I hadn't considered that, how do we know that any loans at all are being made? The dev could just sit there and dump portions of premine every single time the price picks up above 1 satoshi. Even at that level the premine will take 150 BTC to buy up, meaning the coin is going to stay at 1 sat with very few buy orders for a very long time no matter what. Even if the loans are being made the repayments will be made to the dev who will then use the payments to make even more loans out

I'm just calling it as I see it.

Look at the c-cex exchange for LFTC, Norway has more palm trees than this coin has buyers.

The fake message from the Dubai guys pumped the price to 9 sat briefly before the dev exposed it and now it's back down to lots of sales offered at 1 sat and nothing is moving.

Even if it does pick up value, say to 10 or even 100 sats, the dev is openly planning to lend people LFTC from the pre-mine which they will then dump on the exchange to obtain USD to pay off their real world debts. That will decimate any value this coin attains every time it happens until the entire 15 Billion premine is consumed.

This coin is a poorly conceived and badly managed knock off of the already existing and highly professional BTC Jam. It has nothing original going for it, and I see no future in it at all.

Please do show me where I'm wrong, if I'm wrong, because if you can then I will think about buying back in, but as it stands right now I think the best thing to do is warn against anyone investing in this and try to see if I can help anyone who has lost out on it by including them in the plans I'm cooking up for my own future coin startup.

Oh yeh and the dev has become strangely silent all of a sudden.

Funny that.

No seriously the dev is from the netherlands, and this coin started to look a lot more interesting when the dev posted this email he claimed to receive from some guys in Dubai calling themselves the Dubai Crypto Group saying they would invest in the coin but only if the value increased above a 10 satoshi threshold. I googled "Dubai Crypto Group" and found this : http://www.localsearch.ae/en/profile/The-Crypto-Group-FZ-LLC/727380

To me it seemed like there was a chance for the coin and I offered to spend like a week setting up an exchange and I converted all my BTC to the coin trying to buy up as much of the excess coinage as I could. I figured if I got the deal with the exchange for 140m LFTC and the dubai guys were serious those coins could be worth more than 10 sats each quite soon and I'd have like 1.4 BTC worth of value for my efforts. Considering that when I freelance doing web development for companies I charge £150 a day = 0.74 BTC, I was only asking for like 2 days worth of payment for what I reckon would be about a week or mores worth of effort, and I was willing to accept payment in a coin which might not actually be worth anything at all.

Then the dev goes and says he has evidence the Dubai Crypto Group is bogus and the email came from an IP in amsterdam, and also that he has found someone else to do the work and I'm like FUCK IT, this coin is shit!

Without the dubai guys involved, the value is going nowhere, and even if it does the devs plan is to release the entire premine in the form of loans to people who will dump to the exchange and destroy any value the coin builds up on the promise of buying more coins later to repay their loans. It's not going to work, because when they dump their loans they will be able to buy back the LFTC for peanuts to repay and whatever value they attain is going to come directly from anyone who has bought into this coin with real money or BTC.

I sold all my coins off and I recommend anyone looking at this to steer clear of this trainwreck.

Or he's an insomniac and sleeps weird hours like me lol

I've long since accepted that I've lost all the BTC I put in there, including 0.18 I put for 100 Gh/s a week before this all happened, but I'm wondering if PBMining does return to full speed payouts would I buy any more Gh/s or not?

If there is no mining going on, and the sales of new hash power remain closed, where are the payments ( small as they are ) actually coming from?

Either he's buying bitcoins using cash and hoping that by throttling the payouts he will be able to get enough together to reboot the ponzi,

or

he does have miners but they were significantly oversold and whoever it was making these threats screwed the scheme up by removing the necessary working capital that kept everything running smoothly.

I think if PBMining wants to show this isn't a ponzi, after payouts return to normal he should lower the oversell level to zero by purchasing more equipment and leave the new contracts closed for a few months. If payouts can continue as normal with no new sales going on for a significant length of time then he must be mining or else have huge amounts of USD to be continually buying new BTC to make the payouts.

He should also add a few extra months, or a small % of extra GH upgrade to everyone's contracts to cover this downtime.

I stopped mining days ago, and who died and made you king to sit around telling people what to do?

One other question, other than pathetic attempts to upset and defame me, which have absolutely no effect on anything, do you actually have any thing to say which is worth the keystrokes or is idiotic playground level name calling all you got?

"This small your are"? ... where did you learn english the same school as Hossain??

Is everyone there as sober sexy as you?

>You show YouTube movie in Russia

WTF? Hey man, I'm the guy high on drugs and your supposed to be the sober smartarse and you think a british techno underground band which makes a music video starting outside of a typical British job centre is based in Russia?

~ LOL ~

I'm not proposing to be the boss of anything, I'm just going to set some software up.

Whilst you might think your being smart attacking me, for just anyone else with a scrap of brain power it's obvious to see you have typical bag-holder denial symptoms. The coin you've bought into is dead and will not rise from the ashes and all you can do about it is try and attack the one person who gives a shit. As I said before, don't bother trying to contact me for a share of the premine you won't be included.

This thread is for LTFC numbnuts.

A bunch of people have contacted me already with regard to the concept. I have started working on it and have a name and domain name picked out. When I have secured that domain I'll go ahead and do a [ PRE ][ANN] about it and invite whoever wants to connect on a new thread.

