Does it really matter? Even the very first TOS has limitation of liability and force majuer clauses. The question is why a promise of BTC refunds irregardless of value any more reasonable then other idiotic promises like pirates promise of huge interest rates payable in BTC?
Ice is right that those who told people not to take or cash refund checks did a disservice to them. Just say no to preorders and while at it say no to cloud mining. The next ASIC scam.
Ice is right that those who told people not to take or cash refund checks did a disservice to them. Just say no to preorders and while at it say no to cloud mining. The next ASIC scam.
In hindsight, yes they should have accepted the usd refunds, but also in hindsight hashfast could have not fucked up/lied several times leading to that point.
Btc refunds irregardless of value are easy to do if you don't convert the payments to fiat. If you need to convert the payments to fiat then don't guarantee btc refunds.
It's really that simple.
The fact that their policy relied on a btc rate that didn't change meant they either had no idea how bitcoin works or were lying.
By that logic they didn't "need" any Pre-orders at all.
I'm not sure how you came to that conclusion. I'm sure they could have been entirely VC funded but that's beside the point.
By my logic they needed ~$1m/PH and they asked for $15m.
If btc was $150/btc they would have been paid 100,000 btc. They could have cashed out 10,000 btc and been left with 90k btc for refunds.