What is Litecoin GEAR?
If you're new to Litecoin GEAR (LTCGear) and try to figure out what it exactly is and how it works through looking through the web site and/or random forum posts, you still might be confused about how it works and the various products.This page will attempt to summarize what Litecoin GEAR and how the products work.
In short, Litecoin GEAR is a mining farm that you purchase shares of, not direct mining products. Purchasing the various products can give you access to LiteCoin (LTC), FeatherCoin (FTC), DarkCoin (DRK) or VertCoin (VTC) mining.
How Does it Work?
The main Litecoin GEAR product takes the form of qASIC shares. Each qASIC share represents 100KH/s of either LTC or FTC mining.While browsing the site or looking at your account area, you'll see references to FarmShares (F$). The FarmShares are the first generation product and are no longer available.
Another product are the modifiers or "DualMod" (or Active Mining) products. These "modify" your existing shares to take part in either DRK (X11) or VTC (Scrypt-N) mining. For each share you modify to mine DRK, 1 share = 300 KH/s. For VTC, each share represents 50 KH/s). You must have enough qASIC shares in your account to cover the amount of DualMod/Active Mining shares.
Note that VTC is planning on changing algorithm towards the end of November. It is not known if the DualMod products will be adapted for the new algorithm.
Otherwise, it's fairly straightforward if you decide to make a purchase. Regardless of when you purchase during a "mining week" (generally Friday - Thursday) you'll receive a full week's credit for your purchase.
If you pay with Bitcoin, you receive an additional 8% off your order. As of this writing, the BTC discount even applies on top of coupon discounts.
Once you're a customer, there's really not a whole lot to it other than waiting for payday. There are no bells and whistles here.
Is it Legit? Is it a Scam?
I think the short answer is that it appears to be legit. Before purchasing, I personally had a couple of discussion with various customers on various forums trying to figure out the whole system. After 2+ months, I can say that payments have been reliable and show up within 24 hours of the announcement (payment type really affects this, if you are doing all mining to BTC conversion, those payouts go out last).
Could it still be an elaborate ponzi? I suppose so, but I also think this applies to any "cloud mining" operation. Any of them are good... until they aren't.
Obviously, I would recommend a conservative approach to any mining product. Develop a plan where you do not go "all in" on any product, develop a reinvestment strategy and most importantly make sure you have the discipline to stick to any plan you develop and resist the urge to not pay yourself.
Read my personal experience with Litecoin GEAR here:
https://bitcointalk.org/index.php?topic=787540.0
You can read through the historical Litecoin Talk thread about LTCGear here:
https://litecointalk.org/index.php?topic=6401.0
Skeptical? There's a discussion going on here worth reading:
https://litecointalk.org/index.php?topic=22433.0
Pros of Litecoin GEAR
The anniversary package is about the cheapest you can find per MHs (~$5-$6). Still available by selecting an anniversary package and entering the code "anniversary1yr" (without quotes) during checkout. This gets you 160MHs (of LTC/FTC mining) for about $900 or so with BTC payout.
Share multiplication every month and half (or so). With your one-year purchase, your "shares" are multiplied every month & a half to help maintain your ROI (last multiplication on 9/24 was 1.35 (meaning you received 1.35 qASIC shares for every 1 qASIC share you owned before multiplication). Note DualMod/Modifiers are not included in share multiplication.
Regardless of when you buy during the week, you get a payout for the full week (in either LTC/FTC, BTC, DRK or VTC)
Choice of receiving payments in your selected coin OR converting all earnings to Bitcoin.
You get an additional 8% off purchase price if you pay in BTC
The ability for the LTC shares to merge-mine DOGE is coming "Soon" according to Bee (Note: As of 10/9 still waiting on word for this).
Cons of Litecoin GEAR
You are buying products that primarily mine LTC or FTC , which is generally 10%-20% less than mining multipools.
Have to hunt around the site to find products that are in stock (old products aren't removed) or you can always check here.
Site isn't that intuitive, mainly when you are mining VTC or DRK and how you choose payouts isn't that clear either, but once you figure it out it makes sense.
Other than a brief bio about Chris/Bee being a 15 year "veteran" ASIC developer, not much information on the company.
The owner isn't a marketing guy, he is very attentive if you have account issues or questions related to a purchase, but generally doesn't respond to basic questions.
Any date for new product, payouts, maintenance, multiplications, etc. are subject to change. While Bee has always delivered, any date should be considered tentative and delays shouldn't be a surprise.
There is a TBD "maintenance fee" that will come at the end of your 1-year contract (initially stated as perhaps 5%-20%).
LTCgear.com
After your order is finish and you receive your shares, complete this form to receive your gift !
