Update: My post just got deleted by HF on the other thread so reposting here.I’d like to address some of that statements HF made in the response to my customer complaint @
http://hashfast.org/HashFast_consumer_complaint_response.pdf
Complainant pre-ordered his Baby Jet unit in order to secure his status as a “Batch 1” customer,
meaning he would receive a unit from HashFast’s first batch of production.
All HashFast Batch 1 customers were offered a final shipment deadline of December 31, 2013.
I did pre-order a Batch 1 BJ stated as ‘in-stock’ and ‘Shipping Oct 20-30’ on the HashFast order site. The December 31st deadline was not part of the Terms of Sale I agreed to at the time of the sale. Nor did it appear on my BitPay and HashFast order receipts. The final shipment deadline was added after the fact. It was added to the 'order confirmation' that I receive a week after I completed the transaction.
Aug 9 ToS:
http://pastebin.com/EfS9vmRfReferences:
https://bitcointalk.org/index.php?topic=299193.msg3209063#msg3209063https://bitcointalk.org/index.php?topic=270384.msg2949502#msg2949502https://bitcointalk.org/index.php?topic=262052.msg3405970#msg3405970
Complainant alleges that the only option HashFast gave it’s customers to pay for its products was in Bitcoin.
In reality, besides Bitcoin, HashFast accepted (and still accepts) most traditional methods of payment such as checks and wire-transfers,
and Complainant was free to pay for his equipment by these means if he so chose.
It was not until online purchasers made it all the way to the “checkout” page that they were
offered the additional option of paying in Bitcoin, in addition to payment in USD.
HashFast accepted payment in Bitcoin as a convenience to its customers.
At the time of my order (Aug 9), payment in Bitcoin via BitPay was the only payment option available to me on the website. It was only after the widget broke that HashFast accepted alternative methods of payment.
- Shipments begin: October 20th-30th, in order of purchase
- Payments to be made in BTC with the help of BitPay
Orders are taken in BTC, in the unlikely event we get to refunds they will be given in BTC.
Please add CC payments
no, they want only those committed to
leaving their BTC with HashFast until the end of the year. if they fail to deliver, they have said they will give
full refunds in BTC.Reference:
https://bitcointalk.org/index.php?topic=270363.msg2894478#msg2894478
HashFast never made any promises to Complainant that the Bitcoin he used to purchase equipment would be refunded 1:1,
nor do the ToS state that a 1:1 Bitcoin refund would be given. In fact, the absence of any such promise is not coincidental
as the price of Bitcoin has been volatile since its creation in 2009, subject to sharp appreciations and precipitous depreciations in value.
As such, Bitcoin is a fluctuating virtual currency. It is not a standardized unit of value.
Apart from the promises made as such by Simon Barber, Cypherdoc (paid sponsor and member of the board) and Cara?
if you buy Baby Jet for 51 BitCoins today and it does not ship, you will be refunded the 51 BitCoins you paid.
-Cara
In fact, John Skrodenis from HashFast did make that promise to me in person during my visit to the HF office in SF on October 30.
Another topic was the possibility of refunds and John was pretty specific that if refunds do happen they will be full refunds in the currency the order was paid in (BTC in BTC, USD in USD). Please note that I have not requested a refund and have no plans to do so at this point.
Note that I sent notification of my post to HashFast by email directly asking for corrections if I made any mistakes or misinterpreted anything. HF responded that it looked fine over email and also quoted the post on this forum.
Reference:
https://bitcointalk.org/index.php?topic=262052.msg3452898#msg3452898
Complainant suggests that HashFast said it would offer him a full 1:1 refund in Bitcoin.
In reality, HashFast’s order confirmations state that “If Buyer ordered one or more Baby Jet units,
and HashFast does not deliver such units by that date, then Buyer may at his or her discretion,
cancel the undelivered portion and HashFast will issue a full refund the payment for the units that Buyer purchased but did not receive and cancelled.”
Nowhere in the order confirmation, or the applicible ToS, does HashFast offer a 1:1 Bitcoin refund,
Rather, HashFast offered a full refund of “the payment for the units.”
The ToS/order confirmation states:
HashFast will issue a full refund the payment for the units that Buyer purchased but did not receive and cancelled.
But it also states (at least in my order confirmation):
HashFast Technologies has received your order and payment in BTC for 1 Baby Jets, shipping via Next Day Air Saver (UPS). Total BTC 59.7987
So the payment is clearly BTC based. Unless otherwise specified a full refund should mean a 1:1 return of the original payment.
Complainant lodged the instant complaint when the value of Bitcoin grew 800% above what he originally paid.
The price of Bitcoin now trades at over 500% of what it did when Complainant placed his order.
No doubt, Complainant would eagerly have accepted a USD refund and cried foul to a refund in Bitcoin if the price
of Bitcoin has dropped to 20% from the date of his purchase.
This is an unwarranted and untrue accusation of my character. In fact I have always been clear from the start that I expected refunds to be made in BTC and well before the value started to appreciate. For example on Aug 09 I wrote the following:
The Oct-Dec timeframe is when these miners will earn back the vast majority of the investment cost. If anything the Oct 20-30 shipping date is what justifies the high cost of this unit. Take that away and you might end up with an expensive heating element. I don't like it either but that is the reality of an exponentially increasing difficulty. One day it is pure gold, the next a lump of coal. When it comes to refunds - I expect those to be done in BTC not USD. You take orders in BTC, you refund orders in BTC.
And on Aug 11:
For every day HashFast misses their target shipping date, a partial automatic refund should be made based on what a 400 GH/s unit would have mined at the difficulty at that date.This would continue until either the refund is complete or the unit is delivered.
And on Aug 17:
I expect refunds to made in accordance to the Bitpay receipt of payment.
References:
https://bitcointalk.org/index.php?topic=270363.msg2901489#msg2901489https://bitcointalk.org/index.php?topic=270384.msg2907958#msg2907958https://bitcointalk.org/index.php?topic=270384.msg2949898#msg2949898In addition, I filed a refund request within 10 days after HF defaulting on their advertised shipment date of October 30.
My refund request was ignored by HF and closed without response (see:
https://i.imgur.com/qPrxhmE.png).
To say I was motivated by the USD value at the time of the complaint is baseless. If any party was motivated by the USD value it was HF as is apparent from their actions that are contrary to their earlier statements and terms.
I have already given up and accepted my losses. I'm making this post simply to set the record straight. I wish those that are taking legal action against HF all the best.
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