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Author Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :)  (Read 3208123 times)
Snipe85
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November 26, 2014, 03:52:20 PM
 #1421

You havent been mining anything. Youre just being given points.. wake up

FUCK YOU!

That's right, show him! Let's use his language against him! Fight a spammer with more spam!  Grin

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kingcolex
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November 26, 2014, 03:53:27 PM
 #1422

I was talking about crypto as a whole, it will either die a fad or go mainstream

and what part of me being able to buy a coffee in my local cafe - with Bitcoin - is not already mainstream?
BTC is already mainstream, it is merely the greed which people hide behind that insists on them wanting more.

Josh insists that his shitcoin is going to put cryptocurrency into the mainstream.
I say, he trying to sell a clone of something which already has such successes.

from what I gather, the Paycoin protocol is a simple ripoff of the Mastercoin protocol.
there is nothing new here.

However, I did not know that it BFL was under criminal charges, this is news to me, and the same, with MtGox. I had thought they were under civil indictments.
Perhaps sometimes, when you live in a land which confuses criminality with civil complaint, it's easy to make that mistake.
"I can't breathe"
It isn't mainstream, I wouldn't say in mainstream until at least we get into the paypal area of use. I understand your local coffee shop accepts it but Starbucks, dunkin dnuts , panera, lilly,  tully's, Tim Hortons, Caribou coffee, The coffee bean, and Costa Coffee don't. Do you see where I am going with this? Yes were past the unknown stage but nowhere near main stream use and it isn't for being greedy it so we can have a time in a couple years where i can pay my bills in bitcoin and shop in bitcoin directly. A dual fiat/crypto economy.

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EQXhatter
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November 26, 2014, 03:59:45 PM
 #1423

I just dont get one thing. A lot of people here is saying it is scam because of the hashlets dont exists etc. But I see their business model in a different way, which tells a lot why they are hiding their minning adresses.

You don´t buy miner, which is pointed to the pool you choose (e.g. waffle, multi etc..). You just buy the calculation of payout GAW will pay you. I think they are pointing their mninig power on whatever pool they just find most profitable, they will earn more than your chosen payout is and keep the difference (plus the high fees). That is the way, they are not loosing if they have to pay customers one satoshi for "obsolete" miners (they just point the power to profitable pool, but you wont get anything from that). They just don´t want you to know, where they are mining or where the people they hired the power are mining. Because I can imagine all the angry customers, who say, that they paid for MH´s which are minning coins, but they dont get anything from that minning, just gaw get.

Is it clear what I have on mind?

Any antithesis to this? Can this be right or am I just another scammed customer Cheesy ? thank you

bumpershot
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November 26, 2014, 04:05:57 PM
 #1424

I just dont get one thing. A lot of people here is saying it is scam because of the hashlets dont exists etc. But I see their business model in a different way, which tells a lot why they are hiding their minning adresses.

You don´t buy miner, which is pointed to the pool you choose (e.g. waffle, multi etc..). You just buy the calculation of payout GAW will pay you. I think they are pointing their mninig power on whatever pool they just find most profitable, they will earn more than your chosen payout is and keep the difference (plus the high fees). That is the way, they are not loosing if they have to pay customers one satoshi for "obsolete" miners (they just point the power to profitable pool, but you wont get anything from that). They just don´t want you to know, where they are mining or where the people they hired the power are mining. Because I can imagine all the angry customers, who say, that they paid for MH´s which are minning coins, but they dont get anything from that minning, just gaw get.

Is it clear what I have on mind?

Any antithesis to this? Can this be right or am I just another scammed customer Cheesy ? thank you

No, you could be right. The problem if you're right is that instead of renting out mining power, they're possibly selling an unregistered security.
kingcolex
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November 26, 2014, 04:09:47 PM
 #1425

GAW has decent backing. This is the difference between their coin and any cheap altcoin anybody can make.
Unfortunately backing and advertising aren't the only factors needed for success.

Backing by whom?  Some anonymous partners that are hidden by a NDA?  Some big bank that wants to change the world?  Some people who believe that a product will have a $250 million market cap based on a terrible whitepaper with no technical information/code?

They have the money to promote it, that's for sure. Show me another altcoin, that started with a domain worth 1 million USD. They also have the hash to mine this coin, while other altcoins need people to point their own hash to the pool. And there's Cantor Fitzgerald.
Definitely has the backing to become a stronger alt than Doge, I think it could overtake Litecoin in use as well.

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welchy8764
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November 26, 2014, 04:14:19 PM
 #1426

You cant withdraw currently, "we are unable to process your transaction at this time" support tells me its a general issue will be fixed tomorrow

This issue has been on-going since the beginning. They will delay/hold/review any large withdrawl. so when removing bitcoin use small amount under 2 btc and do several. Keep trying the withdrawl several times. I dont know what they're going to do when several thousand transactions occur at the same time, they can't manage their current system. I also wonder how much time has been invested in the current system since Paycoin has been announced. If the past is any indication the current system will die a slow death and everyone will be forced on paycoin pool.
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November 26, 2014, 04:15:13 PM
 #1427

I just dont get one thing. A lot of people here is saying it is scam because of the hashlets dont exists etc. But I see their business model in a different way, which tells a lot why they are hiding their minning adresses.

