How do hologram bracelets work?

As far as I know these bracelets were promoted as helping with balance. However there were recent media reports here in Australia advising it's a scam. Saying that having a hologram on a bracelet does not help you with balance or anything else.

Aparently the makers of these have had to change what they put on the packaging because of this and consumers were offered refunds.

Power Balance admits no reasonable basis for wristband claims, Australia consumers offered refundsaccc.gov.au/content/index.phtml/itemId.

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