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Good Day everyone! As the frustration of Liberty Reserve users who’s accounts remain limited up to this day continues and therefore, as overall future of this payment systems remains very unclear, the administrator of one of the front running on the arena investment programs NewGNI Jurgen, have taken a definitive proactive step and announced today that the program is now officially drops Liberty Reserve as the deposit option. You can read more about what had actually happen recently with LibertyReserve paymnent system in my last Walkthrough article, as well the publication on Money News Online blog, to which Jurgen is referring in his announcement. I am posting NewGNI’s announcement in full below and I have to tell you that situation with LibertyReserve at this time becomes very serious. It remains to bee seen, but if the trend to avoid dealing with LR altogether, which is now officially set by NewGNI continues, Liberty Reserve will probably be the first ever payment processor system challenged by its own users, merchants and publishing media. Please read the full announcement below and please do read some additional comments after it.
Dear clients, friends and fans
By now, most of you might be aware of [or at least have heard about] the dreadful situation Liberty Reserve has maneuvered themselves into recently. For all not familiar with the situation, please read the following article published a few days back on the trusted Money-News-Online blog here.
Chris and I discussed the situation again and again and came to the conclusion that the acceptance of Liberty Reserve is not safe anymore. We have therefore decided to drop Liberty Reserve as a payment option for newGNi with immediate effect.
We have received reports from a handful of trusted and long time members as well, whose accounts were blocked without any reason and therefore considering it as negligent for the sake of our members to accept such a payment processor any longer.
We will however continue to process withdrawal requests to Liberty Reserve, in case you believe in them and don’t like to switch to another processor. For all others, we have enabled our Currency Manager once again and you can exchange and withdraw your Liberty Reserve proceeds to Solid Trust Pay or Perfect Money.
Here is a quick How-To Guide:
1. On the left side of the members under ‘Main Menu’ you will find the link to our ‘Currency Manager’.
2. After clicking on it you will find yourself on a page, showing your current account balances.
3. On the lower part, next to ‘Exchange From’, you’ll find pull-down menus for the Currency to exchange from. You should select Liberty Reserve here, all other directions are not possible.
4. Next to ‘Exchange To’ you can choose, if you like your funds exchanged to SolidTrust Pay or to PerfectMoney. You can also choose if you like your funds exchanged to your Cash Balance to withdraw to your payment processor, or to the E-Wallet for re-investing.
Enter your secondary password and click on ‘Convert Currency’. You are done and your funds will immediately reflect in either your Cash Balance or your E-Wallet. You will also be notified by email, once the transaction is rendered.
Unfortunately there are fees associated with these transactions:
The exchange fee for Liberty Reserve => PerfectMoney is set to 8%
The exchange fee for Liberty Reserve => SolidTrust Pay is set to 7%
We consider our fees as moderate, taking into account the current market conditions. Please note: We reserve the right to adjust the exchange fees at anytime and without prior notice, depending on changing market conditions.
As the saying goes, one is going, one is coming: In response of many requests, we have agreed to accept EGOPAY as an additional payment option. EGOPAY is an offshore based no-frills payment processor, that was introduced as an alternative to Payza, once Payza decided to stop accepting online investment projects. The advantage of EGOPAY is without any doubt that funds can be moved freely direct to and from Payza without the involvement of any exchange services.
Finally, I’d like to announce the winners of our August Sweepstakes contest: Congratulations to Marc Finnigan, Jennifer Westhuizen and Toby Gallagher, you will all get a $50 iTunes Gift Card. Please check your emails for further instructions.
This month’s contest will be announced in next weeks newsletter on Friday, 14th of September. Look out for it!
Enjoy the rest of your weekend!
I am confident and I have good reasons to believe and trust that NewGNI administration has taken care of all things to ensure that neither program’s own LR funds, nor those of its users are in any danger. However, I wanted to mention that while justified to a great degree, this “move” of NewGNI seems quite a bit like a half measure to me, at least as of now. I think so because form the outsider’s perspective, it looks like users can only exchange their LR earnings, but as far as I know, they cannot convert the currency of their entire deposit as well. If such “deposit conversion” option (preferably for a more decent than 8% fee) is not provided by NewGNI, the program would then effectively force earlier deposited via LibertyReserve users to continue using this payment system. If not conducted properly, this may become sort of a secondary “locking the unlocked” paradox. Thus, if NewGNI believes that “Liberty Reserve has maneuvered themselves” into “dreadful situation” by locking user accounts, then not providing to its own users an option to “convert” the deposits may appear to some people like some sort of a secondary “locking” as well.
The other issue I think is that maintaining program’s LibertyReserve account is probably going to be a challenge from now on, given the fact that Liberty Reserve is probably not going to like the fact of system merchants speaking, as well as acting against them (the question here is how much Liberty will LibertyReserve allow for). This in turn may put program’s and respectively users’ funds in jeopardy.
From another hand and from business point of view, while not being the line of NewGNI‘s business, I do actually see how the program (and in turn its users) can greatly benefit financially from this situation. Obviously, there are people who wish to continue using LibertyReserve and those who would like to exchange their funds elsewhere. In this simple “Demand/Supply” scheme, NewGNI can potentially put itself in the middle and gain in its “Liberator’s” role, by helping some outsiders who wish to dispose their LR funds and at the same time satisfying the LR demand of the insiders. I only hope that everything and anything that NewGNI does, will happen FOR its users and not AT their expense.
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