BFL has misled and conned pre order "customers" into thinking they are in fact customers. They are INVESTORS.
The quote below shows BFL to be full of constant BS. Wake up people.
I do have one question... What is exactly the point you are trying to make?
Regards,
BF Labs Inc.
Thanks for asking. I have a few simple points.
About BFL1. You are pre-announcing this product before delivering your previously pre-announced product
2. This is your second claim of delivering a product with ASIC hashing. Your first was debunked as an FPGA as soon as product shipped.
3. You seem to be using customer funds for purchases of product for development and general expenses. If I am wrong about that please post a notarized statement from your escrow agent and I will apologize.
About business in general1. Paying in advance for development is an investment. It is generally compensated with intellectual property, equity or loan interest.
2. Honest, viable businesses become insolvent all the time for lack of cashflow. It is the reason for the Chapter 11 bankruptcy procedures.
3. Payments in advance for products become unsecured debts in a bankruptcy proceeding. Unsecured debtors are among the lowest priority for recovery in these procedures and generally get nothing. Even if the material is sitting in the shipping bay with a label on it, it isn't yours under bankruptcy.
4. For reason #3 above it is unethical, and a violation of consumer protection laws in many places to sell product in advance of availability. For the same reason, Visa and Mastercard require shipment before a sale can be charged.
5
. Companies at risk of insolvency often make very generous guarantee offers. A guarantee has no revenue cost in the present, and has no value in bankruptcy either.I can't see ever being a customer of yours given your business practices. And your question has given me the opportunity to nicely summarize why people should use caution. So I will leave your thread to your fans and investors.
