I'll bet they renege on that promise, too - just like they're refusing refunds that they promised in March and April. They're out of money, because they spent it all to buy parts.
They'll probably give you 10% off their new scrypt miner, though, whose development they financed with our pre-order money.
I don't believe they're out of money.
They had issues with components, fine. But that does not assure huge cost over-runs, unless they were stupid enough to buy all the backplanes, ASICS etc. without testing them, then that's their problem.
They said repeatedly that they funded most of this from sources other than pre-orders anyhow.
Based on the history of Alex Sovu, I believe they are simply making every attempt to keep the money, not that they do not have it.
Money could also have been paid out to investors already and that's why they are out of money. That's their problem if that's the case, which they are trying to make ours.
Who knows where the money went, but I'm not buying their story that it all went to build parts.
Could they refund everyone that wants a refund at this point? Probably not, because that would be everyone, but there is money there, I have no doubt. They know if they start issuing refunds there will be a run on the bank so they're trying to screw everyone instead.
I would assume, that despite their comments about not being an investment firm, that they are speculating on the value of bitcoin and are holding all bitcoin payments hoping for a rise in value. The spiteful side of me wants the value to flatten further or even reduce. If they're doing this, I wonder if they have properly declared the btc payments received so far as corporate income, for tax purposes. Maybe a tax investigation is just what is needed.