Bitcoin Forum

So Paycoin. That coin that was suppose to become the next big thing.. GAW did so many things wrong. If your going to make a coin, do the exact opposite of what GAW did.

Here are a few things that they did wrong:
1. They kept pushing their releases back
2. Too many Q&A about things that were pushed back
3. They did not choose their words wisely
4. PoW failed
5. PoS did not take over properly
6. PayBase was pushed backed so long
... The list goes on and on

My point is, that this coin was a bad coin from the beginning. And what made it worse was that Walmart, Amazon, and Target publicly said that they are in no way affiliated or partnered with GAW Miners. WHAT! So these three major companies publicly say this. This is a big face palm moment. If I were you, I would sell my Paycoins.

I admit it's not looking particularly good at the moment but it's a bit premature to say that it has already failed. The market cap is still hovering just above that of Litecoin.

.

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

Why is the word Ponzi thrown around so loosely?

+1

GAW has some people who are convinced that letting other people mine XPY during the PoW phase was an act of generosity.

If it walks like a duck ... quacks like a duck ...

Seriously, its not looking good. Hashtalk is melting down ... people are really getting riled up ... now its offline.
Gaw needs to do something if they want to restore some faith and, above all, trust. They made promises and now they pull back. Not good.

That doesn't make it a Ponzi. I get it, the company is going through some shit and things look terrible. I could care less which way it goes. But the company does/did sell hardware and makes money in other areas that arent Zencloud and Paycoin. It seems every new scam is a Ponzi and the word is used out of context very often here

Agreed but was still probably manipulated by pump and dump groups. All happened fast which instantly makes me suspect devs had some role. It's a standard penny stock scam, not a ponzi.

Today's volume alone is $431,707. That's almost half a million traded in one day!

Fractional reserve mining companies are ponzi's by definition. They have to take a percentage of their new clients contracts to pay out their old clients to stay afloat. Paycoin is one tool to keep the ponzi afloat while other cloud mining companies popped. Paycoin isn't a ponzi in itself , but the company who controls it likely runs a ponzi operation.

In crypto its pretty damned tough to pin thievery, scam, ponzi on anyone. Look at those who walk away untouched.
We will never know the whole paycoin story. We do know Gaw will come out ok one way or the other.

All it takes is one pissed off client and a lawyer and GAW will collapse. There are archives of data stored and the lies and misleading statements concerning paycoin2
When Josh is investigated and cross examined the 100 million investor capital to create this base will have to be confirmed.

https://i.imgur.com/HnotyMB.png

It truly is the wild wild west, but I also think that's why I love it.

Im not saying they failed just because. This is a multi million dollar company. With years of experience and professional devs, and they have all of these problems. A couple of guys working in their garage can develop a more stable coin.

If these are such professional devs, why was the mac wallet delayed, why did PoW fail, why did the PoS transition fail, why were things pushed back so much. I rest my case


Current value of 1 Paycoin: 0.02379998
As of 8:57 EST 1/1/2015

.

How did POW fail? Lots of people were on and the speeds were outstanding given it being a new coin. Rented rig owners made a hell of an increase on what they normally would make on any other given day.

POS wasn't terrible and even the hash stakers are doing their job.

Mac wallets are delayed on alot coins, its not typical for a new coin to launch without it.

The devs arent really the ones at fault here, its Josh the owner of GAW causing issues with broken promises and all the noise hes causing because of it.

Shit for all we know he paid loljosh to put this coin together, lol. jk, please dont take that seriously.

can't even ANN here? Fuck off. 

1. PoW failed because a huge amount of miners were mining.
2. PoS failed because it didn't properly take over when PoW ended. No transaction could be made. Thats called failing. Sure mac wallets are delayed on most coins, but this is a multi million dollar company. MULTI-MILLION. There is no excuse for them not to release all wallets on time.

And that's not the worst part. The worst part is that GAW blamed the community!

I warned you guys. Many times

Paycoin made a name for itself in few days. I can't think of any coin that has done it in such short time. Call it ponzi, call it scam or whatever you want but it has achieved what all crypto can only wish for in such short amount of time.

Fat pockets for a select few. I guess you're right...it went exactly as planned

'

Yeah especially since they had so little to work with, you know with it being made by a multi-million dollar company and all.

