Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :) - page 1700. (Read 3377956 times)

Yup now they're looking at securities fraud. Should have kept fake mining. That's just ftc, no sec.

A quick thought on why GAW might really be geniuses ...

It occurred to me that this whole Paycoin disaster could have been planned, not as a scam but as a way to get Josh out of the serious hot water that he was in as a result of the Hashlet fiasco.

Consider that, before Paycoin, hashlets were sold at a fairly impossibly high rate with Josh claiming to have hashrate that would have consumed a large percentage of the entire litecoin network (I cannot recall the calculation, but I think someone calculated 75%) and that early in the Hashlet days.  Then is came out that there was zero evidence of any actual scrypt mining going on (pool operators that GAW was claiming to use such as multipool stated that there was no such hashing on their pools), and Josh was forced to admit that he was not actually mining those pools, only payout out comparable payouts.  Then, it was eventually revealed that Zenpool did not even involve scrypt mining but instead was some hodgepodge of mysterious business profits from Josh's investing activity (coin ICOs, rentals were pointed out by Josh) allocated (presumably in Josh's discretion) to Zenpool.  Hashlet payouts tanked and never returned.   At some point (not sure when) it became "known" on HT that there never was any scrypt mining going on in the scrypt hashlets (some apologists argue that was okay, because they claim GAW was mining SHA256 all along and paying out based on Scrypt profitability; that may or may not be true but its still fraud if that is what GAW did).

The worst part, from a legal perspective, is that Josh/GAW had made several promises that they could not keep:

(a) Hashlets would always be profitable,
(b) Hashlet maintenance fees would reduce over time
(c) Prime hashlets would always be upgraded to the most current tech
(d) Hashlets would last forever (unlike other cloud mining services, GAW did not have a clause that allowed termination when the miners's costs exceeded payouts)
(e) Hashlets were described as scrypt miners, but there was insufficient scrypt mining power in the universe to satisfy the sales


Worse for GAW,  no new scrypt chips were being released that would be more efficient versus the "old tech" A2 chip; meaning that GAW's promises (which might have been achievable with Moore Law type reductions in cost and increase in efficiency) could not be met; even worse, Gridseed, Zeus and Bitmain all cancelled their next-gen scrypt projects and Zeus's chips for GAW's custom miners turned out to be crap

Clearly, there was no way GAW could continue to sell "scrypt" hashlets for $16 - $49 per mhs and without that new revenue there is no way GAW could continue (even if GAW was legit at that point - a debatable assumption - by Josh's own admission he needed a steady stream of customers to achieve his goal of large scale demand-side economics that would make the hashlet promises above semi-achievable).

GAW could not simply terminate the hashlets, but to continue to operate the hashlet empire without strong sources of new revenue would be a disaster for any business.  GAW was facing a choice between a long, drawn out death by attrition; or a fast death followed by lots of lawsuits (since the hashlet contracts were forever and "always profitable").  

A good "fixer" could have decided that the best solution would be Paycoin.  Offer Hashlet owners, who by then were suffering from 1 satoshi payouts and lots of doubts, a conversion into an alt-coin ICO.  If it succeeds, everyone is happy.  If it fails, at least GAW is out from under the certain death of continuing to "operate" hashlets at a loss forever and/or lawsuits as GAW can simply claim that they tried to make Paycoin work, but the market didn't accept it (no contracts to be profitable "forever", no promises of reduced maintenance fees to deal with, etc.)

Consider also that, had GAW simply launched Paycoin/Paybase without all of the false promises, backtracking, screwups, bad launch, premining, etc. they might have succeeded in extricating themselves from the hashlet trainwreck.  As usual though, a good plan fails at GAW from lack of execution.  

Well I spotted quite a few that apply to Josh and the HT'rs how many can you find?   

http://www.familiesagainstcultteachings.org/Cult-Education/Cult-Warning-Signs/

Ten warning signs of a potentially unsafe group/leader.

1.   Absolute authoritarianism without meaningful accountability.
2.   No tolerance for questions or critical inquiry.
3.   No meaningful financial disclosure regarding budget, expenses such as an independently audited financial statement.
4.   Unreasonable fear about the outside world, such as impending catastrophe, evil conspiracies and persecutions.
5.   There is no legitimate reason to leave, former followers are always wrong in leaving, negative or even evil.
6.   Former members often relate the same stories of abuse and reflect a similar pattern of grievances.
7.   There are records, books, news articles, or television programs that document the abuses of the group/leader.
8.   Followers feel they can never be "good enough".
9.   The group/leader is always right.
10.   The group/leader is the exclusive means of knowing "truth" or receiving validation, no other process of discovery is really acceptable or credible.

