Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :) - page 2153. (Read 3377790 times)

Anyone notice that, from an "investor" standpoint, what's happening right now is like a surrogate round 3 of the ICO? Paycoin was supposed to be open to a restricted number of people for $10 each. Now, you can get it for like $9.50 each on the open market.

The order's a little flipped, as Round 3 was supposed to happen after Round 2, but you can still get a bunch of XPY for under $10, and that was what was going to be available during this time period in the initial timeline.

It will definitely be an interesting weekend in GAW land. Going to be fireworks either way.
 

http://en.wikipedia.org/wiki/Ponzi_scheme

No kidding.  Only problem is they have been telling all of their customers that is what they were going to do for months now.
Watch out if/when they don't!

Actually I think it's better that the victims are giving Bitcoin to these guys vs Josh.

There's a possibility they could help victims in the future. But at least they won't be dumping Bitcoin like Homero. This is war.

I'm surprised Josh didn't offer to sell more fake mining. I don't think he thought the scam would last this long.

Who could resist strangling the ostrich while thinking ye olde homero in a leotard?

Amazon already invested in Paycoin. Dont worry mister. 

Is it true some guy was beating off on camera on the GAW tinychat yesterday?  

There worried about minerpools getting all the hashrate so the pool just upped its percentage to 4% to push the miners to other pools that may or may not work thats intelligent. 

This does set off the too good to be true radar. This is why I did not refer a single friend here. I am taking the risk that it turns out to be true. I did mess my plan up a little bit. I wanted to be down to 10-20 primes but I have 130. I did get rid of 130+ over the last month. I planned on my way too many ZENs to be my only exposure to hashstakers. I honestly didn’t read anything about them until just recently because I thought I would not have any to worry about. This was my bad and then when the zen upgrade went live I panic upgraded my primes.

Hi Guys -
Been away again on business and have not been following this thread for the past 4 days or so. However, having just skimmed over some of the activity in my attempt to catch up, I must say I am disappointed.

If any of you truly agree with me and some others here who believe GAW/Zen is fundamentally a crypto-scam derived from blatant lies, why even consider renting hardware to others so they can feed the PayCoin hype engine?

Is a few days of heightened rental revenue really worth it?    

Is being part of the problem GAW/Zen continues fester really worth it?

As long as there are people supporting GAW/Zen's ventures with direct money, support, and/or hardware to facilitate a mining hashrate foundation, it does nothing to help those of us who are doing our best to stop the progression of what we see is a scam. In that regards, some of the GAW/Zen shills who are popping in here saying this conduct by some of the "haters" is hypocritical are actually correct.

Again, some of us have spent a lot of time and money to combat GAW/Zen up to this point with nothing expected in return. All we want is the truth to be known about this operation in question and its primaries who are still to this day laughing all the way to bank while touting how untouchable they are.

Continue to rent as many rigs and hash power as you want, but I would ask you to think twice before pointing any hardware to that waste of a crypto and the bandwidth it is sucking. Doing so does more harm than good - at any price.

Scott-

Im not up to speed with gaw jargon or even how their stuff is supposed to work, Ive just seen enough to know I should steer clear. I would still like to get understandable updates on how this is progressing/collapsing. Is there a "GAW for dummies who are not dumb" somewhere? I mean, without the marketing and hype bullshit?

Yes this weekend will be huge for them. Good or bad. If it is not completely here are your paycoins dump if you wish. Then there will be a huge group of really pissed off people and Josh and his family would have to go into hiding. There is bound to be 1 crazy out there. This is actually one reason I believe Josh. What I mean by believe is that I think they will put up the wall and try to make this as they say. However this does not mean that they will succeed. It could fail and tons of people lose their money but it would not be because Josh took it (Hope not for his sake). It can still fail for so many reasons such as people just don’t want a new coin, mismanagement on GAWs end, and many more. I personally hope it succeeds. I think competition is good and it spawns knew ideas to make everyone better in the long run.  

^ This. I highly doubt that GAW will go like this: "Oh, nice HP you have there. Let me make those into $20 Paycoins for you if you give me 400 Hash Points ($4). You can now go sell these for an immediate 5x BTC and fiat gain. Gawsome, hash on, 80 ph/s, extreme merchant adoption, huge news interviews, lower maintenance fees."

