It took me over a week to put this together, and I am sure there are mistakes in it.
Paycoin becoming successful could be very dangerous, as it is the first time I have witnessed a currency that is quasi-decentralized with the potential to appeal to the banking sector. If this thing actually takes off, it could truly take over...and it doesn't even need the majority of the cryptocurrency community to do it.
Anyway, I highly suggest that people read over this, and take it seriously. I know many people think GAW is a joke, and Paycoin is a scam...which is quite possible. However, it is also possible that they have supporters with deep pockets (explaining the willingness to do things that are unprofitable in the short term). If Paycoin is even moderately successful, it will be an extremely powerful proof of concept to use to get financial institutions onboard.
I'm posting this here, in the Bitcoin Discussion forum, as I feel like this is a danger to Bitcoin. I have no idea what to do to stop it, but maybe someone that has written GAW off as 100% scam, or has just ignored Paycoin, will consider this possibility and think of something to prevent this if it begins.
I think it'll succeed for few reasons:
1.) I'm not sure what Josh had planned before but lot of people have pissed him off. Now he'll do all he can to make sure XPY succeeds. We're talking millions of dollars spent on XPY development.
2.) Josh needs to gain back trust of lot of people and buying back their paycoin for $20 is the best way to do it from business point of view.
3.) Long term profit is more lucrative than short term. He knows very well that if he tries to run away with quick profit he'll burn lot of bridges with loyal customers who brings him monthly profit and they'll be lifetime loyal customers as long as paycoin delivers what was promised.
4.) If XPY succeeds it'll give him an opportunity to create more cryptocurrency in future therefore more profit.
5.) XPY has been on news too much that means it has more visibility than any other altcoin have. It also means more buyers.
6.) It is very possible that XPY ends up becoming next Bitcoin.
People are retarded to think it's a scam at this point. All they're doing is pissing him off and he is going to prove them wrong regardless if it was a scam or not because it's hurting his business. Since launch XPY has had highest volume on two of the biggest exchange that's a HUGE progress for any altcoin. Most crypto wish they could be XPY and have highest volume in top exchanges.
Some might call it scam on basis that they stole logo and codes but guess what? Bill Gates is one of the biggest thief in the history and everyone is using his OS. Average joe who have never heard of digital currency don't care as long as it's easy to get hold of