Quote from: headswim on September 24, 2014, 02:50:47 AM

A lot of people are glad that BFL is "in trouble" right now. They believe it is and was a scam, and that everyone who ordered through them is getting what they deserved. I'd like to share my experiences with BFL.

I purchased my first mining rig through BFL in March of 2013, with the expectation that it would deliver in September. It finally arrived in October, and from my original purchase of $1300, I managed to mine about 5 BTC over the next ~6 months. Even with the delays in shipping, the BTC I mined were worth significantly more than the $1300 I paid for the unit, and even now had I not sold earlier, would still have resulted in a net gain of over 50% in 11 months.

It was for this reason, as well as the fact that I truly believed that the second time around BFL would have resolved their production issues, that I ordered some Monarchs. And I did so fully understanding and accepting that it was a preorder and that their dates were not guaranteed, like any adult who is responsible for their actions and has done their due diligence should. When production delays were announced the first time, it was understandable, but frustrating, but I had experienced them before and it was made clear at the time I placed my order that the dates given were estimates but may not be met.

However, as production delays continued, I admit was getting worried. In Bitcoin, after all, most people are aware that your money can just vanish at any moment. The day that Josh announced his final offer and they opened up refunds to all customers (pretty sure that was August 19), I requested an immediate refund for all of my orders. By the time they would have arrived, with the lack of performance they had promised, it was no longer worth it to own the monarchs. Many others must have felt the same. My request was handled virtually immediately, and I had a resolution promised within a few days.

I was quoted a refund time frame of 30-45 days, and on September 16 (less than 30 days) I received a full refund for the order I paid for with BTC. It turned out to be more BTC than I paid originally because of the USD price falling. The remaining orders I had paid via wire transfer, and should have been refunded in the next 2 weeks based on the 45 day timeframe. Now, their production may not be stellar, but every interaction I've had with their customer service team has ended positively for me.

Enter the FTC. Now, assuming the hearing on the 29th goes against BFL (and let's face it, it probably will), I may never get my money refunded. Not because of BFL, but because of the FTC and the actions of a few upset individuals. There was no indication that my money would not be refunded, and while I am disappointed at the production time of BFL, at no point have they acted in a manner of someone running a scam. I never would have received the first refund if that had been the case; it would have been easier to continually delay me. As far as I'm concerned there would not have been a problem unless I had not received a refund by October 3, which has yet to pass. I guess we'll never know how that would play out.

I would guess that most of the complaints filed were done so by impatient people who were upset that their orders didn't ship by the original estimated dates, and had BFL not been raided, their orders would likely have shipped over the coming weeks, just as they did with the gen 1 miners in 2013. From my view, the impatience of others has potentially injured all parties currently waiting for their products to deliver or their refunds to clear.

Let's put this in perspective. According to the FTC, there were over 2 million complaints filed in 2013 (http://www.ftc.gov/news-events/press-releases/2014/02/ftc-announces-top-national-consumer-complaints-2013). Assuming the same number are filed this year (likely to be higher due to massive credit card breaches at target, home depot, etc.), the 300 complaints filed against BFL represent around 1/100th of 1% of the total claims filed (.00015). And these complaints were filed over at least the last 2 years, not just this year. Yet this is sufficient to shut down a business that by all indications was acting on terms that customers agreed to at the time of sale? This is alarming and disturbing, and is setting a very dangerous precedent. Compare these numbers to banks and lenders, which received over 150,000 complaints last year, yet how many of them are treated this way?

This is setting an extremely dangerous precedent. While BFL has certainly screwed up with their ability to deliver a relevant product on time, they have acted appropriately according to the terms of sale everyone who ordered agreed to, and the FTC should never have been involved.

This was only your 6th post, and you are sticking up for a scam company.

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