At the begining of the week two people bought between them 150btc of paycoin through paybase not one of these trades went thru any exchange
So?
so josh said buys thru paybase would be from exchanges but there not so where are all these xpy coming from.
How do you know they are not coming from the exchanges? They don't buy them in one block from one exchange per sale. They mentioned that they have "enterprise" accounts with the exchanges, and my guess is that they round-robin them to keep the buying price low. They keep the "spread" as profit.
Where did Josh promise that? What was the exact wording?
"As the purchase of XPY starts to flow through Paybase, it will stabilize the market. I know it does not sound exciting, but it’s the more important process to make all this work.
The more confident people are in XPY, the more they will use it.
The back-end engine is what we have spent the most time developing. It leverages all our buying power, then moves between exchanges to help level the price. Essentially, it works like an exchange, but with the function of creating market stability."
Notice how vague that is. It reminds me of this:
http://media.coindesk.com/2015/01/Hash-Talk-4.pngBut what it *doesn't* say is that when you buy on paybase, they buy the same number of shares off of an exchange. It doesn't say that at all.
Also... here:
https://hashtalk.org/topic/26626/paybase-beta-is-here"Paybase is now integrated into many exchanges (that's the feature we spent most of our time building) and its programmed to monitor the price and depth of the order books on those markets.
We have programmed Paybase to leverage those open markets first, so it will grab orders faster than any human can - maintaining the target price and refilling the coffers so we can serve our customer’s needs to buy and use Paycoin."
Again that doesn't *at all* promise that what people buy with CC on paybase becomes buys on external markets. Not at all.
Second, like the first that just seems to be saying "we have some arbitrage bots." And I wouldn't take their word for "spent most of our time building" either. Not that they seem to have put much time into any development for paybase/paycoin.
Third, it makes little sense. They don't need to "refill the coffers" to serve customer's needs. It was over 96% premined. They have more coins (at zero cost) than they could ever use. And there's ZERO evidence that they're buying to "maintain the target price" for any target at all.
So I still haven't seen any promise from Josh that a CC buy on paybase flows through to paybase buying on exchanges. The TOS explicitly say they are not promising you that, and you're buying directly from paybase. And it makes no financial sense, from GAW's perspective, to do it.
Selling the premine coins on paybase via CC takes buying pressure off of the exchanges, and increases the effective supply, but it maximizes GAWs profits.
EDIT: And just to drive the point about the Terms Of Use home, it explicitly says (
https://paybase.com/terms-of-use):
3.2 Entire Agreement of Purchase. THIS AGREEMENT, AND THE DOCUMENTS REFERENCED HEREIN, SET FORTH THE ENTIRE UNDERSTANDING BETWEEN YOU AND PAYBASE WITH RESPECT TO THE PURCHASE OF PAYCOINS.
and
7.7 Entire Agreement. This Agreement sets forth the entire understanding and agreement between you and Paybase as to the subject matter hereof, and supersedes any and all prior discussions, agreements and understandings of any kind (including without limitation any prior versions of this Agreement), and every nature between and among you and Paybase.
So even if Josh did promise elsewhere that those purchases would flow through to other exchanges (which I haven't seen), when you buy via paybase you're agreeing that the agreement is all that matters, and it says the opposite.
like I said not a bad deal and looking to add miners.
