nibb Ars Scholae Palatinae about 8 hours ago
What BLF does is clearly a scam. This is how they proceed.
They sell per-orders, but already accept and want the money upfront, with the excuse they use it to finance the production of the device, they don´t risk their own money on producing devices which should be a huge red flag already.
Not a single company in the US does this, not sure how legal it is to accept money for something you don´t have in stock. Example, Amazon only charges your credit card when the box has left the facility, when its shipped. Not before.
While that is going the extra line, its not correct to charge something you are not going to ship soon, and by soon I don´t mean 1 year.
So BLF accepts money, and then says you can only request a refund for 2 months, they also claim that orders are shipped more or less in 2-3 months and here is the trick. PayPal, etc you cannot request a refund after 2 months have passed, so this is why they say 3 month shipment, they only want customers to wait at least 60 days so they can´t request a refund anymore, not to mention Bitcoins, then you lost your money already....
The fact is that BLF does not ship you the product at least 6 months (shortest ever so far), 1 years (normal) and some never received anything.
They claimed they honor refunds in their web pages but that is fake as well. They then published somewhere that they don´t process refunds anymore, but still in their order page they publish refund for 60 days and shipment in more or less 60 days. They don´t honor any of them and they back pedal on that. They send a canned email message to people requesting a refund, saying that orders are final and you accepted the terms of sales. This is not legal in the US as far as I know, you have to honor a refund if you did not shipped the product yet by law.
The fact is that once you receive your precious unit, for that those that actually do receive something, you will find out that it will NEVER pay for even the cost you paid. So now BLF mined on your money and once the Bitcoin difficulty increased to a point that your device will hardly not even pay itself off, then they send you the unit, this means 6 months to 1 years of ordering. Its a cash cow business for them. They get ton of money from pre-orders, only product a few ones, send this to those that complain, but only send them after enough months went by and they have mined enough money out of them, when they are used enough and are basically worthless, then they send you the unit. You are basically paying them so they can mine on your own money.
They launching their hosted mining services but yet have not shipped all orders to their customers. That should tell you allot, they HAVE devices, but instead of sending them to people that paid for them, they actually mine on them. They are mining on others people money. If they had not devices they would never offer such a service in the first place and would first offer such a deal only after all customers received their products.
I understand this and other persons want their money back after a few months because they are never going to make their ROI back, if you did not received your unit after at least 3 months of ordering, you can trow it in the garbage by the time you receive it. If you order a mining unit today, you need it have it mining at least in 30 days, and it will be useless after 6 months anyway. BLF ships you the unit 1 month or so before that time line expires. Example, you pay a 1000$ unit, you can generate lets say 250$ a month with it at the currents Bitcoin value, the difficulty increases each day, so next month that device will make only 200$ and so on. Then that device will only generate 50$ a month, then they ship the device, so now you paid a unit 1000$ that will hardly ever make the ROI back.
There is a nice discussion about this, but people that actually paid in Bitcoins, they lost even more money, if they would just had cashed their bitcoins out at todays value. Since the are never going to generate them back.
I´m actually impressed how they can still operate so long under this model in the US. Any other business would be shut down or intervened right away. In my book, receiving money and not sending anything of value is a scam. ASIC devices are a huge scam. There only a couple of companies that have access to them, and most of them did similar lousy tricks like BLF, the only ones that generate bitcoins with this devices is BLF.
This company will shut down eventually, they have ripped to many people out of their money to evade this for longer, and once this happens, all this people that are still waiting are going to be left with nothing.
up ( +5 | +6 / -1 ) down 1020 posts | registered Feb 8, 2012
