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Topic: Paycoin (XPY) is scam - page 36. (Read 79581 times)

newbie
Activity: 56
Merit: 0
December 31, 2014, 02:36:52 PM
Don't forget to read their source code:

Code:
int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

    int64 nSubsidy = 0;
    int64 nRewardCoinYear = 0;  // creation amount per coin-year

    if (primeNodeRate == 0)
        nRewardCoinYear = 5 * CENT;
    else if (primeNodeRate == 10)
        nRewardCoinYear = 10 * CENT;
    else if (primeNodeRate == 20)
        nRewardCoinYear = 20 * CENT;
    else if (primeNodeRate == 100)
        nRewardCoinYear = 100 * CENT;
    else if (primeNodeRate == 350)
        nRewardCoinYear = 350 * CENT;

    nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
    return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:
Code:
static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.

The math is wrong. Only the xpy kept in Prime controllers gets the rate, not the whole market cap, so the real number is around half that. Also, isn't the bidding on Prime Controllers open to anyone? Where are these private keys you speak of? Definitely not in the source code you posted.
legendary
Activity: 882
Merit: 1024
December 31, 2014, 02:34:46 PM
This site seems to be managed by a try-hard. They are posting lies and then going step by step, supporting them with another lies.
Want a proof?

First sentence from the linked article "PayCoin (XPY) an altcoin backed by GAW miners, which is believed to be a scam," leads to another one: "Currently they are being investigated by the SEC for their questionable business model and their operations." Which is a lie. Somebody (probably the author of this "article") even made a fake screenshot of the site with scheduled GAW investigation, but there's no trace on the real site. http://www.sec.gov/litigation/admin.shtml
The question you should ask is why would anyone try to make people think they are being investigated.

People hold grudges, people don't like seeing things succeed that they themselves do not agree with, people believe they are right and everyone else is wrong.

People do what people do...

Give it a year or so and I'm sure you will think differently. It looks like you jumped on the IPO and are defending it because you are worried now that the price has dropped about 50% Typically IPO's with a very large buy-in tend to drop in price within the first month. You need critical analysis in order to make an informed decision otherwise you are trying to base your decision on hype and what the largest holders will tell you, which will always be through rose tinted glasses.
newbie
Activity: 42
Merit: 0
December 31, 2014, 11:23:31 AM
This site seems to be managed by a try-hard. They are posting lies and then going step by step, supporting them with another lies.
Want a proof?

First sentence from the linked article "PayCoin (XPY) an altcoin backed by GAW miners, which is believed to be a scam," leads to another one: "Currently they are being investigated by the SEC for their questionable business model and their operations." Which is a lie. Somebody (probably the author of this "article") even made a fake screenshot of the site with scheduled GAW investigation, but there's no trace on the real site. http://www.sec.gov/litigation/admin.shtml
The question you should ask is why would anyone try to make people think they are being investigated.

People hold grudges, people don't like seeing things succeed that they themselves do not agree with, people believe they are right and everyone else is wrong.

People do what people do...
sr. member
Activity: 462
Merit: 251
December 31, 2014, 11:13:27 AM
This site seems to be managed by a try-hard. They are posting lies and then going step by step, supporting them with another lies.
Want a proof?

First sentence from the linked article "PayCoin (XPY) an altcoin backed by GAW miners, which is believed to be a scam," leads to another one: "Currently they are being investigated by the SEC for their questionable business model and their operations." Which is a lie. Somebody (probably the author of this "article") even made a fake screenshot of the site with scheduled GAW investigation, but there's no trace on the real site. http://www.sec.gov/litigation/admin.shtml
The question you should ask is why would anyone try to make people think they are being investigated.
sr. member
Activity: 341
Merit: 250
legendary
Activity: 2454
Merit: 1027
Energy coin master
December 31, 2014, 04:03:54 AM
Don't forget to read their source code:

Code:
int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

    int64 nSubsidy = 0;
    int64 nRewardCoinYear = 0;  // creation amount per coin-year

    if (primeNodeRate == 0)
        nRewardCoinYear = 5 * CENT;
    else if (primeNodeRate == 10)
        nRewardCoinYear = 10 * CENT;
    else if (primeNodeRate == 20)
        nRewardCoinYear = 20 * CENT;
    else if (primeNodeRate == 100)
        nRewardCoinYear = 100 * CENT;
    else if (primeNodeRate == 350)
        nRewardCoinYear = 350 * CENT;

    nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
    return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:
Code:
static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.

