What is LTCgear?
LTCgear is a cloud mining service designed around Litecoin. It suggested Two products which are the 2ndGen pre and the 3K0 which are both presently out of stock.
Cloud mining is a form of investment when one pays for a virtual space te the company’s mining farm. The cloud mining provider specifies a scheduled list of payouts which investors use to determine if the cloud mining contract is worth it. Te case of LTCgear, it suggested the best payouts out on scrypt/scrypt n/X11 cloud mining service, ROI Two months spil the title of their topic on bitcointalk.org suggests.
It has come to our attention that payouts of LTCgear accounts have bot delaying payouts and many investors are becoming increasingly worried. Looking far back spil far spil December 22 of last year payouts have already began having problems and now it seems that the webpagina’s administrator Chris, is delaying payouts on a day by day onderstel. Here is a screenshot of an archived announcement that happened on December 30th shortly after people embarked having withdrawal issues:
Seems that Chris claims an punt with the database caused customer’s payouts to get mixed up and thus delayed. However, if wij look back at an archived announcement on December 28th, Two days prior to the database error announcement wij see a different voorkeur at palm:
This time Chris claimed that there wasgoed a high stream on the server and the webpagina needed to go under maintenance. It does seem strange that such a high server blast exists on a cloud mining service with scheduled payouts. Shouldn’t the high geyser occur only during the payout times?
Today on January 25th, more than a month straks, many investors are still having trouble with their payouts and the current announcement on LTCgear states the following:
Very reassuring, an announcement that an announcement will be posted, call it announcementception
Investors loosing faith
While Chris is working on drafing another announcement, the invesotrs are getting anxious and many are resorting to selling their accounts for cheap because of a loss of hope. You can find many offerings for LTCgear accounts for cheap on bitcointalk.org. Some gamblers either have hope that LTCgear will eventually honor their payout schedule and finish they pending payouts, while others might snatch up an account or Two te case of a class activity law suit if the company collapses.
Current state of cloud mining
Recently wij reported how cex.io – a once popular cloud mining company – had to shut it’s doors and go out of business. Furthermore, much controversy surrounds GAWminers, yet another cloud mining company which stopped payouts and is reportedly under an SEC investigation.
If you are a cryptocurrency enthusiast looking to make a quick buck, cloudmining is not the way to go. At the end of the day the problem with cloud mining companies is the business proefje, it is simply unsustainable. Because of the unsustainable monster many fall victim to greed and become ponzi schemes, while others shut down with honor. So far wij have seen delayed payouts with no explanation from the proprietor. It seems that the outcome of the SEC investigation on GAWminers will set the precedence for the government’s involvement ter the cryptocurrency cloud mining business.
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