LTCgear.com, the best scrypt/scrypt n/X11 cloud mining service, Not paying!!!

[Totscha]

There is a mandatory request for those which opted to receive hardware, to check their shipping address. The deadline is Wednesday 00:00 GMT. After this date, the shipping fee will be available via My Account page.  There is a new section for Q&A (only about HW): http://ltcgear.com/my-account/qa/  The rest of questions were not answered.

So there is a Q&A online, but now the site gives a 502 bad gateway error. This is not unexpected, but still sucks.

Works fine for me:

23.) What kind of hardware you are shipping to customers? What are the specs of the Hardware?
Boards, 350 Mhs max per asic unit

24.) What is the amount of hash per one asic ship?
500 khs max

25.) How much power do they draw?
Under 1W per 100kHs

26.) Which sort of connections (Ethernet,USB,…) are on board?
USB

27.) Do they come with a controller or a PSU?
No PSU, embedded controller

28.) What is your PSU recommendation?
No recommendation except certified high efficiency psu. The boards may accept multiple psu, unpowered parts of the board wont hash. The chips are daisy chained, so this needs to be taken in account if boards are powered selectively.
The industrial version of the boards work at higher input voltage, but this feature is not present in boards shipped

29.) Will the boards be overclockable?What kind of cooling is needed?
The hardware automatically sets speed based on thermal performance. The speed can be improved by improving stock cooling

30.) What will the shipping cost be?Will they be deducted from “owed” balance?
Shipping cost is to be collected, however its low value

31.) Where is your shipping location? What will be the value associated with boards shipped, shipping manifest, that customs / duties may be applied to, or will value be negligible or no value ( samples / “faulty return” )?
They will be shipped from outside EU, with low value

32.) Will it be possible to pick them up?
Most likely not, they are shipped via a forwarding company outside EU

33.) Will they come with instructions?
Basic instructions, which would be enough to use them.

34.) How soon will the software/updates be posted on the website?

35.) Is the software open-sourced?
Not at this point since there is some authorisation mechanism embedded in both chips, and controller.
The software will most likely become opensurce in the future

36.) Are the units just boards or do they come with a case?
Just boards, casing is not recommended since will most likely degrade performance and rise reliability issues

37.) What will be the delivery date?
August

38.) What will happen with small share accounts under the minimum of one shippable asic ship?Is there just the hosting option available? Will you adjust the fee?
Currently there are several options but a decision will be taken after this batch deployment

39.) What is the size and weight of the unit?
300×240 mm, 1900g per board

40.) What will happen with Dual Mods/Gen2?
Several options are taken in account. A decision will be taken after this batch deployment

41.) Do you have pictures or Videos of the units?
Yes, links are/will be available via this web page

42.) Are the units pure scrypt units or can we change the algo?
Scrypt only at this point. They may receive extra algs in the future. At this point there are several reasons why only scrypt is implemented

43.) What happens if the units are defective?Is there any kind of service planned?
Not service for the moment.
After deploying this batch, it is possible to chose certain peers (volunteers) to receive a quantity of boards which can be used as replacement for defective boards in same geographical region.

A bunch of BS if you ask me. He avoided answering any hard questions. And the specs are a joke.

[crazyivan]

There is a mandatory request for those which opted to receive hardware, to check their shipping address. The deadline is Wednesday 00:00 GMT. After this date, the shipping fee will be available via My Account page.  There is a new section for Q&A (only about HW): http://ltcgear.com/my-account/qa/  The rest of questions were not answered.

So there is a Q&A online, but now the site gives a 502 bad gateway error. This is not unexpected, but still sucks.