This looks to me a realy Prove of Scame
full member
Activity: 616
Merit: 103
December 31, 2014, 02:16:43 AM
... of course ... premine + presale ... why even bother? People getting burned in this deserve the losses. Need to learn at one point.

Thanks to all the people helping digging up the necessary evidence to unmask the scams. Keep up the good work guys!
hero member
Activity: 658
Merit: 501
December 31, 2014, 01:24:33 AM
If they were to steal money from their own exchange it would be an obvious scam, but not if the coin fails due to other reasons. They may have never reach their goals and end up with 1% of predicted value and it still won't be a scam or a theft. I treat altcoin market like a casino and you should too.

All that is true except for the fact that paycoin is bailing out and extending their fractional reserve mining ponzi... so even if one ignores the many lies and misleading statements this is indeed a scam for that reason alone.
legendary
Activity: 2478
Merit: 1360
Don't let others control your BTC -> self custody
December 31, 2014, 01:20:28 AM
There's no exchange yet and you're already predicting it will get robbed. Talk about pessimism.

Cryptos are one of the more unpredictable assets, maybe buy bonds instead Wink

To be fair , the theft has already occurred and continuing. Additionally, GAW bought coinswap , so technically they have the exchange...

If they were to steal money from their own exchange it would be an obvious scam, but not if the coin fails due to other reasons. They may have never reach their goals and end up with 1% of predicted value and it still won't be a scam or a theft. I treat altcoin market like a casino and you should too.
hero member
Activity: 658
Merit: 501
December 31, 2014, 01:05:47 AM
There's no exchange yet and you're already predicting it will get robbed. Talk about pessimism.

Cryptos are one of the more unpredictable assets, maybe buy bonds instead Wink

To be fair , the theft has already occurred and continuing. Additionally, GAW bought coinswap , so technically they have the exchange...
legendary
Activity: 2478
Merit: 1360
Don't let others control your BTC -> self custody
December 31, 2014, 01:04:05 AM
There's no exchange yet and you're already predicting it will get robbed. Talk about pessimism.

Cryptos are one of the more unpredictable assets, maybe buy bonds instead Wink
hero member
Activity: 658
Merit: 501
December 31, 2014, 01:01:08 AM
Promises No fees

https://hashtalk.org/topic/26745/gawceo-did-you-say-no-fees

Quote from: GAWCEO
"Dear Fellow Industry Leaders,

Many of you charge your customers needless fees.

Bottom line, you need better models.

You need to innovate and figure out how to add real value, not just how to take advantage of the fact that "no one else" is doing what you're doing.

So I am going to help you.........We will continue buying companies in every sector of this industry.

Once I have acquired the company, I will make their service free to use.

That's it.

Think of how hard it's going to be to compete with free.

It's time to start innovating. I have been at this for a while."

Than charges a 5 - 10% spread fee which is a higher spread than other exchanges.


legendary
Activity: 1610
Merit: 1008
Forget-about-it
December 31, 2014, 12:59:06 AM
dem prime nodes tho.. these guys have a gold mine. why they need to try and game the system.
member
Activity: 112
Merit: 10
December 31, 2014, 12:51:42 AM


Everything so far according to the diagram has been working out.  We are on step 6 of 11.  My guess is on step 8, the one labeled "Alt cost hashpower" is when the "exchange" gets "robbed" or "hacked" and the developer runs into a problem that "wasn't my fault", and then Paycoin platform gets shut down. 

 
legendary
Activity: 1118
Merit: 1002
December 31, 2014, 12:49:49 AM
Don't forget to read their source code:

Code:
int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

    int64 nSubsidy = 0;
    int64 nRewardCoinYear = 0;  // creation amount per coin-year

    if (primeNodeRate == 0)
        nRewardCoinYear = 5 * CENT;
    else if (primeNodeRate == 10)
        nRewardCoinYear = 10 * CENT;
    else if (primeNodeRate == 20)
        nRewardCoinYear = 20 * CENT;
    else if (primeNodeRate == 100)
        nRewardCoinYear = 100 * CENT;
    else if (primeNodeRate == 350)
        nRewardCoinYear = 350 * CENT;

    nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
    return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:
Code:
static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.

