You can sell your gemz on Poloniex to buy whatever you want. That isn't the coin's intended purpose or we'd use bitcoin.

Gemz is the currency of the attention economy. Without the AE, it's another failed altcoin.

The correlation between userbase and the price of gemz (an indicator for its demand) is demonstrably negative.

Mainstream users don't own bitcoin, don't trade on Poloniex, and they won't exchange any type of money for gemz.

There is no mechanism for the price of gemz to rise with app downloads.

IIRC the pre-sale perk and full airdrop allotment are both overdue.

But without the attention economy, or plans for its imminent release, dumping more gemz on the market will sink the token's value even more. So perhaps it's best that the airdrops are currently small.

The real question is: what can anyone do with their gemz?

Without a purpose to exist, they are destined to reach zero value.

This is the sad state of some coin holders.

They cannot be critical of the company in any regard, as they fear it will further drop the value of their coins. Additionally, they must constantly do damage control on the company’s behalf.

Instead of pushing for the sustainable value of their tokens, which can only happen by making them useful, they’re focused on protecting the company’s image so that they can attract new investors.

If Paykey is great for gemz, why haven’t they been buying more coins at these “cheap” prices?

If Paykey is great for gemz, where are all the new investors since its announcement?

The market will respond to the company’s new vision and roadmap regardless of the conversations in this thread.

No need for cheerleading.

Magma's investment was announced well after many, including myself, had handed over our bitcoins for gemz. Daniel should have either told us about the VC deal before the pre-sale, or declined the offer if it was made after the pre-sale had started.

Daniel has not told us when Paykey's development started. I think this is a very fair and important question to answer.

There’s no reason why he couldn’t have told us about Paykey much earlier without revealing patent sensitive information. (He did exactly that in his Oct 8th interview.)

Imagine this more honest pre-sale pitch from 2014:

GG will start work on an app for banks to transfer fiat. This will provide the company with a direct revenue stream, but until then, we are well-funded by VCs. Also, we’re selling a token for a separate project we’ll do at a later, unspecified date.

I wonder how many gemz they would have sold.

You have missed the primary point of contention. (I don't blame you, it's quite confusing):

Daniel sold gemz on the promise to build a product that would give those tokens value (the attention economy). A year later, and that product has not arrived, in any form.

Instead, there was a surprise announcement that a different product (paykey) was developed, in stealth, during the year.

Paykey doesn't give gemz value. Its development is an abrupt departure from the Getgems project as pitched to coin holders up until a month ago.

Nobody, a year ago, would of bought gemz to fund paykey, and nobody is doing that today.

That is why gemz has dropped in value.

Paykey's vocal supporters are coin holders. It is largely the people who have sold, or never owned any coins, that are openly critical of paykey and the company's new direction.

Hope that fills in the holes for you.

I haven't held coins for almost the entire year I've been beta testing GG (on both platforms) and getting referrals.

You wanna know why?

Because not all of us are in this for the money.

Just try to comprehend that through your greed and paranoia.

Paykey for Gems is a completely useless app.

Who is sending/receiving gems in social networks other than GG?

For what practical purpose?

The app appears to be a prototype for Paykey for Fiat.

 

Building an AE is an enormous challenge, easily dwarfing the simple milestones of skinning Telegram, attaching a wallet and raining tokens. The AE is 99% of the project.

We all wanted to see Daniel wing it: Get a primitive AE off the ground, held together by a bunch of loyal supporters. A risky and ambitious project, but we'd succeed or fail together.

That dream is apparently over. The company's trust has bled away and you can't launch the AE without the support of the community.

But you don't need community trust when you've moved on to other things.

Just look at the latest development: Paykey for Gems is being tested on GG.

It's either a useless product on a useless network. Or a test product on a test network.

Apply some critical thinking.

The token has no value if it's useless.

Making it scarce, increasing trading volume, increasing GG's userbase --  none of this will save the value of gemz. The AE was to be the sole savior of gemz, and it's been delayed indefinitely.

Even worse, the company is committed to doubling the amount of gemz in the market. Everyday the token's value is diluted from airdrops, and this will continue for years.

How to stop gemz from becoming worthless:

Convince Daniel to build the AE as his #1 priority.

The lead Android developer just released Paykey today, and the other dev is flying to Asia to promote it.

But I guess they still work on GG in their spare time, right?

I examine the company's actions, and speculate on their motives and intentions.

That is the job of a prudent investor.

Waiting for the official word ensures you'll be beat by the market, as many gemz holders can now sadly attest to.

...and that doesn't even factor in when you're being deliberately mislead.

So what you're saying is: Citi, and other banks, are going to license a keyboard app that shows ads that are paid for in gemz.

I find this notion absolutely absurd.

Has Daniel even said this? Source?

First you make SnapChat, then you add SnapCash. That’s how you get traction with a payment system. It rides the back of an existing popular service.

Daniel knows this, and that was the original plan.

GetGems, the social network, was supposed to get traction so that Paykey would have something to launch from. But GG has just 5-10k downloads in the Play Store, so PK has to roll out alone.

It’s putting the horse before the cart.

Paykey now must break deals with a plethora of banks, gain app store approval, and get masses of people to download a product with a confusing concept.

These are shot-in-the-dark proposals.

And once again, there is no direct benefit for gemz holders. So why would anyone, aside from Daniel or his VC's, be cheerleading bank deals and fiat payment options?

The level of confusion here (or denial?) fascinates me.

The term "investor" is reserved for those who actually own a stake in the company, like VCs.

Pre sale buyers are simply holders of gemz.

When Daniel exchanged his tokens for our bitcoins, he concluded his only real obligation to the community.

That doesn't mean he won't wholeheartedly follow through on his promises...

But when he travels around the world with GG's lead developer to solely promote Paykey, one must read between the lines.

I would guess the law is not on the side of investors. When companies write up an agreement, it's ultimately there to protect their own interests.

I hope through all the noise some truths will emerge from this discussion. It's important for the facts to enter public record, regardless if actions will be taken.

Being passive at a time like this is irresponsible; trying to silence debate is downright irrational.

I'm championing the interests of gemz holders, by begging the company to refocus on GG. Yet some investors here see that as harming them.

The irony...

There's a bunch of us who care, and think it's quite relevant to the GG/gemz project.

The pleas for silence around here -- even ones to close this thread -- are a sad response from scared and selfish individuals.

The question is fair.

Daniel should have no hesitation giving an answer.

Can you please tell us when Paykey was conceived and its development initiated?

I have asked at least 3 times now.

If PK hadn't been in secret development, how much further along would GG be towards its completion?

We have no idea.

Daniel has refused to tell us when PK was conceived, who worked on it, and for how long.

Why would he not tell us?

I'm clearly referring to getgems the app and messenger. I'm not suggesting he attended a conference and hid the company name from everyone. LOL

Some of the beta testers started their own group to organize a grassroots social media promotion for GG, since the company has been so passive. They invited Daniel into the group to greenlight what they were planning, and he ended up shutting it down.

This just happen a few days ago, and it makes absolutely no sense.

Until you read the new Getgems mission statement, or watch the Buffalo speech. It contains no mention of GG, AE, crypto.

At some point earlier this year, Daniel lost faith in GG. He silently abandoned ship and now tells us from land that the boat isn't sinking.

If everyone stays quiet and clings to their gemz, they can float a little longer.