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Court Order: Butterfly Labs Bitcoins To Be Sold
MrBingoBoingo writes In a new development in the case against Butterfly Labs, the court overseeing the case has ordered bitcoins held by Butterfly Labs to be turned over to the court-appointed temporary receiver. The order also gives the receiver authorization to convert the bitcoins "to cash on a systematic and reasoned basis." The justification for this measure is at least to ostensibly create reserves with which refunds for Butterfly Labs' customers may be paid.
I got in early on a bunch of their FPGA miners. Made obscene money mining and a tidy profit after I sold them and decided to quit mining.
All of the bitcoins that were mined during QA runs should be given to the owners of said devicii
I bought one of these. It took a VERY long time to arrive, and only worked for a few weeks. I contacted them for warranty repair and they simply never responded after that. I am out around $3000.
I'm not a fool or idiot. When I ordered, the marketplace was quite simple and they were the most promising option. It was only after most of us placed our orders with BFL that the trend in the market for pre-orders (and incredibly late deliveries) began, took shape and gained meaning as a deal-breaker.
The current bad actor in this is Black Arrow - and their reseller, MinerSource. They are 9 months behind on delivering Prospero X1s, and if you call or write, they tell you, "you can cancel your order, but there are no refunds. Here's a link to our non-existant terms you agreed to, which did not exist at the time."
I actually managed to get my refund back from BFL, shocking as it seems.
When I ordered the Monarch there was no "6 months before you can request a refund policy", but they still denied me the refund at first. And then immediately flagged my forum account as moderated.
When I used info from their site to contact the AGs in Kansas and Wyoming (they claim to be a Wyoming Corporation on their site, though Wyoming says they don't exist as an entity there at all) I posted it to see what the moderator would do. Instant ban.
Still, on the day the 6 months was up I requested my refund and two days after they said it was wired I got it back.
I was fortunate. There were other fellows on the BitcoinTalk forum out as much as 60K versus my 2K.
Was this for their ASIC or FPGA miners? To their credit, the FPGA miners worked well and ran reliably. Heard some grumblings about the bundled power bricks, but don't know about that since I ran mine off of a regular PSU.