What I can say is that the coin will have a coin cap at 30,000 units and the premine will be equal to the exact sumation of the number of recompensation LTFC needed divided by 1M, so if you have 10M LFTC in your wallet, you'll get 10 of my coin. Well not you personally, I'm not much a fan of you right now!

I don't need or want any premine for myself because I've already sold all my LTFC when I decided I no longer believe the dev has enough brains to take the right moves to make this coin work. The new coin will be SHA256 so I can run my miners with it, and I will also be deploying an MPOS based mining pool with a small mining fee and a wlox based exchange from day 1.

I won't be doing the whole proving my identity and shit to the crowd thing, doxx me if you can.

I didn't ask you to take me anything, serious or otherwise.

Quite frankly I couldn't give a pair of fetid dingo's kidneys what your judgement of me and my character is.

I'm not proposing to take over this coin, I am planning to start something new and I offered to try and help recompense the victims of this trainwreck of a coin-launch in accordance with how much they wasted investing in it. I'm making no conditions on the offer other than proof of holdings in LFTC, and I presume from the way you've just suddenly turned on me that my generous offer is not acceptable to you for some fucked up personal reason (maybe you have gay-love for the coin dev... who knows...) and to be frank if you PM'd me now asking for some free dibs on the new coin, I'd tell you to shove your request somewhere dark and smelly.

Capiche amigo?

x x x

from the UK

Husky,

The answers to your questions are : Yes, No.

I have 4 antminer s3's here which I bought using BTC and give a total hashpower of 1.8TH (450 Gh/s each). 2 of them are mine and the other two are in use by my flatmate who has promised to pay me back for my investment in them asap. If I used all 4 of them I could get about 2.2m mining BTC on slush, but as it stands with 2 of them on loan my BTC income is about 1.1m per day right now.

I cannot buy crypto directly as there is no BTC ATM's anywhere near me and I don't have a bank account or credit card because I'm in shit loads of debt and I'm unemployed and I smoke too much drugs.

Wlox is not my site, but I do know how to program in PHP, Perl, Java, Node, HTML, CSS and JS and I'm a whiz with linux servers but I'm too much of an insomniac misfit to fit in an office workplace.

http://youtu.be/6EobJXARyBc
 

This coin is going nowhere with this moron at the helm, he has no clue how decentralisation is supposed to work, his plan is entirely about himself and his plans and his ability to control everything that happens, and when things don't go according to his poorly crafted plans he has no clue how to fix things.

On the positive side he's got me thinking about a coin based on growth through lending could work in a semi-decentralised way with multiple freelancing agents working together through a common coin system to achieve a growth level that this guy won't achieve in a thousand years of persistently flooding the market with his absurdly large premine.

Ok well that's your choice and imho it's the last stupid mistake you've made which I'm willing to tolerate; I'M OUT.

I've been your biggest supporter on this thread and given you the benefit of the doubt at every turn and now you've decided to get someone else to build the exchange so I've sold all my LFTC and I'm not buying anymore.

More than that, I've also decided to launch a new coin to recompense the people you've screwed over with your incompetence and bullshit.

If anyone would like to PM me with their LFTC address, I will look at the amount of coin in the wallet and replicate that figure using the premine on the new coin. I'm going to make the coin have a lot less units so it has at least some value on the exchange. I'm not going to take any premine for myself this will be a completely fair launch and hopefully it will fair a lot better than this pile of over liquid garbage of a coin.

The new coin will launch with a pool and an exchange already configured and ready to roll from day 1. I haven't built a coin before but I have plenty of experience to do so from compiling several wallets for the mining pool service I've been working on and am almost ready to launch.

If anyone has any good ideas for the name of the coin, please include it with your wallet address if you are looking to claim some of the premine.

Ok; the price has returned to 2, but at least now we have buy orders for 56M Sats, I can add 1.1M a day to that, if others help out and the dev puts some in as well we can work together to mop up this flood and seal the coins away out of the exchange. There is 1.94 BTC to clean up to get to 9 sats, plus whatever new coins keep coming in whilst we are doing it. If we keep buying up at 1 sat then we will maximise the number of coins we can remove from circulation. The more of us work on it the better the chances we have of turning the inflation around to deflation.

Dev, please make a decision about the exchange, I will build it for you using the standard opensource tools and I will accept payment in LFTC which is a risk on my part, but it's only a small amount of work.

Maybe the price has collapsed again because they turned out to be fake, if that's the case then it's a sad fact if a dev is honest about the situation the market will punish that honesty instead of rewarding it.

The price has fallen back down to 3, however we are now only 1.7 BTC away from the 10 satoshi price set by the Dubai guys. It's a shame they have turned out to be fake because if they were for real we be really close to satisfying their requirements for investment.

If Hossain will agree and provide me login details to a suitable server running linux I can get an exchange up and running very fast.

Hossain, you didn't answer my question,well not fully; If it definitely wasn't the dubai guys because they are a scam then was it you that just bought the coins up?

It doesn't make much sense to me that the dubai thing was a scam, they were not asking for money they were offering it with conditions attached and those conditions were reasonable precautions most investors would take.

If it was you that bought them, are they now loaned to someone who is going to sell them again or are those coins now stored elsewhere... the difference is that if they just get sold on the exchange again we have not gained any ground in the value as it will soon fall right back to 1

I just bought 2m and took them off the exchange. The most I can buy each day is about 1.1m, but I can't keep doing it if I'm the only one doing it!