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Good Day Everyone! My sincere apologies to all of my loyal website readers for not being able to publish for a while. I have solely personal reasons for that, but as many of my email-pals know, I did manage to follow the HYIP industry in all of its aspects and everything related to them in full. I also hope that meanwhile, you haven’t gotten too bored reading all the same stuff, over and over on some other HYIP media resources, but if you did, I now promise you to do my best publishing various interesting updates a lot more often. There are in fact quite a few reviews, which I need to catch up on during the next couple of weeks, including the reviews on some of the relatively recently added programs. However, let me get to the topic of the Digital Currency news and LibertyReserve in particular, because while normally this type of service providers is more on the “background” of the media buzz, this seems to be not the case as of late.
What happened with Liberty Reserve?
I am sure many of you are aware of the most recent week-long downtime of LibertyReserve (LR) website and this unpleasant event obviously caused thousands of merchants and private parties to not being able to do business during all this time. Majority of people are considering LibertyReserve to be the major money transmitting business of the HYIP market and such consideration is in fact quite hard to argue against. Comparatively speaking, the market share of LR and its popularity among people (including those doing HYIPs of course) has been very high so far, but apparently this notion is currently being seriously re-evaluated by the public and only time will tell if LibertyReserve will be able to maintain its prior level of popularity, which was established by nearly a decade of hard work.
How much damage to the system and the perception of it by the public has been done? Well, let me try to run some numbers. You see, based on LR’s payment batch numbers, which are always sequential in time, one can conservatively estimate that the amount of money changing hands within the system normally, must be in the range of at least few hundreds of thousands dollars daily! So, when all that suddenly stops for the non less but the entire week, it is not that hard to imagine that the negative impact on all system users must have been enormous.
Now, because we live not in a perfect world, drastic things like one we just experienced with LibertyReserve do happen occasionally. However, everybody involved with the system would obviously be very interested to know if there were indeed some solid, not avoidable and not anticipated reasons for such disaster to happen. A little straight forward research on finding the clues about the event may sound like hard to believe in, but guess what, per official LibertyReserve’s news blog, it turns out that LibertyReserve was just doing some “testing” of some “automated script” and that such script in turn “apparently has failed to perform properly“. Well…, there were also other things that subsequently happened as the result of this “testing” and let’s hold on to those for right now, but seriously…?
I am pretty sure that from the perspective of quite a few system users, a mere “script testing” being presented as the primary reason for the 7 days of disastrous nothing-happening for the whole market, must be sounding rather irrespective and perhaps even offensive to them. The real reasons just got to have been something else and I guess, being under great deal of pressure, LR just could not come up with something more reasonable to put up as an explanation at a time. Knowing all of the the greatness (in my opinion) of the system and using it for many years, I just refuse to believe that LibertyReserve would do a test of some not reliable piece of a web script and that LR’s IT professionals could even produce something THAT not reliable on the first place.
I will come back to the “script” thing a bit later, but let me first just quickly summarize what else happened as the result of this devastating “testing” per LibertyReserve’s official news blog. First of all, due to some malfunctioning of this “monster script”, there was “a group of blocked accounts which were erroneously blocked” (as it turned out later, hundreds of them). Because of all this, LR then decided to take the website down to correct the issue. Apparently, the degree of system damage caused by the “monster script” was way too significant for the needed corrections to take place in “live” environment.
Furthermore, as the website’s main functions were all taken down for the fixing of the above issue, LR apparently felt like this would be a very good time to do some more “experiments” with their main script. Isn’t it just “wonderful”, considering the circumstances!? The way they put it, was: “…we saw an opportunity to add some of the additional features” and so in view of this “opportunity”, the extras which LR decided to throw in, were the “Credit Card Funding option” and of course some “other minor improvements and enhancements“. Overall, it took them (2 hours, turned into 2-4 days and eventually into) 7 days to do their “magic” and voila, things actually started to work again. By the way, take a note of the fact that even with all those extra “experiments” thrown in, a fully functional system came back online. I actually don’t think that anybody was expecting anything else from the IT department of LibertyReserve, but a well working product that everybody is so much got used to (this is a hint, remember their “bad script testing” explanations?).
It turned out that in just a matter of few days prior to the LR’s website downtime, there were indeed hundreds of blocked accounts reported. Owners of such accounts were “greeted” with the “account blocked by admin” message when they tried to login. After the alleged “maintenance” for a week, the users of blocked accounts were able to log into their accounts, however in spite of the official statement from LR, a lot of such users, to this day cannot send any funds from their accounts, now due to “Cannot send from limited account” type of limitation, imposed by LR. Well, LR’s blog does say that it may take some time until all of the accounts will get fully unblocked, but in reality, what seems to be happening is that this is no longer just some technical issue.
