How to: Get a refund from, butterfly Labs

Butterfly, labs website now displays these messages describing their plans: We remain as committed as ever to serving you, our customer, to the best of our capabilities going forward. District Court rejected a request by the FTC for an injunction, asset freeze and appointment of a receiver.

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Update, 4:12PM: Butterfly Labs has released a statement: Butterfly Labs is disappointed in the heavy-handed actions of the Federal Trade Commission. All the equipment has to be tested, which made our return rate less than 5 percent, which is great, said Ownby. Until recently, the company had remained silent over allegations that it had kept upfront payments from customers even when it failed to deliver the hardware and that it had been using customers Bitcoin mining machines before shipping them. Civil charges against Ghoseiri remain. Soon, Butterfly, labs was arguably the most controversial company in the bitcoin world after.

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They didn't sell pickaxes. Computer mining image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Bitcoin is the currency of the Internet : a distributed, worldwide, decentralized digital money. Customer orders totaling millions of dollars were significantly delayed or never fulfilled. If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core.

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The same statement flatly reveals that there are "currently 1,934 orders remaining in the refund queue." For now, it seems highly unlikely that those customers will ever see a dime. Ars requested comment from CEO Nasser Ghoseiri; the companys last-known de facto CFO, Bruce Bourne; and its last-known spokesman, Charles Zinkowski. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. You can also explore the.

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( Docket 201 Case. Except, butterfly, labs added a twist. Butterfly, labs had decided to use the machines to mine bitcoins for themselves.

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So how did Butterfly Labs get itself into this situation in the first place? As a thank you to our customers for being patient with us as we move towards fulfilling our shipping we are instituting a chip credit program for all pre-orders prior to April 1st, 2013 (Including orders already delivered). It appears the FTC has decided to go to war on bitcoin overall, and is starting with Butterfly Labs. Because there were so many miners chasing after the same bitcoins, mining got more and more expensive and the returns on investment got smaller and smaller.