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Topic: Paycoin (XPY) is scam - page 37. (Read 79581 times)

hero member
Activity: 658
Merit: 501
December 30, 2014, 01:11:10 PM
Quote
I'm worried enough that I wouldn't put more into paycoin today at $10, but not so much as to dump all my coins at a loss. I think that the claims about apis mean that there has been a big change to the plugin and it's not just zincsave rebranded. (I'd still like anyone who has the old plugin to upload it somewhere, as it's not in chrome store anymore). Other than that, it does seem like they aren't too good at launches.


Keep in mind that if they are using Amazon API's they ARE bound to the Amazon TOS. Your use as a developer, company or anything else of the Amazon API means you had to agree to the Amazon TOS and they were quite clear to us in the latest statement that what GAW is doing is in violation.

I literally was in Seattle yesterday meeting with Amazon people. This isn't going to end well.

I'm no legal expert, I have no skin in the game here, I am just a reporter and Amazon gave us ANOTHER statement that we will be sharing once we have the rest of the story. So far we have official comments from Amazon and Target and are awaiting another comment to come in.
sr. member
Activity: 448
Merit: 250
December 30, 2014, 12:43:42 PM
.
legendary
Activity: 1610
Merit: 1183
December 30, 2014, 12:31:59 PM
This is just a fad, wait 3-4 months and it will be forgotten.


Has anyone made money with altcoins lately? The last time I saw decent money being made was with the DRK pump and the NAUT one.

Did I miss any interesting opportunities to get some extra BTC from altcoins? I got bored and didnt check the alt section for months.
hero member
Activity: 658
Merit: 500
Small Red and Bad
December 30, 2014, 12:23:35 PM
Obviously, you have no idea how a signature campaign works. Smiley

A sig campaign doesn't influence opinions and people with signatures are NOT affiliates.

Advertising banners in a signature doesn't influence people? That is a new first.

I consider paid independent contractors a type of employee, but I understand you may not.

The viewing of signatures can be turned off, so a person with a signature doesn't even have to look at it, nor actively promote the company. Most people here have one signature or the other and it's not required of them to even know what they are promoting. This forum also allows you to promote a company of your choice, you just have to buy a banner space for a given time and doing it doesn't make theymos your employee.
hero member
Activity: 658
Merit: 501
December 30, 2014, 12:08:00 PM
Obviously, you have no idea how a signature campaign works. Smiley

A sig campaign doesn't influence opinions and people with signatures are NOT affiliates.

Advertising banners in a signature doesn't influence people? That is a new first.

I consider paid independent contractors a type of employee, but I understand you may not.

My advice to you and anyone else thats slams something / someone is: Can you do better yourself?

I half agree, there is no reason people cannot do both however. Spreading information and facts can be helpful.
hero member
Activity: 658
Merit: 500
Small Red and Bad
December 30, 2014, 12:03:00 PM
This is just a fad, wait 3-4 months and it will be forgotten.


just like most of the scam coins that were launched during summer , no one even remembers their names anymore except the people that lost money

Even their employees(affiliates) show no allegiance, very telling.


Obviously, you have no idea how a signature campaign works. Smiley

A sig campaign doesn't influence opinions and people with signatures are NOT affiliates.
newbie
Activity: 42
Merit: 0
December 30, 2014, 11:55:59 AM

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
hero member
Activity: 658
Merit: 501
hero member
Activity: 658
Merit: 501
December 30, 2014, 10:24:11 AM
This is just a fad, wait 3-4 months and it will be forgotten.


just like most of the scam coins that were launched during summer , no one even remembers their names anymore except the people that lost money

Even their employees(affiliates) show no allegiance, very telling.

Long term clients are speaking up -



https://hashtalk.org/topic/26482/paybase-status/264
Quote from: GAWCEO
Blockchain got corrupted, it was not in anyones control bud.

Luckily we had a back up, thats they are switching to.

Quote
"@redacted and surely they should have the blockchain on at least 1 pc somewhere if they they did in fact beta test it. Cause it kinda feels like when they say beta they mean alpha and when they saw release they mean beta"

Quote
"Usually I keep it zipped in pubic. But this reflects very poorly on the professionalism of your dev team. I don't know which is worse, that someone told you this, or that you believe them.

If the blockchain module was the very last thing that got coded, someone's project plan had badly misplaced task priorities. If it wasn't, it should have been pre-loaded a day or two before launch, at minimum.

Sorry to have to say it, but you need to hear it. If anyone had ever come to me with a story like this one, they'd have been sitting in the lobby waiting for their last check."