Unreal, thanks for pointing this out
sr. member
Activity: 454
Merit: 250
THE TIME HAS COME...
December 31, 2014, 12:49:02 AM
I hate scams...
legendary
Activity: 868
Merit: 1058
Creator of Nexus http://nexus.io
December 30, 2014, 11:53:46 PM
Don't forget to read their source code:

Code:
int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

    int64 nSubsidy = 0;
    int64 nRewardCoinYear = 0;  // creation amount per coin-year

    if (primeNodeRate == 0)
        nRewardCoinYear = 5 * CENT;
    else if (primeNodeRate == 10)
        nRewardCoinYear = 10 * CENT;
    else if (primeNodeRate == 20)
        nRewardCoinYear = 20 * CENT;
    else if (primeNodeRate == 100)
        nRewardCoinYear = 100 * CENT;
    else if (primeNodeRate == 350)
        nRewardCoinYear = 350 * CENT;

    nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
    return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:
Code:
static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.
hero member
Activity: 658
Merit: 501
December 30, 2014, 10:12:26 PM
Launch was a bit of a fiasco:

1) PAYBASE SHOP DOES NOT WORK. IT ONLY GIVES ERRORS.
2) 2FA keeps failing on many people and multiple other bugs
3) Some seeing large delays in transferring XPY
4) 20 dollar wall on paybase instantly crumbled ... where are those millions in investor capital supposed to hold the 20?
5) 700 dollar weekly limit on withdrawals... and no paywall of 20 dollars ,,, very suspicious because the limit was intended specifically to prevent the reserves from being depleated ... but the reserves aren't being used because paybase is showing marketprice and not promised 20 USD

Quote from: GAWCEO
As mentioned in previous updates, you will not need a verification to sell your XPY to bitcoin! But, to help manage a possible rush of sellers, we have limited PayBase sells to $700 a week, which gives us a very effective way of managing our financing in a responsible way - to protect our partners, you guys. We expect to quickly increase this.


Current market price below 14 , including on paybase where it was promised to be 20-
1    Cryptsy   XPY/BTC    $ 1,267,130   $ 13.52    82.63 %    Recently
2    Bittrex   XPY/BTC    $ 176,898   $ 13.82    11.54 %    Recently
3    Coin-Swap   XPY/BTC    $ 59,332   $ 13.91    3.87 %    Recently

No confirmations coming in on people able to withdraw their GAWBTC tokens from their wallets yet...
Remember Mtgox folks ... you do not own any of the money in your paybase account, you only control your funds if you store them yourselves.

hero member
Activity: 658
Merit: 501
December 30, 2014, 01:35:43 PM
If ya really think he's that bad, Do Better and you'll put him out of business.

Agreed on this point, But you need to keep in mind these 4 things:

1) One can do both simultaneously
2) Part of building ones business relates to educating the community of corruption and scams for the good of the larger crypto ecosystem
3) Putting him out of business can involve not only creating a better product or services but also educating clients on how a competing product or service is dishonest or inferior
4) Some of us care about ethics and morality and don't put profits first

P.S... This isn't a Bitcoin vs Paycoin issue with me as anyone can see from my sig and post history I attack bitcoin companies all the time for unethical behavior.
newbie
Activity: 42
Merit: 0
December 30, 2014, 01:28:01 PM

OMG  Shocked you've really opened my eyes with this one lol, I'm absolutely sure that everything you say is completely correct.

And I'm sure you and most other people on this forum are people so unbelievably perfect in every way that have never made mistakes or regretted anything you've ever done or said.
I'm sure every business venture you've every tried was rolled out without flaws and succeeded beyond your wildest dreams.

My advice to you and anyone else thats slams something / someone is: Can you do better yourself? Then do it! get of your arse and do better! dont just keep slaming everything you dont F**king agree with... Do Better or shut the fuck up you whinny arsed keyboard jockies!

Andy
Emotion baiting?


Try again.


Perhaps a little annoyed... I really am not keen on people who are quick to judge but simply don't have the will to do better, and lets face it most forums are filled to bursting with people like that.

I've done massive amounts of reading on Josh and his companies histories, and I personally haven't seen anything that worries me to the extent that some on this forum would have you believe.

What I've gleaned is that this is a man that got off his arse and tried something, did he fail a few times along the road? yeah sure! thats how you learn.
Did he stop there and get a job in an office? No he got off his arse and tried again, and again, and again. And he seems to have done quite well for himself... Good for him! thats what hard work gets you in most cases.

Did he piss people off on the way? well probably I piss people off on a weekly basis, Thats part of my job. I manage a small business and have to think about the business the people I employ and my customers, that means that sometimes I have to be a bit of a bastard to get the job done. does that make me a bad person?

Yes he's made questionable decisions at times... is he the only person to have ever done this?

Yes GAW could have done things better at times... Name any company you like and you'll find a thousand things they could have done better.

All I seem to see with these threads is plenty of people complaining but very few trying to do better.

If ya really think he's that bad, Do Better and you'll put him out of business.



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