Hello,
Most of the guys at our club are running this ESC, all flashed with Hobbywing firmware without any problem.
Mod guys are running V3_508_NO_TIMING.
Lower motors are running V3.0_110930_MOD with some boost to keep up with mod guys.
All of them work flawlessly.
Your ESC could be partially defective, or some kind of incompatibility with your Losi motor.
None of us had this strange "full power" problem.
Hope it helps!
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