Many suspect Gaw of dumping coins but I have not seen any definitive proof as yet. The way this whole paycoin/paybase thing has transpired makes the *premine dump* VERY believable.
Gaw has, literally put squat into infrastructure since paycoin's inception in Sept. All this time and only a basic paybase/exchange. The "coin adoption fund" supposedly consisted of millions of dollars. What did they do with it?
Gaw is far from transparent about the whole thing which sets off so many alarms its not funny.
Topic: Paycoin (XPY) is scam - page 19. (Read 79581 times)
Watching the trades just now, all the volume is sells. There was resistance at 0.01 btc but we've just gone through it.
If the price is only $2.xx then it shows how much people trust Josh. I mean I'd quite happily pay $18 if I trusted someone to pay me $20 next week lol
If the price is only $2.xx then it shows how much people trust Josh. I mean I'd quite happily pay $18 if I trusted someone to pay me $20 next week lol
I have heard rumors of attacks on Coinfire by PayBase over the SEC allegations on Reddit recently https://ihb.io/2015-01-23/news/coin-fire-hacked-15795
I hear little actual talks from Josh himself, why wouldn't he want to be part of the largest Communities and talk with holders? This is really more about trust than anything. I could trust NXT, BitShares or Nubits because when questions come up they will respond and discuss peoples objections. Take the Bitshares for example, one guy ended up changing his the whole title of his thread because they argued their case so well.
When we look at PayCoin though we see a lot of pretty dodgy stuff happening around the Coin and promises that may or may not happen, lots of misrepresentation, possible market manipulation. I can't say I've seen any real posts from Josh on anything that didn't seem like it was proof read by someone else and all negative criticism is removed from HashTalk.
The question for me that comes to mind is how do we know that there isn't a large amount of money being funneled out?
I don't have any PayCoin so I am just on the sidelines watching. Can someone please prove me otherwise?
Watching the trades just now, all the volume is sells. There was resistance at 0.01 btc but we've just gone through it.
If the price is only $2.xx then it shows how much people trust Josh. I mean I'd quite happily pay $18 if I trusted someone to pay me $20 next week lol
If the price is only $2.xx then it shows how much people trust Josh. I mean I'd quite happily pay $18 if I trusted someone to pay me $20 next week lol
The what it was for weeks. time to "feel for them" though will be when/if Garza doesn't comes through with his guarantee AND if the price is not over $20 by then. It seems to me price is stabilized and has found a bottom. But i could be wrong.
What is true is that volume has come down to less than 10% of what it was for weeks.
What is true is that volume has come down to less than 10% of what it was for weeks.
I'm not sure that btc has so much of an impact on this coin. I think it's value was always going to be based on the promise of a buyback at $20.
Funny as we get ever closer to the time when the buyback is meant to happen, the coin continues to fall in value.
I think you're right, there are a lot of people who have invested too much in this coin and won't sell just in case the price goes up. Poor sods, you have to feel for them.
Funny as we get ever closer to the time when the buyback is meant to happen, the coin continues to fall in value.
I think you're right, there are a lot of people who have invested too much in this coin and won't sell just in case the price goes up. Poor sods, you have to feel for them.
Just how much would your opinion change if the price of BTC would be double, or triple, the current one, min a month or two? Do you remember the price at the time those promises were made?
Now, the current guarantee is in US Dollars, which makes things significantly different.
But, like I said, you are way more certain of the final outcome than I am... which is good because that way you avoid the investment subject altogether and not be caught regardless. Good for you.
Others though, would prefer to assume the risk hoping NOT to have to request the guaranteed pay out (because the price would be higher).
Within less than two weeks, we will have a much clearer picture.
Now, the current guarantee is in US Dollars, which makes things significantly different.
But, like I said, you are way more certain of the final outcome than I am... which is good because that way you avoid the investment subject altogether and not be caught regardless. Good for you.
Others though, would prefer to assume the risk hoping NOT to have to request the guaranteed pay out (because the price would be higher).
Within less than two weeks, we will have a much clearer picture.
....so I'm sure GAW will honour their buyback lol.
suchmoon, I was just going to post this from you, think it sums up where we are perfectly.
Quote
Unfulfilled promise of a $20 “floor”, or guaranteed buy back and stability of Paycoin.
Original promise (note “will buy”):
Amended promise (note “will manage”):
(archived)
Subsequent attempts to back out:
https://hashtalk.org/topic/26931
(archived)
Community responses:
Shapeshift drops Paycoin
Litecoin requests to be removed from GAW-owned exchange coin-swap.net
Current price well below $20:
Unfulfilled promise of merchant adoption of Paycoin:
100k merchants
(archived)
Ability to use Paycoin at Amazon: https://www.cryptocoinsnews.com/josh-garza-speaks-paybase-launch-amazon-shopping-using-paycoin/
As of now there is no way to spend Paycoin directly, except a couple of obscure merchants such as Meganet and PexPeppers.
