Added...
7: Violation of FTC regulations...
Not giving the opportunity for a refund to a customer when shipment has been delayed is against some FTC rule:
Quoted for the benefit of the lazy:
Selling on the Internet: Prompt Delivery Rules
[...]
By law, you must have a reasonable basis for stating that a product can be shipped within a certain time. If your advertising doesn't clearly and prominently state the shipment period, you must have a reasonable basis for believing that you can ship within 30 days.
If you can't ship within the promised time (or within 30 days if you made no promise), you must notify the customer of the delay, provide a revised shipment date and explain his right to cancel and get a full and prompt refund.
For definite delays of up to 30 days, you may treat the customer's silence as agreeing to the delay. But for longer or indefinite delays - and second and subsequent delays - you must get the customer's written, electronic or verbal consent to the delay. If the customer doesn't give you his okay, you must promptly refund all the money the customer paid you without being asked by the customer.
Finally, you have the right to cancel orders that you can't fill in a timely manner, but you must promptly notify the customer of your decision and make a prompt refund.
[...]
Due to BFL's violation of this rule, most of the thousands of customer-victims have already lost more than 90% of the
bitcoin denominated value of their purchase, if BFL chooses to refunds their purchase in dollars. (Which, according to the law, they can do, at any time.)
If BFL chose to keep any portion of the pre-order funds in BTC they could, presumably legally, pocket the difference. (Some tens of thousands to hundreds of thousands of Bitcoins.)
An official statement from the
payment processor on how pre-order funds were allocated would be desirable. (
Your word for it doesn't cut it, Josh.)