LOL yeah, sidechains are the new hope.

First-gen technologies don't go away completely. I rode on a real steam train not that long ago, and I have a friend who still has a VCR.

I haven't seen practical flying cars yet, but I've seen lots of other first-generation technologies be displaced by competitors that offered real innovations. It's inevitable.

Blu-ray hasn't failed, and while there doesn't seem to be much point to it given everything that's happening with streaming video, it offers some advantages over DVD. XPY doesn't offer any advantages over anything.

"Ironically, it will prop happen first than the original one"


I believe @gawceo is still Josh. There can't be two like that.

Comparing paycoin to blue-ray? I don't get it.

Paycoin is a pointless clone wrapped in a blanket of scam, but there are alt coins that are innovative. Bitcoin will fade for the same reasons that first-generation technologies always fade. The sooner the better.

Them's fightin' words.

Why in my day, we used AOL over dialup, watched our videos on VHS, and the only social network we needed was geocities, by gum. All these newfangled "improvements" just cause fragmentation and confusion!

40% every 30 days? So it compounds to 5,600% annually? That's worse hyper-inflation than XPY.

Market cap $34k. Daily volume of 1 (one) BTC. Down 95% from the peak. It appears to be a shitcoin even more pathetic than XPY.

Even more clearly here. "... a group of devs, under the management of Team Paycoin ..."

Total users over the ten years or whatever they've had that shopping site maybe. They probably have some misleading way they came up with that number. As opposed to JG's claim to have 100 million in the CAF, which was a number he pulled out of his ass and an outright lie.


The $1 guarantee makes sense when you read the fine print. Say you buy five coins at $0.2 each. Now you can go buy something for $100 and use those five coins at $1 each, but only at certain merchants. You've paid $96 for a $100 whatever.  Whoop-de-doo.  


I know that some people read it as promising 5x ROI, but in reality they aren't promising that when you read the fine print. They aren't promising that XPY will sell for $1 on any exchange, just that you can use them like coupons to get a small discount.

Correct me if I'm wrong and you can find them promising more than this. The way they market it is very misleading, probably intentionally so. Caveat emptor.

(1) Exaggeration and misleading claims vs. outright lies.

(2) A plausible mechanism to achieve the discount vs. claims that make no sense at all.

(3) Promised savings so small it's hard to understand why anyone finds it interesting, vs. big "get rich quick" promises.

They have an existing company that does some kind of lame price comparison service unrelated to crypto. Their claims about millions of customers and millions of dollars and so on are about that. Really underwhelming when you see what it actually is. I think it's probably not a scam in the criminal sense, just a dumb idea with aggressive marketing.

This one's even better:
https://github.com/GAWMiners/paycoin/graphs/contributors

You can see where the devs disappear. There's one little blip of recent development, but nobody to roll out a new wallet with those fixes.

EDIT: You can also click through to see what that most recent development consists of. It turns off the checkpoint warning; someone earlier posted that it does this by turning off checkpointing entirely. It updates some version numbers and stuff like that. Nothing of any real significance whatsoever.

"It isn't finished yet" LOL

Not sure if you're joking (Josh actually has a horrible track record for keeping promises) but the buyback program has been "postponed." And if they do let people sign up, where do you think the money is going to come from? They claimed to have $100 million in funding, but that was a lie. They have no way of making it work, which is probably why Josh is looking for every excuse to break that promise like so many others.

No, it's not being built. Their dev staff is gone. Some volunteer posted a change to the code to get rid of that warning message that's been there for weeks, but nobody is around to roll out a new wallet. Josh keeps trying to get the community to build things for him, with the sort of half-assed results you'd expect. There was never any CAF funding. Their revenue streams are drying up. He's happy to make empty promises, like a $10 Amazon gift card for 1 XPY, and then do nothing, just to keep stringing people along.

Overstock taking bitcoin was big news, and gave btc a bit of a boost at the time. But that's BTC, and a CEO of Overstock who is a strong believer in BTC.

No large and widely-known merchant is going to accept XPY directly. No company with a reputation to uphold is going to want to be associated with XPY. No company looking to accept crypto is going to start with an obscure and trouble alt coin like XPY.

If a large-ish and somewhat obscure company accepts XPY indirectly via something like the zincsave browser plugin, with a 10% bonus that GAW probably scrapes from a large buy/sell spread, it's not even worth a yawn.

I don't suppose you have a source for that claim?

That's actually a coherent comment. Who are you, and what have you done with dave01? :-)

The bank fees that affect merchants are credit card fees. Merchants could accept BTC to avoid credit card fees, and that's a clear advantage. They also avoid chargebacks that way. And yet they aren't rushing to accept BTC. How much less likely is it that they would accept some obscure alt coin like XPY?

A merchant of any size doesn't pay bank fees other than for credit cards. I just opened a new business account at the local bank, with zero fees for $50 min balance. Checking + debit card. Huge fees for credit cards though, that's where they get you.

Merchants who accept crypto will, with few exceptions, immediately sell it for fiat. Their suppliers want to be paid in fiat. Their utilities and mortgages and rents have to be paid in fiat. Their employees want to be paid in fiat. Taxes have to be paid in fiat.

And if the merchants immediately convert crypto to fiat, when you buy something with your crypto you're adding to selling volume. IOW, it's downward pressure on the price.

What Josh is suggesting that he'll offer is some merchant accepting XPY at 10% over market. Right now that's about $0.90 per paycoin. I doubt he can even accomplish that much, but time will tell.

The GAW/paybase story and the XPY story aren't the same things though. GAW and paybase are separate companies for that matter, so potentially they could let paybase go bankrupt and GAW could continue.

GAW/paybase are acting like they're on the verge of bankruptcy. Losing employees, doing nothing that costs them significant money, selling off assets, etc. But if closing down the mining got the SEC off their back, and their expenses are cut deeply enough, they could limp along for a while. Maybe long enough for GAW to kill the paybase LLC and launch some new scheme with a new LLC and a new audience of suckers. And probably a handful of the truly faithful suckers from HT.

But XPY as an alt coin might be around for years, deep down in the coinmarketcap list. Here's what the future of paycoin looks like:
http://www.reddit.com/r/virtacoin
http://coinmarketcap.com/currencies/virtacoin/

It's the remnant of a scam called VirtaPay/Virtacoin that made promises that might remind you of paycoin. For a while they were spamming every crypto reddit sub which is the only way they could get any attention. They have a handful of True Believers who try to get companies to accept the coin, etc. Delusion so thick you could cut it with a knife. Daily volume around twenty bucks.

+1

If it is a pen name he should be up front about that. Maybe he doesn't use a pen name because "Mike Johnson" is such a generic name. I don't really care. He's one of a very small number of people who are doing actual reporting, not just repeating things that others have written. When people attack him, and try to DDOS his site, and bury his comments in a flood of recycled memes, it's all happening because he's actually out there digging and finding things that other people don't want found.

Keep up the good work!

Josh may have something worked out to let the faithful spend XPY at some retailer with a 10% price discount (which he will probably squeeze out of the buy/sell spread or something) and he's happy to encourage wishful thinking about what that would mean to the price:



But when someone points out that it actually won't help the price, his real plan comes out: he's hoping that the "mentality" has changed so that if he finds a way to get the price to go up people won't dump again. So clueless.