FTC shuts down Butterfly Labs

Fatbat

Fatbat

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May 10, 2008
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This is the FTC’s first-ever Bitcoin case. And it’s winning. - The Washington Post

So yeah, they are shut down and the FTC is looking to rape their asses.

There was a potential class action lawsuit in the works, but I couldn't be arsed to deal with submitting all my records and making statements and whatnot. Like BFL has kept any money just sitting there to be taken in a lawsuit. And if there were any money I might collect a cheque for $17.93 after the lawyers take their share.

So the FTC has beat any lawsuit, and if there is any money to be had I'm sure they'll seize it so there will be nothing left to sue for. Has the FTC ever returned any awarded monies to consumers?
 
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"At the FTC's request, a federal judge has shut down Butterfly Labs, a Missouri-based firm whose specialized computers, which were touted for their ability to produce bitcoins, allegedly went for thousands of dollars but often turned up way late to customers' doorsteps, if they arrived at all."

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I bought a rig from them for about $300, I think about a year ago.

Yah, they were shipping late - REALLY LATE - like it took me six months to get it. By the time I got it, the mining difficulty had gone up and I made like .1 bitcoin.

Not too surprised about this.
 
I've told my story before here, but here's a recap. I ordered two of the singles hashing at 60 gh/s each for a total of 120 gh/s. Was supposed to get them in April/May or maybe May/June of 2013. If I had received them when I was supposed to I would have been hashing about a bitcoin a day. As it were, I got them in October. By then they were earning .35 bitcoin a day. And within about 2 or 3 weeks they had dropped to about .17 bitcoin every 36 hours and dropping fast. I figured by January they would be doing .0 something of a coin a day.

I spent $3000 total, with shipping and taxes, and sold the two miners on ebay for about double that. I also mined about 6.5 btc which I sold at around $900 each. So I walked away with about 4 times what I had paid for the two miners originally.

If I'd gotten the miners when I was supposed to I would have made bank. Likewise, if I had just taken the $3k and bought 100 btc at $30 each, I would have had over $100k when they peaked at close to $1200.

Hindsight is what it is. It was still a fun experiment.
 
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