A check on Hashcoin

[Bourbon44]

So, I'm pretty big (at least for me) in GAW and I noticed something kind of concerning given the recent announcement of hashcoin.  I check the champions list from time to time, and since that announcement after purchasing only one additional prime, I have shot up in the champions list ranking from around the 450s to the 390s.  Obviously this means that people with larger investments are selling.

I post here simply to avoid the "thats GAWsome" sycophant crowd over at halshtalk.  I haven't really had many complaints with GAW thus far and I'm not trying to spread FUD, but it seems like there are a lot of questions that aren't being asked or answered over there.

There is the claim that Amazon, Walmart, etc. are in line to accept these hashcoins.  Wouldn't one expect there to be big news if this was actually happening... I mean even people that don't follow bitcoin know that overstock accepts bitcoin.  I haven't heard anything outside of what's been said by the fearless leader over at GAW.

Secondly, there is the claim that the ICO will be at $20 and those of us mining hashpoints will be able to purchase at $4.  Is a savvy investor really going to pay $20 or a merchant value a form of payment at $20, knowing that the user only paid $4 a short time before?

Again, I'm not trying to spread FUD.  I want this thing to take off just as much as the next and admittedly the white paper hasn't yet been released.  But, something just seems a little off with this whole thing.  I've always heard that if something is too good to be true then it probably is.  This is how this is beginning to feel.

Does anyone else have any thoughts or concerns? 

[rokkyroad]

You know what they say " If it sounds to good to be true..."

The whole thing sounds ambiguous right now. I wonder when they will release the "major retailers" and "credit card companies" info? After the IPO?

I'm not happy with this new wave of IPOs. Most are quick rich schemes and a license to steal.

Questions&Answers at 10 pm EST I hear.

[Bansheroom]

So, I'm pretty big (at least for me) in GAW and I noticed something kind of concerning given the recent announcement of hashcoin.  I check the champions list from time to time, and since that announcement after purchasing only one additional prime, I have shot up in the champions list ranking from around the 450s to the 390s.  Obviously this means that people with larger investments are selling.

I think many of them got their primes for 9$ (converted vaultbreakers) or 15$ (early adopters). They got 400-500% + what they mined in that time, so selling some part to take profit is normal for me.

I post here simply to avoid the "thats GAWsome" sycophant crowd over at halshtalk.  I haven't really had many complaints with GAW thus far and I'm not trying to spread FUD, but it seems like there are a lot of questions that aren't being asked or answered over there.

There is the claim that Amazon, Walmart, etc. are in line to accept these hashcoins.  Wouldn't one expect there to be big news if this was actually happening... I mean even people that don't follow bitcoin know that overstock accepts bitcoin.  I haven't heard anything outside of what's been said by the fearless leader over at GAW.

They will hand out some sort of credit card thats paid with hashcoin. Amazon and others have to accept this card only, no big deal.

Secondly, there is the claim that the ICO will be at $20 and those of us mining hashpoints will be able to purchase at $4.  Is a savvy investor really going to pay $20 or a merchant value a form of payment at $20, knowing that the user only paid $4 a short time before?

Again, I'm not trying to spread FUD.  I want this thing to take off just as much as the next and admittedly the white paper hasn't yet been released.  But, something just seems a little off with this whole thing.  I've always heard that if something is too good to be true then it probably is.  This is how this is beginning to feel.

Does anyone else have any thoughts or concerns?  

Just sound too good to be true if you overlook some things.

The 4$ ICO is buyable with HashPoints only.
FIAT ICO for Haspoints will be 20$.
Hashpoints are only available in a very limited number.
Only the best / oldest / most helpful members get / have many hashpoints.

Think of it as some sort of a stock dividend for gaws best customers.

We will see in about 7 hours:

http://hashcoin.com/

[Bansheroom]

You know what they say " If it sounds to good to be true..."

The whole thing sounds ambiguous right now. I wonder when they will release the "major retailers" and "credit card companies" info? After the IPO?

I'm not happy with this new wave of IPOs. Most are quick rich schemes and a license to steal.

Questions&Answers at 10 pm EST I hear.

They already said that this info is revealed before the public ICO.

There is a new wave of ICOs fro multimillion dollar companies? I must have missed that.

[rokkyroad]

You know what they say " If it sounds to good to be true..."

The whole thing sounds ambiguous right now. I wonder when they will release the "major retailers" and "credit card companies" info? After the IPO?

I'm not happy with this new wave of IPOs. Most are quick rich schemes and a license to steal.