You don´t buy miner, which is pointed to the pool you choose (e.g. waffle, multi etc..). You just buy the calculation of payout GAW will pay you. I think they are pointing their mninig power on whatever pool they just find most profitable, they will earn more than your chosen payout is and keep the difference (plus the high fees). That is the way, they are not loosing if they have to pay customers one satoshi for "obsolete" miners (they just point the power to profitable pool, but you wont get anything from that). They just don´t want you to know, where they are mining or where the people they hired the power are mining. Because I can imagine all the angry customers, who say, that they paid for MH´s which are minning coins, but they dont get anything from that minning, just gaw get.

Is it clear what I have on mind?

Any antithesis to this? Can this be right or am I just another scammed customer Cheesy ? thank you



If that is true, why aren't they showing us the hashpower? the entire point of bitcoin is that everything is recorded on a public ledger. If they are mining coins, there is a public record of it, and them showing it would end all of the speculation. Show us the freshly mined coins.

There have been lots of scams in bitcoin, all of them could have been avoided if people asked for proof of what was happening. No one should believe someone is mining without seeing the proof on the blockchain. If you don't believe GAW is mining why are you paying them to mine for you?
raskul
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November 26, 2014, 04:16:08 PM
 #1428

I was talking about crypto as a whole, it will either die a fad or go mainstream

and what part of me being able to buy a coffee in my local cafe - with Bitcoin - is not already mainstream?
BTC is already mainstream, it is merely the greed which people hide behind that insists on them wanting more.

Josh insists that his shitcoin is going to put cryptocurrency into the mainstream.
I say, he trying to sell a clone of something which already has such successes.

from what I gather, the Paycoin protocol is a simple ripoff of the Mastercoin protocol.
there is nothing new here.

However, I did not know that it BFL was under criminal charges, this is news to me, and the same, with MtGox. I had thought they were under civil indictments.
Perhaps sometimes, when you live in a land which confuses criminality with civil complaint, it's easy to make that mistake.
"I can't breathe"
It isn't mainstream, I wouldn't say in mainstream until at least we get into the paypal area of use. I understand your local coffee shop accepts it but Starbucks, dunkin dnuts , panera, lilly,  tully's, Tim Hortons, Caribou coffee, The coffee bean, and Costa Coffee don't. Do you see where I am going with this? Yes were past the unknown stage but nowhere near main stream use and it isn't for being greedy it so we can have a time in a couple years where i can pay my bills in bitcoin and shop in bitcoin directly. A dual fiat/crypto economy.

Fair enough, and forgive me if you felt i was insinuating that you were greedy in any way, this was not my intent. I do think that there is a long way to go before we see mass acceptance, but I'm not sure it will ever be in my lifetime. I am confident that it will happen, but there is - fortunately for those of us on the greyer side of the barber seat, something slightly encouraging that small retailers are happy to accept Bitcoin. It's enough for me, and it's a starting block to build on. Every day the technology behind Bitcoin in improving and there are easier ways to use it as a spendable currency. Understanding is another obstacle which needs to be overcome, and simply designing a clone, or piggy-backing on an already designed protocol to create a competitor to Bitcoin is in no way going to help cryptocurrencies in any way. Instead of trying to out-Bitcoin Bitcoin, GAW should have concentrated on building what is already available. The Mastercoin protocol is a great idea for things like loyalty coupons and company-specific rewards programs, but to try and start from scratch, something new which they think will outperform the 'old original' is very narrow minded, and will do more harm, than good.
Again, speaking personally, i'm quite content at where BTC is at the moment - the price is good - the availability of it is good - and my undetstanding of it (though not total) is also good enough for me. For that reason, i'm going to stick with what I have 1BTC = 1BTC but 1PAYCOIN = 1GAWPROFIT and not much else.

tips    1APp826DqjJBdsAeqpEstx6Q8hD4urac8a
bumpershot
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November 26, 2014, 04:16:35 PM
 #1429

GAW has decent backing. This is the difference between their coin and any cheap altcoin anybody can make.
Unfortunately backing and advertising aren't the only factors needed for success.

Backing by whom?  Some anonymous partners that are hidden by a NDA?  Some big bank that wants to change the world?  Some people who believe that a product will have a $250 million market cap based on a terrible whitepaper with no technical information/code?

They have the money to promote it, that's for sure. Show me another altcoin, that started with a domain worth 1 million USD. They also have the hash to mine this coin, while other altcoins need people to point their own hash to the pool. And there's Cantor Fitzgerald.


