very least, they ought to have to pay some reasonable about of interest for all the pre-orders which were essentially 0% loans to them.

Bogart

legendary

Activity: 966

Merit: 1000

Quote from: QuestionAuthority on September 23, 2014, 01:41:20 PM

Aww, it's too bad that Josh is just an employee. I'd sure love to hear about him being raped is prison.

http://www.butterflylabs.com/management-view/josh-zerlan-3/

"VP Product Development" sounds like a bit more than "just an employee". In fact, isn't a severe failure of Product Development precisely the reason the company is now in this mess?

LDeneault

newbie

Activity: 39

Merit: 0

The question I have is this: the FTC documents refer, in multiple places, to the "harm" done to customers by the seemingly intentional delays in hardware delivery.

As a former BFL customer - who was at least smart enough to get a refund at the first possible opportunity - since I've been harmed is BFL liable for my damages? It would make things very, very interesting if BFL was held responsible for the potential losses caused by not delivering the hardware in the time they stated.

At the very least, they ought to have to pay some reasonable about of interest for all the pre-orders which were essentially 0% loans to them.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Aww, it's too bad that Josh is just an employee. I'd sure love to hear about him being raped is prison.

Stratobitz

legendary

Activity: 1022

Merit: 1010

Quote from: CrazyGuy on September 23, 2014, 12:16:14 PM

Looking forward to a 140 BTC refund for my 2012 jalepeno and single order.... Wink

More detail on where the BTC money went. Basically the claim is from the get go they never planned to deliver. Crazy.

Federal authorities believe that the three named members of the company’s board of directors—Jody Drake (aka Darla Drake), Nasser Ghoseiri, and Sonny Vleisides—spent millions of dollars of corporate revenue on all kinds of things, including saunas and guns, while ignoring many customer orders that went unfulfilled or were significantly delayed.

http://arstechnica.com/tech-policy/2014/09/feds-label-bitcoin-miner-maker-butterfly-labs-as-systematic-deception/

Strato

Tigggger

legendary

Activity: 1098

Merit: 1000

bigasic

hero member

Activity: 924

Merit: 1000

Sounds like ole' Sonny is going back to the pen. I believe he was still on probation, so they will throw him in asap for violating that, then the new charges, that will likely take a couple years to finish.. Once a crook, always a crook..

RoadStress

legendary

Activity: 1904

Merit: 1007

Quote from: freeAgent on September 23, 2014, 12:49:25 PM

I'm surprised that the hash rate on EMC hasn't dropped at all.

You don't expect to have their farm in their offices and registered under the same company name right? But I hope someone will tip FTC about EMC!

freeAgent

sr. member

Activity: 240

Merit: 250

I'm surprised that the hash rate on EMC hasn't dropped at all.

dogie

legendary

Activity: 1666

Merit: 1185

dogiecoin.com

Quote from: CrazyGuy on September 23, 2014, 12:16:14 PM

Looking forward to a 140 BTC refund for my 2012 jalepeno and single order.... Wink

Thats not how it works.

CrazyGuy

legendary

Activity: 1973

Merit: 1007

Quote from: ocminer on September 23, 2014, 12:17:11 PM

Quote from: CrazyGuy on September 23, 2014, 12:16:14 PM

Looking forward to a 140 BTC refund for my 2012 jalepeno and single order.... Wink

I think now the chances to get anything back have rather vanished ...

Agreed, but can't a guy dream?

Threader

sr. member

Activity: 406

Merit: 250

Yes they do need to go that far. White collar criminals get it too easy when punished or never punished for the harm they do.

ocminer

legendary

Activity: 2688

Merit: 1240

Quote from: CrazyGuy on September 23, 2014, 12:16:14 PM

Looking forward to a 140 BTC refund for my 2012 jalepeno and single order.... Wink

I think now the chances to get anything back have rather vanished ...

CrazyGuy

legendary

Activity: 1973

Merit: 1007

Looking forward to a 140 BTC refund for my 2012 jalepeno and single order.... Wink

Bogart

legendary

Activity: 966

Merit: 1000

I wonder if Sonny is still on probation re his previous mail fraud conviction...

NetTime

full member

Activity: 253

Merit: 101

Man, those tortures are fucked up!!!!!

I mean, just take all their money, you don't have to go that far...

goxed

legendary

Activity: 1946

Merit: 1006

Bitcoin / Crypto mining Hardware.

Finally!
I say bring it on!

nosferatujeff

newbie

Activity: 48

Merit: 0

It will be interesting how BTC is handled as far as refunding customers. US legal precedence in the making.

I imagine on hand funds are limited but BTC isn't.

daddyfatsax

hero member

Activity: 857

Merit: 1000

Anger is a gift.

Fucking finally!!!

I still be they get off with nothing more than a slap on the wrist.

ocminer

legendary

Activity: 2688

Merit: 1240

Quote from: seriouscoin on September 23, 2014, 11:23:40 AM

awesome, i cant wait until Josh got raped in jail. That little bitch likes to mention dicks/cocks alot in his post. Now his dream has come true, soon he will get a bag of dicks himself.

I doubt Josh will get in jail too.. He was 'just' an employee, but yes, he probably deserves it

Topic: [NEWS] Butterfly Labs - Shut Down by US Government - page 4. (Read 7727 times)