Topic: BUTTERFLY LABS THIEVERY: THEY TAKE YOUR MONEY BUT YOU WILL NOT GET BTCs SOON! :(

[Pez]

The Butterfly Labs is just a company that take a advantage of the big fraud Bit Coin in it self.

Bit Coin is not a currency it is just a modern pyramid game. The only one that win the money is those that started Bit Coin it self. The Bit Coin dose not have a substantial value just a virtual that you can use as long as there is a bigger fool that by them and ship something of substantial value back to you.   

Her is a good description about Bit Coin and a good description have market economy works:

Don't Buy Bitcoins 
Don't Buy Bitcoins, Part 2
Don't Buy Bitcoins, Part 3 - Why Goods Attain Prices
Why must We not Buy Bitcoins?

Rebuttal "Don't Buy Bitcoins"

Remember there is nothing free on the net!

So If I understand your dilemma devnullius you probably get fraud by Butterfly Labs when you try to by something to mine bitcoin and that in it self says everything about bitcoin and there substantial value. Can some one virtual mine for something can it really have a substantial value and ware is the money created? You need to putt in a substantial value to have that ability to take out it also. You can not have more value in a system then you put in. If you have done this you get in a economic crises and that is what happen in some country's now when they have lived over there substantial value like some parts in US (Detroit) and Greece for example.

Realise this the only way to earn money in this way is to be in the top of the pyramid and try to sell a fraud to every body else so they give you money. And than you are the thief!

[devnullius]

A great overview of all wrong with Butterfly Labs... http://www.coinjabber.com/site/www.butterflylabs.com#write_review

This page is great in general: it shows all available ASIC producers out there. And more importantly: how happy customers ARE with them ;p

I received my miner two weeks ago.

Great thinking along: power adapter was set to 110V - no BIG warning and it will explode almost everywhere in the world. Thank you butterfly labs. After burning throught two (older) 400W PSUs, I bought a new one and that works just fine. I ordered parts to repair the original power adapter; a friend of mine will fix and replace all burned components one of these days...

The value of the package is mentioned on the outside of the box - very convenient for customs :s

Mining is horrible and noisy. The machine runs on less than 300W constantly. Will be about 150 to 200 euro of electricity just for this month

BC/day? 0.03 and going down fast. I hope to get 1 BC on the end of the month.

If I had bought for 2500 euro BCs back in April when I ordered my 55GH mining rig, I would have been rich by now ;-(

That alone keeps me awake at night

Fuckers!

Devvie Nuis, NL.

[devnullius]

D., I just want to check do you get any reply from them till now?

Their support was and is horrible - they will never reply on something that is not to their liking.

That said, after another VERY PISSED ANGRY email about the 110V debacle, after a few days or so I actually got a reply with some basic advices. Like: did you check the 110V/230V switch? Does it still work? DUH. A PSU was advised too... So why they would make their own custom and DANGEROUS power adapter...? I don't know. My friend, whom knows condensators and shit like I know good antivirus and shit, said they were very cheap and obscure components. He did not like the device one bit.

Read other expert opinions here: https://forums.butterflylabs.com/bfl-forum-miscellaneous/5295-throw-away-your-bfl-single-power-supply-hazardous.html

Still angry,

Devvie

[Pez]

Hi ! devnullius I hope to follow your progress with this even if when I have the view that this is a fraud. As I have point out before.

The delivery time of your miner shows ones again that it is a "pyramid game" because of the main task for it is that their is just the early starters that get the profit for them that start later.

Now what I can see the also will be the power company's.
I hope you can give me a progress for how fast you can get 1 Bitcoin in the progress of time. What I have understand the progress should decrease logarithmic (decrease faster and faster under the time).

I looked at the web site that you referee to and did only find a 50GH/S as the nearest to your miner for a price of about $2500 with would be around €1500 if I'm not wrong. If we hypothetically calculate that you manage to make 10 Bitcoin/year first year and you want a hardware pay off for one year and you power consumption is what you say about €150/month for the calculation.  So your first Bitcoin will cost you €300.
After this their is of big inters to se how fast the decries is for main Bitcoin probably their is not realistic to make 10 Bitcoin/year for year one. But say as a example that it take two month the make the second one it will cost you €150 (for HW) + 2*150 for power = €450 for the next and so on 3:th Bc = €600 (4 month). If it show the progress by this hypothetically scale I have done her it will take 1023 month (about 83 year) to make 10 Bitcoin and the last one cost you in just energy in today price and currency value €76800 in just energy.

