How was HF supposed to pay for the pre-ordered devices to be built, if they didn't convert the BTC? Magical charity elves? Cargo cult ceremonies?
So if all the BTC was converted in cash to pay for pre-ordered devices, how would they ever be able to provide a USD refund?
That system can only work if you refund old customers with fresh cash flowing in from new punters.
Isn't that a pyramid scheme?
How comes other companies in the past were successful in providing a refund and not go bankrupt? They are running a better pyramid scheme and 'adverse conditions' torpedoed HF?
Nobody was misled into believing in a secret HF escrow or hedge fund. The TOS don't mention escrow or hedge funds and BitPay is an affirmative repudiation of that conspiracy theory.
A hedge fund has nothing to do with the kinds of structures a company sets up to hedge itself against rising exchange rates, but at least you get a point for recognizing a word and trying to post a rant. Good for you, here is another star to stick to your clue card.