Rich guy wins. Always. I don't think it's done YET. I think they're trying to turn it into "lifetime" income and you'll see few more p&d during January before price becomes stable.  :D

Paybase full release would bring price back to $15

You sir are a wishful thinker

Your question is wrong. Paycoin did not fail.

Call me a noob but what is a GAW?

you should not compare paycoin with litecoin. paycoin is an obvious scam, while litecoin is legit and has a strong 3 years history with fair launch (no premine) and false promises.

A site that steals your money while making you think that you are getting rich and when payments are delayed it is something outside of their control.

The biggest reason was:
A very small portion was actually available for mining. Majority of the coins were pre-mined, reserved for investors and developers.

Not to mention they wanted to sell this shit for $20 per coin.

Thank you

Wasn't GAW proven to have lied about their 'connections' to wal mart and other 'partner companies' who more or less told the news outlets that they were not affiliated at all?

Don't chase after a quick buck too hard - instead, I recommend sticking to hard working projects and building up your portfolio instead of trading and buying into these unprofessional scams.


If you want to see a true start-up, look up long term, dedicated developers and their projects like this one: https://bitcointalk.org/index.php?topic=841741.new#new

They deserve your support and investment far more than these scams that promise the heavens and run off with your money (obviously no transparency on their spending either).

The problem paycoin had was being successful too quickly.

Apart from people holding the coin, no-one likes success in this community.

A coin becomes successful quickly -> everyone will call it a scam.

uh

is this for real?

thats not why.



This is why (from other thread)

It was not a fail at all.
They take a lot of money from idiots.

This is true, you could look at it from their angle instead and all of a sudden it's a huge success!

A bunch of crypton00bs gave their bitcoins in exchange for paycoins and actually believed they would one day be worth $20.

Flag #1, never trust someone who has the word genius in their name. People should have run from this one.

Most altcoins are called scam, even if they aren't succesful, that is why there were so many issues with moderation on this subforum.
Developers will jump at each other clawing and biting ;)

Paycoin hasn't failed yet as a coin. It failed some of the expectations, as it was supposed to trade much higher and be integrated faster.
I think the main problems were the delays with paybase launch and the bugs it had.

Paycoin hasn't failed yet as a coin. It failed some almost every one of the expectations, as it was supposed to trade much higher and be integrated faster.
I think the main problems were the delays with paybase launch and the bugs it had, the massive security breach, the false promises, the hype with no substance, the fact their plugin cannot even work and breaks the TOS of retailers so if it starts to work it will be shutdown, the multiple last minute hardforks and general technical incompetence of GAW, the 350% inflation rate for select investors who likely are all or mostly GAW controlled, the sites crashing multiple times, the lack of price stability (-60% in 2 days?), the lack of merchant acceptance, the centralized nature of this currency, ect...  

https://i.imgur.com/LPcujQT.jpg
Look at that font mind. I have seen that font used for websites from other scams (BitSwift).

patience my friend. It's not easy to stabilize a price at $20 when so many people are selling. Only time will tell the rest. Come back in few months or two and that'll be a better time to judge a coin. I don't care if it's a scam but I personally hate it when price dumps and people start running around calling it scam. Stop being so impatient.

Best proof I've seen so far

Lulz, your btc name is Puberty and you just said 'premature'

Minus the bashing - this did make me chuckle  ;D

No bashing intended :P Just for t3h LuLz :)

I was only saying, not as use for proof - but because I struggle to see why any project that has a marketcap of $90mil would be using such a plain font. It just doesn't add up in my mind.

It's in beta. Look at coinbase ..it doesn't look much different from paybase

Most people say that paycoin has not failed. Sure pay coin is still there, and you can still buy and sell it. But when the community starts turning against the coin, and lies are revealed about the coin, then it has failed. It has failed to be transparent, fair, and decentralized.

+1

They didn't believe us. They thought we were crazy. But look at what happened.

In bitcoin we trust  ;D

What this clean font:
https://i.imgur.com/0fwbjkC.png


vs this?


https://i.imgur.com/iRPJlUd.jpg

I know which one looks more professional to me. I am NOT saying that this indicates anything whatsoever. I am just saying that to me it looks a little on the rushed side. Seeming though their website was their 'shop window' you would expect something a little better for something 'valued' at $90mil+ . Not that this indicates a scam. If its in BETA it should not have a value of $90 million, simple as.

