Hey if you want to follow it to the tee. They take new investors money to keep operations going for more than 1 year. Have you run a business for a year with zero income? Have they created any products and shipped out to pay bills, employees, taxes, electricity, supplies?
NO
When I worked in the oil and gas business, we would sometimes have wells that took years to develop. No income on the well and lots of investor money in the project. Then you have the prospect of a dry hole. High risk. High returns.
They took and used pre-order money to supplement their operation FOR A YEAR!!!! and when someone asks for their money back they get more pre-orders letting them off the hook for the older pre-orders and that tends to dry up capital. So now they raise the prices to compensate for the lack of fund.
You cannot definitively know that. Price increases corresponded with the massive value increase of bitcoins. It's logical to assume a price increase especially considering relatively weak competition.
Now they could be at the end of their R&D and about to ship products now or soon in the future but why was I told in October many times that my pre-order was estimated for delivery in the last weeks of Dec 2012 and they purchased a new location and were expecting benches for assembling the units in Feb 2013? Is that a lie? or a stretching of the truth?
They could have run into issues with the near impossible wattage benchmark and delayed the product because of weak competition.
So the ponzi scheme here is the perpetual lying of estimated ship dates. To look at their website and watch the dates of estimate shipping being changed from March to April and soon it will be changed to May. This has been going since October and from what I hear before that.
I will agree with you that it was a very poor business decision to move these dates without a great degree of transparency why. They should have opened their lab to a media source.
So its not a investment ponzi scheme, its a pre-order scheduled ponzi scheme all the same a lie and a fraud.
In these kickstarter days, I really don't distinguish between the two other than saying that we have more protection as consumers than investors.
I would say check the forums but as BFL is a great advertising payer (more money from products they have not sold) they have been removed from here.
as you put it rant over
That doesn't give this forum the right to promote fraud. We as a community must actively seek it out and punish those responsible. Bitcointalk cannot turn a blind eye to this for much longer. But we need to be patience and see what and when BFL delivers. They have a lot of questions to answer even if they deliver.
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