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Topic: Paycoin (XPY) is scam - page 41. (Read 79581 times)

sr. member
Activity: 448
Merit: 250
December 23, 2014, 12:38:46 PM
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hero member
Activity: 658
Merit: 501
December 23, 2014, 09:54:34 AM

We will manage XPY to the $20 each with NO verification, as soon as you open your account!



What does that even mean? "Manage to the $20 each", is GAW speaking Engrish now?

It means that you won't be able to withdraw from paybase until KYC is completed. It buys them more time to pump and dump and hope the market brings the floor to 20usd so they don't have to.
legendary
Activity: 1246
Merit: 1000
December 23, 2014, 09:45:38 AM

We will manage XPY to the $20 each with NO verification, as soon as you open your account!



What does that even mean? "Manage to the $20 each", is GAW speaking Engrish now?
hero member
Activity: 658
Merit: 501
December 23, 2014, 09:28:03 AM
This guy is something else. He plants the seed then goes back and digs it up ! Unbelievable

This is the original:

https://archive.today/W3OTH#selection-845.0-851.51

We will buy your XPY for $20 each with NO verification and as soon as you open your account!

Then he sneaks back after having said that and edits it to gibberish so he can't be called on it:

We will manange XPY to the $20 each with NO verification, as soon as you open your account!

GAWCEO posted    , last edited by GAWCEO

https://archive.today/4kqa4

https://hashtalk.org/topic/25441/paybase-launch-rescheduled
hero member
Activity: 658
Merit: 501
December 23, 2014, 09:08:00 AM

Que the bitcointalk cult of disinformation and rumours based on accusations supposition and little fact

Care to address the fact that a peer review of peercoins paycoins source code has a trail of commits that give the impression their is development ongoing when there isn't?
newbie
Activity: 42
Merit: 0
December 23, 2014, 09:05:17 AM
Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Its both funny and depressing at once, enough to send me down a misanthropic slum.
How do they not see the warning signs when we are pointed it out on a silver platter for them?

I suppose its the same with Religion and something we should be aware with our
Bitcoin biases.


Que the bitcointalk cult of disinformation and rumours based on accusations supposition and little fact
RJX
legendary
Activity: 1078
Merit: 1003
December 23, 2014, 08:51:15 AM
Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Its both funny and depressing at once, enough to send me down a misanthropic slum.
How do they not see the warning signs when we are pointed it out on a silver platter for them?

I suppose its the same with Religion and something we should be aware with our
Bitcoin biases.

You're so right, people will always believe what they want to believe. I think a lot of people don't know who or what to trust upon when browsing this forum, which is a shame in itself.

hero member
Activity: 658
Merit: 501
December 23, 2014, 08:35:07 AM
Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Its both funny and depressing at once, enough to send me down a misanthropic slum.
How do they not see the warning signs when we are pointed it out on a silver platter for them?

I suppose its the same with Religion and something we should be aware with our
Bitcoin biases.
hero member
Activity: 639
Merit: 500
December 23, 2014, 07:57:21 AM



https://archive.today/UnrK6#selection-865.1-871.125

Quote from: GAWCEO

Paycoin is so advanced, it was beyond the powers of nearly every developer we talked to about it.
We shopped the project around the world, and virtually every development team told us it was technically impossible to build.

WOW, just WOW... Shocked

Always new lows being achieved.


Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Never a dull moment in here. As soon as the Bob Surplus/BitBay scam died down we have more drama to enjoy. This will carry past well into new year, I see they are planning on releasing Paybase so there are lot more episodes left Grin
hero member
Activity: 584
Merit: 500
December 23, 2014, 07:55:08 AM
hero member
Activity: 658
Merit: 501
December 23, 2014, 07:46:50 AM



https://archive.today/UnrK6#selection-865.1-871.125

Quote from: GAWCEO

Paycoin is so advanced, it was beyond the powers of nearly every developer we talked to about it.
We shopped the project around the world, and virtually every development team told us it was technically impossible to build.

WOW, just WOW... Shocked

Always new lows being achieved.
hero member
Activity: 639
Merit: 500
December 23, 2014, 07:42:32 AM
this is not a pump and can't be a scam! right??

You're on the internet. You should put a smiley at the end to indicate sarcasm.
hero member
Activity: 658
Merit: 501
December 23, 2014, 07:36:10 AM
https://blackwavelabs.com/

We were recently asked if we would be including PayCoin (XPY), thought up by the controversial mining company GAW Miners. The most common reason we were given to add XPY is that XPY has been added to the popular payment gateway GoCoin, and because of this and a large market cap their growth would be inevitable.

XPY, for those who are not familiar with it, has had incredibly high volume since its launch. Their market cap and mining power quickly escalated to astronomical proportions on popular market summary websites.

Only truly innovative coins will be traded on Exco.in, and simply put being accepted by a popular service does not qualify as innovative. We are immediately suspicious of any cryptocurrency that doesn't explicitly offer technical achievements.