Works fine for me:

23.) What kind of hardware you are shipping to customers? What are the specs of the Hardware?
Boards, 350 Mhs max per asic unit

24.) What is the amount of hash per one asic ship?
500 khs max

25.) How much power do they draw?
Under 1W per 100kHs

26.) Which sort of connections (Ethernet,USB,…) are on board?
USB

27.) Do they come with a controller or a PSU?
No PSU, embedded controller

28.) What is your PSU recommendation?
No recommendation except certified high efficiency psu. The boards may accept multiple psu, unpowered parts of the board wont hash. The chips are daisy chained, so this needs to be taken in account if boards are powered selectively.
The industrial version of the boards work at higher input voltage, but this feature is not present in boards shipped

29.) Will the boards be overclockable?What kind of cooling is needed?
The hardware automatically sets speed based on thermal performance. The speed can be improved by improving stock cooling

30.) What will the shipping cost be?Will they be deducted from “owed” balance?
Shipping cost is to be collected, however its low value

31.) Where is your shipping location? What will be the value associated with boards shipped, shipping manifest, that customs / duties may be applied to, or will value be negligible or no value ( samples / “faulty return” )?
They will be shipped from outside EU, with low value

32.) Will it be possible to pick them up?
Most likely not, they are shipped via a forwarding company outside EU

33.) Will they come with instructions?
Basic instructions, which would be enough to use them.

34.) How soon will the software/updates be posted on the website?

35.) Is the software open-sourced?
Not at this point since there is some authorisation mechanism embedded in both chips, and controller.
The software will most likely become opensurce in the future

36.) Are the units just boards or do they come with a case?
Just boards, casing is not recommended since will most likely degrade performance and rise reliability issues

37.) What will be the delivery date?
August

38.) What will happen with small share accounts under the minimum of one shippable asic ship?Is there just the hosting option available? Will you adjust the fee?
Currently there are several options but a decision will be taken after this batch deployment

39.) What is the size and weight of the unit?
300×240 mm, 1900g per board

40.) What will happen with Dual Mods/Gen2?
Several options are taken in account. A decision will be taken after this batch deployment

41.) Do you have pictures or Videos of the units?
Yes, links are/will be available via this web page

42.) Are the units pure scrypt units or can we change the algo?
Scrypt only at this point. They may receive extra algs in the future. At this point there are several reasons why only scrypt is implemented

43.) What happens if the units are defective?Is there any kind of service planned?
Not service for the moment.
After deploying this batch, it is possible to chose certain peers (volunteers) to receive a quantity of boards which can be used as replacement for defective boards in same geographical region.

A bunch of BS if you ask me. He avoided answering any hard questions. And the specs are a joke.

You cannot seriously tell me you expect to get something from him at this point?

[Flep182]

You cannot seriously tell me you expect to get something from him at this point?

To be honest, no, this does not trigger me to push the "convert" button.

[Totscha]

...
You cannot seriously tell me you expect to get something from him at this point?

No, not really

[verloren]

You cannot seriously tell me you expect to get something from him at this point?

Not after May.

[Brad Harrison]

Has this fiasco ended yet?

[crowetic]

Has this fiasco ended yet?

nope, lol. Still going strong, in fact a new update was posted today! xD

lmfao... but in reality, yes, I believe it is coming to an end. And/or he is going to attempt to restart the ponzi, but I don't believe anyone will ever see the coins that are owed to them.

[zoro1]

at last we have the Q&A!!!
350MH/3500W  (bad efficiency) after the LTC halvation no gain unless free electricity or LTC rises in value!
but "outside EU" is no good at all

[Flep182]

502 Bad Gateway
nginx/1.2.1

Site down for updates again. Did someone by accident see a message before it went down? Or is it a popping up and down thing?

[verloren]

502 Bad Gateway
nginx/1.2.1

Site down for updates again. Did someone by accident see a message before it went down? Or is it a popping up and down thing?

Probably the usual up and down thing.

[crazyivan]

People, u need to understand it s been over months ago. Pls stop bumping this thread and go do something more productive.

[arallmuus]

People, u need to understand it s been over months ago. Pls stop bumping this thread and go do something more productive.

Irony isnt it that people cant step away from this but still hoping that miracle will turns out someday. For entertainment purposes, I would say that this is pretty much needed as I am obviously enjoying seeing people that still believe that Chris will deliver the "magical hardware". Besides bumping the thread poses no threat anyway 

For the record this is now middle of August and still 4.5 half months to go before we head to December ( the month where all of this started ). It has been months since the promised "magical hardware" and until today there is no sign of that hardware actually exist ( no picture no whatsoever just words ). No complaint whatsoever from those who has paid the fee it seems so I would assume that the weekly payout is still ongoing but the real question would be how long will Chris be able to afford keep paying this because it seems this ponzi cloudmining is pretty much dead by now

[Flep182]

People, u need to understand it s been over months ago. Pls stop bumping this thread and go do something more productive.

