Reply To: [HZ Mint] – New Asset on Horizon Asset Exchange (ROI in ~20 weeks)

Vagabondz
Participant

Horizon: 0.00 HZ
28th December 2014 at 2:45 pm

I currently own ~9000 shares of LTCgear equal to 900mhs which brings in ~0.8 BTC a week, and have ROI’d on around half of them or so after around 2.5 months of owning them (due to reinvesting profits, etc). This does account for ~80% of our hashrate, and is I guess a sort of “backbone” to the project as it does pay out very well. Originally I had not planned on releasing sources due to the high demand for LTCG shares, however given the recent developments I think it is best to make this info known.

As far as LTCG issues, I’ve heard very highly about Chris (LTCG manager/owner), and I originally got into LTCG due to the many well known people vouching for them (such as VRC dev pnosker, who I often sell/buy BTC from locally). It appears the LTCG database and site were attacked by DDOS along with a few other cloud mining sites, but I don’t think any real damage has been done. Seems Chris is doing his usual thing, and although there have been several reports of nonpayment, I personally have no had any issues with payouts (save for the 1 week delay that was just announced yesterday. Chris did say there would be holiday delays around a week ago). Until just yesterday when I had saw the update from Chris, I had not even realized that the issues ran so deep because I haven’t experienced them firsthand. I’ve seen reports of issues, however most came from newbie accounts and were often “rage/trollish” in nature. I will try to keep updated when I can on the LTCG situation and provide some updates if possible as I will be on the road for much of the rest of the week.

As for a backup, the remainder 20ish% of our hashpower comes from actual, physical rigs owned by a local friend of mine, who runs a small-medium size operation of scrypt ASIC’s out of his University apartment (free electricity woo :D). For these, I basically paid BTC equal to one of his 56mhs rigs. If necessary, I can “rent” more from him if needed or we could use his GPU’s to switch to an x11/x13 mining.

Worst case scenario of course is that LTCG goes under, in which 9000 shares would become worthless, losing both investors as well as myself a lot of money. For perspective, each share had cost just shy of $0.30 each (thus totaling ~$2,700 or ~8.8 btc, 3.3 or so from investor funds). However, I am not too worried about the delays given Chris’s history, and because I have other readily available sources of income, such as my trading combined with the hardware mining. Currently I’ve greatly reduced my trading funds to make time for other pursuits, but I can/will take coins out of storage for trading if needed. In the case that LTCG goes down, we may experience slightly reduced payouts for perhaps a week or two, simply to allow me to transition into a trading focused income model, or to give me time to contact my local hardware operator at the University and purchase more hardware hashpower.

As for how I had picked LTCG, it was due to the very good ROI frame (~8-10 weeks originally), as well as the recommendations it’s gotten. I’ve known of the site since it opened in Nov ’13, however at the time I was fairly new to cryptos and so did not trust the site as I did not know how to really research these things. Around 4 months back, several friends began to recommend it to me, and after researching LTCG history, I finally bought in. Initally used a small amount, but then much larger after the first and second successfully received payouts.