Without being rude I know kids in college that can produce a more professional looking website than this. Not to say I am an expert or anything, just to raise a point.

so True. Why AUR, IFC, XMR, MAX, DARK, Nubits, XPY and ECT... fail?

This is normally when the coin falls at the beginning of shit

If a coin fails at the beginning it automatically becomes a Scam. People are too quick to judge and forget that BTC was failing hard in the begining when it first started. I don't see any future in crypto or bitcoin. Everytime I talk to someone who has never invested in crypto all I hear is "Scam" and I'm slowly changing my mind as well. Then I come to this forum which supposed to be filled with "digital currency" supporters and I see them shooting at each other coin and calling each other out. It really disgusts me and I"ll be very surprised if crypto becomes something in future than just stock exchange filled with ponzi schemes and people who're trying to bring it down.

If people don't change their attitude towards crypto you can forget about adoption. People have lost millions & billions in crypto and bitcoin. The end is near. In 20 years from now you'll look back at digital currency and regret that you were ever a part of it. Just look around yourself. The community that should do everything to help it are putting their time in destroying it but they can't see that how it's destroying everything that's going on in digital currency world.

But seems that many people forget that they always say to everybody, "our floor price is protected" we play with big partners, these partners was bought at 4$ all our stock is the reason to not allow new customers to the early stage...

What happends if XPY dont reach the floor price?
This can not happend. the start price is in 20$, but only if you sell it to paybase....

Mailing:
"Last call to XPY holders" Buy more paycoin until the floor price is reached."

I was buy in 0.039/0.041... now my investment falled from 2400 USD to 800 USD... just Amazing... no xmas for me or my family like as others... but oh! nothing happends... im a troll.

Thanks guys to clarify... i never was concerned about im a troll.
At least now i have clear who i am.... A Troll!

i have a coin. i will sell it to you for $4. i GUARANTEE i will buy it back at $20.

sound fair?

lol.

3 days ago people were screaming BUY PAYCOIN. Now everyone is screaming sell Paycoin.

Never invest what you can't afford to lose and I'm $150 on debt as well so don't feel bad. We all gonna make it.

your 150 bucks is in a scammers pocket. you will never see it again unless the bagholders unite and scam fresh bagholders

how about no

are you sure for that, xpy back to $20

and how did XMR fail? the only thing that looks like failed to me was your IQ...

This.

Their scrypt reselling was a ponzi sustained only by delaying shipments...
Then they launched the "cloud mining" ponzi to keep the scrypt re-selling afloat...
Then Paycoin to keep the family of ponzis afloat.

The thing is... only an idiot would "invest" in anything GAW related....
And the US Government is not in the business of protecting idiots from themselves.

So this kind of shit works... until it doesn't...
Every once in a while some US District Attorney throws the book at a Ponzi... and they get 20 years.

Bullshit. Their reselling was 100% legal and people who bought the miners got them, most without any delays.
Cloud mining was again legal and became unprofitable because of bitcoin crash in September.

.

I am finding that when you see these massive amount of threads against something that it really is a good indicator of what NOT to do. Take Nubits for example, it only ever got good publicity and people were like "Wow, this is really cool"

I don't really invest in ICO's and launches, I bought a bit of VocalCoin for $80 and had the Dev run away on it but it actually looked pretty decent so I don't know why. Why does everyone insist on jumping legs first into every Coin launch? You have a huge potential of seeing serious issues in the code or it's rewards very early on in the life of a Blockchain.

I actually like nubits

It succeeded. It was built to make Josh and his friends rich and it did that.
If you mistakenly believed that it was going to $20 then its your fault, it was never meant to do that as anybody could see clearly.

I do too, I think we have reached the point where people will now insist on everything being a scam right off the bat. Its sad really.

Is it true that they were claiming they had partnerships with Walmart & Amazon?

They said that soon you would be able to use your pay coins at walmart and amazon. They put walmart, target, and amazon's logos on their website.

Oh ... lol

*grunt* this "community"

Oh, also their logo for PayCoin is a registered logo of PaGo, a Point of Sale (POS) company.

What I am unable to comprehend is how they were able to raise ... what I read was ... 50,000,000.  That's 3X Ethereum ...

Has anyone seen audited financial statements or any indication that proves it?

This one? Looks like they are in similar business. Maybe they are related or have been bought?
http://www.bizjournals.com/seattle/blog/techflash/2013/12/amazon-reportedly-eying-gopago.html

Ok, so I admit... I didn't invest and have just been lurking as it all goes on...

