Same exact issue.
FWIW I returned it as faulty, I picked it up primarily as it was being sold off cheaply -presumably it had been hanging around for a while which seems to be the case across some of these posts.
Just to add a bit of detail the app flagged it as hardwired even though it was battery-powered and there were a couple of other anomalies there too. I only got it as a side-project, I’ll wait & see if another (cheap) one appears or look for an alternative.
Good luck to all those hanging on in there…
I had the same issues as well, with the device showing it was “hardwired” as well, but I didnt even have it hooked up yet.
I call Ring support, they saw that the device could not complete the Firmware install and it just kept on restarting, so they determined the device was faulty and are sending me a replacement device 
Very helpful Customer Support, and glad the Ring team was able to process a replacement device for me so easliy.
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I bought the device 2 days ago and I am encountering this problem. He created new networks, hotspot and the whole moment is white and blue. in moments I ring the bell and the video screen is black.
I had my doorbell for a few months and decided to set it up today and its doing this exact sequence. Flashing Blue then Flashing White. app says online and and connected. I can see it on my wifi network with no issues. Tried different ip on home network and same issue. Endless firmware updating.
I’m having the same issue. Rebooted twice already with the same steps provided and no resolution. When it does stop flashing I try ringing the doorbell. It will notify that there is someone ringing and the screen is black. I exit out of the app and it start doing the same process again and again.
I am having the same problem. Gave my ring 1st generation to daughter after resetting it. The guidance is to contact support but when do so says cant help with set up!!
My device is doing the same and I have contacted support and says cant help on chat. So how do I get help then as what you say to do cant help
Hi @ClaireB! Please give our support team a call at one of the numbers available here. We’re taking additional steps to protect our team and help reduce the spread of COVID-19, so this has resulted in longer than normal wait times. If you are outside of the US, please read our response to COVID-19 here to see how to contact support.