Questions&Answers at 10 pm EST I hear.

They already said that this info is revealed before the public ICO.

There is a new wave of ICOs fro multimillion dollar companies? I must have missed that.

I did not say there was a new wave of "ICOs fro multimillion dollar companies".

Thankyou for clarifying the pertinent info will be released before the *public* ICO.

Don't blame me for being skeptical in today's marketplace.

[Bansheroom]

You know what they say " If it sounds to good to be true..."

The whole thing sounds ambiguous right now. I wonder when they will release the "major retailers" and "credit card companies" info? After the IPO?

I'm not happy with this new wave of IPOs. Most are quick rich schemes and a license to steal.

Questions&Answers at 10 pm EST I hear.

They already said that this info is revealed before the public ICO.

There is a new wave of ICOs fro multimillion dollar companies? I must have missed that.

I did not say there was a new wave of "ICOs fro multimillion dollar companies".

Thankyou for clarifying the pertinent info will be released before the *public* ICO.

Don't blame me for being skeptical in today's marketplace.

I dont blame you, just this ICO has zero todo with all these tiny and shady ICOs we have seen the last months.
Im tired of them too.

[Ustler]

Lets look at some concerning items:

*GAW is incorporated in the US and subject to US regulations (BSA/AML, etc)
*GAW is based in the CT, but isn't licensed as a Money Transmitter with the state.
*This ICO can be viewed as a sale of securities and may be within the jurisdiction of the SEC.
*GAW, in their FAQ, states that they would act as a central bank for this currency. Even stating that as the central bank, in the event that the currency is lost due to death, they would be able to recover it and pass in on to the persons heirs.
*GAW states that market analysis and big banks are involved (We haven't seen US Banks open about Cryptocurrency due to regulation fears)
*FinCEN letter located here (sort of a long read) describes another issue http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf

The above leave me to wonder if this will end with a bunch of men in suites carrying out boxes from a shady looking office somewhere.

No, im not hating or against GAW_CEO.. Just concerned..

[kcheel]

So, I'm pretty big (at least for me) in GAW and I noticed something kind of concerning given the recent announcement of hashcoin.  I check the champions list from time to time, and since that announcement after purchasing only one additional prime, I have shot up in the champions list ranking from around the 450s to the 390s.  Obviously this means that people with larger investments are selling.

Not saying this isn't true, as I don't watch the list every day but I also check it out at least a couple of times a week.  I have had 203 Primes pretty much since the beginning of them selling Hashlets and have always been around the 400 range.  I have picked up another 5 over the last week or so and now sit at #427 in the Champions list.  So I had the opposite conclusion that you have had.

[Ustler]

Don't fully understand how this changes the industry.

It's centralized. Best part about bitcoin is it's decentralized.

No announced governing body (maybe GAW_CEO?)

[Ustler]

I will also note, if you ask tough questions on HashTalk, they seem to disappear. Maybe it's just me though

[rokkyroad]

Don't fully understand how this changes the industry.

It's centralized. Best part about bitcoin is it's decentralized.

No announced governing body (maybe GAW_CEO?)

Hashcoin will be extremely centralized.  Not sure how the banking will play out. Is GAW big enough with enough credibility to handle the "bank" is another question.

How has decentralization with btc worked out so far? Not so great. We still have banks and exchanges running the show for the most part. I'm wondering how much scams and thievery have hurt the decentralization idea?

Governments, laws, rules, and regulations came about because we cannot exist without them and still have a civilized society. Look at the wild west of cryptocurrencies.
I digress. Sorry.

[dmz241]

While we wait for whitepaper. Lets not get ahead of ourselves. I am mining for hashcoin but I dought be that successful. They initially said that target amazon walmart will be in on this. But today he was saying to get these retailers in we need to provide stabilty which suggests that they are not on. Then the debit card seems non visa master card do its more like a points card. I am still on this as I think with no maintenance fee its better to mine this right now.

[Will-o-the-wisp]

Whitepaper is up. Not sure what I make of it tbh. Seems like a lot of razzmatazz, I'm not sure there's enough substance.

https://hashcoin.com/white-paper

[dmz241]

weird for them to put it in sha256... I was expecting more x11 or something like that. I mean their primes can only do scrypt right now then how do they expect to compete 1mhs of primes vs whats out their in the sha256 world....

[WalterM]

If it's really that big why not name the bank(s) involved and tell which retailers will join...

They were clear it's mainly an US operation. Might indeed be some sort of shop reward card system with mined coins attached.

There's going to be an Q&A later today, let's hope they give some clarity.