Deciding to educate ourselves on XPY, we began our investigation with their official website. We were curious to see if there was anything we may have missed underneath the marketing. Scrolling through the page, we reached a section titled "How can I use PayCoin?" only to find every item within linked to nowhere, a succinct metaphor for the project. Farther down, in the client section, we were presented with a selection of unsigned clients and no link to the source code.

We quickly found the source code on Github and begun our review. We looked over each commit since initialization of the XPY project. The changes we saw in practically every commit were superficial, along the lines of removing, then subsequently adding back, the Peercoin copyrights and adding new checkpoints. These trivial changes indicate to us that there was no actual development occurring.

Upon reviewing their "Features" section, we discovered that XPY does not list a single technical feature. This indicates to us that they have no interest in developing a cryptocurrency. It started appear to us that there was a high probability the creators of XPY are simply selling an idea, with the hope traders will gamble on a token over which GAW Miners maintains opaque and unregulated control of the majority. Everything they claim to offer, including their addition to GoCoin, has already been accomplished by Bitcoin. Bitcoin is also under active development, being constantly refined and improved, and has the network effect and a massive community. So if XPY offers no technological achievements over its predecessors Bitcoin or Peercoin, its value appears to be dependent on its potential acceptance as a currency. There is no reason to believe that this project will ever surpass Bitcoin when it has yet to achieve anything that Bitcoin has not already achieved and offers no technical advancements. After what we have learned about this project, we would not describe XPY as innovative in either marketing strategy or technical achievements.

We see two likely reasons GoCoin management decided to add XPY to their platform. Either GoCoin's management team is woefully naive and unable to recognize the obvious lack of development in their recently added project or, the more likely scenerio, they have a financial stake in PayCoin and expect to make money on the hype generated from their decision and actions taken by other sites cascading from it.

We have entered a fascinating time in history, where there are a growing number of technological advancements that can be recombined and remixed in countless unique ways, where everyone has good ideas and everyone should have good ideas. However, ideas are not enough. What is truly impressive is not simply a good idea, but the act of following through an idea to completion. We will be staying true to our commitment and continue to focus on spotlighting true innovation and actual development in the cryptocurrency ecosystem.
newbie
Activity: 15
Merit: 0
December 23, 2014, 07:09:12 AM
The bubble will burst soon. Be careful.
sr. member
Activity: 338
Merit: 250
December 23, 2014, 07:07:20 AM
this is not a pump and can't be a scam! right??
legendary
Activity: 3654
Merit: 8909
https://bpip.org
December 23, 2014, 04:32:34 AM
If you were an actual customer, you'd know that GAW/Josh has basically bent over backwards for his customers.

When you get a chance ask Josh (respectfully of course) about the "Founder's club" promises of free hosting and other perks.

hero member
Activity: 658
Merit: 501
December 22, 2014, 11:40:09 PM
#99
Did Bob dump?  Huh

"Bob" has been dumping this whole time after a quick market push. The market is capitulating now with the bad news... but don't worry ... there will be at least one more pump and dump so he can squeeze more out of those "savvy day traders" and victims that buy into his scheme.
hero member
Activity: 658
Merit: 501
December 22, 2014, 11:09:09 PM
#98
more delays as predicted....

https://hashtalk.org/topic/25441/paybase-launch-rescheduled
https://archive.today/W3OTH

So on the 29th how will they be able cover the spread? Will they get lucky and convince enough stakers to freeze their coins in hashstakers where the coins cannot be sold? Will they impose limits on the amount of XPY sold without KYC and eat through their remaining reserves? Will the hype machine alone be able to convince many new victims into raising the floor themselves? Or will other technical or regulatory concerns arise at the last moment?





legendary
Activity: 3976
Merit: 1421
Life, Love and Laughter...
December 22, 2014, 10:43:11 PM
#97
bat it is increasing.  so this is pump and dump.

Correlation does not equal causation. Just because a coin is volatile doesn't mean its a pump and dump. In this case you are likely right though becuase Josh is hyping this coin with all the tools of trade, exaggerated promised, last minute features and promos, all forms of marketing, affiliate promotion and spam.

yes if more people lose money here, those people will also point to other rising coins as scam. and we all become confused.
hero member
Activity: 658
Merit: 501
December 22, 2014, 10:40:06 PM
#96
I'll be happy if you're wrong and I'll be sad/poorer if you are right.

I hope I am wrong in this case because the amount of damage this will do to the victims and cryptocurrency ecosystem in general will equal another MtGox disaster. What I hope for and where the evidence points disagrees unfortunately.


And no, I don't agree about shady business practices.  If you were an actual customer, you'd know that GAW/Josh has basically bent over backwards for his customers. Just because your an outsider looking in, doesn't mean its a scam. 99.99% of the world thinks Bitcoin is a scam. Does that make it true?


Bitcoin is unlikely to be a scam but there certainly are elements to bitcoin that are completely scammy. I believe most cloud mining to be fractional reserve mining or outright ponzi's. This is something that the Bitcoin community is going to have to address and something I have been very vocal about.

I am not going to try and convince you personally of GAW's misbehavior because you seem impervious to any GAW negativity.
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