I think Gaw developed a loyal following in the early days by selling hardware and cloud mining.

Apparently he treated his customers well and many will attest to making money.

Declining prices pretty much made hardware and cloud mining a losing proposition. That's when the Paycoin idea was hatched.

Was it a grand exit plan? Who knows.

He/gaw made millions upon millions.

There was supposed to be 100 million set aside to support the coin's price. It might be sitting in a nice little slush fund offshore by now.

Gaw was working on Paybase for months. All it is; is a very basic exchange for their own coin. Looks like a weekend project for a decent coder.

As far as Paycoin goes:

Gaw could care less. They made their money on it already. It will sink or swim on its own.
I can foresee desperate investors taking it over in the future after Gaw totally abandons it.
Its nothing we haven't seen come and go here before.

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.

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.

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.

I agree.

GawCeo is Paycoin's worst enemy. Promises made and not kept really piss people off. If Gaw followed through everything would be hunky dory.
Now it appears to be just another btctalk pump&dumper without the btctalk.

Gaw is pulling away from Paycoin. No surprise here.

Ceo finally admitted this morning at hashtalk they would not control price.

They will, however, support the coin by implementing other *promises* via Paybase.

The best part is; those still drinking the koolaid and loving it.

That is worth quoting!

GAW promising the $20 floor was genius.

When the coin went live during the Pow phase people bought it up like no tomorrow for $7 to $14. Of course, the $20 buy back carrot supported decent prices and huge volume. You can be sure Gaw and affiliates sold shitloads of coins to naive traders and investors.

During this time Paybase is delayed at least twice. Guess what? Still huge volume. Gaw raking in the money.

Now Paybase opens. Guess what? Gaw spends a few bucks and raises the price to $20 - $22 for one minute. They fulfilled their promise. Done. The price goes down.

Consequently, people realize they have been had, and dump coins like no tomorrow on exchanges.

Paybase has a limit of $700 a week for Xpy to btc conversions forcing people to dump at exchanges.

Price is now sub $10 and dropping steadily.

Priceless!

Great in theory. Hard to pull off if you day trade. Things can happen fast and you need your coins and funding in place.

Sorry for the "man-love" reference.

I'm not a Yank. I'm sorry if I don't find a distasteful attempt at comedy funny.  Don't hate.

They seem to have a hard time perfecting it. I've heard maintenance is extreme and expensive.

I know some cities have run hydrogen powered buses for evalution and testing. I think many have been parked and are for sale.

Yep, the man-love was over done.

It would have been a better movie if Franco wasn't in it. I can't stand that guy to begin with and he really sucked in this movie.

Best post!

This shat is pumping, scam or not.

Might as well enjoy the ride while it lasts ... choo choo

Compressed air-powered cars are nothing new. Tata Motors has been working on one for years.

This movie is really bad. No getting around it. Should be added to the "worst movie you ever saw" thread.

That, my friend, is the 64 million dollar question.

They are already backing off on the offer. They extended the Paybase opening a week where the Xpy to Btc exchange is supposed to happen. Buyback has been changed to "manage" the price of coin.

Those buying the coin for $10 and thinking it will magically bring them in $20 this Monday are taking a huge risk. Good luck. I can't see how Gaw can pull that off or why they would want to.
I don't know the numbers made on ICO sales but it must have been millions. They must have made a fortune on those who switched to mining hashpoints the last few months and those who bought hashstakers.

Will they back away and, silently, let the coin dump and die? We have seen it happen too many times before. Good luck people!

I should also add that if GAW does not come across, Paycoin free fall in price will be like no other. Those who exchanged hashpoints for xpy were given a valuation of $4. When this group starts abandoning ship its gonna get ugly.

Watched it last night. Its a really bad movie.

What I did enjoy was knowing how pissed Kim Jong-dum will be after watching himself cry like a little girl.