Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :) - page 2095. (Read 3377790 times)

Umm, that ends tomorrow Einstein. After that they will indeed control 100% of the "pool" hashing power.

I am more convinced that Idiocracy is upon us every time I read one of these posts written by someone who is completely oblivious to what is going on, yet is convinced they are Wile E Coyote, Super Genius.

Oh, and to get the honor of being able to mine in this pool , all you have to do is buy one of these and "stick coins in it". for a long period of time.



Never mind that these cute little machines are nothing more than a fancy CAD rendering and do not actually exist.

LOL... delay tactics, Josh blaming the lack of KYC details on no regulatory clarity. If this was an issue than than it should have been sorted out before the IPO launch, but this makes for a perfect cover. I can already see Josh making a gracious announcement that he was able to strong arm his lawyers into allowing some of the funds to be released without KYC because he is so great where most of the paycoins will never see the 20 usd payout until the lawyers and regulators figure out the mess which will never happen.

Watching this slow moving train wreck of a ponzi unfold is both fascinating and depressing.

Gaw did not, or does not now hold a 100% of the hashing power in the pool,one of the reasons the coin forked was that people were throwing so much power at the pool it overtook Gaw and caused a fork

Looks like they are trying to get registered. They still dont have a away around the KYC rules.

https://hashtalk.org/topic/24217/gawceo-can-you-update-us-on-if-and-when-we-can-use-pay-coin-to-buy-for-the-holiday/23


Think there is nothing there to save them now let alone on the 22nd or when we cash our HP out for XPY.

I honestly feel bad for these people myself will probably be included in this Since I do have HP to convert. They see the righting on the wall. Wonder when they are going to figure out no future with this one.

Looks like west/nice is slowing down too. Think there starting to run out of btc for rentals.

I have no doubt that you do not understand what I am saying, that is quite obvious. The entire Paycoin mining system is in essence a single pool controlled by GAW, which is the primary coin holder. It does not matter what fancy catch phrases are used to describe it.

The difference between what Josh is doing and stealing candy from a baby is that a baby will cry when the Grinch steals his lollipop. Those under the GAWspell will stick up for the Grinch.

I don't quite get what you are saying here.  "Buying into a pool... hashing power..."  I'm not mining paycoins.

And yet you are buying into a pool where the people holding the majority of the coins control 100% of the hashing power. Forever.  I guess it's true: You can lead a horse to water, but good luck getting him to THINK.

Teething pains with a new coin, I guess.  It's not like pools don't have technical problems.

GAW quickly dissolved it's pool when enough others had come online.  Imagine the wailing and gnashing of teeth here if they kept on with their own pool and the naysayers and boo-birds here claiming "foul"... they control more than 51% of the hashing power.

Look at it this way.  Say there will be 500K coins out in circulation by end of POW.  And GAW expects another 500K of dumping from customers at paybase.  Why would they eat into their own reserves to reward dumpers (GAW is still losing $7 of their reserve per coin to the dumpers)... when they can just buoy their own customer base at the $20 promised?  The miner/dumpers will have to take their low sell bids off of the exchanges and take them to paybase to get $20 per coin.  Removing the low sell bids from the exchanges can increase the value of the remaining coins on the exchanges.



I'm in it for the money.  Any honest-with-themselves bitcoiner will tell you the same.


I did buy one coin from an exchange to see if the wallet in Zen would accept it.  I don't like to play the trading game.

There are five "roles" and its good to keep them separate, though they can overlap if one party carries out more than one role (Paypal - see below):

(1) Customer who wants to buy something.

(2) Retailer who wants to sell something to Customer.

(3) Man in the Middle - a person or entity who purchases directly from Retailer and pays Retailer in fiat, and takes XPY/BTC from Customer

(4) Payment Processor (Paypal, Visa, etc.) -- an entity that allows an Account Holder (which could be Customer or Man in the Middle) to make a payment to a Retailer via a line of credit or debit from banking account.

(5) A Financial Institution - issues a line of credit and/or holds funds in a banking account for another party (Customer or Man in the Middle).  In the case of VISA/Mastercard etc. they are linked to Payment Processor via complex agreements.  NOTE that Paypal is in most cases BOTH a Payment Processor AND Financial Institution (part of the genius of Paypal).

Okay, with the definitions in place consider the two different scenarios when Customer purchases an item from Retailer:

SCENARIO A: Zinc/GAW's Man in the Middle

Takes BTC/XPY and order information from a Customer;

Submits order **under the Man in the Middle account** with Retailer, but specifying Customer's shipping address for order;

Pays Retailer in fiat;

Retailer ships to shipping address which happens to be Customer address;

Any returns or customer service issues must be handled between Retailer and Man in the Middle, since Retailer has no idea who Customer is except as a shipping address.

Note that Man in the Middle likely uses a Payment Processor to facilitate payment, but the Payment Processor account will be in the name of the Man in the Middle also.  