According to multiple, continuing to pour in confirmed reports from the users of limited accounts, there is some major personal verification scrutiny going on, which LibertyReserve is now suddenly conducting. Without any mentioning of this fact on their news portal, this really sounds like yet another “bad news”. You see, one thing is when the system is simply changing or perhaps enforcing its policies, announces about its intentions in details ahead of time and only THEN conducts the process of verifications. This is only fair and simply the right way to go for any decent venture. Such approach would allow users to carefully weight out all cons and pros, to fully understand what is involved in verification process and this would simply allow for some time for users to make their final decisions. Did I say that this is the ONLY way of doing business for it to be considered FAIR and CORRECT? Oh yes, I did…
What is happening right now at LibertyReserve with these limited accounts is totally different and a very wrong in my opinion story. Users of limited accounts are now practically forced to submit a whole load of personal documents or else, pay up if they are not willing to (what it basically translates to) SELL one of their basic humane rights and in particular, their right of “Freedom of Choice”. How else can I put it?… With this example in front of us, LR now basically “states” that they are effectively NOT allowing select group of their system users to do basic mental process of judging. How much can “rights for the mental process of judging” cost? Well, it equals the exact amount of money that these users happened to have on their accounts at the time of their blockage. This amount varies from account to account, apparently from just a few dollars, all the way up to at least some $10,000 (and more), which is actually one of the verifiable examples, reported by the affected user HERE.
Another latest development of the events surrounding limited LR accounts, is what seems to be a total confusion among affected by the issue users about the emails they are receiving, supposedly from LR and in which aforementioned personal identification documents are requested. The confusion comes from several facts. People know that LR simply does not send “mass emails” ever, so many assume that these ones must be fake, just like the rest of the fake emails that many of us are getting in our inbox almost daily (these are sent by hackers). Another source of confusion is that the reply email address of these verification requests is NOT based on the domain name of LibertyReserve.COM (the actual genuine website of LR), but on libertyreserve.CR (note the difference in the domain name extensions – COM vs. CR). Some people (who based on their public forum handle names are the owners of the exchange services), are confirming that LibertyReserve does own LibertyReserve.CR domain.
Some affected by the problem people, who received these emails are also saying (but again, in the public forums!) that LR’s support chat personnel confirmed the emails to be genuine. I also noticed by the way, that LR’s chat personnel are always referring to LibertyReserve as “They”. I think that this is very weird, but apparently this has to mean that whoever is on LR’s chat, does not quite belong to the LR itself, or so they want this to be our take, when communicating with them. All these uncertainties in the information, its sources and true reliability are bringing up extremely important question and a huge dilemma, which all affected users are now facing: Who to trust when it comes to the most precious thing of their lives – their personal identity in this not forgiving world? To send or not to send and if so, then most importantly – WHERE?
I hope you guys are not yet too tired reading all this and as you can see with the corner of your eye, the bottom of this publication is already near. There IS however more, in yet another development of this LR problem/issue/”script testing”. First of all, it seems that some people have already submitted their precious personal documents, yet they claim that their accounts are remaining limited. Secondly, hearing all the buzz about current blockage of LR accounts, more people are beginning to “pull in” with their reports of having their accounts also blocked, but at earlier then current “maintenance” related dates. Some people are also saying that they submitted the documents, but no changes happened with their accounts limitation as the result. All these “testimonials” combined, their magnitude and repeating patterns in their content are indeed creating quite solid impression that this is what really happening to a lot of people, who earlier trusted Libertyreserve. Anybody has a good guess about what do we all now desperately need to be done in order to understand the situation just a little bit better?
Are you now thinking what I am thinking?… I am sure you Are, so here we go all together then:
Dear LibertyReserve, for God’s sake, Please publish some relevant update and if possible an explanation of what is going on, in your news blog please (…on LibertyReserve.COM please, note the .COM please), please!!! Please???
With all due respect to LibertyReserve for almost a decade long of their great achievements, current situation with blocked accounts AND the way “They” are handling the situation, is a complete MESS and DISASTER. I am sure a lot of people would join me with the hope and the expectation that LibertyReserve will sort thing out in a best way and that it WILL happen sooner rather than later.
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