Final version 1.3.0 of the core software was released bringing all the enhancements reported last month to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub. As always, don't forget to verify signatures. dcrd: completed several steps towards multipeer downloads, improved introduction to the software in the main README, continued porting cleanups and refactoring from upstream btcd. Currently in review are initial release of smart fee estimator and a change to UTXO set semantics. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome. Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup shows how to automate simnet management with tmux and 03 Miner Reward Invalidation explains block validity rules. Finally, a pull request template with a list of checks was added to help guide the contributors to dcrd. dcrwallet: bugfixes and RPC improvements to support desktop and mobile wallets. Developers are welcome to comment on this idea to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue) Decrediton: bugfixes, refactoring to make the sync process more robust, new loading animations, design polishing. Politeia: multiple improvements to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement to not leak metadata of ticket holders was merged. Android: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub". Ask in #dev room for the APK to join testing. A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning. Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store. iOS: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.". Nearest goal is to make the app crash free. Both mobile apps received new design themes. dcrdata: v3.0 was released for mainnet! Highlights: charts, "merged debits" view, agendas page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here. This release featured 9 contributors and development lead @chappjc noted: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.". Up next is supporting dynamic page widths site wide and deploying new visual blocks home page. Trezor: proof of concept implementation for Trezor Model T firmware is in the works (previous work was for Model One). Ticket splitting: updated to use Go modules and added simnet support, several fixes. docs: beginner's guide overhaul, multiple fixes and cleanups. decred.org: added 3rd party wallets, removed inactive PoW pools and removed web wallet. @Richard-Red is building a curated list of Decred-related GitHub repositories. Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus! Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart)
Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate. Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply. Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.
Obelisk posted two updates on their mailing list. 70% of Batch 1 units are shipped, an extensive user guide is available, Obelisk Scanner application was released that allows one to automatically update firmware. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open! Let us hope more manufacturers will follow this example. A few details about Whatsminer surfaced this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer is a reseller, and the model name is Whatsminer D1. Bitmain has finally entered Decred ASIC space with their Antminer DR3. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit and bitcointalk, unboxing video here.
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting)
KuCoin exchange listed DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount on DCR pairs for 2 weeks. Three more wallets integrated Decred in September:
Atomic desktop wallet added Decred in version 0.1.31. The team answered many questions on Reddit.
AnyBit wallet added Decred. It features built-in price and news tracking. Notably, the source code is open for their Android and iOS wallets.
Coboadded Decred support into their Android and iOS wallets.
ChangeNow announced Decred addition to their Android app that allows accountless swaps between 150+ assets. Coinbase launched informational asset pages for top 50 coins by market cap, including Decred. First the pages started showing in the Coinbase app for a small group of testers, and later the web price dashboard went live.
The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese and in English.
Advertising report for September is ready. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed. Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)
Raedah Group went on the streets of Portland, USA with a pretty blue tent. (photos)
Meetup at Binzantin Cafe in Taipei, Taiwan. @morphymore: "There were 20-ish attendees, and about half of them have joined the Chinese FB group. Most of them don't hear about Decred before, but have expressed the interest in learning more about it after the event. Overall, it's a good exposure for Decred in the Taiwan community.". A report with photos was posted on Facebook, more photos are here and here.
@joshuam made a Decred Jacket appearance at Singapore Grand Prix. (photos)
NewTech PDX meetup in Portland, USA. Raedah Group presented Decred and reported "lots of new converts". (photos)
North Shore Bitcoin & Blockchain in Glenview, USA. @dustorf gave a five minute overview of Decred and noted: "There were only about 25 people, but about 1/3 of them were aware of Decred prior. (...) Our simple presence and explanation of the project moved opinion from 'another shitcoin they sold after mining' to 'an interesting and viable project worthy of further investigation'.". (photos: 12)
Bitcoin Meetup CDMX in Mexico City on Oct 6. @elian will be talking about Decred at the oldest Bitcoin meetup in Mexico.
SF Blockchain Week in San Francisco, USA on Oct 9. @lukebp will discuss DPoS vs PoS on a panel 9:30a-10:15a at the Titans of Tech Stage, Hilton Union Square.
Decred Meetup in Casablanca, Morocco on Oct 27. @butterfly will host the event and talk about Decred in French.
Texas Bitcoin Conference Austin, USA on Oct 27-28. @BAB: "The great thing about this is that it will also be a Decred Summit. We will have half of the conference dedicated to Decred topics, updates, etc."
