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Good Day Everyone! Jurgen, the manager of newGNi announced yesterday the “back to square one” action for the program, regarding the use of LibertyReserve payment processor. Unfortunately, the LR is no longer going to be used at all and this time, not even for withdrawals on the existing in the system LR deposits. Please, have a look at my previous publication (NewGNI is Listening) and another one earlier (NewGNI drops Liberty Reserve News), both of which are on exactly the same subject and you will understand why the current publication title bears the “…Take Two” extension. The NewGNI‘s decision about LibertyReserve is going back and forth and while recent reinstatement of the LR option was clearly dictated by its great demand from the side of users, the “take two drop” is actually caused by LibertyReserve themselves this time around.
Please read below the latest NewGNI update regarding the LR issues, Jurgen’s explanation of the situation in his own words and about some extra, program related news. See my additional comments following the update as well.
Dear clients, friends and fans
Sorry for the downtime yesterday and the related delay in processing your withdrawals. BlockDos once again was on top of the issue and a few hours later newGNi was up again. According to BlockDos, there was a problem at ‘our server’s back-end’. Since I am not a IT professional, I can’t give you further explanation – but since the downtime was reasonable by all means, I guess it’s nothing we have to worry about.
Anyway, today – or to be more precise just a few minutes back we noticed that our LibertyReserve account was, what they call limited. We are not able to make any transfers from it at all, but incoming transfers are possible.
I thought there must be something wrong at their side, since we have received a few deposits during the day, so I rushed to contact their support department. Unfortunately they were not available, so I searched some forums on this particular topic: Limited account.
What I found out was very disturbing!
It seems that if LibertyReserve is ‘limiting’ accounts – for what ever reason, they are able to receive – but not to process payments, which is a deception first at all, to lure more participants into paying to a limited LibertyReserve account, while their merchants are not able to use the funds at all. Needless to say that we were not informed about any limitation.
I also noticed that there is almost no chance of getting such limited accounts and the funds within those accounts back to work!
For newGNi it is now the second time, that we’ve encountered serious problems with LibertyReserve within only two months. And this time, we decided, it will be the last time.
As from today newGNi will not allow LibertyReserve deposits and/or withdrawals at all – and please be assured that this will be now a definite decision.
For the moment we can offer members with active LibertyReserve deposits to withdraw to SolidTrust Pay, without any fees applied. Why SolidTrust Pay? Because it’s currently the only processor that can be easily funded. It shouldn’t be a problem for the majority of our LibertyReserve depositors at all to switch to SolidTrust Pay, since we have noticed that about 80% have listed a SolidTrust Pay account in their account profile.
We might include the other processors in the future as well.
Sorry for delivering you such bad news, but unfortunately things are sometimes out of our control and we need to make decisions that are in the interest of the majority of newGNi members, while knowing that others might be disappointed by our decisions.
With best regards,
I think, I am really beginning to “read the minds” of LibertyReserve, which I must say, judging by their actions are starting to actually make some sense. The fact is that absolute majority of people have shown their strong adherence and their trust to LR, where by the way, NewGNI‘s own prior apparent desire to use this payment system simply confirms this to be the case. It is indeed the fact, because even after LR’s extensive downtime last August and in spite of some blocked account issues following that, neither the usage of the system, nor the exchange rates have changed, even the slightest bit since then.
So, what we are perhaps seeing with the example of NewGNI, is that LibertyReserve is simply taking the liberty (pun intended) in denying their services to some merchants of the system, who they simply don’t want to work with any longer (PayPal for instance does that a lot by the way). Why NewGNI have been singled out among ALL other HYIPs? Well, the only guess for the reason I have, is that this happened because of the NewGNI‘s earlier official public statement, definitively announcing that (I am quoting) “Liberty Reserve is not safe anymore”. Another very possible reason could also be the strong interpersonal ties of NewGNI with the blog MNO (if you haven’t heard of it, check money-news-online.com). Thus, MNO is for some reason the only website dedicated to HYIPs, which NewGNI is endorsing. MNO administrator Paul, has recently made series of even stronger discrediting LR statements, including one where he officially declared LibertyReserve as non less, but a scam, after eventually having his own LR account blocked.
I guess it is not hard to imagine that LibertyReserve would have a “hard time” willing and continuing to service some merchants, after being persistently and publicly pronounced “not safe” and a “scam”… Well, Paul of MNO simply created another LR account to maintain his revenue, but for the program like NewGNI this does not seem to be a viable option, at least at this time.
As LibertyReserve still takes by far the greatest market share, I hope that inability of NewGNI to work with this system will not have any negative effects on the stability of the program and I do believe that NewGNI will remain strong.
Have a good upcoming weekend everyone and I will see you soon.
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