Hi, just found this website, please read my story and forgive for my language because I'm 14 years old.
I don't know about these currencies, btc and xpy much but I have been with my father when he invested around 400,000$ last year in paycoin, so I had a little talk to him during that time. He bought 107,200xpy because he was told that he will get 500% profit on paybase launch. But apparently there was an issue on paybase launch. So the paycoin team said that it will be postponed for 1 day.
- On the launch date, the xpy spiked to 20$, but my father couldn't sell it, it was closed 10 minutes after the launch. He was a little too late.
- The paybase team came to apologize and said that this program will not work.
- It dropped to 5 usd and lower and lower to 3 or something, and they made the announcement to accept coins at 20$ again, then the price doubled up to 5 and 7 and 8.
- Later on it dropped again, my father still held the coins, waiting for the coins to get 20$
My father went to Tibet after he failed in investment to do meditation, he was stressful and never in contact with me for months.
He sent me an email today with his id and password of his email and wallet password. He wants me to do some research and make decision by myself. Whether to continue or withdraw the money for me and my grand mom.
He said he wanted me to take care of his investment, he sent me new 2500 coins called lNC
I have a lot of questions to ask but I will start with
1.How is paybase a scam? How does it work? So basically you buy xpy and hold it for weeks or months and sell them to Paybase.com, but apparently they ran out of money in 10 minutes because everyone was selling a lot of the coins on the Paybase launch. I'm very confused here because how can a company that pay you extra money is a scam? Aren't they the one losing money?
2.I have lnc now, but I don't know where to do research about this currency. Is it good or not?
I don't have time to read much or do research. please give a summary for me because I'm very short in time.
Thank you.
I'm quite sure you're trolling because I can't imagine how a 14-year old could be that busy (don't say homework, I've
owned raised a few teenagers myself) and not be able to enter a few words into google but find time to post a wall of text here.
Having said that, I'll try to answer:
1. The "company" didn't pay anybody extra. Any Paycoins sold were purchased by other "investors". The "company", or Garza/Milian/etc SOLD Paycoins to said "investors" and collected BTC. That's how it works.
2. LNC is not good. It's a follow up scam to Paycoin. Read more here:
https://www.paycointalk.org/topic/459P.S. Your 100k XPY is now worth about 1500 USD and the LNC is worthless. Should be enough for an iPhone and a pair of shoes.