Further Capitulation--
PayCoin (XPY)
$ 10.91 (-20.36 %)

1    Cryptsy   XPY/BTC    $ 460,302   $ 10.89    65.86 %    Recently
2    Bittrex   XPY/BTC    $ 171,052   $ 10.89    24.47 %    Recently
3    Coin-Swap   XPY/BTC    $ 48,322   $ 10.92    6.91 %    Recently

hero member
Activity: 644
Merit: 500
December 30, 2014, 10:16:55 AM
This is just a fad, wait 3-4 months and it will be forgotten.


just like most of the scam coins that were launched during summer , no one even remembers their names anymore except the people that lost money
member
Activity: 106
Merit: 10
December 30, 2014, 01:13:08 AM
PAYCRAP!!!!
legendary
Activity: 882
Merit: 1024
December 29, 2014, 04:52:39 PM
sr. member
Activity: 252
Merit: 250
December 29, 2014, 04:50:14 PM
BIG CORPORATE SHIT COIN
hero member
Activity: 658
Merit: 501
December 29, 2014, 03:12:15 PM
So it appears as if GAW couldn't end up securing any real merchant partnerships they boasted as having. So they ended up buying Zincsave in a last ditch attempt to make it appear that you can spend XPY at major merchants when all they are doing is exchnaging the XPY for BTC or Fiat behind the scenes.

Here are the problems with ZincSave Paysave


https://www.paybase.com/faq.html#where-will-my-order-come-from

Where will my order come from?

We fulfill your order from the lowest cost vendor or retailer. This means that if you place an order using the PaySave button on Macy's, it may come in a box from Walmart, or vice versa.

What retailers are supported?

PaySave currently supports Walmart, Macy's, and Target. We'll be supporting more retailers very soon! Homepage mentions amazon but FAQ omits.


The way is works:


http://lifehacker.com/zinc-skips-the-coupon-clipping-and-automatically-applie-1532877581
They joined that retailer's affiliate program and give you portion of their referral commission. All four of the retailers mentioned have an affiliate program with their online store.

Which means it's NOT a real coupon. It's commission split. This also means if you used any referral links, like you clicked through someone else's referral link, this will likely "steal" that referral and substitute their own.


What clients don't like about it:



1) Shipping may take longer
2) The ordered items don't appear on the clients history
3) Returns and cancellations have to be handled through zincsave and not directly through amazon
4) Products may come from another company entirely (This is the part you need to pay attention to as paysave will scalp sales from merchants)


What amazon TOS says about it:


We've received an official response from Amazon regarding the Chrome extension and intend on publishing it in the near future once all of the facts are gathered in the matter but I'm going to take the highlights of the response and share them here in the meantime.

"Amazon does not allow nor condone the use of any piece of software that violates our terms of service specifically the following sections:

[...] will not intercept, record, redirect, read, interpret, or fill in the contents of any electronic form or other material submitted to us by any person or entity.

[...] will not request, collect, obtain, store, cache, or otherwise use any account information used by our customers in connection with any Amazon Site [...]

[...] will not modify, redirect, suppress, or substitute the operation of any button, link, or other feature of the Amazon Site.

[...] will not make any orders or engage in other transactions of any kind on the Amazon Site on behalf of any other person or entity, or authorize, assist, or encourage any other person or entity to do so.

[...] will not take any action that could reasonably cause any customer confusion as to our relationship with you, or as to the site on which any functions or transactions (e.g., search, browse, or order) are occurring.

Any piece of software, extension or other system which implies a partnership or intercepts customers or customer information is in direct violation of our terms and Amazon will act accordingly."

These are just some highlights. As we continue securing facts and information our team will work to publish a full piece.


Meanwhile you can already save 15-20% on amazon with purse.io or 3% from amazon and any other merchant with Gyft in Bitcoin and not have to deal with paysave problems.

full member
Activity: 151
Merit: 100
December 29, 2014, 02:11:28 PM
its too bad that coinmarketcap.com listing that scamcoin.
hero member
Activity: 658
Merit: 501
December 29, 2014, 01:11:54 PM
I still wonder if https://chainz.cryptoid.info/xpy/#@inflation is up to date.

When zooming out, you can see there were about 12,343,300 XPY when PoS kicked in on the 23:rd of Dec. Now on 29:th of Dec, it shows there are 12,375,650 XPY ever created.

The amount of XPY has increased due to PoS staking with 32,350 XPY in six days, so new XPY are being minted at the rate of about 5400 XPY a day.

5400 / 12,343,300 x 100 = 0.0437 % per day minted by PoS

Afaik the normal QT wallet will give 5% per year of stake, that is 0.015965 % daily

Lets subtract the QT stake from the total 0.0437 - 0.015965 = 0.027735 % daily extra minting from the GAW magic wallets etc. That is 0.027735 % daily x 12,343,300 XPY = 3423 XPY minted from the non QT wallets daily.

GAW has stated that the hashstaker will generate around 1% daily interest. From this we can calculate that there are 3423 XPY / 0.01 = 342,300 XPY staking in hashstakers.

