BuddyPress.org

Yes, under Site Admin -> Options -> Allow New Registrations I have it set to “Only Logged In Users Can Create New Blogs”

New users are added as “Subscribers”.

But even the admin, when logged in, cannot create a new blog. The links go to /blogs/members/admin/blogs/create-a-blog but you don’t end up on that page…you go to your profile instead.

Is there another setting where you have to enable it?

That would be funny. Hilarious actually. ::he says in a deadpan voice::