Claimed but not implemented technology innovations in Paycoin.
Note “beyond the powers of nearly every developer”
Link to whitepaper (see chapter 5):
Source code analysis, for example, hard coded Prime Controllers without voting features described in the whitepaper:
https://hashtalk.org/topic/24790
Most of the other promised features either don’t exist in the code or are implemented in a similar haphazard fashion.
Claimed but unproven $100 million investment. Not a single investor has come forward, which is unusual for such a presumably innovative project. GAW has not fulfilled promises based on those investments, such as the “floor” promise above, and Paycoin/Paybase development has been underwhelming for such a large investment.
Investment claims:
http://blogs.wsj.com/moneybeat/2014/11/25/bitbeat-gaw-miners-to-launch-bitcoin-challenger-paycoin/
https://hashtalk.org/topic/22975
(archived)
Guaranteed but questionable profitability of HashStakers.
Link to announcement:
http://www.gawminers.com/pages/official-hashstaker-announcement
(archived)
(note “everyone who owns one will be profitable.”)
At the current exchange rate and slightly less than 1% daily payout HashStakers would not recover the $10-$20 cost:
At $5 exchange rate the payout is less than $0.05 per day, or less than $4.50 per 90 days. 90-day HashStaker cost between $10-12.
At $5 exchange rate the payout is less than $0.05 per day, or less than $9.00 per 180 days. 180-day HashStaker cost between $18-20.
The exchange rate would need to stay above $10 for HashStaker owners to break even.
Other arithmetically questionable claims:
ZenPool hashrate back in August was reported to be in excess of 250 GH/s (Scrypt). This would have been more than 1/3 of Litecoin network. This level of activity was never visible on Litecoin network.
Third party stats: https://xively.com/feeds/1229182496
ZenPool removed their stats page after criticism: https://www.zenminer.com/pool/#pool-stats
It has been claimed that 60% of Paycoins were distributed to HashPoint miners. This would result in even more unbelievable stats – 2500 GH/s, or 10 times more than the August estimate:
Claim (archived)
Math: https://bitcointalksearch.org/topic/m.9833591
GAW has never provided cryptographic proof of mining either Scrypt or SHA256 coins, which calls the above claims into question.
Original promise (note “will buy”):
Amended promise (note “will manage”):
(archived)
Subsequent attempts to back out:
https://hashtalk.org/topic/26931
(archived)
Community responses:
Shapeshift drops Paycoin
Litecoin requests to be removed from GAW-owned exchange coin-swap.net
Current price well below $20:
Unfulfilled promise of merchant adoption of Paycoin:
100k merchants
(archived)
Ability to use Paycoin at Amazon: https://www.cryptocoinsnews.com/josh-garza-speaks-paybase-launch-amazon-shopping-using-paycoin/
As of now there is no way to spend Paycoin directly, except a couple of obscure merchants such as Meganet and PexPeppers.
Claimed but not implemented technology innovations in Paycoin.
Note “beyond the powers of nearly every developer”
Link to whitepaper (see chapter 5):
Source code analysis, for example, hard coded Prime Controllers without voting features described in the whitepaper:
https://hashtalk.org/topic/24790
Most of the other promised features either don’t exist in the code or are implemented in a similar haphazard fashion.
Claimed but unproven $100 million investment. Not a single investor has come forward, which is unusual for such a presumably innovative project. GAW has not fulfilled promises based on those investments, such as the “floor” promise above, and Paycoin/Paybase development has been underwhelming for such a large investment.
Investment claims:
http://blogs.wsj.com/moneybeat/2014/11/25/bitbeat-gaw-miners-to-launch-bitcoin-challenger-paycoin/
https://hashtalk.org/topic/22975
(archived)
Guaranteed but questionable profitability of HashStakers.
Link to announcement:
http://www.gawminers.com/pages/official-hashstaker-announcement
(archived)
(note “everyone who owns one will be profitable.”)
At the current exchange rate and slightly less than 1% daily payout HashStakers would not recover the $10-$20 cost:
At $5 exchange rate the payout is less than $0.05 per day, or less than $4.50 per 90 days. 90-day HashStaker cost between $10-12.
At $5 exchange rate the payout is less than $0.05 per day, or less than $9.00 per 180 days. 180-day HashStaker cost between $18-20.
The exchange rate would need to stay above $10 for HashStaker owners to break even.
Other arithmetically questionable claims:
ZenPool hashrate back in August was reported to be in excess of 250 GH/s (Scrypt). This would have been more than 1/3 of Litecoin network. This level of activity was never visible on Litecoin network.
Third party stats: https://xively.com/feeds/1229182496
ZenPool removed their stats page after criticism: https://www.zenminer.com/pool/#pool-stats
It has been claimed that 60% of Paycoins were distributed to HashPoint miners. This would result in even more unbelievable stats – 2500 GH/s, or 10 times more than the August estimate:
Claim (archived)
Math: https://bitcointalksearch.org/topic/m.9833591
GAW has never provided cryptographic proof of mining either Scrypt or SHA256 coins, which calls the above claims into question.
