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FORUM - Liberty Reserve recent downtime: clearing misconceptions
(12 posts so far)
Liberty Reserve website was down for around 4 days, between March 30 and April 4, 2011 and I was quite disgusted with the way a lot of people were making negative speculations.
There is a clarification I would like to make here about Liberty Reserve: there is a difference between an online payment processor and a HYIP! We are all familiar with the way HYIPs come up and thereafter go scam; but Liberty Reserve is not a HYIP and so the same rule does not necessarily apply to both cases.
Moreover, Liberty Reserve has got so much to lose if they close up: they make millions of dollars everyday from different payments that people make, including transfers that individuals make within their own accounts!
Under this circumstance, it is not very likely that Liberty Reserve will disappear on its own volition. The only thing that can make it go under is if it is compelled to fold up by external authorities.
(12 posts so far)
As it eventually turned out, Liberty Reserve has been closed down by the authorities, mainly due to allegations that it's owner was using the payment processor outfit to commit fraudulent practices.
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