But they use logos of companies that don't know anything about them... and rip off their own corporate logo from someplace else.  And no one gets suspicious at the start?   I guess that's not true - lots are suspicious but many more still try it anyway. 

Is there still no clearing house where a new coin can prove it isn't a scam to someone?  Like a BBB model where the coin provides all of their info, documents, etc to a real third party for evaluation and stamp of "probably not a huge scam"?

I've been playing crypto for a little over a year and have lost less than $600.  I think at this point... thats something to celebrate!

Im not ready to give up on it yet but then again it could be wishful thinking. I maybe gambled $200-300 total in it.  I know some people who pumped Thousands! into this

check again ::)

It IS wishful thinking. Very soon you would be wishing you would have sold now.
The current price itself is bloated. All those thinking it has failed hasn't seen the epic sinking its going to engage in.

The only thing keeping this coin afloat right now is the hashtalk people who will not accept the coin's failure. Once they run out of money the price will plummet more.

They don't even need to  run out of money. The currency was designed to be hyperinflationary, thus will destroy itself regardless. Prime controllers are staking at over 3000% compound interest per anum.

If it survives until the first hashstakers mature in 3 months, than all hell is going to break lose when those coins hit the market.

$4 quadrillion @ $20 per - http://fc02.deviantart.net/fs70/f/2013/220/5/4/roflcopter_gif_by_solaris_92-d6h7qbu.gif

The price has jumped again. This could be a good time to get out.

.

So are we going further down ? is it sell buy on this downfall ? or is there any hope for a new updtrend ?

.

Lmfao, look what the cat dragged in, Evilpanda and Buttgeek!!! New name = EvilButt

Failed, yes.. VERY MUCH.

evilpanda + bitgeek + paycoin = much fail

Have you guys heard of PayCon?
https://bitcointalk.org/index.php?topic=912034.0
They seem very trust worthy ;)

I've already invested 20x my initial investment in Paycoin! Much better coin, this Paycon, in my honest opinion!

I don't believe paycoin has failed, sudden dumps are always followed by pumps, it happens all the time. There are still issues with paybase but once you can pay paycoin to amazon via a paybase exchange rate, it will give the opportunity for people to cash out there virtual currency without fees or trying to sell on localbitcoins etc. In theory it is still a good idea.

In every failure there's a success. I bought XPY in all my life and I will trust in this coin. "Haters gonna Hate"

I think alot of the hate comes from the sudden success it had on launch; I think they should have finished dev of the more important features before launch but you need real world testers to do so, so it can be a catch 22. Even as a modified peercoin clone it has better potential than litecoin and I think it is way too early to count it out.

Shillin' since been shillin' since been shillin' . . .

So exactly what is in it for Amazon to take a worthless piece of shit scamcoin?

Nothing at all, that is not how it works, you pay paybase XPY, they convert it to $ at the current exchange rate and that is paid to amazon.

LOL have fun with that fuckery.

What's the point of that? Why would people go through all that hassle rather than directly paying Amazon with fiat?

Because you can dispose of alt-currency to real products, rather than from XPY to BTC to $ to Amazon.

But why buy paycoin to begin with?

No respect at all, at least be more professional and buy accounts to shill. Scammers these days are not even trying, shilling using noob accounts.

Especially with all of the money they have made with PayCoin ;)

LOL Why are there still people out there that believe this? GAW doesn't even accept their own coin as currency you FOOLS!!!!

GAW doesn't accept Paycoins as payment. If the company that made pay coin, doesn't accept it, then its obviously bad.

You could explain that relationship can have if it is a ponzi scheme, having closed sales page Gawminers ...? makes little sense if it is a ponzi not .... Tell me please.

bump

Paycoin failed because despite the poor attempt at a white paper, with all the innovations it should have had based on thay paper in reality it was a clone of peercoin with just branding changes and clone coin development. A.ka. Premine.  Nothing with orions and centrally controlled pow miners. It just became a pure pos coin.

It was all lies by Josh and GAW Miners. They hyped it up with features they didn't put in and got sheep to believe then and discredit anyone who looked at the code as a troll.

They have no competent economists. I can't believe that there was no one at GAW that was smart enough to think that if you open a free market that people would sell those coins. Did they think that everyone would just hold xpy forever and only buy more?

Maybe josh should have finished high school. At least took a basic math course.