Topic: XPY - Posted On HashTalk - Feedback please (Read 584 times)

I posted the following on HashTalk and want some feedback from people that are not blinded by GAW---
thanks...keith

Ok Josh,
You stated in your PayBase Announcement today to not be shy, so here we go. I am sure I will catch a lot of slack for this post, and we will see if this post gets deleted, or replied to.

I am not trying to crap on anyones parade but would like to see if any of the following has been answered previously or could be answered now. I have a fair number of XPY but not because I plan on spending them, although I am intrigued.

I think a lot of this has been a smoke and mirrors convention. It seems that how all this works has been left out. Is Paybase a middle man, meaning are you or a partner actually paying cash for the items and converting to Paycoins or could I actually pay with paycoins from my wallet at a participating Target without it going through Paybase. If not then what is the advantage over fiat other than being anonymous. Truthfully, it doesnt bother me that someone knows if I buy deodorant at Walmart or Target.

Secondly, and probably the most important aspect for me, how is this a cryptocurrency. I am not looking for definitions but would like to know your idea. For me the idea of currency being controlled "by the people" and not by a government or group is definitely characteristic. I see a group of folks at PayCoin that are controlling and manipulating the coin value and dispersement. Also, the idea that the coin was sold to private investors, who hold a HUGE percentage of the actual coins is very, well, questionable. Which brings up the idea of being able to mine the coins.

If crypto is compared to gold, any person that has a desire can mine it. Obviously, large conglomerates will always have a bigger stake but it doesn't mean that the average Joe cannot do it. I know XPY was mined, but I think the amount was about 8% over a weeks time. Hardly available to the average Joe who may have only heard about it last week.

Lastly, and very concerning to me, is the idea that the Investors could make a chunk of money by staking the HashStakers and have essentially zero risk. Example, the investor buys Paycoins for $8. I come along and buy Paycoins for $20. Then I buy a 500 coin HashStaker for $5,000 then end up with an additional 400 XPY after the staking is over. Essentially, I have bought an additional 400 XPY for $12.50. If I was a being a little paranoid, I would say that the investors get the chance to stake the Hashstakers and make a cool 50% on their money, by buying the coins for $8 and "selling" them as stake for $12.50. I do not know if this is true, but it is plausible.

Ultimately, I do not know if I will dump my XPY or hold onto them. I like the idea of bringing Crypto to the forefront and applaud your hard work and dedication. I do not agree with the idea of "the few" holding the majority of the coins nor do I agree with the idea of it being controlled by a group. Bitcoin may have flaws, but it is still truly Open Source and available to anyone that wants to purchase a miner, and the Gold Standard as being "The People's Money"
Just my $.02 .....

Cheers,
Keith