Topic: Paycoin (XPY) is scam - page 10. (Read 79551 times)

Read the full report by clicking through....

http://coinfire.io/2015/03/06/coin-fire-gaw-miners-catches-sec-ftc-irs-dhs-attention/



Censorship and willfully trying to cover up crimes:

Multiple departments investigating GAW :


Both GAW, Employees and certain larger investors are being investigated by the IRS:


Crazy, never expected this , but I suppose "terrorists" could be using paycoin without Josh knowing too:

I doubt anyone posted this yet.  Pretty shocking!

This thing Keeps getting deeper and deeper.

http://www.cnn.com/2015/03/04/us/virginia-isis-arrest/

Hey. I was excited by Paycoin in the formative months too. It had validity. Something produced by a real company with resources rather than the usual run-of-the-mill; kid-in-the-basement projects. I bought into it too.

How can you NOT criticize paycoin. Its been a friggin disaster from start to (almost)finish. I've never witnessed such a blatant shitshow. Big money is involved and a lot of people are going to get hurt and already are. No one caused paycoin to fail but Gaw itself. Blaming anyone else is wrong.

This is no small scale scam/failure/ponzi/whatever. Its going to leave a mark.

Fair enough. I was just noting that the usual go-to explanation (i.e., venality) ain't always the case. Since you're already under time pressures, I won't add to them by debating what's "idealistic" and what's "cynical" in this here environment.

He is more cynical than idealistic. If cryptocurrency cannot survive criticism and scrutiny and thrive based upon its abilities or merits it deserves to die. This applies equally to bitcoin as well as all alts.

Almost all of the mainstream press is focused on criticizing and attacking bitcoin at the momment and some of the only people going after Paycoin are a few unknown journalists and forum members. If paycoin is so fragile with this much pressure than perhaps it is failing because of a string of broken promises and because of poor design.

Actually, I believe him with regard to his own exposure. What he wrote is sufficient motive for a cryptocurrency idealist to get angry.

We cannot delude ourselves and sweep these scams under the rug and pretend they don't exist. Cryptocurrencies should only survive if they better and stronger and not because we hire the right PR firm or hide unpleasant secrets from the rest of the world.

I find it quite funny that you place so much value upon our ability to kill paycoin. All we are doing is saving a few people from being scammed. Paycoin would have crashed regardless because of the inherent problems with GAW, Josh, and the design of the coin. It was always a stillbirth and now represents a decaying fetid carcass. I sincerely hope that I am wrong and that all the evidence is wrong and paycoin delivers on the 20 dollar promise and all the other outlandish promises made.

Have a good day, and best of luck to you sir.

LOL

http://www.sec.gov/about/whatwedo.shtml


BTW SEC's Division of Enforcement issued GAW's subpoena.

You are very touchy and defensive for a guy with "minimal" interest in Paycoin. How many thousands did Gaw take you for do you have invested? Come on, fess up.

Impassioned and a tad paranoid. There is no conspiracy here and I openly have admitted any biases and history of warning people about GAW or any other cloud mining scam organizations. There probably are some paycoin investors who have a personal vendetta against Josh or GAW... I was never burned by GAW so am not one of those individuals.

I agree, that producing false documents is a line that should never be crossed. I am not a utilitarian who believes the ends justify the means. In this case there is so much evidence that there really is no need for anyone to manufacture fake documents.

http://www.scribd.com/doc/257653034/SEC-Subpeona-Josh-Garza-Paycoin-Scam

I don't hate you or wish any ill will to befall you. I do not have a hidden agenda and will openly state what my motivations are. If paycoin held promise for a better future I would be investing in it right along side you. I empathize with you and what you are probably going through now, feeling cheated out of a promised reward and lashing out to the "mob" of concerned citizens around you in an attempt to shore up some value in your investments. You may be tempted to take the gamble and hold out for a bit longer hoping that Josh will eventually come through on some of his promises. Do what you feel is best, but just keep in mind that you are dealing with a highly inflationary currency that has a significant premine and a company that is dependent upon paying a mountain of debt in legal fees, past and current expenses almost entirely with selling paycoin further placing downward pressure upon XPY.

P.s... Personally, I cannot wait to stop thinking about and posting about GAW. This is a tremendous waste of time but this thread needs to be alive with any new evidence in helping warn potential new victims and assist journalists and investigators and any victims who wish to take legal action against GAW . We need to raise our standards in the crypto community, not lower them and I will continue to be equally harsh against any bitcoin companies as well.

You are talking here to someone who long ago established THE WALL OF SHAME precisely for that purpose, not a later day pretended "savior of innocents". You were after payCoin from the get go, NOT because it could be a scam -a foregone conclusion on your part, because you had decided on it before there was not just no evidence (there's still none), but because you were, like so many others, committed to try to stop its progress/success by ANY means necessary-. You had a very clear interest, just like so many others, including those who protested from positions of responsibility in several established coin projects, in provoking the failure of the PayCoin/PayBase project. To the point of making of it an insane, vicious, absolutely unfair crusade of very damaging proportions for crypto in general, not just PayCoin or GAW. Your/their fudding stopped, actually, the Gyft deal, we now know, which not only was originally in place but was also to make PayCoin spendable everywhere AS ADVERTISED. There was -as posted by me here- no SEC investigation. But enough crazy nuts, like you, bothered the SEC and downloaded the request for information that they HAD to investigate... and investigation, mind you, which will bring whatever it brings but it is not a foregone conclusion -as you again use- of ANY wrongdoing at all.

