[2015-04-25] BREAKING: CRYPTSY OWNS ‘HYPER STAKING’ PAYCOIN PRIME CONTROLLER

odolvlobo

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Quote from: Lethn on April 27, 2015, 07:31:58 PM

Quote from: odolvlobo on April 27, 2015, 07:09:53 PM

Quote from: Kaneki on April 25, 2015, 01:13:47 PM

This news is quite surprising,If Cryptsy is able to stake at a rate higher than any other non Prime Controller holder and can instantly convert Paycoin to Bitcoin within its own system, the conflicts of interest quickly add up.

What are the conflicts of interest? Sorry, it's not obvious to me. I have limited knowledge of Paycoin.

Paycoin is a cryptocurrency that was devised by GAW Miners who you may have heard of but if you haven't they perpetrated some major fraud through their cloud mining service and Paycoin is part of their scam, they guranteed that there price would stay above a certain point 0.01 - 0.02? Can't remember the exact price, but anyway the promised price was riduculous and it was an obvious pump and dump scheme that they were running.

These guys ran around scamming everybody including the electricity companies that powered their cloud mining, so naturally anyone that deliberately chooses to stick with them after that is going to look incredibly suspicious.

I am aware of the whole Paycoin saga, and I understand that Prime Controllers earn up to 350% in PoS mining, but what specifically is Cryptsy's conflict of interest?

Lethn

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Quote from: odolvlobo on April 27, 2015, 07:09:53 PM

Quote from: Kaneki on April 25, 2015, 01:13:47 PM

This news is quite surprising,If Cryptsy is able to stake at a rate higher than any other non Prime Controller holder and can instantly convert Paycoin to Bitcoin within its own system, the conflicts of interest quickly add up.

What are the conflicts of interest? Sorry, it's not obvious to me. I have limited knowledge of Paycoin.

Paycoin is a cryptocurrency that was devised by GAW Miners who you may have heard of but if you haven't they perpetrated some major fraud through their cloud mining service and Paycoin is part of their scam, they guranteed that there price would stay above a certain point 0.01 - 0.02? Can't remember the exact price, but anyway the promised price was riduculous and it was an obvious pump and dump scheme that they were running.

These guys ran around scamming everybody including the electricity companies that powered their cloud mining, so naturally anyone that deliberately chooses to stick with them after that is going to look incredibly suspicious.

odolvlobo

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Quote from: Kaneki on April 25, 2015, 01:13:47 PM

This news is quite surprising,If Cryptsy is able to stake at a rate higher than any other non Prime Controller holder and can instantly convert Paycoin to Bitcoin within its own system, the conflicts of interest quickly add up.

What are the conflicts of interest? Sorry, it's not obvious to me. I have limited knowledge of Paycoin.

Lethn

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That's not good, looks like cryptsy's days are numbered if they pull more shit like this.

sdmathis

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AKA The Rubber Monkey

Quote from: Kaneki on April 25, 2015, 01:13:47 PM

This news is quite surprising,If Cryptsy is able to stake at a rate higher than any other non Prime Controller holder and can instantly convert Paycoin to Bitcoin within its own system, the conflicts of interest quickly add up.

I'm not surprised at all. This is very much Cryptsy's style.

Chef Ramsay

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Quote from: Chef Ramsay on April 25, 2015, 06:52:06 PM

Quote from: Bit_Happy on April 25, 2015, 04:36:00 PM

Quote from: odolvlobo on April 25, 2015, 04:16:10 PM

I'm surprised that Paycoin is still a thing.

Paycoin is a slow-train-wreck "thing" with a large crowd gathered to watch the disaster explode and burn.

That's a pretty funny and accurate statement for a lot of what we see across some of the alt communities these days. The interesting factor lies in that so many people get sucked into so many sideshows when all they have to do is play it smart and just lock up their bitcoins and continue putting a portion of their paychecks into it going forward. That is the most simplest thing any new person can do besides following these alts down their rabbit holes and thinking they've done their research on the next best thing to bitcoin. So many lessons have to be learned.
[/quot
"Funny" == Thanks

I actually like (trading) some altcoins: First, if Bitcoin hits it big, then there will be room in the marketplace for a least a few alts to grow.
Second, some of the "better ones" are great for trading (not 'investing') if you place your buy orders low enough.

