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I'm Lucy, and I'd be happy to answer your questions today.
No, it's not legal. It's a type of pyramid scheme - they just tilted the pyramid on its side so the top is in the middle of a circle. But the scheme itself is actually illegal. It's also a scam - it's theoretically possible that the first people who bought in would get something in exchange for their efforts, but most will get nothing.
The version of the Blessing Loom I've seen uses Paypal, and sending money for something like this is a violation of Paypal's terms of service. They could close your account. It's also a violation of Facebook's terms of service, so if that's where you're seeing it (that's where I first spotted it), even sharing information about the scheme with others could get you into trouble with the service. Do not send anyone any money.
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