It isn't PayCoin/PayBase what is wrong or causes damage to crypto; it is you and the vicious, sick spreaders of falsehoods for their self serving agenda, the ones that try to legitimize the obvious false accusations and faked documents, the cancer of crypto. Including those despicable, envious representatives of "established coins", shit coins in fact the lot of them. It is YOU who, still, continue the vicious hunting down still with no evidence whatsoever, still with no serious reporting about it from any, any at all, of the reputed net outlets, much less from the serious press who did the damage, who do the damage and make it impossible for a project that was meant to be a gigantic leap forward towards massive adoption, to progress/succeed.

I'd be the first to support any and all indications of possible scams or cons, leveling the playing field against the crooks, anonymous or not who cry FUD at every instance trying to hide their scams. No need of so called solid evidence if we are to have a level playing field AND protect innocents from them, but when you and all those either produce or thoroughly support FALSE, FAKED documents, that's a line that should never be crossed. That's what you have been doing since the get go. NOT warning of "red flags" at all -which would be a positive thing to do-, but supporting the lynching by a vicious mob determine to make the project fail by any means necessary. Actually, being (a very active) part of it. Big difference, comprende?

I read the link you provided and its not even worth rebutting because of the lack of quality. I will leave it to the readers to compare the evidence that we have been providing and the little bit of evidence that doesn't managed to get censored because it isn't parroting the company line on a forum controlled by the company whose these allegations are concerning.


What is there to expose? I have been quite open with my crusades against fraudsters including GAW from the start. Before paycoin it is quite likely that I was warning people about red flags in GAW cloud mining scheme and how they were likely running a fractional reserve ponzi.

Let me repeat what I have claimed over and over again:
The only bias I may have is slightly towards bitcoin as 99% of my investments are there. I do not necessarily prefer PoW above PoS but prefer a mixture of the two. I have no problem with investing in an alt if it fulfills certain roles that bitcoin cannot fulfill and even have my eyes on a couple right now.  I have never done business with GAW or paycoin so it isn't personal and my attacks aren't specifically focused towards paycoin as I have a long post history of attacking other alts and cloud mining ponzi's. I stand to gain nothing from warning others about paycoin besides trying to salvage a little reputation with the crypto community. Paycoin would have failed even if no one warned others about this scam because there exists multiple fundamental problems with the coin and the people running it.  Everyone in the crypto community loses with these types of scams.


You bring up a good point. There is a continuum of difference in centralization. I would suggest that Bitshares is more decentralized than  paycoin or ziftr, and paycoin is more decentralized than DGC, digicash, libertydollar, or liberty reserve.

Decentralization should be summed up by a combination of factors: How many different nodes/miners/stakers control the currency, how may independent implementations exist, how many different independent developers are contributing, ect...

Bitcoin certainly has been becoming more centralized over the last 2 years but there has been some good signs lately with some developments in different implementations, and Olivier Janssens  being elected to the BF and his motivations to start having the community have more direct control over the salaries of 3 paid devs and what they work on.

How is THIS: https://hashtalk.org/topic/33171/hacker-s-prove-gaw-is-not-a-scam for your "mountain of evidence"? Do you want me to expose that you were on the crusade long before there was no evidence whatsoever? uh, ah. there's still none whatsoever and, now, plenty of real evidence to the CONTRARY.

Hehehe...

Same should apply to BitUSD/BitShares I suppose. NuBits is a good example of decentrally controlled currency that cannot be shut down by the legal arm.

I'm not pretending to know Rishan's motivations or how the emails were leaked. You asked a question I gave 2 possible scenarios. Another possible scenario is someone set the google apps for business setting by accident or on purpose public and Rishan had nothing to do with it. When Josh realized this he quickly made it private.

It seems that you are a little too emotionally invested in this and thus are a likely investor (victim) in this scam as well. I don't hate you and can empathize with your situation. My efforts are to educate users and yourself to avoid this trap and get out as soon as possible before the SEC and other lawsuits occur and the price drops much further. Based upon the mountain of evidence I believe Josh was running a scam and lying to everyone, but the bottom line is it doesn't matter if he was or wasn't ultimately because paycoin could never succeed.

You cannot have a centrally controlled currency like DGC, digicash, libertydollar, liberty reserve, paycoin, ziftr, ect.. without the legal arm of the state shutting everything down and seizing everything.

How are you people still even posting on this scamshitcoin forum. Scam from the start.

I'm not surprised at all!

people is claiming things all over the place, that's not the question, the question is why would Rishan say the e-mail are faked? Your answer, I'm sorry to say, is very stupid, sorry again. When one has $4 million invested in a project, more than half his own money, one has enough pressures to deny something that is provable true, so I have to believe the emails are fabricated. Rishan has many options, since he owns/controls 1 million shares. He can, for instance, take over and oust Garza and the brother. He can put them both in jail if the emails are not fabricated. What he cannot do, is protect "his savings he invested in paycoin" as you put it. Obviously you don't know anyone who can dump 2.5 million dollars (of his own money) or more in a single project, especially a very risky one, otherwise you would know that he has considerably more invested in less risky endeavors and probably a personal fortune at least 10 times as big as that. So don't even remotely pretend you know how Rishan acts of why, that way above your pay level, ok? As far as $2.5 million being "his savings" that is just ridiculous.

Rishan, on another level, is now prominent, therefore he cannot just lie if he ever wants to have any credibility in whatever endeavors he chooses.

But since none of this is going to convince you of anything, by all means, let the crusade continue.

By the way, I don't know about the e-mails, but the message posted by "gawneedstobestopped" stinks of very clumsy fabrication to high heaven... no matter how much  it serves your agenda.

If Rishab is still invested then PayCoin still has a chance.  The flawed model can be corrected and I think that's why they stopped the sale of Hashstakers - to kill anymore outside inflation.

If insiders are getting all the newly minted coins then perhaps they can develop a sustainable model to hold a $20 floor.