Websummit in Lisbon, Portugal on Nov 5-8. @moo31337 will be on a panel discussing "2018: A Rollercoaster Year for Cryptocurrencies"
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)
August issue of Decred Journal was translated to Russian. Many thanks to @DZ! Rency cryptocurrency ratings published a report on Decred and incorporated a lot of feedback from the community on Reddit. September issue of Chinese CCID ratings was published (snapshot), Decred is still at the bottom. Videos:
The underbelly of blockchain Governance - fiat licensing and our code with Marco Peerboom and Chris DeRose (youtube, tweet, decred, missed in August issue) Insightful dialogue about men's underwear, licenses, subtleties of GPL, BSD wars, tiling window managers and much more.
Introduction to Decred (Korean, youtube) @Killawhale collected a lot of feedback from the community and produced this video to spread the word in Korea.
Perspectives on Governance from Nathan Wilcox, Jonathan Zeppettini, Vitalik Buterin (z.cash)
Decred - an example of governance (Portuguese, youtube)
Decred, the crypto that wants to compete with Bitcoin (French, youtube)
Exodus.io Live with Marco from Decred! (youtube) Marco joins Exodus.io to discuss what makes DCR an asset that will stand the test of time.
Building Decred With Systems Development Lead Marco Peereboom - Governance, Politeia, Lightning (youtube) Topics: early days, Politeia, the structure of Decred, dcrtime, Lightning Network, attracting users and developers, future plans (DEX, Schnorr signatures, privacy, DAEs).
Decentralized autonomous funding of blockchain projects by @Richard-Red (medium, discussion on decred and dashpay)
The trouble with infrastructure, "thin" protocols in particular, is that someone has to build them at a cost. e.g. LN takes a ton of work, doesn't necessarily generate value itself, but it magnifies the value of BTC or whatever coin that uses it. I see the DEX in a similar light - whoever creates it is not going to make a bunch of money from it, but it will magnify the value of the underlying asset(s) that end up having a deep order book on the DEX. (@jy-p in #dex)
Twitter: why decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure. Reddit: yet another strong pitch by @solar; question about buyer protections; dcrtime internals; a proposal to sponsor hoodies in the University of Cape Town; Lightning Network support for altcoins. Chats: skills to operate a stakepool; voting details: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps using Schnorr adaptor signatures; dev dashboard, choosing work, people do best when working on what interests them most; opportunities for governments and enterprise for anchoring legal data to blockchain; terminology: DAO vs DAE; human-friendly payments, sharing xpub vs payment protocols; funding btcsuite development; Politeia vote types: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading and programming languages (yes, on #trading!); alternative implementation, C/C++/Go/Rust; HFTs, algo trading, fake volume and slippage; offline wallets, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how stakeholders could veto blocks; how many votes are needed to approve a proposal; why Decrediton uses Electron; CVE-2018-17144 and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress after voting and funding; why the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety; reasonable spendings from project fund; ways to measure sync progress better than block height; using Politeia without email address; concurrency in Go, locks vs channels. #support is not often mentioned, but it must be noted that every day on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)
In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap charts, the trading volume is a bit lower than in July and August. As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx) Interesting observation by @ImacallyouJawdy: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.
ASIC for Lyra2REv2 was spotted on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks to change the algorithm in 2014 and 2015. A report titled The Positive Externalities of Bitcoin Mining discusses the benefits of PoW mining that are often overlooked by the critics of its energy use. A Brief Study of Cryptonetwork Forks by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains. New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk, decred) On Sep 18 Poloniex announced delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange. Circle introduced USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.". Coinbase announced new asset listing process and is accepting submissions on their listing portal. (decred) The New York State Office of the Attorney General posted a study of 13 exchanges that contains many insights. A critical vulnerability was discovered and fixed in Bitcoin Core. Few days later a full disclosure was posted revealing the severity of the bug. In a bitcointalk thread btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.
