https://hashtalk.org/topic/24303/paybase-verifications

PayBase Verifications
Let’s Learn from the Past

Last night, I announced that every legitimate payment platform has levels of verification used for transactions, and that Paybase would be no different. Depending on the size and volume of a transfer you are making, there will be additional need to verify your account as you would expect. These are rules put in place to prevent theft, money laundering, etc. It’s important to stay compliant with the law. In order for institutions to take Paycoin seriously and adopt it, compliance with laws and guidance is absolutely imperative, and as you all know, that is one of our stated goals. We will hold ourselves to the highest standards that exist in the industry, and make sure we set the example for others to follow. Innovation takes many forms, and we would like this to be yet another way we will innovate.

Most of you understand this. You’re realists and know that before the world can ever reach a crypto utopia, a bridge to old money needs to be built in order to enjoy widespread acceptance.That’s only going to happen if we give Paycoin a suit and tie and play nice with the authorities.

So that’s what we’re going to do. This process is just about making sure Paycoin and Paybase’s trust levels meet KYC compliance standards. But, we will be going back to the drawing board to relax on any areas we can as guidance evolves, so you're not doing any more then you have to.

PayBase Verifications

PayBase, in alignment with and guidance from FinCEN, the IRS, the BSA and international government authorities will be licensed as a Money Service Business (MSB) and will follow all US and international regulations.

In accordance with this, PayBase will enforce Anti-Money Laundering (AML) and Know Your Customer (KYC) measures. To do this any other way would hamper the adoption of Paycoin - something we aren’t willing to do.

To be clear, GAW Miners is not PayBase. While ZenCloud will continue to monitor and follow guidance from our legal and regulatory staff it remains a separate entity from Paybase and will follow the guidelines appropriate to its business activities.

PayBase will allow for 5 tiers of approval based on guidance from our legal department - subject, of course, to change by region and as new guidance is issued. The conversions between BTC and XPY will be handled by third-party exchanges where and it applicable.

One thing that makes Paybase unique is that we are dealing with three currencies (XPY, BTC, FIAT), when most payment processors are dealing with two. When you factor the risk this creates for underwriters, and that PayBase is new, we believe we have done a great job of matching the process of other payment processors while still retaining the ease of use you can expect from us.

Paybase will purchase Paycoins for $20 each. The limits listed below are weekly limits:

Tier 1

May purchase XPY with BTC
May send / withdraw XPY to wallets
May apply for Tier 2 verification.
Tier 2

Verify a credit card or bank account
Purchase up to $10,000 of XPY with FIAT
Purchase up to $500 of BTC with XPY
Tier 3

Verify Identity using public records
Purchase up to $25,000 of XPY with FIAT
Purchase up to $2,500 of BTC with XPY
Tier 4

Verify two forms of government-issued ID, have an account established for 30 days
Purchase up to $75,000 of XPY with FIAT
Purchase up to $5,000 of BTC with XPY
Convert XPY to FIAT up to $5,000
VIP Tier

Must complete an application (to be released)
Purchase up to $100,000 of XPY with FIAT
Purchase up to $25,000 of BTC with XPY
Convert XPY to FIAT up to $10,000
Please be patient with us. Just like coinbase, we will increase these levels over time as our underwriters become more comfortable with the risk.

He is itching to tie this never ending delay into the elaborate verification and legalization process that he and his incredible new ground breaking coin will have to navigate in order to do it right...

The pay coin is in Zencloud from the HP conversion but you cant withdrawal it. Typical GAW

Youll Miss us.   

Hopefully this is nicehash/Westhash Forum. Did any one experience a blank spot in there interface last night. Looks like Westhash went offline at 12AM EST and came back on at 6AM EST. 

Next cloud mining service with payment problems? In the last few days it is very popular.

can we buy those in paycoin?

This caught my eye:

https://www.bitmaintech.com/productDetail.htm?pid=000201412171033028658LE40FU705ED


Rampant speculation follows:

I didn't know that Bitmain had a US hosting facility. Now I'm getting curious if this has anything to do with GAW hardware selloff.

in my opinion yes, that's the real one, not the username "gawceo" that one you linked started the bitmain verification thread

Yep, The party may be over folks. I switched back to NH this morning after goofing with some direct XPY mining last night in which I barely made a little more than the rental would have, and then saw the rental rates dropping, XPY yield predicitons dropping, and the crazy rental bids drying up.  Had I waited until right now to sell it would have been less as the price nosedives. About 15 minutes ago miners started beeping as they switched from the NH .04/TH/day threshold to my second option which is set to NH .03 on all of my heaters. Debating whether to change the threshold to .02 to keep them going on NH. Even @ .02 it is over the average BTC pool yield.

If you are referring to me you are an outright liar.

I negotiated a price for [the ENTIRE] PayCoin and argued that it had a fair market value of at least ~$2 million which meant each coin would be worth about 300,000 Satoshi and I offered to sell you my coins at that price if you would accept - a total value far far far less than the $1 million you're lying about.

I have a feeling you lie so much that you simply cannot tell the truth about anything anymore.

You were the one who initiated first personal contact with me, YOU PM'd me first asking to negotiate - so what were you wanting or expecting me to negotiate for - my socks, my stash of ShitCoins...lol?  What could I have offered you except my Paycoins and cooperation to help get the deal closed for the entire PayCoin community?  I felt at 300,000 Satoshi I could sell the community on the deal.

Are you that ignorant or incompetent about what's happening here or are you still playing your little greed game?

Then you responded:  "What, what are you offering me, why would I wanna buy your coins - I already own the PayCoin brand?"

Hahahaa.

Another blatant lie as you do NOT own the paycoin brand - you just applied for it.

And what were you negotiating with me for if not for a price to buyout PayCoin, what else would I have to offer you?

You, Homero Garza, are a vile, dishonest and crooked person.  No wonder the other guys I talked to said:  "we do not want to negotiate with him, we're doing this on principle, but be careful with him."

I obviously didn't know I was dealing with a pathological liar, otherwise I wouldn't have wasted my time.


So please do post screen-shots of our conversation [the entire conversation] - that way everyone can see what a two faced lying sack you really are.

And dude, use some of those ill-gotten gains to buy yourself some tampons, a brain, some English grammar courses, a human personality and a moral backbone.  


Merry Christmas, Scrooge!

Hi all

Just a question but :

Assuming the goal of paycoin is to make some kind "crypto paypal" for a lower cost by using crypto mining technics .
Assuming the paycoin would be the currency in use and to attract company you need to garanty (so to control) the coin (value , number of coin etc ..)
Assuming in this case than gaw is just a front end (with some investment fund or what ever you call it) behind it trying to short circuit the banks.

in order to succeed gaw need to control most of the coins (and the hashing power).

Aren't we doing their game by heavely mining and dmping paycoin ??

I mean , right now we do the job for them by dumping for a cheap price they can buy (using the cash they have , wherever it came from mining, trading or customer etc..)

If I was the conspiracy threory kind: I d says garza tactics is use the greed of people .

first create a cash amount using the primes and btc mining (minus what he gave back to customer)
second create my own coin expecting people to mine and dump like most of other altcoins .
last buy back and low price 99% of my own coin before to start partnership with some company as payment method (and to close public mining pool)

At the end no money came out of his pocket and he is now in control of a paypal competitor (fully build and run by customer who are also investors)  ..

what do you think ??