Think it is time to move on... | Bitcointalksearch.org

zvs

legendary

Activity: 1680

Merit: 1000

https://web.archive.org/web/*/nogleg.com

Quote from: Luke-Jr on December 18, 2012, 01:21:05 AM

Quote from: Gatorhex on December 12, 2012, 02:57:00 PM

Yes, Bitcoin is perfect for arbitrage scamming, also beware of mining pools that keep hold of your coins.
I'm still waiting on half the coins I worked on Eligius pool in October.

Eligius pays out balances as soon as you reach a reasonable amount (currently about 0.67 BTC) or stop mining there for a week. I call FUD.

yeah, i did an hour or two of mining at eligius in august or september and got my payment a week later, wasnt an issue

figured the rest out myself

Buckwheet

full member

Activity: 169

Merit: 100

Green Mining 85% Cheaper

Got all my cash back so I am happy. They had to do it in two transactions, but all seems fine.

Ausversucht

newbie

Activity: 52

Merit: 0

Got the $520 back today in my paypal account. I changed my mind on the single and will hold into the order a bit longer just couldn't give up both spots in line... Don't need the money that bad. My mini was order date 7/7 and the single is 7/12. If they ever do ship, I will likely be in the first "batch" Maybe by my birthday (March) Wink

Luke-Jr

legendary

Activity: 2576

Merit: 1186

Quote from: Gatorhex on December 12, 2012, 02:57:00 PM

Yes, Bitcoin is perfect for arbitrage scamming, also beware of mining pools that keep hold of your coins.
I'm still waiting on half the coins I worked on Eligius pool in October.

Eligius pays out balances as soon as you reach a reasonable amount (currently about 0.67 BTC) or stop mining there for a week. I call FUD.

repentance

hero member

Activity: 868

Merit: 1000

Quote from: Ausversucht on December 15, 2012, 10:40:55 AM

My original $163 was in bitcoin, that was refunded already within 24 hours. The $1333 for the single was a wire transfer, which cost me $30 that I don't expect back, so don't say I'm not losing money. The last $520 for the little single upgrade was paypal. Would like to get it back soon as some unexpected expenses have come up since I requested the refund.

It looks like it's related to using multiple payment methods. The person in the post I linked to above also used multiple payment methods and has heard back from support - their refund will be split into multiple payments (they received $520 first and were waiting on $163 and used Bill Me Later and PayPal). So it does look like it's an accounting thing and that if your payments came from different accounts and were made in separate transactions, your refund will also be made in separate transactions.

squeept

full member

Activity: 154

Merit: 100

It's a discussion forum. I'm not speaking directly and only with you. There is a discussion happening, which you must have missed. My sarcasm is plainly relevant to what several people are discussing on this topic. Moving along...

Ausversucht

newbie

Activity: 52

Merit: 0

Quote from: squeept on December 15, 2012, 11:26:01 AM

Yeah, it's totally BFL's fault that the price of Bitcoin fluctuated over a period of time. You've been scammed!

Wtf does that have to do with anything I posted? I only stated that I had paid a $30 fee for a wire transfer, because at the time they didn't accept paypal for preorders. I lost that money. Also, I have only received 12btc for my orders which in total were over $2000. Stfu and learn how to read.

squeept

full member

Activity: 154

Merit: 100

Yeah, it's totally BFL's fault that the price of Bitcoin fluctuated over a period of time. You've been scammed!

Ausversucht

newbie

Activity: 52

Merit: 0

Quote from: repentance on December 14, 2012, 07:13:27 PM

Quote from: crazyates on December 14, 2012, 06:35:14 PM

I needed a bit of cash, so I canceled one of my 6 pre-orders. I got my refund in under 48 hours.

Out of curiosity, was your refund in USD or BTC? I imagine (hope) that they don't have a shit-ton of BTC just sitting around in a hot wallet, so I could see BTC refunds taking a little bit longer to process if they need to move BTC around.

Quote

He lost the use of his BTCs for that duration as well as any profit or loss that may have resulted therein. This occurred because he believed the loss of the use of those BTCs was justified and that he'd be sufficiently compensated by the product he was to receive in October, November, December, never.

Opportunity cost should be factored into any purchase/investment.

Someone over on the BFL forums is complaining about having only received back the $520 for their upgrade so far and not the remaining $163, so my guess would be that those items show separately in their books and so are refunded in separate transactions.

https://forums.butterflylabs.com/bfl-forum-miscellaneous/544-wtf-bfl.html

My original $163 was in bitcoin, that was refunded already within 24 hours. The $1333 for the single was a wire transfer, which cost me $30 that I don't expect back, so don't say I'm not losing money. The last $520 for the little single upgrade was paypal. Would like to get it back soon as some unexpected expenses have come up since I requested the refund.

Buckwheet

full member

Activity: 169

Merit: 100

Green Mining 85% Cheaper

Just requested my refund. Should come in around 3400. Will let you know if I have problems.

repentance

hero member

Activity: 868

Merit: 1000

Quote from: crazyates on December 14, 2012, 06:35:14 PM

I needed a bit of cash, so I canceled one of my 6 pre-orders. I got my refund in under 48 hours.

Out of curiosity, was your refund in USD or BTC? I imagine (hope) that they don't have a shit-ton of BTC just sitting around in a hot wallet, so I could see BTC refunds taking a little bit longer to process if they need to move BTC around.

