Well there has been an increase of approx 1700 coins added to the network on the "test staking" or whatever the new excuse/reason is that GAWlets come up with.
I can't exactly say when hyperinflation will push the value into ever increasing zeros, but it will happen. There is no inflationary control mechanism in the code. The coins stake at the stated rates, compounding every time. Honestly I can't give exact numbers or percentages since the code was so poorly written.
XPY will survive for only as long as GAWlets are willing to pour money into it and for as long as people continue to ride the P&D waves.
Me personally, I rode the waves early while the hype machine was running at full force. Now that the machine is running out of gas and was never filled with oil I'm not going to care about any money I left "on the table" because I'm not going to be caught holding the bag when, not if but when, this, in my opinion, long con/scam comes to an end.
When the "Prime Controllers" start their staking there will be more coins in the XPY network than DOGE in a very short time frame.
The high-return stakers are all in GAW hands though, right? And I also believe that the 97% premine is in GAW hands since the "$100 million" investors don't really exist. So the vast majority of the coins aren't being traded. The 12 million coin premine isn't being traded, neither is what GAW mined in the POW phase, neither is what they've convinced people to lock up in stakers, neither is what people have stored in paybase. This explains why the price isn't falling more than it has. The number of shares actually being traded is a tiny, tiny fraction of the total number used to calculate the market cap. It could easily be under two hundred thousand coins actually in the market. But if so, then why create these inflationary stakers when the amounts they're creating are (for now) dwarfed by the millions of premined coins? The price would be way under a dollar if a significant fraction of those premined coins hit the market. Adding more coins when you already have more than you could ever sell makes no sense, and only hurts the coin as more people learn about the built-in hyperinflation. What am I missing? |
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Man... What is it with people named Josh involved with Bitcoin, and being such lying, unscrupulous sociopaths ? Do they really think their prior posts aren't going to come back to haunt them in the internet age ? AMT, Butterfly Labs, GAW... It really is uncanny. Hey guys, I'm still in contact with Josh.  Does anyone have screenshots or links to these claims? I'm pretty sure I've seen the screens posted here before but I'm too lazy to dig through the thread to find them. Thanks. *The "100m" thing is referring to the $100,000,000 funds raised for Paycoin's floor or something Sounds like he's fishing for supporting documentation and if it exists... He damn well knows what he said. To be fair, he probably doesn't. There is no single "true" narrative when the story changes every single day. I am sure Josh has no idea what was originally said. I do agree that he is just fishing ;p Let him though. Hard to imagine that this will not end with a court date. I picture him sitting around thinking of ideas, then announcing it publicly without any significant review, then the whole company swings into action to try to do damage control and to try to accomplish something that looks sort of like what he promised except they don't have the devs or budget to really do much. He sees paycoin revenues dropping, so he thinks hey, if they're out of bitcoins let's get some more money out of them by credit card. So he announces that they'll start accepting credit card purchases for xpy, there are screams from neighboring offices, people explain to him about how many chargebacks they'd get every time he breaks a promise, the team announces that they're going to need more time to work on fraud prevention (fraud = people getting their money back when what they were told they were buying turns out not to be true), and they they mostly just hope it will blow over. There's no grand plan, just someone looking for every possible way to squeeze more money out of his customer base, and boundless confidence that when the shit hits the fan he can talk his way out of it or come up with a new plan and keep the whole thing going. |
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This thread still has the potential to be good, but I think a few users are creating multiple accounts just to further stir it up.
Buckrogers came over here from HT and stirred things up, then posted something to hashtalk saying "look how awful those people are over there on bitcointalk". It's been pretty much non-stop since then, just the names keep changing. |
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This thread may not last long: https://hashtalk.org/topic/27761/what-and-why-is-this-address-so-important/Some people standing dangerously close to the truth over there: If this is a compounded 350% it means more than 3000% annually (non compounded equivalent) doesn't it?
And ... Wait, if it's 1% daily then you're right. That means 6 million XPY in Prime Nodes creates over 180 million of new coin every year for the hardcoded addresses.
