For all of the coverage the BFL Long-Con has received, this is the first time I have seen someone give this perspective. To anyone involved in ฿ intelligent enough to not do business with BFL, you really have to be thrilled about what they have been able to pull off, on a personal level. You can thank BFL for the following:
...
The BFL scandal is a wonderful example of how this industry attracts both types of investors in droves, and why shamelessly (and obviously) bilking the most gullible of them is still a profitable business venture.
Can't agree with everything in your point of view, but there is one thing which is certainly true.
In high tech, often, the first adopters lose their financial investment. But the hardware is built and functioning, and, then, after the "fire sales," the economic balance between cost and value are restored.
Think,
e.g., of the amount of fiber run below the streets and rights of way in the late 1990's, dark for a decade, now carrying the expanding backbone. Think of the Iridium satellites, unprofitable until the pennies-on-dollar sale restored the only truly global satellite phone service.