It's pretty clear 90% of the people will never even remotely think they'll get money out of it.

On the other hand, it's just like a very bad movie, you keep watching since OMG this is bad. Captain America movies for example

[arallmuus]

It's pretty clear 90% of the people will never even remotely think they'll get money out of it.

It seems there are more people that actually think of getting their money still . Judging from the number of people that still hold on their account without wanting to sell for loss and also some people that still dream off getting those "magical hardware".

Pretty much common sense IMO why would you keep something that is 98 % sure that you wont get anything back rather than selling it for few percentage for loss and recoup some of it back ( for me it is pretty much better than waiting hopelessly though ). Some may seems lenient about this hardware however it seems most people are still hoping that they will get it

[Flep182]

It's pretty clear 90% of the people will never even remotely think they'll get money out of it.

It seems there are more people that actually think of getting their money still . Judging from the number of people that still hold on their account without wanting to sell for loss and also some people that still dream off getting those "magical hardware".

Pretty much common sense IMO why would you keep something that is 98 % sure that you wont get anything back rather than selling it for few percentage for loss and recoup some of it back ( for me it is pretty much better than waiting hopelessly though ). Some may seems lenient about this hardware however it seems most people are still hoping that they will get it

This brings us to a basic flaw in human brains. And I'm risking going waaaay off-topic here; the human brain is not capable of factually seeing risk/reward when there's emotions involved. In this case emotions about money. Considering someone is expected to receive 60 BTC from missed mining income (nothing has been said about that although it's been the number 1 burning question for months) with a 1% chance of happening or getting 3 BTC for the account NOW with a 99% chance of the project going down anyway and not paying out, the smart way would be to sell right away. But then the brain kicks in. Same as why people still buy lottery tickets, I don't get that. At best you'll lose 35% of your investment. But it's this very small chance of getting lucky to get the big prize that keeps people doing it. This is a nice one on that: https://www.youtube.com/watch?v=9PK-netuhHA

[wlefever]

Everyone has a different opinion, and circumstance of risk/reward in this case.  I bought accounts for one, and would I make some BTC back if I sold them now? Sure, but for me I don't really care or need just a couple bitcoin so I hold my accounts for 1. Participation in the legal case, and 2. The chance this all comes to some resolution either because of the legal pressure, or because in the end he plans to send hardware, or some form of payments.

There is no right, or wrong way to handle this odd case.  Just because people hold on to accounts doesn't mean their thinking is flawed, hell some already reached ROI, and making a few pennies on the dollar isn't worth it to them to sell now. Some wrote off losses on taxes.

PS. Flep182 I know your example of 60 BTC owed and selling value of 3 BTC is just thrown out there numbers, but an account worth 3 BTC is most likely owed around 200 BTC.  You stand a small chance, but much higher return if you pursue legal action, or even just a fraction of what is owed. Some like that risk.

I also think the people that are still sitting around saying others need to sell their accounts are just hoping he never pays out becuase they dropped their accounts already.  Wouldn't it be better to just sell, and move on never revisiting threads JUST to see who still waits around, or if anything new developed? (this isn't directed at one particular person)

[CrazyLoaf]

What the hell! WTB LTCGear accounts. Please PM me with offers. Curious what is out there now. Thanks!

[5ick3uffalo]

To pay shipping please send 0.46180000 BTC to Bitcoin address...


Thats a lot shipping! I hope it´s not a way to suck more BTC out of the people....

[Flep182]

To pay shipping please send 0.46180000 BTC to Bitcoin address...


Thats a lot shipping! I hope it´s not a way to suck more BTC out of the people....

How many machines would that have to be for?

[Totscha]

To pay shipping please send 0.46180000 BTC to Bitcoin address...


Thats a lot shipping! I hope it´s not a way to suck more BTC out of the people....

How many machines would that have to be for?

I'd guess 1. I've got 0.80020000 BTC for 1 unit.

Not sure why he's using people traveling in 1st class to ship these...