I expect he will run to Mexico or some place like it and hide from the US Justice System there.
I expect the justice system will ignore the accusations, as most of them are people who invested in XPY hoping it will instantly skyrocket and sold when the price went down. I wonder what these people will do if 6 months from now paycoin reaches $20
XPY will reach $20 not in 6 months but in 2 weeks. At least for those benefiting from GAW's guarantee. In my opinion, Garza has no alternative but to make good on that warranty, so we will see long before 6 months pass.
I'm going to quote both of you just in case.
XPY will reach $20 not in 6 months but in 2 weeks. At least for those benefiting from GAW's guarantee. In my opinion, Garza has no alternative but to make good on that warranty, so we will see long before 6 months pass.
I guess the alternative would be to do a runner and take all your bitcoins with him.
Looking at the current price, it seems more people believe the alternative then GAW's gurantee.
Relatively speaking. Considering that the last 24 hours' volume has been basically 10% of what it has been since launch, it would appear that most people is just waiting.
But I don't know so you may be right, you appear to be certain about many more things than I do.
XPY will reach $20 not in 6 months but in 2 weeks. At least for those benefiting from GAW's guarantee. In my opinion, Garza has no alternative but to make good on that warranty, so we will see long before 6 months pass.
I guess the alternative would be to do a runner and take all your bitcoins with him.
Looking at the current price, it seems more people believe the alternative then GAW's gurantee.
I expect he will run to Mexico or some place like it and hide from the US Justice System there.
I expect the justice system will ignore the accusations, as most of them are people who invested in XPY hoping it will instantly skyrocket and sold when the price went down. I wonder what these people will do if 6 months from now paycoin reaches $20
XPY will reach $20 not in 6 months but in 2 weeks. At least for those benefiting from GAW's guarantee. In my opinion, Garza has no alternative but to make good on that warranty, so we will see long before 6 months pass.
And Paycon flies to the Moon like a Cannonball.
Happy to see real coins taking their rightful places on coinmarketcap after Paycon pushed them aside and claimed to be third biggest currency in the world, for a week
And the dust begins to settle,
Viz.
Happy to see real coins taking their rightful places on coinmarketcap after Paycon pushed them aside and claimed to be third biggest currency in the world, for a week
And the dust begins to settle,
Viz.
Reworking of code takes some time to be done properly, I made a small update to the progress of the PayCon code. https://bitcointalksearch.org/topic/m.10235230
Well, at least Paycoin is getting some free publicity....
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/
I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next, like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.
Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/
I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next, like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.
Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.
So I take you consider a foregone conclusion that he will not honor his promised $20 per XPY reiterated offer and, consequently, he will face ruin, jail and/or the prospect of living outside of the US Justice System for the rest of his life, including wife and children, right?
.......
I expect he will run to Mexico or some place like it and hide from the US Justice System there.
but they say in 1 february of 2015 the coinbase will release a price of 20 dollars per XPY soo im going to be alert for the possibility of that paycoin to be not a scam as inddeed it does not seems to be
Yeah PayCRAP manipulation!
And Paycon flies to the Moon like a Cannonball.
Happy to see real coins taking their rightful places on coinmarketcap after Paycon pushed them aside and claimed to be third biggest currency in the world, for a week
And the dust begins to settle,
Viz.
Happy to see real coins taking their rightful places on coinmarketcap after Paycon pushed them aside and claimed to be third biggest currency in the world, for a week
And the dust begins to settle,
Viz.
Well, at least Paycoin is getting some free publicity....
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/
I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next, like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.
Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/
I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next, like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.
Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.
So I take you consider a foregone conclusion that he will not honor his promised $20 per XPY reiterated offer and, consequently, he will face ruin, jail and/or the prospect of living outside of the US Justice System for the rest of his life, including wife and children, right?
Messy as indeed the whole thing is at the moment, I believe most people still hanging on to XPY do so because they believe that reiterated public promise will be indeed honored, on one side, and because the coin and Paybase themselves, have -they believe- a great future ahead.
But yes, at the moment, clusterfuck kind of describes rather well the reality of that particular enterprise... which by no means implies Garza cannot come out of it swinging.
Well, at least Paycoin is getting some free publicity....
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/
I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next, like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.
Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/
I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next, like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.
Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.
And now comes confirmation that Gyft had no knowledge that it was taking paycoin as payment.
https://www.cryptocoinsnews.com/gift-card-king-gyft-teams-coinbase-seamless-transactions/
No news from Josh for 3 days, might he be in a different country now?
https://www.cryptocoinsnews.com/gift-card-king-gyft-teams-coinbase-seamless-transactions/
No news from Josh for 3 days, might he be in a different country now?
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