SCENARIO B: Purchase Made Via Payment Processor

Customer submits order directly to Retailer on Customer's own account;

Customer pays for order using Payment Processor;

Retailer and Payment Processor have a long, complex agreement that allows Retailer to accept Payment Processor services and typically includes things like forcing Retailer to agree to reversal of transactions (chargebacks), dispute resolution in the case of a chargeback, information security requirements, prohibition on certain types of sales, maintenance of commercial banking accounts for chargeback purposes, etc.

Payment Processor issues credits to Retailer account at the Retailer Financial Institution, and debits Customer's account (line of credit/bank account) at the Customer's Financial Institution.

Retailer ships items to Customer and handles customer service issues, returns, etc. directly with Customer.

With this fancy Paycoin Plugin will people be able to convert Paycoin into fiat and buy Bitcoin from my listing on Ebay!? GAWsome!  

Someone needs to explain the diffrence between a middle man and a Financial exchange or a financial service provider. GAW is definetly not registered as a Financial exchange right now. But If there going to do business as a financial exchange in the US they need to register and make it legit as GAWCEO would put it.

FINCEN=Financial Crimes Enforcement network
MSB= Money service business
KYC=Know your Customer

GAW is not registered with them but are trying to run a exchange in the US

Rules on Virtual Currency exchanges
http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

Kraken -Coinbase - Cryptsy -Circle are on the list

I am just hoping one of the HT people see this and not say well GAW has lawyers to get around this. There is no getting around this if you are legit.

[interesting stuff about how Zink/GAW plug in works deleted for brevity and to focus on the following claim:]


No its not.  Paypal has two modes of operation:  

(1) the seller/store wants to accept paypal, so they download a paypal "payment" widget and javascript code, and the seller/store agrees to abide by seller terms & conditions; it is pretty clear this is NOT what GAW is doing or else they would not need Zinc.

(2) you can send a payment to anyone on earth with an email address, BUT the recipient still needs to "accept" the payment manually, give Paypal account information to get the payment to transfer to the recipient's account (or get a paper check which takes a week), and agree to Paypal's terms and conditions.  No way is ANY e-commerce business going to do that.

What Zinc did (GAW proposes to do) is interpose a middle-man.  The middle-man takes your Bitcoin/Paycoin and converts it into fiat, then the middle-man makes the purchase on his/her own account but putting your address in as the shipping address.  The "man in the middle" approach creates lots of problems that Amazon, Walmart, etc. will NEVER want to deal with: returns, customer service, shipping issues, etc. all have to be handled through the "man in the middle".  While the customer does not realize there is a "man in the middle" and gets mad at the online retailer... so that is why the TOS of every major e-commerce company prohibits this type of thing.   It is not what Paypal does, nor what Paypal ever did.

Guys have a look here we might be getting a new member when the banhammer comes down. He used the ponzi word.

https://hashtalk.org/topic/20323/paycoin-hashstaker-your-roi-profit-example-round-1-updated-for-primes-easy-calc/230

News: XPY again available for only $20 direct from the Paycoin site! Get em while their hot GAWspell Believers!



Last night on the Tinychat session Josh remarked about "Selling all of the Paycoins they could @ $20 " and had to remove the offer . I asked him this:



I watched him read it and instantly smirk and start giggling uncontrollably. Seconds later he bailed from the conversation.



Sometimes it can be hard, even for a really professional and hardened Con-Man, to not laugh about the people he is fooling.

Come on now... nothing to do with the hard fork. Their Paycoin pool doesn't even work anymore, and the brief period when it did accept shares it didn't pay out and had to be "manually reconciled". This is a company that supposedly had massive pools running for months. One of the biggest red flags, but then again, we don't care about technical details as long as someone's dangling $20 in front of us? Let's wait and see how that works out.

No. PayPal doesn't drop ship, PayPal processes payments. PayPal has actual agreements with merchants. Sites are implementing calls to PayPal APIs, not the other way around. Some sites, like Amazon don't use PayPal because they are their own payment processor, so using some other third party like GAW is highly unlikely.

The fact that GAW is using this plugin is an obvious indication that they DON'T have direct partnerships with the websites, because this is the most moronic way of providing a checkout service and no sane retailer should allow this - due to security, reliability, customer support, and probably a dozen other issues.

I'm sorry to make an example out of you but this is exactly why GAW is so successful. People don't read and don't think. GAW never had an address with 28k BTC in it. There is an address that had received 28k (34k by now) but there wasn't any large amount in it at any given time.

https://blockchain.info/address/1P62VZZ9kL97dzzcWhG7JZDssaW2MDgn82

Thanks, we just want to report the facts. We look at what is said by all parties, and then start seeking the truth.

I thought you were trying your best to make a point without getting all emotional about it, so seeing your response was unusual.

Is your sarcasm comment sarcastic back to me? Hmm... Did you intend to do that? If so, touche.