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I'm not sure that btc has so much of an impact on this coin. I think it's value was always going to be based on the promise of a buyback at $20.
Funny as we get ever closer to the time when the buyback is meant to happen, the coin continues to fall in value.
I think you're right, there are a lot of people who have invested too much in this coin and won't sell just in case the price goes up. Poor sods, you have to feel for them.
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....so I'm sure GAW will honour their buyback lol.
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suchmoon, I was just going to post this from you, think it sums up where we are perfectly. Unfulfilled promise of a $20 “floor”, or guaranteed buy back and stability of Paycoin. Original promise (note “will buy”): Amended promise (note “will manage”): (archived) Subsequent attempts to back out: https://hashtalk.org/topic/26931(archived) Community responses: Shapeshift drops Paycoin Litecoin requests to be removed from GAW-owned exchange coin-swap.net Current price well below $20: Unfulfilled promise of merchant adoption of Paycoin: 100k merchants (archived) Ability to use Paycoin at Amazon: https://www.cryptocoinsnews.com/josh-garza-speaks-paybase-launch-amazon-shopping-using-paycoin/As of now there is no way to spend Paycoin directly, except a couple of obscure merchants such as Meganet and PexPeppers. Claimed but not implemented technology innovations in Paycoin. Note “beyond the powers of nearly every developer” Link to whitepaper (see chapter 5): Source code analysis, for example, hard coded Prime Controllers without voting features described in the whitepaper: https://hashtalk.org/topic/24790Most of the other promised features either don’t exist in the code or are implemented in a similar haphazard fashion. Claimed but unproven $100 million investment. Not a single investor has come forward, which is unusual for such a presumably innovative project. GAW has not fulfilled promises based on those investments, such as the “floor” promise above, and Paycoin/Paybase development has been underwhelming for such a large investment. Investment claims: http://blogs.wsj.com/moneybeat/2014/11/25/bitbeat-gaw-miners-to-launch-bitcoin-challenger-paycoin/https://hashtalk.org/topic/22975(archived) Guaranteed but questionable profitability of HashStakers. Link to announcement: http://www.gawminers.com/pages/official-hashstaker-announcement(archived) (note “everyone who owns one will be profitable.”) At the current exchange rate and slightly less than 1% daily payout HashStakers would not recover the $10-$20 cost: At $5 exchange rate the payout is less than $0.05 per day, or less than $4.50 per 90 days. 90-day HashStaker cost between $10-12. At $5 exchange rate the payout is less than $0.05 per day, or less than $9.00 per 180 days. 180-day HashStaker cost between $18-20. The exchange rate would need to stay above $10 for HashStaker owners to break even. Other arithmetically questionable claims: ZenPool hashrate back in August was reported to be in excess of 250 GH/s (Scrypt). This would have been more than 1/3 of Litecoin network. This level of activity was never visible on Litecoin network. Third party stats: https://xively.com/feeds/1229182496ZenPool removed their stats page after criticism: https://www.zenminer.com/pool/#pool-statsIt has been claimed that 60% of Paycoins were distributed to HashPoint miners. This would result in even more unbelievable stats – 2500 GH/s, or 10 times more than the August estimate: Claim (archived) Math: https://bitcointalk.org/index.php?topic=857670.msg9833591#msg9833591GAW has never provided cryptographic proof of mining either Scrypt or SHA256 coins, which calls the above claims into question. |
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XPY will reach $20 not in 6 months but in 2 weeks. At least for those benefiting from GAW's guarantee. In my opinion, Garza has no alternative but to make good on that warranty, so we will see long before 6 months pass.
I guess the alternative would be to do a runner and take all your bitcoins with him. Looking at the current price, it seems more people believe the alternative then GAW's gurantee. |
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Swiss Franc, backed by gold this currency means something
Otherwise perhaps Sterling, British government is intent on deficit reduction. Might even see some reduction in supply now
Both of these have made big gains so far this year and you can buy just about anything you want with them.
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Another happy customer on hashtalk No, I do not. After I lost track of broken promises and all my friends either got banned and called trolls or bit their tongue because they had too much money at stake to see clearly, I gave up.
As freely as the ban hammer is flying tonight, I am pretty sure this will be my last. I dumped all my hashpool paycoins cheap.
Why? You may ask me, What about the promised $20 floor?
My reply is, have we not been promised this before?
Why are my Primes not mining SHA? We were led to believe it was "proprietary hardware". that could actually function multi algorithms. This was before the massive TOS changes and forum scrubbing. We still have screen caps over at BT though, no worries.
Why are my Legendary Hashtakers still unsaleable?
Where is Cantor Fitzgeralds $100,000,000 floor?
Why could I not buy Christmas presents on Amazon with XPY and still cannot today, with or without some junky chrome plugin that already went bankrupt before you acquired it?
I thought Josh was the Scrypt king and this was his house?