Ten warning signs regarding people involved in/with a potentially unsafe group/leader.

1.   Extreme obsessiveness regarding the group/leader resulting in the exclusion of almost every practical consideration.
2.   Individual identity, the group, the leader and/or God as distinct and separate categories of existence become increasingly blurred. Instead, in the follower's mind these identities become substantially and increasingly fused--as that person's involvement with the group/leader continues and deepens.
3.   Whenever the group/leader is criticized or questioned it is characterized as "persecution".
4.   Uncharacteristically stilted and seemingly programmed conversation and mannerisms, cloning of the group/leader in personal behavior.
5.   Dependency upon the group/leader for problem solving, solutions, and definitions without meaningful reflective thought. A seeming inability to think independently or analyze situations without group/leader involvement.
6.   Hyperactivity centered on the group/leader agenda, which seems to supercede any personal goals or individual interests.
7.   A dramatic loss of spontaneity and sense of humor.
8.   Increasing isolation from family and old friends unless they demonstrate an interest in the group/leader.
9.   Anything the group/leader does can be justified no matter how harsh or harmful.
10.   Former followers are at best-considered negative or worse evil and under bad influences. They can not be trusted and personal contact is avoided.

So if none of us would continue to point out scams to newbies and would instead either just sit there and watch creatures like Homero ripping off dull idiots or, even better, create some more premined scam coins and/or rent non-existent "cloud miners" ourselves, that would be better for "the bigger picture"?
Don't you think people will eventually find out that they have been scammed - even if it takes them burning an "investment" five or more times?
Or do you think scams will magically disappear just because "outsiders" don't warn anybody anymore?

Too bad you cannot answer this anymore

K,thanks for stopping by!!! Now back to work boy's!!!!!!



 

 

you might be reasonable educated, but investing with all the warning signs still makes you blue eyed....

I don't need anyone to edit my posts, i am reasonably educated not like some of the monkeys here

paycoinmultipool.com isn't something that GAW is doing.  It is was setup by some people trying to get more paycoin.   Why blame a coin for the pool?   BLAME THE POOL!

:grinning:

Last edited by BitJane

How much did you lose from Cantor Fitzgerald?

Good luck to you too. Please stick to that for your own sake.

I wish you all luck with your endeavors, I am going back to the real game and that is BTC, I hope we all can one day look back at this and wish that we did not cause the damage to all Crypto that we have done over the last few months.

This vendetta against GAW and Josh has made the whole crypto community look like a bunch of fucking amateurs. Only 6 months ago Crypto was getting excellent main stream press and was looking good. However the in fighting, scams, and crap coins have now made it look like a joke.

Asic mining has killed scrypt, it may even kill BTC, coins like Dark Coin and Black Coin will not take off due to their names.

I will not be posting here or on hash talk as all the negativity has shown me that the crypto community will keep fighting each other and keep calling all new coins or innovation a scam.

The people on this forum and others have done more harm to Crypto than good, so be proud of yourselves as you may find that you are the ones stopping crypto getting wide spread acceptance, it is only a matter of time before the Banks and Governments of the world centralize the technology and all Crypto will go down in the history books as a fad.

So pat yourself on the shoulder and say well done as you are the guy's who supposedly want to see Crypto be a success have actually made it look like a fools paradise.

You all need to rethink what your agenda is here and start thinking about the bigger picture, so step away from your key boards and start promoting Crypto instead of tearing it down.    

I still have 11.5 Cantor Fitzgerald's 

So who's invested in Cantor Fitzgerald Paycoin scam?

I dumped my Cantor Fitzgerald .04 coin.

Half-assed attempt now and back then. Wasn't confident in the original article to begin with with such an important point:


The question is whether the article is accurate or not. The article itself says that an individual who happens to work there is a backer of this kid and his endeavors. Not that the company itself backs his endeavors.

The simple way to flush all of this out, if a self proclaimed journalist cannot even do it, is to from now on refer to this entire escapade as the 'Cantor Fitzgerald funded paycoin'...

then we shall see how quickly they come out of the wood work to correct all of this.

From here forward, refer to it as the Cantor Fitzgerald product.

Yeah it doesn't look like there's much censorship going on at HT at the moment. Might be near the end. It looks like everyone is on to the scam. Everyone attacking each other on that thread. No moderation. It is done. HT has become BCT. I think we can quit now. Our job is probably done now

Can someone explain why Paycoin pool mining Neos is a bad thing? I feel like I'm missing some context here.

Hashtalk stupidity still confounds me, check out this nugget.

Paycoin is fucked. The best thing is to hold. Lol

https://hashtalk.org/topic/28697/honor-the-price/36