About This Issue
This is the 6th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are also welcome: some areas are adding content, pre-release review or translations to other languages. Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
11/24/17 Update on Obelisk max hashrate, competing with semi-custom 16nm chips
Some casual conversation from taek posted yesterday. Most of this is out of context and without timestamps because the discord mobile app is 😑. Context: So from the S7 (28nm) to the first S9 batch (16nm), Bitmain increased hashrate by 2.43x and increased power efficiency by about 2.8x. They are full-custom chips though. I don't know if software routed chips will get that level of improvement. Also, when S7 was released, an article said: "This chip was built on the 28-nanometer process of Taiwan Semiconductor Manufacturing Company (TSMC); the company felt that it could outperform chips that were built on 14 and 16 nanometer process nodes that didn’t have full custom design techniques." @SiaBillionaire the non-full custom 16nm chips from Cointerra were about 0.3j / GH. The Butterfly Labs full-custom 28nm chips were also about 0.3j / GH So basically, as far as Bitcoin was concerned, full-custom 28nm beat out software-routed 16nm between experienced teams. Cointerra I'm pretty sure had 28nm chips as well So if it's your first rodeo and you are going straight to 16nm having no idea the traditional challenges of mining chips and using software routing, you are not likely to outperform a 28nm full-custom chip from an experienced team @Wayne we've got simulations saying the SC1 chips can do as much as 3.3 GH/s per watt (as the chip, not as the whole unit), and the DCR1 chips can go as fast as 5.9 GH/s per watt. Then we've got another trick we're using that could push out 5-15% more hashrate. We've been cautioned though that at these performances the simulations become a lot less reliable. We push these chips a lot harder than is typical, and the simulations aren't designed around such brutal usage. Chips are finalized at this point We can't optimize them any further without pushing back our production timeline significantly
The $22,484.00 Butterfly Labs Mini Rig bitcoin miner is a huge, broken, unstable piece of shit.
(This was a rather controversial article posted on Buttcoin.org and became quite popular, even moving to the top of /bitcoin. It's since been mysteriously edited on the site [maybe by g-g-g-ghosts!] so it's being reposted here for posterity's sake. Some numbers may be off by now, but it was all accurate at the time of posting.) Butterfly Labs has a long and horrible history with their mining rigs. They started taking pre-orders over a year ago, with a ship time sometime in late July. After numerous delays in production, shipping problems and general incompetence, the only thing they’ve managed to get out the door are some of their tiniest miners, the Jalapenos. And those mainly ended up in the hands of reviewers and blogs in order to keep pumping the Butterfly Labs hype train and securing millions of dollars of pre-orders still in limbo.Lucky BFL forums user Luke-JR however scored a sweet Mini Rig from Butterfly Labs (it’s just a coincidence he’s a driver developer for them I’m sure). This rig was originally promised to produce 1500 GH/s hashing power at 1500 watts for $30,000, but has since seen it’s hashing power slashed to a third of what was promised and it’s power consumption increased 75%, now just offer 500 GH/s at 2400 watts. They’ve promised to make good on pre-order buy sending out 3 rigs to match the initial hashing rate, so now it’s only 1500 GH/s at 6900 watts, a reduction in GH/Watt by a factor of 5. So what does $22,484 buy you? Take a look!
Minirig is here! Today, my Minirig arrived. http://i.imgur.com/Yp0WPvE.jpg FedEx apparently dropped it somewhere along the way, and the weakest part of the case, the thin metal part around the back of the PSU, broke. http://i.imgur.com/lFcOHxP.jpg I’m not sure how sturdy the back side was supposed to be, but its two pieces aren’t quite together either. http://i.imgur.com/AVttcOt.jpg The power supplies (EVGA 1500W) also created havoc interfering with the neutral on the power line. This disrupted X10 communication significantly enough that the pool overflowed because the system controlling it was unable to turn off the pump. Workaround: This PSU supports 240V, so we rewired the outlet. 240V does not use neutral, so now all should be okay. Edit: 240V workaround is only partial. Still having problems But the good news is, it all seems to be working for the most part. Next up, installing it in the window so the heat goes outside
A twenty two thousand dollar box of electronics that is broken out of the box, that required the guy to do a sketchy electrical workaround to get partially working, that he is going to install in a window… and he’s happy about it? In case you didn’t notice it, the delivered unit is different than the picture on the website. They had to install 2 power supplies instead of 1 and had to modify the case to fit. Also, if you didn’t notice, the LCD/Phone thingy in the front has been replaced by … a piece of cardboard spray painted black. Wonderful. You could maybe chalk this up to a careless Fedex postman, but when you’re shipping something that costs as much as a mid-sized sedan, how bought putting a little more effort into packing? Dell and HP can ship bigger and heavier servers across the world without this kind of problem. The unit had to hit its huge power draw increase by putting dual