Bitcoin Forum

Everyone and their mother seems to be selling LTCGears' shares?

Is this the end of a ponzi scheme?

I'm a complete n00b and thus know nothing about mining but the plethora of mining shares and the dropping prices makes me wary.

LOL  what do you mean "their mother"? You shoud check the writing before posting!

"Everyone and their mother" is a pretty common saying.

I'm guessing English isn't your first language.

Keep in mind multiplication just happened not too long ago. Also the new black friday special is ALOT of shares for cheap. Could just be reselling them. If you buy them it is slightly less than $3 a mh (2.93 or so by rough calculations).

Thanks.

What bearing does this have on payouts?

Have they ever released any pictures of data center or shown anything to prove not ponzi?   It does have one heck of a fanbase.

That's the other thing.

As far as I know, they have not.

The credibility of the whole operation seems to be founded on some old posts made by a guy called 'Chris' on this forum and the matching litecoin forum.

I have thought long and hard on them.  I really wanted to buy, I just could not.   People have ROI'ed but.... the top of the ponzi normally does.  I just wish they would be a little more transparent.  They would have me ordering if they did.

I can say they did accept Paypal up until the day before the last multiplication. So, there is a real business registered in the EU that has been accepting their Paypal but not much more than that for company info. Why not buy some shares for slightly under the $3 range and see if you can ROI in 45 days?

Feed the potential ponzi scheme to see if it is indeed a ponzi scheme?

Wasn't Madoff 'registered'...

Yeah, there is no real proof any crypto mining business is not a scam. Can you name one company that passes your test?

Edit: Seriously though, I cannot give you any real evidence in support of LTCgear. All I can say is they have been making their payouts since September, some of the payouts were traced to freshly mined Litecoins, and up until two weeks ago I was still buying shares with a reversible payment service (Paypal).

Ok. So there is no evidence that this is a scam, or that it is not? Am i right?

Well, the biggest shake up recently is the offering of a 40k share mega-pack for a significantly reduced price. People are buying these and reselling the shares. They have been around for over a year and they did at one time sell physical hardware (FPGAs programed to mind scrypt). However, Blackarrow met all the same criteria and turned out to be just as much of a scam as BFL. So, it is really hard to tell.

Sadly I can't think of a single crypto mining business that has established that they have the equipment that they claim to possess, this is why people keep being scammed.

I'm pretty new to this whole industry but the burden of proof seems to be remarkably low to non-existent in general, particularly when one considers the numbers involved.

Telling people to give a scammer money to check whether or not it is indeed a scam doesn't sound like sound, responsible advice.

I see that i have to read more about that.. i'm not sure if i understand .. but it looks like derivatives.. Someday this ballon will explode..

I am not telling anyone to give money to a scammer. If I knew LTCgear is a scam, I would not be involved with it or encourage others to become involved. I am only saying there is little concrete evidence either way. The best advise for anyone considering mining as an investment, is to just hold your BTC and leave mining alone. If you are not comfortable with these high risks then mining is not for you.