Topic: Paycoin XPY promises $20 a coin? (Read 2969 times)

OMG. This was likely the biggest scam in crypto. No one knows how many millions of dollars were raked in by paycoin and cloud miners. I don't think anyone has been brought to justice either which is the beauty of crypto scams.

The SEC brought charges against Josh Garza, last December.

OMG. This was likely the biggest scam in crypto. No one knows how many millions of dollars were raked in by paycoin and cloud miners. I don't think anyone has been brought to justice either which is the beauty of crypto scams.

Get out while you can. This one has all the makings of a bad ending........

was very excited to the email from gaw saying they would hold to the 20$ mark!   Not sure if I want to take a quick profit and just keep some or wait for the 20..... tough decisions.

was very excited to the email from gaw saying they would hold to the 20$ mark!   Not sure if I want to take a quick profit and just keep some or wait for the 20..... tough decisions.

This is what he posted:

It is also a step-by-step process that will be independent, secure and consistent (in terms of monthly disbursements).
Though the marketplace controls the price of any coin, and because of our pledge to users of Paycoin™ about the $20 figure, The Paycoin™ Honor Program reconciles any price discrepancies; it restores the $20 valuation.
PayBase will offer a Repurchase Agreement to the general public for 30 days, which will establish a contractual arrangement between PayBase™ and any Paycoin™ holder (Seller), whereby the Seller agrees to sell Paycoin™ to PayBase™ at $20.00 USD per Paycoin™.
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• 30-day Signup: Coin-Holders will have 30 days to enroll in The Paycoin™ Honor Program. This period will start on February 1st and end on March 2nd.
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• Paycoin™ Will Be in a Secure Third-Party Vault: As part of The Paycoin™ Honor Program, we will have an exclusive – and secure – vault to house Paycoin™. In the interest of transparency, a separate entity unaffiliated with either PayBase™ and/or GAW will manage this vault.
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• $20 USD Payment in Bitcoin at the USD Rate of Exchange, Upon Commencement of The Paycoin™ Honor Program: Repurchases of Paycoin™ will yield a payment of $20 USD, in Bitcoin, at the USD rate of exchange for each monthly disbursement during The Paycoin™ Honor Program.
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• Monthly Repurchase Disbursements: A minimum of $100,000 in payments from the Company to Sellers will be made on the first of each month, until each repurchased Paycoin™ has been redeemed and each Seller has been paid for Paycoin™ he or she has sold. We reserve the right to increase these payments, to make all disbursements as quickly as possible.
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Question 1: You are saying that a third party will be "holding" our Paycoins, which must be "surrendered" at the time we agree to sell said Paycoins?
Question 2: This agreement will not cover those Paycoins, having been staked for the past 21 days, since they cannot be removed from the Staker wallets?
Question 3: The daily Staker yield will not be able to be added to those coins initially surrendered? This is a one transaction exchange?
Question 4: You will not be paying, in full, the value of $20.00 per surrendered coin, but will be taking the entire number of customer surrendered coins and "buying down the liability" over the course of years, and at a buyout rate of a minimum of $100,000 per month?
Question 5: Will a surety bond be purchased to ensure the solvency of this program of Paybase/GAW, as well as the $20.00 value of the vaulted coins should GAW/Paybase become insolvent?
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Analysis:
This means that if the vast majority of people here decide to sell at the $20.00 price, and the amount of coins to be sold is 1 million, the following:
1 million XPY x $20.00 = $20 million
$20 million divided by $100,000 per month = 200 months or 16.7 "YEARS"
No interest on the held coins. The last XPY coin is to be mined at the end of the 15th year.
Not only do you probably have no access to the surrendered coins, but you may not see dime one for years, unless this "Official Post" on a "blog" is also misrepresenting intentions. In this case I hope so. This is exactly like the MultiHashlet miners that make 0.000000001 in profits each day, as follows:
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Hypothetical Case:
1 million XPY
667 Accounts
1,499.25 XPY per account
$20 million total value
$100,000 per month repurchase
200 Months
1,499.25 XPY divided by 200 months = 7.50 XPY per month or $150.00 per month in repurchased coins per account.
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Moreover, they are asking all involved in this program to further assume additional "business risk," because GAW may not even be around after 2015, at least not in this capacity.
Basically, if all that I have interpreted is correct, they have just insulted our intelligence.

This smells of scam. First they make promises then cannot deliver. Then they make new, more astounding promises. How will they deliver? Who is the greater fool?

nah, it doesn't take a mastermind to lie out the ass  

You might call it a scam but it takes a mastermind to pull a scam like that one.

people who believe this shit, really deserve to lose money.
it is an obvious scam.