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If this Paycoin becomes of some real practical use it should
sell for several dollars I guess and have a substantial market
cap. It remains to be seen.
are you crazy?  real practical use??? I could list a ton of other alt coin clones that can do the same dang thing as peecoin If they could get the international debit card thing working that could be something. To be fair I don't have any faith in it, but this is one the things where I wouldn't mind eating my words. Expectations are so low now that anything of any substance would do wonders to the exchange rate. Though that still doesn't solve the inflation issue, huge premine, and other problems. I have been a customer of ANXPro for almost a year and already have a global BTC based debit card that I can spend at Amazon, Target, etc etc. I can even pull cash out at any ATM worldwide. I believe they first released them back in October so it is nothing new and any fees are MUCH less than anything GAW has or will offer. In fact, they have a good holiday promo offering the cost of the card if you load at least 0.9 BTC to it within the first 30 days of the card order. From their FAQ it sounds like you add BTC to the card and it's converted to USD at the time you load it, as opposed to debiting your BTC account at the time of purchase. Is that right? If so it's more of a reloadable prepaid card than a debit card. They sell the BTC for you and load up a rebranded prepaid card with USD. Not that it's not convenient converting crypto to load prepaid cards isn't groundbreaking. A true debit card would be. |
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https://hashtalk.org/topic/27279/xpy-price-is-about-to-increase/4XPY Price is about to increase
hope the non believers are ready and the dumpers are ready to fail because when paybase allow us to buy xpy with credit (and hopefully debit and or bank transfer) then people will be buying it like crazy slowly clearing the selling order and driving up its value so what do yall think the price will be before todays over with my guess is round $15
And the comments. Wow. One, they're ready to go into deeper debt to buy more. Two, they think that giving GAW money in exchange for premined coins will in any way affect the price on the exchanges. Three, the paybase buy price is always higher than any of the exchanges so they're paying extra for this privilege.
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Well, you can buy a $500 Glock for 25 Paycoins ($170) at Meganet, right ?
Can you? I haven't seen a URL for Glocks at meganet, and when meganet first posted their $20/XPY offer some of the faithful commented that the only thing you can actually buy there (if you're not buying for a government agency or something) was a grossly overpriced flash drive. The whole meganet site looks so amateurish. Do they actually have contracts with the US govt to sell stuff? Yeesh. |
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Does anyone outside of the initial miners believe this will end up anything more than a few cents in 2015?
I do. I don't own any XPY, never have, never will. I think it's scammy as hell. But he's got a dedicated base of true believers. The number of coins actually available to trade is tiny and easy to manipulate. The market cap looks huge because it counts all the premine coins, so it looks a lot bigger than it really is. There will be some kind of pre-paid card or something, some lame shopping options. He just posted that he's going to integrate an exchange into paybase, which will make manipulation even easier and provide new sources of cash flow. Just because it's scammy doesn't mean it's a short-term pump and dump like so many alt coins with huge premines. This one's got legs. It's going to take some time to play out. |
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I've run this through google translate with the "bullshit to plain English" settings: There was only going to be a floor if people didn't try to sell,
so now I guess we just won't have one and it's your fault not mine.
Sincerely, Josh.
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This guy: https://hashtalk.org/topic/26888/paybase-launch-and-the-floor-the-maths-and-facts-behind-what-happened-last-night DEMOLISHES any claims that GAW tried in any significant way to put up a buy wall on cryptsy. At most it cost them something like 100k to get the price over $20 for a brief moment. (What's the easiest way to archive an article like this?) In "part 2" he's promising to address the selling volume on paybase. But let's preemptively note that if the $700/week limit at tier 1 were in place the selling volume on paybase would have been just a trickle. If there was major selling volume on paybase it was a stupid, stupid move on GAW's part to allow unlimited selling and hope the true believers would all stay true. I don't believe they put up any significant buy wall at $20 on paybase. Hardly anyone has posted that they sold at $20. I think I saw one person claiming it. |
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