Their is funny to look at the site you refried to 1 Grate and 13 No Good votes. The Grate vote is probably the company it self that give the first vote.

One other thing about the power consumption. How dose it meet up to the climate goals? Shouldn't we lower our consumption instead for rise it to make Bitcion? Just a question to think about. These days company's tyre to lower the power consumptions by virtualisation of systems to fewer hardware but her it is the total opposite for the BitCoin miners. 

[Samker]

...

I received my miner two weeks ago.

...

Somehow I'm glad to hear, that you'll have the opportunity to regain the invested money... Also, I would like to know whether our strategy had influence on that?

Hi ! devnullius I hope to follow your progress with this even if when I have the view that this is a fraud. As I have point out before.

...

I'm interested too...

[devnullius]

After all this time... I was cleaning up open tabs and thought I'd finally take my fight with Butterfly Labs back on. Images now are working, so you can see who they are.

They won't care though, they have become FILTHY rich

This is how Butterfly Labs works... They create a next-gen device. They usually announce early, only to be beaten by later specs from competitors. Competitors that either give you price-guarantee or at least deliver as fast as they can (I hope: ).

When they have created this next gen and many orders are already in, they actually start producing the devices on mass. And start "testing" them. READ: mining like crazy with YOUR hardware, getting as many fucking coins as they possibly can! When customers are really getting angry - especially after the many many many newsletters telling you how GREAT all their devices are - and competitors have handed over batch 1 and 2 at least 2 months before, they will *slowly* start to deliver - avoiding any charges of fraud!

Of course; they already made a huge profit in BTC on the hardware YOU payed for them. THEN you get the left-overs and scramble for a few more bitcoins before the network adjusts completely to the next gen hardware.

My 55GH miner only made a little more than 1 BTC until now - and only because I joined a pool that pays a dividend. When prices go up... You get payed extra.

BTCGuild Stats for today:
24 Hour Earnings = 0.01678912
Account Balance BTC = 1.57502925
Account Balance NMC = 2.49994672 (cryptsy: Net Total (BTC) sell = 0.01500864 BTC)

Making my "earning" 1.59 BTC... With an investment of 2500$ back in April.

Hardware used: https://products.butterflylabs.com/homepage/50-gh-s-bitcoin-miner.html (mine works at 55GH average...)

If I would have bought BTC for my money back in April instead of investing in this miner... I would have had 50 (FIFTY) bitcoins now... FUCK you Butterfly Labs. FUCK YOU!

Remember: I would NOT get that 0.0167 BTC/day if it weren't for the joined pool boost!! This is about 9 euro... Almost break-even point for (Dutch) electricity bill, which is close to 6 euro/day (them taxes!)

So fuck them. Or did I already mention that?

I'll also copy paste some newsletters they keep sending: showing minders so low in capacity that it is criminal to sell them. Only a complete idiot would buy those devices.

NO karma, Butterflylabs Scam!

Do see their Facebook: https://www.facebook.com/ButterflyLabs . I'm banned for commenting on their site with many many many accounts, but do me and others a favour: post a link to this scforum-article to warn others. As you can see, once in a while there are many critical comments from all kinds of people on their site. They do not check it very regularly. They will ultimately remove most if not all critical posts, only leaving the happy naive customers... So copy paste a link and keep it nice. Others will follow it and hopefully not go for these US scum bags For they still have NOT changed their "ways".

*RAGE*

Devvie Nuis
NL.

[devnullius]

SEE: http://www.urbandictionary.com/define.php?term=bfl

BFL
Verb

1. To have something you ordered - delivered so far behind schedule, that it is no longer useful to you. Especially in cases where delays are 100+ days and the manufacturer or reseller is refusing to offer a refund for the goods.
2. Scammed
3. Completely fucked over

The term originates from the famous case in the Bitcoin community of longer than 1 year backlog of orders at Butterfly Labs, who have refused to refund their customers.
Usage:
Damn, I think we're getting BFL'd

Be careful, you might get BFL'd

See? NO karma!

devnullius

[devnullius]

https://products.butterflylabs.com

65nm Products - In Stock Now
50 GH/S BITCOIN MINER
 $984.00 Order   

230 GH/S RACK MOUNT BITCOIN MINER
 230 GH/s Rack Mount Bitcoin Miner
$4,255.00 Order

So... Assuming you are in a pool and just taking my numbers with 55GH... Let's do the math of what you could expect to make out of this...