 I think if the buy wall does not exist in the way that they have talked about ($100Million @ $20 a coin) they are going to lose most of the customers who still believe in them which are dwindling very quickly these days.
Do I think they will really allow anyone to sell for $20 worth of BTC a coin after the HP conversion?  Of course not.  There will be some sort of off the wall stipulations or they will make up some reason(excuse) why not like usual.
As you mentioned their history does not inspire confidence.

They may also think that it's worth the interest to tie up the coin for that length of time. If they don't have enough to support all of the coins right away, they need some tied up in stakers until the coin gains traction in the open market. My staker numbers are probably way off. It could very well be the case that the hashstakers are the difference between being able to handle the initial dump and depleting the fund within the first couple of hours. If, as they hope, the coin gains value on its own, then they won't have to fully pay for the 3 month and 6 month dumps. Some of it will come from demand for the coin. But they need coins out of action for a little while for demand to surface.

I know you guys didn’t ask but paycoin could work out. If GAW does and has what they say. They could make a coin relatively stable in price assuming people go along with it and act like in a way that is expected. Such as you see a $100 million buy wall you move just above it. This keeps the wall intact meaning it will build people confidence that it is stable. This is something businesses want. They have economy of scale for customers which will help persuade bigger businesses to work with them. They could offer a special deal if you buy with paycoin. This would be a huge marketing program for those businesses. So there is merit to what they want to do with this coin.

Of course there are a lot of problems that needed to be addressed. GAW has a history now of failing at launching new things. I know that issues happen when you upgrade to new programs however since the original hashlet I do not think they have had one thing go as planned. This does not help confidence. They have promised a lot of stuff and most have never been completed. This hurts confidence. The 2 coins I ran/launched worked perfectly under me. I am not even a coder but was able to work with 2 different people and make it work flawlessly. So this hurts confidence.

These are just some of the big positives and negatives I see. If GAW starts doing as it stated when it states it than they have a real chance to make something big. IMO But they have to understand they have lost a lot of people’s confidence because of so many promises that were not kept. Now we also have to realize that some of these may have been in the best interest of the consumer. Such as the added feature would not be worth using, so we stopped or we felt this would be much more profitable than mining.

I will not claim to be an expert on paycoin. But I will try to answer things according to what I know/think.

The guarantee that hashstakers will have such a high yearly profit is only in terms of Paycoin. Just like any PoS coin you will get a certain amount of coin back. That is your profit. Now if you compare to BTC or Fiat it may be higher or lower depending on the exchange rate. So if people think that you buy $10 worth of paycoin and you will have $40 worth of paycoin they are sadly mistaken. They falsely assume that profit must mean your own currency of choice when in reality it is only in terms of Paycoin. ie: you buy 1 paycoin for $10 it by the end you have 4 coins so you have profited but paycoin is only worth $1 meaning you lost in terms of $$ but gained in terms of Paycoin.

The buy wall (assuming it shows up) was said to be $100 million. Only on paybase meaning on the exchanges it could be anything. If this wall shows up as promised it will act as a floor and a ceiling. So GAW would have to move that floor up in order to hit the $75 they are talking about. I think Sat will be a huge day to watch if the buy wall goes up we will have to see if it holds. There will be a bunch of people running for the door. The question will be will it be $100 million worth? Only time will tell.

I would have to go back and look but I do not think they guarantee $20. I think they said they will try to keep the floor of the price at $20 but people read it and assumed it is a guarantee. From what I have seen they said they will do it while funds last. Now there is logic in this because if it is there and as big as it should be that means people will jump in front of it for a penny, we see it all the time. So there is a chance that their funds will not be depleted due to people buying for slightly more than the buy wall in hopes of it going up.

I'm too lazy to check your math , but assuming it's correct they still need $77.5m of revenue, unless you think the "investors" are a large charity. In other words, they will expect their money back, and then some, and on top of that HashStaker owners need to get paid their generous interest rate. That's the part that doesn't make any sense to me - why would GAW need to borrow money from their customers at such high interest rates, if they already have investors throwing 100s of millions at them. Or they could just go to a bank and get money at near zero rates, joys of the recession. The only feasible explanation I can come up with is that there are no investors other than Zen/Hashlet/Staker owners (and GAW's credit rating is crap). And since those customers are seemingly ok with any rule changes, this can go on for a long time.

To be fair, Josh answered sweet f/a.  He danced around every issue like a bad politician, no substance whatsoever.