Quote

He lost the use of his BTCs for that duration as well as any profit or loss that may have resulted therein. This occurred because he believed the loss of the use of those BTCs was justified and that he'd be sufficiently compensated by the product he was to receive in October, November, December, never.

Opportunity cost should be factored into any purchase/investment.

Someone over on the BFL forums is complaining about having only received back the $520 for their upgrade so far and not the remaining $163, so my guess would be that those items show separately in their books and so are refunded in separate transactions.

https://forums.butterflylabs.com/bfl-forum-miscellaneous/544-wtf-bfl.html

crazyates

legendary

Activity: 952

Merit: 1000

Quote from: Ausversucht on December 13, 2012, 09:39:24 PM

Just an update, I an still waiting on the remaining $1853 from BFL. No word from them since the email from Jody yesterday. Guess 12btc is >$2000 Huh

Seriously glad I'm getting out now, because if/when they fail to deliver next month, I think the refund process is going to be much more painful.

I needed a bit of cash, so I canceled one of my 6 pre-orders. I got my refund in under 48 hours.

Fcx35x10

full member

Activity: 210

Merit: 100

dang :[ perhaps they are busy working on the products prior to x-mas so they can have a little break

Ausversucht

newbie

Activity: 52

Merit: 0

Just an update, I an still waiting on the remaining $1853 from BFL. No word from them since the email from Jody yesterday. Guess 12btc is >$2000 Huh

Seriously glad I'm getting out now, because if/when they fail to deliver next month, I think the refund process is going to be much more painful.

Luno

sr. member

Activity: 504

Merit: 250

Ah Eligius, tried them for 48 hours a month ago, got half of what I've should have had.

So if people are getting refunds now in USD, are they going to reinvest them in BTC? Are someone anticipating this waiting to hammer the market?

Is this a speculation post in a wrong thread?

Ausversucht

newbie

Activity: 52

Merit: 0

I'm not mad, just a bit upset by the ideal. Yes I likely would have cashed those coins long ago (think it was like 24 at the time), however I could have also made much more investing the other $1853 in anything else.

Just like I HAD ~250 coins back when the price was around $4, but those are long gone too. A bit more upset that I had gotten rid of all my cards back in September, I had ~3.5 Ghash/s then, but wanted to get ahead of the selling rush when Asics came out... That is really where I list money. I was getting around .5-1 coin/day after power cost and missed out of 2-3 months of mining before the reward halving. I still had 800-900 Mhash/s, but not quite the same payout there. My fault I know, too much faith in BFL. I still believe they will likely ship first IF anyone does, but I would rather be putting the money to better use, even speculation would be a safer bet at the moment.

Gatorhex

full member

Activity: 126

Merit: 100

Quote

He lost the use of his BTCs for that duration as well as any profit

Yes, Bitcoin is perfect for arbitrage scamming, also beware of mining pools that keep hold of your coins.
I'm still waiting on half the coins I worked on Eligius pool in October.
Of course this thing is easier to pull off if you can pay out in 2 currencies. You always win. Wink

I not saying that this is what is going on here, just that this is how it could be done..

I'm selling pre-order Unicorns.
You can pay me in either dollars or bitcoins.
After 30days, if you are not happy waiting for your pre-order unicorn, you can request a 100% guaranteed refund.
I will refund you in whichever currency leaves me with the currency arbitrage profit.
$10,000,000 of pre-order Unicorns, bitcoin value moves 10%, that's $1,000,000 for me suckers!

It's genius, but probably illegal, only banks get away with this kind of stuff! Grin

creativex

sr. member

Activity: 434

Merit: 250

Quote from: Serenata on December 12, 2012, 02:40:24 PM

He didn't make any money, nor lost. The price was in $ so when he preordered he sent more BTC because the rate was lower and now he gets back less BTC but with a higher rate. All in all it's $163. If we're to say that he lost something, it's the potential to sell those BTC now at a higher rate or in the future at an even more higher rate. But that's (was) pure speculation.

He lost the use of his BTCs for that duration as well as any profit or loss that may have resulted therein. This occurred because he believed the loss of the use of those BTCs was justified and that he'd be sufficiently compensated by the product he was to receive in ~~October~~, ~~November~~, ~~December~~, never.

Serenata

sr. member

Activity: 250

Merit: 250

Quote from: Roland68 on December 12, 2012, 12:10:43 PM

Quote from: Ausversucht on December 12, 2012, 11:58:02 AM

Well, early this morning I received 12.0287 back into my wallet. Was a little upset as there was no email associated with the transaction. I emailed them back and Jody finally replied a little bit ago. That deposit was for my original $163 jalapeno order, without the upgrade. She also said that the remaining balance was coming $520 for the upgrade and $1333 for the single. Not home right now, so I can't check my wallet. Looks like they used $13.55 for the exchange rate.... Not going to go into how I paid like $7.00 per coin when I bought it.

Lesson learned, don't prepurchase vaporware.

This was a good investment if you had paid in BTC ... you made 100% profit ...not bad for vaporware

He didn't make any money, nor lost. The price was in $ so when he preordered he sent more BTC because the rate was lower and now he gets back less BTC but with a higher rate. All in all it's $163. If we're to say that he lost something, it's the potential to sell those BTC now at a higher rate or in the future at an even more higher rate. But that's (was) pure speculation.

Chief Satangkai

newbie

Activity: 54

Merit: 0

Vaporware or not - that remains to be seen. I´m still on the list for a Jalapeno so i will give them until mid January to deliver it. We´ll see... Undecided

Topic: Think it is time to move on... (Read 4120 times)