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I just can't image a VPS begin given away for $3 being any good honestly... I'm imagining they have to be ballooning their RAM and overselling diskspace.. Trust me, from experience, its not fun working in VPS setups like that. You get processes randomly set into idle mode, killed, among other nasty things. Overall, I'm strongly against OpenVZ based VPS setups, as by definition they're containers and not really VPS's.
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