If you're new to Litecoin GEAR (LTCGear) and try to figure out what it exactly is and how it works through looking through the web site and/or random forum posts, you still might be confused about how it works and the various products.This page will attempt to summarize what Litecoin GEAR and how the products work.
In short, Litecoin GEAR is a mining farm that you purchase shares of, not direct mining products. Purchasing the various products can give you access to LiteCoin (LTC), FeatherCoin (FTC), DarkCoin (DRK) or VertCoin (VTC) mining.
How Does it Work?
The main Litecoin GEAR product takes the form of qASIC shares. Each qASIC share represents 100KH/s of either LTC or FTC mining.While browsing the site or looking at your account area, you'll see references to FarmShares (F$). The FarmShares are the first generation product and are no longer available.
Another product are the modifiers or "DualMod" (or Active Mining) products. These "modify" your existing shares to take part in either DRK (X11) or VTC (Scrypt-N) mining. For each share you modify to mine DRK, 1 share = 300 KH/s. For VTC, each share represents 50 KH/s). You must have enough qASIC shares in your account to cover the amount of DualMod/Active Mining shares.
Note that VTC is planning on changing algorithm towards the end of November. It is not known if the DualMod products will be adapted for the new algorithm.
Otherwise, it's fairly straightforward if you decide to make a purchase. Regardless of when you purchase during a "mining week" (generally Friday - Thursday) you'll receive a full week's credit for your purchase.
If you pay with Bitcoin, you receive an additional 8% off your order. As of this writing, the BTC discount even applies on top of coupon discounts.
Once you're a customer, there's really not a whole lot to it other than waiting for payday. There are no bells and whistles here.
Is it Legit? Is it a Scam?
I think the short answer is that it appears to be legit. Before purchasing, I personally had a couple of discussion with various customers on various forums trying to figure out the whole system. After 2+ months, I can say that payments have been reliable and show up within 24 hours of the announcement (payment type really affects this, if you are doing all mining to BTC conversion, those payouts go out last).
Could it still be an elaborate ponzi? I suppose so, but I also think this applies to any "cloud mining" operation. Any of them are good... until they aren't.
Obviously, I would recommend a conservative approach to any mining product. Develop a plan where you do not go "all in" on any product, develop a reinvestment strategy and most importantly make sure you have the discipline to stick to any plan you develop and resist the urge to not pay yourself.
Read my personal experience with Litecoin GEAR here:
https://bitcointalk.org/index.php?topic=787540.0
You can read through the historical Litecoin Talk thread about LTCGear here:
https://litecointalk.org/index.php?topic=6401.0
Skeptical? There's a discussion going on here worth reading:
https://litecointalk.org/index.php?topic=22433.0
Pros of Litecoin GEAR
The anniversary package is about the cheapest you can find per MHs (~$5-$6). Still available by selecting an anniversary package and entering the code "anniversary1yr" (without quotes) during checkout. This gets you 160MHs (of LTC/FTC mining) for about $900 or so with BTC payout.
Share multiplication every month and half (or so). With your one-year purchase, your "shares" are multiplied every month & a half to help maintain your ROI (last multiplication on 9/24 was 1.35 (meaning you received 1.35 qASIC shares for every 1 qASIC share you owned before multiplication). Note DualMod/Modifiers are not included in share multiplication.
Regardless of when you buy during the week, you get a payout for the full week (in either LTC/FTC, BTC, DRK or VTC)
Choice of receiving payments in your selected coin OR converting all earnings to Bitcoin.
You get an additional 8% off purchase price if you pay in BTC
The ability for the LTC shares to merge-mine DOGE is coming "Soon" according to Bee (Note: As of 10/9 still waiting on word for this).
Cons of Litecoin GEAR
You are buying products that primarily mine LTC or FTC , which is generally 10%-20% less than mining multipools.
Have to hunt around the site to find products that are in stock (old products aren't removed) or you can always check here.
Site isn't that intuitive, mainly when you are mining VTC or DRK and how you choose payouts isn't that clear either, but once you figure it out it makes sense.
Other than a brief bio about Chris/Bee being a 15 year "veteran" ASIC developer, not much information on the company.
The owner isn't a marketing guy, he is very attentive if you have account issues or questions related to a purchase, but generally doesn't respond to basic questions.
Any date for new product, payouts, maintenance, multiplications, etc. are subject to change. While Bee has always delivered, any date should be considered tentative and delays shouldn't be a surprise.
There is a TBD "maintenance fee" that will come at the end of your 1-year contract (initially stated as perhaps 5%-20%).
LTCgear.com
After your order is finish and you receive your shares, complete this form to receive your gift !