Oh, I agree and have made some decent increments of btc by pooping around in the flea market coins in the past. I'm just tired of it at this point and am looking for the bear season to come to an official end. The final slaying should net a fine carcass to lay on with a fine woman that any prominent bull has stashed away on the side.

Bit_Happy

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A Great Time to Start Something!

Quote from: Chef Ramsay on April 25, 2015, 06:52:06 PM

Quote from: Bit_Happy on April 25, 2015, 04:36:00 PM

Quote from: odolvlobo on April 25, 2015, 04:16:10 PM

I'm surprised that Paycoin is still a thing.

Paycoin is a slow-train-wreck "thing" with a large crowd gathered to watch the disaster explode and burn.

That's a pretty funny and accurate statement for a lot of what we see across some of the alt communities these days. The interesting factor lies in that so many people get sucked into so many sideshows when all they have to do is play it smart and just lock up their bitcoins and continue putting a portion of their paychecks into it going forward. That is the most simplest thing any new person can do besides following these alts down their rabbit holes and thinking they've done their research on the next best thing to bitcoin. So many lessons have to be learned.

"Funny" == Thanks

I actually like (trading) some altcoins: First, if Bitcoin hits it big, then there will be room in the marketplace for a least a few alts to grow.
Second, some of the "better ones" are great for trading (not 'investing') if you place your buy orders low enough.

Chef Ramsay

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Activity: 1568

Merit: 1001

Quote from: Bit_Happy on April 25, 2015, 04:36:00 PM

Quote from: odolvlobo on April 25, 2015, 04:16:10 PM

I'm surprised that Paycoin is still a thing.

Paycoin is a slow-train-wreck "thing" with a large crowd gathered to watch the disaster explode and burn.

That's a pretty funny and accurate statement for a lot of what we see across some of the alt communities these days. The interesting factor lies in that so many people get sucked into so many sideshows when all they have to do is play it smart and just lock up their bitcoins and continue putting a portion of their paychecks into it going forward. That is the most simplest thing any new person can do besides following these alts down their rabbit holes and thinking they've done their research on the next best thing to bitcoin. So many lessons have to be learned.

Bit_Happy

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Activity: 2114

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A Great Time to Start Something!

Quote from: odolvlobo on April 25, 2015, 04:16:10 PM

I'm surprised that Paycoin is still a thing.

Paycoin is a slow-train-wreck "thing" with a large crowd gathered to watch the disaster explode and burn.
I read Cryptsy claims the coins are to help "the community", but I don't think that was a complete, official statement.

odolvlobo

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I'm surprised that Paycoin is still a thing.

pedrog

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Quote from: Kaneki on April 25, 2015, 01:13:47 PM

This news is quite surprising,If Cryptsy is able to stake at a rate higher than any other non Prime Controller holder and can instantly convert Paycoin to Bitcoin within its own system, the conflicts of interest quickly add up.

Good thing we are in an unregulated market, otherwise that might have been illegal...

Kaneki

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This news is quite surprising,If Cryptsy is able to stake at a rate higher than any other non Prime Controller holder and can instantly convert Paycoin to Bitcoin within its own system, the conflicts of interest quickly add up.

unamis76

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http://www.miningpool.co.uk/breaking-cryptsy-owns-hyper-staking-paycoin-prime-controller/

Quote

During a community hangout organized by the Paycoin Foundation, a surprise announcement was made that one Prime Controller is being held by digital currency exchange Cryptsy. The transaction was also posted about on the Paycointalk forums. According to that post, it seems plausible that the Prime Controller was given to get Cryptsy to update to the new Paycoin wallet.

Topic: [2015-04-25] BREAKING: CRYPTSY OWNS ‘HYPER STAKING’ PAYCOIN PRIME CONTROLLER (Read 1278 times)