EVGA consumer grade power supplies in the unit. We’re talking almost a 75 amp load (6*1500/120), disregarding power factor. He could very well overload the circuit panel and trip the main breaker for the house. Let’s take a look inside this guy. This is from an earlier version of the Minirig (note the single power supply) This is apparently from an earlier FPGA but it will give you a good glimpse at what kind of craftsmanship you can expect from a computer that is half the average household income in the United States. Consumer grade PSU and cheap USB hubs glued to the inside case. Electrical tape and random velcro glued to the insides A closer look at the USB hubs. Plugs are hot glued to stay secured. Electrical tape everywhere, splices and voided hardware are the theme. You can view the entire album here. Despite all that, this thing can still mine bitcoins and it should be profitable. Keep in ind that many people jumped in on the preorders a year ago when bitcoins were still hovering around $6.50 per. Meaning customers paid 1562 bitcoins for that particular piece of shit, which at today’s value is $156,200. Aston martin money. How long will it take them to make their money back (as apposed to just hanging on to them)? If the difficulty didn’t change, they would make 37 bitcoins a day and recoup the initial investment in 124 days. Difficulty is jumping pretty much 20% every 12 days or so, so in the next week before adjustment, they’ll make 259, the next 12 days 369, the next 12 days 312, then 256, then 213, etc. So by day 127, they’ll be halfway to breaking even, but by day 151 they’ll be making less than 5 bitcoins a day, and even if difficulty stopped rising at that point(which it won’t), it would take another 435 days for a total of 586 days to break even. If difficulty kept rising at the same pace, by day 200 they’d be making 2.4 bitcoins per day, and it would take 1024 days to break even with no difficulty increase. Assuming 25 cents per kw/h, and $100 a bitcoin, it would cost 0.43 of a bitcoin per day in electricity which means the unit would no longer be profitable on a power usage basis by day 307, at which point it will have produced 2620 bitcoins. Bear in mind this is only for the first few units, and that’s running 24/7 pumping out around 24,000 BTU, so yes, medical bills from heat stroke will be on top of that. But Alas, the chips don’t run nearly as well as they’re supposed to, frequently running too hot and giving multiple hardware failures. Coindesk noted in one of the first ever runs of the Minirig by hosting provide gigavps that it was running much too hot and erroring out.
At the time of posting, gigavps warned that the unit would be repeatedly shut down while ckolivas, who was assisting, modified the machine’s software to optimise performance. After some tweaking, the device was said to have been left to run continuously for two hours, and was shown to have an average hash rate of 478.1 GH/s. As you can see in the table below, ASIC number four (of a total of eight hashing chips) ran significantly hotter (86 degrees) and consequently gave the highest hardware (HW) error rate. http://i.imgur.com/q3iGrnb.jpg
So, what happens if you just decide you don’t want this, you don’t want to wait over a year to get a $22,000 broken piece of shit? Nothing, because BFL won’t let you cancel your preorder because they’re now “shipping”, i.e. they sent out one unit to their own company shill. http://i.imgur.com/0p3Up03.jpg Which is of course illegal regardless of what Butterfly Labs may say. So in summary: Don’t buy anything from Butterfly Labs … ever.
BFL accepts Dwolla for payment - my email (and response) to Dwolla reporting them as fraudulent
My email: (feel free to copy, improve, and use to send to [email protected] - I'd recommend avoiding alot of emotional opinions) I came across a page that is using your service to process payments, that at the very least may be violating your terms of service, and is very likely a willful act of fraud. Please see https://products.butterflylabs.com/homepage-new-products/1-gh-cloud-hosted-bitcoin-hashing-power.html. Butterfly Labs is offering hosting Bitcoin mining as a service. While technically a service, and not the sale of Bitcoins, I believe this weak distinction at best. As I understand it, your Terms of Service at https://www.dwolla.com/tos prohibits the sale of Bitcoins without special permission: "Act as a marketplace and/or exchange for virtual currency products without Dwolla's prior written consent, and FinCEN registration if applicable;" Another concern I'd like for Dwolla to take a look at is the statement, "All sales are final." The following term of service seems contradictory to this: "You understand that We do not warrant the transactions and that these transactions are subject to ACH chargeback processes. You agree and warrant that any chargebacks received by Us can and will be debited from Your Dwolla account..." More importantly is this clause in your Terms of Service: "Defraud Us or other Dwolla Users in any way." Butterfly Labs has a long history of making promises and then failing to follow through. Every product they have ever produced has been offered under a strict pre-order offer. They offer no guarantee as to availability date, and claim all sales to be final, refusing requested refunds. As a matter of fact, BFL frequently launches new products, under pre-order of course, before existing orders have shipped. These timelines are excessively long, oftentimes resulting in a product that doesn't ship for over a