Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :) - page 2088. (Read 3377790 times)

Wow, the frenzy begins...

https://hashtalk.org/topic/24302/withdrawals

I think a large amount of their user base won't be able to verify past tier 1.  Meaning more BTC for GAW.

You can buy paycoin with bitcoin in Tier 1 but you can't buy bitcoin with paycoin. WTF?

You can buy paycoin with bitcoin in Tier 1 but you can't buy bitcoin with paycoin. WTF?

It’s important that we do not “rush” through the legal process or the testing phase of Paybase

We will release a final round at the end of the PoW stage for any HPs you have left over. We will also fire up Hashstakers at the same time.

@hcmco said: Basic economics (ie supply vs demand) says that XPY will drop considerably tomorrow. Do not expect the $7 valuation to hold through the weekend if HashPoints do convert to XPY tonight.
Second point, GAW has limited control over the valuation. The hope is that when Paybase launches that most XPY will be staked instead of sold (this reduces supply). This is how the valuation will rise. $20 is an idealistic target, and it will take some time to reach that stability. This will not happen in a "few days".

@GAWCEO: thank you sir

@mustang_hashlet said: so we can sell some if we need the cash, at $7/ XPY or wait until it's worth $20 in a few days? that should quiet some trolls, i find it to be a great way to weed out the unfaithful

@GAWCEO: yep

The market will rise over time.

@whuttig said: As far as i can tell this means nothing -- we would have to sell at an existing exchange for next to nothing

@GAWCEO: Do not spread FUD. Please read what I wrote. Nothing has changed with Paybase.

Ok, um well a thought out business plan would have considered this and taken care of all that BEFORE the 'ICO'. Or is that just silly.

Early dumpers are actually going to make a killing with the current Bitcoin price

Now that we’ve launched a $100M+ currency, we have the eyes of the world on us -- including regulators!

It’s incredibly important that we take our time with Paycoin and Paybase to go through the proper steps to make sure we get everything compliant.

I can’t stress that enough.

https://hashtalk.org/topic/24303/paybase-verifications

PayBase Verifications
Let’s Learn from the Past

Last night, I announced that every legitimate payment platform has levels of verification used for transactions, and that Paybase would be no different. Depending on the size and volume of a transfer you are making, there will be additional need to verify your account as you would expect. These are rules put in place to prevent theft, money laundering, etc. It’s important to stay compliant with the law. In order for institutions to take Paycoin seriously and adopt it, compliance with laws and guidance is absolutely imperative, and as you all know, that is one of our stated goals. We will hold ourselves to the highest standards that exist in the industry, and make sure we set the example for others to follow. Innovation takes many forms, and we would like this to be yet another way we will innovate.

Most of you understand this. You’re realists and know that before the world can ever reach a crypto utopia, a bridge to old money needs to be built in order to enjoy widespread acceptance.That’s only going to happen if we give Paycoin a suit and tie and play nice with the authorities.

So that’s what we’re going to do. This process is just about making sure Paycoin and Paybase’s trust levels meet KYC compliance standards. But, we will be going back to the drawing board to relax on any areas we can as guidance evolves, so you're not doing any more then you have to.

PayBase Verifications

PayBase, in alignment with and guidance from FinCEN, the IRS, the BSA and international government authorities will be licensed as a Money Service Business (MSB) and will follow all US and international regulations.

In accordance with this, PayBase will enforce Anti-Money Laundering (AML) and Know Your Customer (KYC) measures. To do this any other way would hamper the adoption of Paycoin - something we aren’t willing to do.

To be clear, GAW Miners is not PayBase. While ZenCloud will continue to monitor and follow guidance from our legal and regulatory staff it remains a separate entity from Paybase and will follow the guidelines appropriate to its business activities.

PayBase will allow for 5 tiers of approval based on guidance from our legal department - subject, of course, to change by region and as new guidance is issued. The conversions between BTC and XPY will be handled by third-party exchanges where and it applicable.

One thing that makes Paybase unique is that we are dealing with three currencies (XPY, BTC, FIAT), when most payment processors are dealing with two. When you factor the risk this creates for underwriters, and that PayBase is new, we believe we have done a great job of matching the process of other payment processors while still retaining the ease of use you can expect from us.

Paybase will purchase Paycoins for $20 each. The limits listed below are weekly limits:

Tier 1

May purchase XPY with BTC
May send / withdraw XPY to wallets
May apply for Tier 2 verification.
Tier 2

Verify a credit card or bank account
Purchase up to $10,000 of XPY with FIAT
Purchase up to $500 of BTC with XPY
Tier 3

Verify Identity using public records
Purchase up to $25,000 of XPY with FIAT
Purchase up to $2,500 of BTC with XPY
Tier 4

Verify two forms of government-issued ID, have an account established for 30 days
Purchase up to $75,000 of XPY with FIAT
Purchase up to $5,000 of BTC with XPY
Convert XPY to FIAT up to $5,000
VIP Tier

Must complete an application (to be released)
Purchase up to $100,000 of XPY with FIAT
Purchase up to $25,000 of BTC with XPY
Convert XPY to FIAT up to $10,000
Please be patient with us. Just like coinbase, we will increase these levels over time as our underwriters become more comfortable with the risk.

The pay coin is in Zencloud from the HP conversion but you cant withdrawal it. Typical GAW

Coin-swap candlesticks trending downward at 18:20 EST on indication of XPY flood coming soon courtesy of GAW.

Nice...  Flood the market, reduce the value, snatch up those coins via proxies and bury them in off-line wallets never to see the light of day again.

(that's how I would go about it anyway )

I don't think we will see $20 coin for months now based on the latest annoucement. How long is this testing period on Paybase anyway?

He is itching to tie this never ending delay into the elaborate verification and legalization process that he and his incredible new ground breaking coin will have to navigate in order to do it right...