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For 1000$ you get a device that makes about (let's really max out here!) 15$/day.
You need 1000/15 = almost 70 days to break-even (BTC price does not go up and mining difficulty stays as high as it is now and electricity is free).
My advise? Buy BTC for your 1000$ - you are better of.

--
For 4200$ you get 230GH. Let's divide 230/55. Let's round it up to 4.2. So this device is 4.2 times faster, so 4.2 times more profitable then my miner @ 55GH. So that's (really royally calculated) 60$/day. 4200/60 is, again, 70 days for break even point. Very optimistically and non-realistic taking out all factors slowing your profits further down.
Again, my advise: buy BTC for you money.

Or go take a look at alternative crypto currencies to invest. Wait 70 days and chances are... You'll have made a real profit :>

Karma? Neeeh. BURN them assholes!

devnullius

[devnullius]

In the last 24 hours, my 55GH BFL miner created 0,01493742 BTC.

According to http://www.alloscomp.com/bitcoin/calculator this should be 0,01260792...
http://blockchained.com/profit/index.php agrees with 0.0126 BTC.

Some basic math (0,012 + (x*0,012)/100=0,014.

"x" here is approx. 18.4% more profit then if when I'd be mining alone. This complicates me switching from Bitcoin to Peercoin with, for example, www.multipool.us.

For now - if you came Googling here, feel free to repeat my calculations for your own hardware... And set that to the prices with them fuckheads @ butterfly labs...


Karma

devnullius

[devnullius]

FROM: http://www.woodlaw.com/blog/customers-unite-bring-class-action-against-butterfly-labs

Customers Unite to Bring Class Action Against Butterfly Labs

Consumer Fraud

Posted on April 7, 2014 by Noah Wood

The Wood Law Firm LLC announced today that customers from across the country have joined together and filed a class-action lawsuit challenging the sales and advertising practices of Butterfly Labs. The lawsuit against BF Labs, Inc., which does business as Butterfly Labs seeks compensation for customers who pre-paid Butterfly Labs for Bitcoin mining equipment and who did not receive the equipment they paid for, or received the equipment far after Butterfly Labs represented the equipment would ship.

Bitcoin is a peer-to-peer payment system and digital currency. Bitcoins are created by "mining", a process where miners receive transaction fees and newly minted bitcoins in return for verifying and recording payments into a public ledger. By design, mining is a computationally intensive process which today requires purpose-built computer chips to be cost effective.

The complaint, filed in the United State District Court for the District of Kansas located in Kansas City, seeks to recover the pre-payments made to Butterfly Labs and the losses customers sustained due to Butterfly Labs' conduct. The lawsuit alleges Butterfly Labs required customers to pre-pay for orders of ASIC based Bitcoin mining hardware, and used portions of customer pre-payments to make loans to shareholders and purchase a house and automobile for a shareholder. Because the computational difficulty of Bitcoin mining increases over time, by the time some consumers finally received their equipment, the equipment had become worthless because mining with the equipment was no longer cost effective.

"Bitcoin is an exciting and promising new technology. Unfortunately this also makes it an attractive area for people running scams and frauds," stated attorney Noah Wood one of the lawyers for the customers. "Stopping the bad actors and staying vigilant against consumer fraud is absolutely necessary for the successful development of the Bitcoin ecosystem."

According to the complaint, Butterfly Labs may have collected over $25 million in customer pre-payments. The lawsuit also alleges Butterfly Labs, despite telling customers that Butterfly Labs did not mine bitcoins itself, used equipment customers had already paid for to earn mining income for itself under the guise of "testing" such hardware. The complaint states this "testing" served "to enrich Defendant at the detriment of its customers by both denying the customers' use and benefit of the equipment they have already paid for, as well as increasing the overall mining difficulty required to generate future bitcoins."

The case is Alexander et al. v. BF Labs, Inc., Case Number 2:14-CV-02159 (D. Kansas). The customers are represented by Noah Wood and Ari Rodopoulos. A copy of the lawsuit and further information is available from the Wood Law Firm, LLC at www.woodlaw.com/cases/butterfly-labs-and-bf-labs-inc-bitcoin-miners.


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Thank you and God Speed Mr Woodlaw

PS: do notice the BFL owners bought themselves private homes and cars from MY money While mining BTC with MY equipment!