year after the original order. This for a product that BFL promises in weeks or a few months, and that is time-sensitive, as the value of the product reduces over time. You'll see that PayPal, a common payment option, is no longer offered. This is likely due to to a grassroots effort among unsatisfied BFL customers with PayPal issuing over $300,000 in refunds in the past week. There is a lot of information about this online; http://bflrefund.me is a good starting point. I cannot predict the future, but I suspect in the future, many unhappy BFL preorder customers will similarly be contacting Dwolla for refunds. I'd encourage you to consider whether Butterfly Labs has a high risk profile, and whether being associated with this type of company is damaging to Dwolla's reputation. Dwolla's response: Thank you for that information and feedback, we will pass this along to our fraud and security team. Sincerely,Dwolla Support
My business relationship with Butterfly Labs permanently ended today, so I thought I'd break up the monotony of BFL refund advice and stories with the tale of a guy who bought from BFL and came out ahead in the end. Last summer, I had my first real job, and was just finding out about this bitcoin business. I thought it was really cool, and wanted to get into mining. Back then, graphics cards were standard, and FPGAs were at the high end of the market. BFL was offering the best price/performance with their original FPGA single, which gave you like 800 MH/s or something. They also had a "coming soon" placeholder for their ASIC line, but not so much as a case rendering or preorder button yet. Inevitably, I asked whether these people were legit. Google turned up threads where people dismissed it as a scam, a few brave souls preordered the box, and after a few delays, it came. Okay, a lot of delays. But the product existed, and that's all that matterd to me. I thought on it for a week or two, then decided to go for it. So I went back to the website intending to buy a Single, but while I was in indecision, pre-orders had started. It was August 8, and they said they'd be shipping by October 2012 (lol). I had to decide whether to get the Single right away, then do a trade-in later, or go straight for a pre-order of four Jalapenos. Both cost the same. I fully expected some delays on the ASICs, but fugued they'd be out the door by February 2013, if not sooner (lol). So I figured I'd be better off having an early place on the ASIC pre-order list than to get the FPGA, but be near the end of the trade-in list. Call it a dumb decision, but if I hadn't gone that way, none of the following would have happened. Time passed. The day the Little Single was announced, I switched my order to that. More time passed. I read Jody's blog every day. I was there for every Two More Weeks that ever came out of BFL's urban farming mouthpiece. And then, one day, nearly a year after this story began, on June 12, 2013, as if by a miracle, there was an e-mail in my inbox that said my order had been shipped. But it wasn't right. They shipped me four Jalapenos, but I had changed my order to a Little Single. Little Singles weren't even shipping yet. I sent them an email explaining what had happened and asking them what I should do. Two weeks went by without a response, and the package came. I sent them another email with an update, then proceeded to plug all my new gear in. One of them was defective and mined only 200 MH/s for some reason. But the other three got about 6 GH/s. I waited for a response to my emails, and mined. Weeks passed. Little Singles started shipping. I started phoning the office. I don't know what the deal is with their phones, but I only got voicemail (which they don't seem to check), until one day I discovered that if you phone them 3-5 times in rapid succession, you get through to someone. I told him my story. He said he'd look into it and get back to me later that day. I waited a week, then called back. He said that I could either ship back the defective one, and they'd send me three more Jalapenos, or I could ship back all four and they'd give me my Little Single. I asked how I'd be compensated for shipping. He said that I wouldn't be. I informed him that he was full of shit. He said he'd send me a fedex label. That afternoon, for the first time, possibly ever, Butterfly Labs followed through on a promise. I waited two days, mined my eighth bitcoin, then shipped my gear back. They sent me my Little Single, I plugged it in, and that should have been the end of the story. At that point, I considered myself to have come out even. I had to stop mining for two weeks to do a product trade, but on the other hand, I started mining -albeit at a lower hash rate - sooner than I otherwise would have. But then, two weeks ago... Remember those emails I sent back at the end of June? Well, Jody replied to the second one. Sorry about the mix-up, she said. Hope it's all right with you if we send you two extra Jalapenos, so that you needn't ship anything back. She wan't aware that the case had been resolved over the phone. So what would you do in this situation? Yeah, I took 'em. They arrived today and are happily hashing away over in my little bookshelf bitcoin farm. As of now, I have 2.2x my original investment (including shipping and customs fees) in bitcoin, and I feel like a winner. I decided Butterfly Labs doesn't deserve the honesty I would probably have extended to most any other company. So yeah, that's the long-winded story of how I profited from BFL's incompetence. Hope you enjoyed.