Hmm what to think about this? Please chip in with comments and critique of the calculations


He has also stated this -


https://hashtalk.org/topic/25923/buying-new-hashstaker/54

Quote
@GAWCEO There are about 5 times less HashStakers than XPY...... Smiley

That would make it ~2.4 million HashStakers and about 23 thousand XPY in daily payouts, or nearly half a million USD per day if we are to believe the official valuation.


They don't add up, and I am not surprised.

legendary
Activity: 1008
Merit: 1022
December 29, 2014, 01:07:59 PM
Code:
static const int64 MAX_MONEY = 2000000000 * COIN;
static const int STAKE_START_TIME = 1418470264; // Sat 13 Dec 2014 06:31:04 AM EST
static const unsigned int POW_START_TIME = 1418403600; // Fri 12 Dec 2014 12:00:00 PM EST
static const unsigned int POW_END_TIME = 1419181200; // Sun 21 Dec 2014 12:00:00 PM EST

2,000,000,000 total coins with 12,000,000 premine, current total coins 12,375,656. Means 375,656 POW but we have to minus the large POS blocks and early POW blocks (ill get to that).

Now I dont know the specs but I seen 500,000 XPY was the apparent POW supply which was incorrect and deliberately coded incorrectly to allow less POW blocks then indicated. If you were to allow a certain number of blocks you would allocate the POW change to block height, no time. By using Ntime you will usually a) confuse users as you are only estimating and b) always get it wrong. Block times are averages and using time instead of height is a deliberate method to reduce total coins. Now if we look at the stake start times, once again should be based off height not time, POS kicked in the day after launch. This then ensures less POW blocks are generated and more POS blocks, once again reducing total coins allocated to POW as more POW blocks are mined before the POW cut off time. Now even if total coins for the POW stage are not pre-announced, this method is what most devs use to allocate a greater % of total coins vs what they advertise.

Now 375,656 POW coins is fine I guess until we look at the POS blocks generated. So between block 9180 and 9229, 13,000 XPY were generated through POS. Between block 14200 and 14000, another 18,000 XPY were generated. When POW was disabled, we had a total count of 12,343,000 or 343,000 coin POW phase. Since that POW phase has ended a total of 33,800 XPY have been staked with all 32,700 XPY going to POS on premined coins and addresses, with only 900 XPY to the 341,000 POW owners. This is based on the code below and looking through the block explorer.

Stake Min and Max Age
Code:
static const int STAKE_MIN_AGE = 60 * 60; // minimum age for coin age
static const int STAKE_MAX_AGE = 60 * 60 * 24 * 5; // stake age of full weight
Primenode Requirements.
Code:
static const int64 NUMBER_OF_PRIMENODE = 50;
static const int64 MINIMUM_FOR_ORION = 50 * COIN;
static const int64 MINIMUM_FOR_PRIMENODE = 125000 * COIN;
Primenode Rewards.
Code:
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;

Now using the previous figures, lets take a look at the yearly projection using the base that POS stage is 10 days old.

Primenode yearly POS XPY count 32,700 XPY * 36.5= 1,193,500 XPY (Total (BTC)51797.88806500)

POW nodes yearly POS XPY count 900 * 36.5= 32,850 XPY. (Total (BTC)1425.68967150)


As long as these match up to the projections and pre announcements, who cares I guess. These numbers are not 100% accurate, check the block explorer for an exact amounts.


legendary
Activity: 2478
Merit: 1360
Don't let others control your BTC -> self custody
December 29, 2014, 10:33:19 AM
This is just a fad, wait 3-4 months and it will be forgotten.


Actually this is true for 99% of altcoins and still each developer wants their coin to succeed. Maybe it will die, maybe not, it definitely is one of the top coins atm.


scam or not i like the volume and its nice to trade it now...lots of opportunities.
who cares if its a scam or not...basically all alts are a scam, just depends how you look at things. just trade wisely and try to win more then you loose..
you are stupid if you put all money into one coin..my advise is to just trade 2-6 btc for each trade and get out when you have 20%-50% profit...
the whole altcoin market is based on pump and dump, nobody in the real world uses it so without traders all coins are basically worthless...stop dreaming and start trading Smiley

I agree.
legendary
Activity: 1246
Merit: 1000
103 days, 21 hours and 10 minutes.
December 29, 2014, 10:10:21 AM
This is just a fad, wait 3-4 months and it will be forgotten.
hero member
Activity: 584
Merit: 500
December 29, 2014, 08:58:25 AM
and arent all altcoins a scam? nobody knows the devs, they can vanish whenever they want..

Many altcoin devs are well known and have their identity public. Do your research before making claims like that.

knowing their names is hardly a protection against being scammed.

His argument was that the altcoin devs are unknown and hence can vanish anytime they want which is incorrect.
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