Except that this cult asks for nothing. You won't lose your house by following the anti-GAW deities. You can be a suchmoonie and still have your retirement account intact.

I don't mind cults if they don't ruin lives.

To protect your source, you might want to drop the gendered pronoun.

The main reason I'm sticking around this thread, though, is to find out "Joe Mordica's" real name.

As far as I can tell from the internet, to call an action a fraud requires that it has three elements.

• a false statement or misrepresentation of a material fact
• intent to deceive
• damages as a result of the deception

The first one is easy peasy, as there are plenty of records of falsehoods that were later edited out of existence, most notably the magnitude of the price support behind XPY. You can also add merchant support, etc. as things that were misrepresented.

The second is a little trickier. They can attribute a good number of the false statements to internal communication errors. The trick here is to get access to their internal communication. I'm guessing that those message board posts the CEO made prior to all of this, while not absolutely conclusive, might be enough to get a warrant for internal emails and private online messages.

The third one is trickier than it sounds. The most brilliant move they made was to convert those hashpoints to paycoins and let people sell them on the market. That reduced the number of potential claims, as most people who wanted out at that point sold their coins, at a profit, to those who wanted to stay in. This is in line with a lot of the private messages that have been posted on the board. The CEO didn't want customers who asked questions or otherwise didn't agree to follow him blindly. He banned liberally anyone who wasn't on board. That way all of the liability lands in the hands of a few true believers who are likely to blame external forces (dumpers, regulatory agencies, etc.) for their losses instead of GAW. They can probably handle a couple of malcontents with decent settlements. The people who didn't buy in completely pretty much all made money or broke even.

Oh, he appeared. He just avoided every forum in which someone could possibly ask him a question in public.

Curse you and your "logic."

This has nothing to do with gift cards or Payflash or arbitrage. This has to do with this latest ditch being the last straw, especially if you're some big Paycoin holder who flew to Miami specifically to see the CEO speak/answer questions.

If the CEO wants to have any chance of salvaging this coin, he'll have to schedule a completely unrestricted Q&A immediately following the conclusion of the conference. Otherwise, it's history.

Paycoin just died tonight, y'all.

It's amazing it lasted as long as it did.

Market manipulation can't get the price this low. What can get the price this low is a couple of big holders getting nervous and dumping their coins after the CEO ditched another opportunity to answer his critics in person. Then other holders start getting nervous over the falling price and yada yada yada BTC0.038.

Someone might have wanted to pop XPY's market cap over LTC's for a few minutes, then screenshot coinmarketcap.com.

Right now, they have the #3 coin by market cap. #2 if you don't count Ripple.

I spot checked three of those, and there are skipped replies in each. It looks like you've been SHADOWBANNED.

The point is to set up the Q&A as being about Paybase. That way, he can deflect any questions about anything else by saying he's just sticking to questions about Paybase.

I mean, he typed Paybase three times in six sentences. They're framing this as an exclusively Paybase Q&A so he can ignore any questions about hashlets or the missing Paycoin features.

In what universe has XPY held its value?

It has held somewhat steady relative to bitcoin, but BTC has held perfectly steady relative to bitcoin.

Relative to, say, USD, both have tanked at about the same rate. XPY's just a little more unstable about it.

I still don't think it was a ponzi. Just looking at his outline, stage one would be real miners. It's not until the next product is being sold (HashStakers) that the fraud begins.

That light angle is a good catch. My best guess is that "Joe Mordica" is actually at the MS data center, and they shopped the CEO into the picture because he couldn't make it there in person.

I think what I'm looking forward to most in this whole fiasco is the validation when we hear from an official that Joe Mordica is just an alias the CTO uses and not his real name. For most of this, I was a little behind the curve, thinking that GAW was just making mistakes. It took some real evidence for me to believe there was actual fraud. For "Joe Mordica", it's the reverse. No one else believes it even though it's as clear as day to me.

That thread has a lot of people oblivious to the multitude of services selling bitcoin by credit card. Sure, there's a fee, but it's not 10%. Why can't they use google and see that all of this stuff has already been done with bitcoin?

Heck, not just bitcoin. You can buy doge with a credit card with no problem (weselldoges.com for example). Doge has faster transaction times than bitcoin. It has a lightweight wallet and a lot of development. It even has the hyperinflation so dear to the hearts of Paycoiners. It's basically everything Paycoin wants to be except the PoS. It's like Paycoin ... for miners.

$100 million is a very large number. He's probably invested, but I doubt by anything close to that much. Maybe drop a zero.

By having one company control almost the entire supply. Then GAW can sell the coins at a measured rate.

I don't think the debate will expose anything. He'll stick to his story and stock list of excuses.

What we need is a more explicit form of what was stated in his "sell a non-existent product and do something completely different than what you claim with most of the proceeds" post. The only chance of getting that is to subpoena his colleagues and search his computers.