Investing in an ASIC miner. Information, tips, tutorials and opinions please!
Hey reddit, so i'm looking into buying a '30 GH/s BitForce Little Single SC' miner from Butterfly Labs, and i'd like to know as much as i can! My main questions are: Is it a good idea overall? Will i be competing against other miners and will my weekly income be lowered by this? I will be running it from a fairly old computer, are there any requirements it will need to run it properly? What are some good tips if i wish to constantly leave the set up on? (cooling etc) Can anyone help me setting up whether to mine alone, or in a pool, which is better and more likely to profit well? And finally, can anyone help me with a tutorial on setting it all up to spec? I don't want to get anything wrong. Thanks to anyone who can help! I've been researching bitcoins and mining for over a month now and i'm still quite new to the idea.
Considering a Butterfly Lab ASIC from EBAY. Advice?
I am considering buying a Butterfly Labs 60 GH/s ASIC on Ebay. I have been playing around with BitCoins and have a basic understanding of them. I used this calculator which says I will break even in 82 days, which sounds great to me. http://www.bitcoinx.com/profit/ Can someone help me see if there is a flaw in my plan? Is that calculator outdated? If the seller sends me a bunk unit, will Ebay allow me to send it back? The sale page says "No returns or exchanges, but item is covered by eBay Buyer Protection." which, in my mind, should allow me to return a non-working unit since the page doesn't say the unit is broken. Am I missing some fundamental concept here? edit: the only concept which I am unsure about is the Profability decline field, maybe that is what is throwing me off Sorry if there is already a guide up for this, I did a few searches and most posts talk about GPU mining, which is not what I am looking at.
1.5 BTC Will Ship. Almost new condition. The unit is in hand, tested, and in perfect working condition. 1.5 BTC for the 30gh/s They will be shipped the day payment has cleared. Included: 1 X 30 GH/s Butterfly Labs Little Single Miner 2 x Butterfly Labs Power Supply 2 x Power Cord 2 x USB Cable These are plug and play devices! Everything from Butterfly Labs is included to get started mining Bitcoin. Dimensions of box: 12" x 12" x 6" high Shipping in original packages. Shipping to US, Canada. International. Customs and/or duty charges may apply. Lifetime warranty provided by Butterfly Labs on the board from manufacture defect or component failure. Processing Power: Single: 30 Gh/s (+/- 10% running variance)
I'm looking to raise some money to develop a advanced Bitcoin shopping cart system. I'm trying to raise some money so I've compiled a list of helpful links for those of you who use or plan on using Bitcoins. Please donate to my Bitcoin address if you find this list helpful and to help the development of my projects Bitcoin address 18e2MbUAbH7jNpYtY9Qt2WFUZpagCCEaVs
http://wtcr.ca/ -Number one because the ship almost instantly. Rates do tend to me a lot more but you know for sure you are getting what you ordered in a week and a half of less. No BS preordering and mess
http://cointerra.com/ -2th miner for 14k. Best deal, has the most reputable staff, and is more for the customers then themselves
Costs: 5 GH/s Bitcoin Miner – $274.00 Shipping & Handling – 88$ (all the way to Budapest, Hungary) Upgrade to 7 GH/S – 100$ Total: 462$ He was aware of the bad reviews and forum threads, which all suggested that BFL ships late or actually never does, but he wanted to try and get into mining anyways. Butterfly Labs (BFL) is a company that creates Bitcoin mining hardware. One of the earliest bitcoin mining hardware manufacturers offering ASIC devices, Butterfly Labs have come under fire from bitcoin miners who have had to wait patiently due to lengthy production and delivery delays. What is mining? Source: coindoo.com. Before we move on to the hardware, we need to explain what mining is. Each performed Bitcoin transaction is recorded in a public network called the Blockchain. Miners verify the transactions with the computing power from mining hardware and they are rewarded with cryptocurrency for every recorded transaction. The first 500 gigahash per second ASIC mining rig from Butterfly Labs has been put into operation, as reported on the Bitcoin Forum.We recently reported on the first shipment of the Bitforce SC 60 ... At first glance, our obsession with vampires seems a bit morbid. But once you think about it, things start to make sense. Immortality, eternal...