1. To have something you ordered - delivered so far behind schedule, that it is no longer useful to you. Especially in cases where delays are 100+ days and the manufacturer or reseller is refusing to offer a refund for the goods.
3. Completely fucked over
The term originates from the famous case in the Bitcoin community of longer than 1 year backlog of orders at Butterfly Labs, who have refused to refund their customers.
Damn, I think we're getting BFL'd
Be careful, you might get BFL'd
The fact that BFL hasn't been busted proves how stupid and gullible btc users are.
BFL: "Sorry morons...erm... loyal customers, we took all your money and used it to gamble while we take our sweet ass time to make as much money on your "pre-orders" before giving you worthless junk! Wait 6 months. But keep preordering, I need another ferrari for my wife."
Typical BTC user: "Man that's uncool, but this is the best thing in btc mining history so it's well worth the wait to be mega rich!"
People with brains: "I dunno guys, this seems pretty fucking scammy... You have no proof they are even going to ship!"
Typical BTC user: "Obvious fed/shill. Don't listen to that guy, he just wants us to cancel pre-orders so he can get his first!"
BFL: "Oh ya, and hey, if you want, you can buy our better non-existing product for some more money and your place in line!"
Typical BTC user: "Seems legit because its in btc, oh man how awesome! I better pre-order this new product because the last $10,000 product I bought hasn't shipped yet is now worthless! Let me get my check!"
BFL: "I love BTC users... they are so fucking stupid! Pass me that Ferrari brochure. Hey MTGox, you want some of this free retard-money?"
Mtgox: "Fuck ya, lol, I love free money!"
Typical BTC user: "Oh man btc is obviously so much better than USD! DERRRRRRRRRR"