Topic: Them BFL Cowboys - page 7. (Read 14436 times)

Wouldn't it be too late to warn unsuspecting investors of the risks/poor company performance at that point?

I won't get into a pissing match about this, however, I was referring to bitcoin mining ASICs.  For the sake of brevity, I made the assumption that anyone reading my post would understand this.

Apparently not.

I concur with with Yogafan on the "Its almost like you want them to fail" part. As someone who has a vested interest in their upcoming line and in addition to that a potential customer of other bitcoin mining products; I would like to ask you to please stop the FUD. What you are doing is not helpful at all for the community at large nor is it informative.

If and when BFL turns out to be a failure / scam like bitcoinasic.net, that is when it would be appropriate to make comments like they are "cowboys" and bash them into non-existence.

What are 18 employees doing? They haven't had product to work on in months.

http://www.pcmag.com/article2/0,2817,2415979,00.asp


I wonder if there's a forum full of people bitching and moaning about it not being released...
If you are so concerned with BFL's business practices, why are you still invested in their products?  Pull your orders if you believe them to be so incompetent.

 False. Application Specific Integrated Circuits have been around since the early 80's.

None of this is helpful.

Every company I have ever worked for is a bunch of chaotic cowboys.  Heck, every person I have ever met is basically just muddling through.  We are all just making things up as we go.  REAL life is not like the movies.  BFL just happens to give you more of an insiders view than a regular company ever would, so you can see the frays and cracks of the actual process of getting shit done.

Give it up.  It's like you WANT them to fail for some reason.

Take a hint.   ASIC's DO NOT EXIST YET. (at least before Avalon)  Creating a brand new thing that never existed before is a shit-ton of hard work.  It's going to take time, patience and a bit of luck.  Bad things will happen along the way.  People have died trying to get to the moon.  They didn't cancel NASA after their first few disasters.  They are still at, trying to build satellites and mars rovers and the future.

So I say go for it, as long as they can, as long as it takes. NEVER GIVE UP.

If they do fail, it won't be because of their inadequacies, it will be because people like you have finally gotten to them and they have given up in frustration over the naysayers.  At the end of your life, what will you be able to say you created, or brought to this universe that never existed before?

Honestly, I don't know how they're able to not touch a single satoshi of the ASIC pre-order funds, currently operating off the profits of the sales of FPGA products (no longer sold) and VC funding which, BTW, funded the FPGA rigs since none of that pre-order money was also not used during development.

We're talking about massive overhead here, and that's if those in upper management (above Josh) are not taking salary. Speaking of salaries, the best case scenario is that no more than a quarter million dollars has been paid out to the current staff over the past six months, based on prevailing wages and about a dozen personal (no more than 18 employees).

The new warehouse cost is probably their least expense, considering it's a least with a build-to-use clause. Even if the least payment is $3,000/mo (no way it should be more), they could have locked in by paying $36,000 down (year in advance least payments) at the worse case scenario if they couldn't show enough cred to obtain a conventional least. But that's probably not the case, for the Vleisides family has been a fixture around KC for decades.

The above only mentioned to drive the point home that the warehouse cost is one of their least expenses.

That said, unless I figured incorrectly, we're easily at a million dollars that only came from the profit of the FGPA sales and VC funding. Is this possible? Feel free to set me straight on my assessment.

~Bruno K~

At this point does BFL know if this supposed ASIC team even exists or if there is instead just some dude in Cali
- charging them for some supposed ASIC design,
- "testing" the nonexistent design on a "simulator", thus determining a need for repackaging
- charging them again for supposedly redesigning the ASIC to account for the repackaging
- stringing them along with renders of empty asic designs (see the render of an essentially empty chip BFL showed in January),
- milking them again and again for so called bullet runs and expedited handling (that invariably never seem to happen),
- is laughing all the way to the bank while Josh is staring like a deer into the headlights of the incoming failure train.

Bonus points if the dude in Cali is an extended member of Familia Vasileiadis siphoning off the funds out of the company for Sonny and Chris' benefit while the rest of BFL including Josh have no idea they are being had.

I'm glad I'm not invested with these cowboys.

That's what Josh posted yesterday on BFL forums:


It confirms what most of us already suspected/knew:

1) BFL is just a chaotic bunch of Cowboys with a great "can do" attitude (one has to admit this!), that somehow managed to get the funding done (e.g. with peoples pre-order money). But they have no clue whatsoever about technology, hence why they outsourced everything. Some of the egg heads fucked them over (which must have been pretty easy because BFL is a pure sales&marketing company), giving them wrong estimates (time & money). Hence all the fabricated updates from Josh and all the delays.

2) Whenever people asked Josh "do you have a working prototype?" he ignored them, insulted them or weasled his way out. Now we have the confirmation that, up until today, BFL does not know whether their chips work - or not. They do not even know if the design is OK.

5 month after the promised ("honest abe") shipping date BFL has no idea if their design is OK ?!?! WTF!

As I always said: They lie to us on purpose!
I am furious now ...