How come hashlets are now obsolete? When the advertising material I used to encourage clients to purchase hashlets clearly stated they would never be obsolete.
What are the chances that this whole Paycoin thing was just a hail-Mary to distance yourself from the failed hashlet scheme?
What are the chances the hashlet scheme was just a hail-Mary to cover your(customers) losses on the Vaultbreaker that you had already lost the majority of the money on?
I am sorry so many of you guys are in this position now. But your best bet is to cut your losses now before they get even worse. Never try to catch a falling knife.
I have been in crypto since 2011. I have seen many hype-games to pump a worthless coin. I do not see anything different about XPY except an overly excitable hypeman with delusions of grandeur.
Yeah I know, go ahead call me a troll. But I hope I at least helped open 1 of your eyes before the ban hammer hits me.
Emerald_Green signing out.
I wish you all the best.
Thought I'd post here in case it gets deleted over there  |
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This latest thread on hashtalk is hilarious. Feel sorry for the people that lost a lot of money but to be fair, if it walks like a duck, quacks like a duck........ Anyhow, it would seem that their software caused the price to crash on their exchange, I'm guessing not enough liquidity. Some people may have panicked and sold at a big loss, some may have made a mint. Some might have been able to grab some coins and take them elsewhere to sell. (Could explain recent dip) Anyway, looks like those that left they're money within paybase have had their accounts frozen for 3 days and no idea what's going to happen. Maybe Josh is just going to reverse the payments that cost him money or risk a further collapse of the price. Tell me again what the advantages are of having one person in charge of a currency? Please read the thread on hashtalk, feel sorry for the poor people being suckered. https://hashtalk.org/topic/29788/i-want-to-be-very-clear-about-this/71 |
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One of the disciples has got caught out scamming. He forgot to change his account before he replied to himself lol. Here's a pic of the first post and his reply to himself  |
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Price is going down quick now from $2.8 to $2.3 in last half hour, seems like people believe sec investigation, or maybe just getting fed up with all the BS coming out of GAW.
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hmm, not sure this confire report is true, sure paycoin is a scam but this could be some hack just trying to manipulate the price.
A scam on top of a scam!
Why would anyone put any money into any of these scam coins is beyond me.
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So the two threads on hashtalk from 10 or so users complaining they couldn't make withdrawals have been deleted. Shock horror eh!
Anyway, it looks like everytime you want to withdraw funds you will have to raise a ticket with the support desk. Hmm, funny how they can only fix a supposed issue one at a time.
Could it be that this in place to stop a run? Perhaps someone is getting a bit shaky.
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Well, I bet some point in the future it's going to happen again, and next time raising a ticket won't help.
Suggest you don't store your bitcoin in his cloudy wallets.
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Quite a few users having a moan on hashtalk about it.
I was thinking this scenario.
Just supposing I wanted to rip people off.
Create scammy coin
Have my own exchange
Let users think they have thier own virtual cloud wallet. You can see your coins on line. Reality is they're all in my wallet.
So with much hype I launch coin and people buy direct from me with btc, use my cloud wallet. They can sell my scamcoin on my platform and I give a good rate in btc, of course I can afford to do this as much as I want cos I'm not actually paying btc, I'm just making it look like I've paid you.
Of course if you do make a withdrawal for btc then I will have to honour that, but providing you think your btc is in your wallet I can hold the price up without costing me very much. Of course I have to make some payouts when withdrawals are requested but so long as more people are joining my make believe world with real bitcoins I'm in the black lol.
Since my platform is controlling pretty much all of the coins in circulation the price on other exchanges will automatically follow, hell if I offer a narrower spread on my platform I'll get more people over.
I think I'm going to be very rich lol
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I've been watching the market and someone is accumulating shit load of them. That also explains the big dump and then price returned back to normal. Is it Gaw that's doing it? could be but don't think people aren't buying it. Everyone is trying to increase their XPY before Feb 1st and taking advantage of quick pump & dump that's been going around since the news came out.
Last week of Jan would be something to look forward to because I believe that'll be the time when price would spike greatly.
I hope you haven't put much money into this. You will loose it you know. |
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First, price should go gradually and substantially up as we approach Feb 1st.
If people really believed this then it would be reflected in the price now. Its not. Second, I don't believe Garza would risk everything and long time jail scamming people with paycoin. It simply doesn't add up to me...
Cos he's making an awful lot of money out of people. When he pulls the plug don't expect him to be in the country. |
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Fans say it will get to $50k
Others say zero
The current price reflects the fan/other ratio.
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Call me cynical but it the price of paycoin being manipulated so it stays No 3, above Litecoin on coinbase?
Seems like Josh stops dumping his pre-mined coins as it gets close.
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My vision is that it needs to grow into something bigger. When it is used by nation states as a global settlement system, then we can judge how useful and successful it is. We are still at an early stage right now.
That's never going to happen is it. |
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