01/05/08. L-R Day

Today we celebrated International Labour Day. But for many investors this was not a day for celebrating. It could be called International L-R day as LibertyReserve paralyzed the whole industry, being the most popular payment processor now. LR is still under DDoS-attack for 36 hours already. And every hour is another nail in the coffin of many programs that completely depend on new deposits from LR. It is especially of concern to short-term HYIPs that accept LR as their only payment processor. They are in the most danger and can go down very soon if LR is offline for much longer.

So I was thinking maybe it’s not right that LibertyReserve almost monopolises the industry and we are all so dependant on this. I mean there are so many programs out there and their survival totally depends on one payment processor. And I really believe that LibertyReserve support sucks. There was so much downtime this year and they absolutely ignored all members’ needs in having a reliable and stable payment processor.

All they could say after 12 hours of downtime was just to publish this lousy note on their blog: “Our site is currently subjected to a massive ddos attack. We are taking measures to rectify the situation and will be back as soon as we are ready. We apologize for any inconvenience during this unplanned outage.” They even dropped members’ comments that were very honest though sometimes very harsh. At least they were real members’ feelings that were completely disappointed with such long downtimes that could cost them much money. So do you really think it’s good to rely on only one payment processor?

I agree that e-gold is not good either with their practice of blocking accounts without any reason but at least it doesn’t have such long downtimes caused by DDoS-attacks as their protection is certainly much better than that of LR.

So what we can really do in this situation? Nothing. Just wait and hope for the best. But maybe you should think hard about keeping too much of your money in LibertyReserve. I encourage you to keep only as much money there as you need for investing and withdraw your profits from LR immediately. I advise you it because it’s clear now that LibertyReserve is certainly not to be considered as a stable and reliable payment processor. Let’s just hope it will be back up soon!

As you can imagine I don’t have much news to tell you as everybody’s waiting for this unfortunate L-R day to be over. Let’s hope it will happen tomorrow when I see you on my blog again!