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Showing 5 of 5 results by newb4ever
Post
Topic
Board Mining
Re: OMG, Butterfly Labs refunded me and I made ROI!!
by
newb4ever
on 22/02/2015, 20:57:18 UTC
Congratulations but I believe you will be only one of the few who actually get a refund and even fewer who made an ROI.

My US$65,716 refund hit the bank 2014/05/07.  2 separate 1.5TH/s minirigs ordered in March/April 2013 upgraded to 2 x 7 Monarchs.  I didn't think too long after being offered the refund to take it.
Post
Topic
Board Bitcoin Discussion
Re: Why Do People Believe Fiat Will Replace Bitcoin?
by
newb4ever
on 19/01/2015, 17:16:46 UTC
Think about it like music.  It is still created by humans, but is turned into digital form for humans ease of use.  Same with money.  It will always be created by humans, but we are just seeing our money go digital in a safe way for the first time in history.

Our fiat already is digital and in forms much safer than bitcoin.  Even the professionals screw up their bitcoin wallets.  Fiat in wallets, bank accounts, credit card balances, etc., are already much safer.  Our money rarely manifests as tangible physical coins and bills.  http://www.coindesk.com/federal-reserve-bank-vp-protocol-just-like-bitcoin/
Post
Topic
Board Hardware
Re: BFL Labs Bankruptcy and Refund Clawbacks
by
newb4ever
on 28/05/2014, 18:03:01 UTC
You are not a vendor or creditor of BFLs you are a customer.

Your refund cannot be "clawed back" as you put it.

Only recent payments to vendors and suppliers can be recovered.

Relax.

@JoeVentura:  awesome, glad someone knows what happens in this case!

@BurtW:  sounds bad for your friend, thanks for letting us know, knowledge might come in useful some day!  I'll learn to stay away from near-BK-customers, or to charge them way more for my services to account for the risk!
Post
Topic
Board Mining speculation
Re: BFL Monarch - Delivery Dates
by
newb4ever
on 28/05/2014, 12:55:41 UTC
The latest from BFL_Josh, BFL forum time "05-28-2014, 06:57 AM":

Quote
I was supposed to have some information I needed to complete the update yesterday, but it didn't happen. I should have it today sometime and I will post an update then. It's 7AM in KC right now, so people are just getting into the office... they should get my info at some point today. I do know that we have the test board running stable at 650 GH/s at the moment, so all is well on that front.

The Imperial will likely need another board rev. I am pushing to start shipping 600 GH/s units now as opposed to waiting for a new board rev. This makes shipping much more complex and we are discussing if that's even possible and if so how to handle it. It looks like we would have a new Imperial class board rev by the end of next week, but I would like to start shipping before then. I will post a more detailed technical explanation in the update. The Imperial class board rev will reduce power usage on standard Monarchs as well, which is one reason to wait. However, I am not in favor of waiting, regardless of power consumption on the 600 GH/s units and would like to start shipping next week if we can get them through manufacturing that quickly, and I don't think it will be a problem. We have the boards, they just need to be populated with components. That is part of the information I am waiting on, as well as a few more details.

No way the avoid refunds on 80%+ of their Black Friday order, refunds become available tomorrow or Friday.
Post
Topic
Board Hardware
Topic OP
BFL Labs Bankruptcy and Refund Clawbacks
by
newb4ever
on 28/05/2014, 12:46:45 UTC
This post got me banned from BFL forums, which I totally expected.  Are any of you lawyers?  When BFL goes bankrupt will my US$60K+ refund get clawed back?

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TOPIC:  Refund Clawbacks when BFL goes Bankrupt

Some people got out of Bernie Madoff's ponzi scheme before the bottom fell out and came out whole, or way ahead.

After the whole Madoff thing fell apart, those who still had investments with him had pennies or less on the dollar to recover. Lawyers for those unlucky investors have tried suing other investors who got out in time to improve the settlement for their clients.

So ... in this SIMILARLY FRAUDULENT SITUATION here, when BFL goes bankrupt and doesn't have enough to refund all the Monarch pre-orders, will lawyers go after some of the refunds handed out earlier? Of course, a ruling of FRAUD will mean some personal assets of BFL staff might be in play, too, for settlements. I wonder how discovery of BTC assets will go in that case?