If they where more transparent, maybe i would have invested something.
The business plan alone
https://picostocks.com/businessplan/19 makes them more transparent than, say, ASICMINER.
Personally, I think that this scam because bitfury admitted in a public conversation that he has no higher (university) education but it is going to make the chips.
And yet, out of all the Spartan6-LX150 miner designs, he is the person who made
the fastest bitstream (300 Mh/s per FPGA, compared to the "professional" competition at 200-220 Mh/s). Sometimes autodidacts are better than university-taught people. I see that quite often in my professional field as well.
(Disclosure: I think the BitFury ASIC is real. I have shares in 100Th-Mine)