Posts tagged "dumb"

Wired reports the new Butterfly Labs Bitcoin miner has arrived

Wired got to be one of the lucky first to get a Butterfly Labs miner for review.

 

Here’s what they had to say:

Wired has taken possession of a 5-Gigahash per second Bitcoin Miner, built by Butterfly Labs �?? a.k.a. our very own digital money printing press. Or something like that.

We�??ve powered up the miner and can confirm that its little red light turns on, that it burns hot, and that it makes the sound of a toy hair dryer. Whether it will melt or make you rich or not remains to be seen.

Very impressive, but does it work?

So Wired then reports it got the little miner to do something more than flash a light. Once the unit got up and running, it started mining like crazy.  So just how awesome is this bad boy?

 

That's like a dollar an hour!

 

Well, it makes a dollar an hour!

Oh. Not so crazy after all.

 

So, let’s review what the the lucky owners had to do to get them:

  1. Butterfly Labs Announce preorders mid 2012, accept preorder money. Delivery promised by end of year 2012.
  2. BFL experiences development delays and misses their year end target.  The bitcoin mining community is up in arms because they see how much money they would be making if Butterfly Labs had met their target.
  3. Other competing manufacturers are also late (Avalon & AsicMiner).  bASIC in fact went bankrupt and failed in their development efforts.  Emotions ran high and since BFL was the first to announce, and the first to be late, they enjoyed most of the negative attention.
  4. It’s now Q1 2013 and BFL hasn’t delivered.  They are giving customer refunds to anyone who would rather not wait in the queue.
  5. March comes around and Butterfly Labs announces that they are finally about to begin shipments and all their customers must opt in to accept the spec changes and order terms to remain in the production queue.  Otherwise they would be refunded by force.  Almost every single customer opts to stay in.
  6. Butterfly Labs begins to ship hardware!

 

6 comments - What do you think?
Posted by Buttcoin - May 3, 2013 at 2:10 pm

Categories: Buttcoin   Tags: , , , , , ,

Buttcoin Reader Douche.. er, Mailbag of the Month!

I got a new comment on my “What are Buttcoins?” page that I think needs a little attention.

Congratulations user “random4925” from sunny Cebu City, Philippines, you’re our Buttcoin Reader DoucheMailbag of the Month!

So basically it turns out that a currency backed not by coercion but by voluntary trade is much stronger and valuable. The only reason the dollar is backed by violence is that some people feel they have a right to purchasing stuff even though they don’t produce anything and that the only way they can full fill this wet dream is by forcing the people who produce to use a specific currency. I have a big surprise to you: If the producers had free choice what currency they could sell their produce in they would not chose USD. They would chose a currency free of coercion. Which is exactly why bitcoin is exploding, all sorts of trade and work is nominated in bitcoins and it grows every day. Just like the internet revolutionized communication bitcoins will revolutionize finance. The main reason the internet have been so insanely successful and has grown so fast is because it is literally without any rules or regulation. Bitcoins are the exact same thing for finance. In just two years we have seen a reinvention of forex, stock exchange, futures marked and whatnot done by nerds without filling out a single form. I would prefer anarchy over statism, it is clearly less violent and better organized. There is a major incentive from every productive individual in society to use peaceful currencies.

 

Congrats again “random4925“, we’ve sent you a libertarian-approved fedora as our “Tip of the Hat” award for your insightful comment.

tumblr_md72etiSHG1ru44ono1_500

 

Lookin’ sharp!

Be the first to comment - What do you think?
Posted by Buttcoin - March 4, 2013 at 11:02 am

Categories: Buttcoin   Tags: , , , , , ,

Can my imaginary currency loss claim real tax dollars?

bitcoin-tax-question

 

I lost a buttload on my fake money, can the US government bail me out with real tax dollars?

 

Oh, the irony.

Be the first to comment - What do you think?
Posted by Buttcoin - January 21, 2013 at 12:33 pm

Categories: Buttcoin   Tags: , , , , , ,