I agree there's some solid backing here, but Cantor Fitzgerald isn't part of it. It's a guy who works for Cantor Fitzgerald. The press release from GAW is very clear about this.
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November 26, 2014, 04:21:01 PM
 #1430

They did not buy physical miners. They bought bulk hashing power at a discount and re-sold it at a profit. Any idiot with a few dollars can do that.

Do you honestly believe this?

You've made some good points and we agree on several fronts, but if you stand by the above claim with no proof to back it up (and "proof" exists to the contrary) then you've gone down a road I can't follow.

Does Bitmain even rent their gear?  The statement was that GAW purchased 5 PH and Bitmain confirmed it.  Occam's Razor time.

I can guarantee you with certainty that they will not and never will take delivery of 5 PH physical miners.

Not sure how you can be so certain, but here is one interesting detail. Those S4s they've been selling on oneminer.com - one of my customers purchased a couple and said they arrived from Hattiesburg MS, seemed to be slightly used, and had GAW's proxy servers in the pool settings. He didn't think of taking a screenshot but apparently there was nothing interesting there anyway (no BTC addresses). Not quite clear why they are selling off those miners but "Bitmain Antminer S4 2 TH/s Shipped (NEW)" it ain't Smiley.

Also, you can get these miners (really brand new) from bitmaintech right now, with shipping for 1010.99, shipped in 48 hours via ups.
kingcolex
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November 26, 2014, 04:27:52 PM
 #1431

I was talking about crypto as a whole, it will either die a fad or go mainstream

and what part of me being able to buy a coffee in my local cafe - with Bitcoin - is not already mainstream?
BTC is already mainstream, it is merely the greed which people hide behind that insists on them wanting more.

Josh insists that his shitcoin is going to put cryptocurrency into the mainstream.
I say, he trying to sell a clone of something which already has such successes.

from what I gather, the Paycoin protocol is a simple ripoff of the Mastercoin protocol.
there is nothing new here.

However, I did not know that it BFL was under criminal charges, this is news to me, and the same, with MtGox. I had thought they were under civil indictments.
Perhaps sometimes, when you live in a land which confuses criminality with civil complaint, it's easy to make that mistake.
"I can't breathe"
It isn't mainstream, I wouldn't say in mainstream until at least we get into the paypal area of use. I understand your local coffee shop accepts it but Starbucks, dunkin dnuts , panera, lilly,  tully's, Tim Hortons, Caribou coffee, The coffee bean, and Costa Coffee don't. Do you see where I am going with this? Yes were past the unknown stage but nowhere near main stream use and it isn't for being greedy it so we can have a time in a couple years where i can pay my bills in bitcoin and shop in bitcoin directly. A dual fiat/crypto economy.

Fair enough, and forgive me if you felt i was insinuating that you were greedy in any way, this was not my intent. I do think that there is a long way to go before we see mass acceptance, but I'm not sure it will ever be in my lifetime. I am confident that it will happen, but there is - fortunately for those of us on the greyer side of the barber seat, something slightly encouraging that small retailers are happy to accept Bitcoin. It's enough for me, and it's a starting block to build on. Every day the technology behind Bitcoin in improving and there are easier ways to use it as a spendable currency. Understanding is another obstacle which needs to be overcome, and simply designing a clone, or piggy-backing on an already designed protocol to create a competitor to Bitcoin is in no way going to help cryptocurrencies in any way. Instead of trying to out-Bitcoin Bitcoin, GAW should have concentrated on building what is already available. The Mastercoin protocol is a great idea for things like loyalty coupons and company-specific rewards programs, but to try and start from scratch, something new which they think will outperform the 'old original' is very narrow minded, and will do more harm, than good.
Again, speaking personally, i'm quite content at where BTC is at the moment - the price is good - the availability of it is good - and my undetstanding of it (though not total) is also good enough for me. For that reason, i'm going to stick with what I have 1BTC = 1BTC but 1PAYCOIN = 1GAWPROFIT and not much else.
I totally agree but I think GAW isn't just doing this as a short term profit maker, I think there idea is if they can create a coin that is tied to their company (still open source) they can have all the third parties run though them making them the profit (such as the debit card instant exchange fee, the fees for buying and selling on Paybase, and other utilities). They didn't make the coin to profit off it directly but to be a sort of monopoly of fees on the uses, they could have done this with bitcoin but there are too many other companies that would make it hard for them to compete and they wouldn't be able to make the profits they could with Paycoin. This is why i don't see Gaw as scamming people (this is my personal view) they're spending too much building and developing the coin to reap long term benefits and work over ton of cash, they aren't going to screw it up for 1000btc even.

I tell people to diversify and that's what I am doing because keeping all your eggs in one basket is too risky.

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November 26, 2014, 04:28:34 PM
 #1432

Paycoin paypal
Paybase Coinbase

Who else will they try to impersonate?

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November 26, 2014, 04:29:42 PM
 #1433

GAW has decent backing. This is the difference between their coin and any cheap altcoin anybody can make.
Unfortunately backing and advertising aren't the only factors needed for success.

Backing by whom?  Some anonymous partners that are hidden by a NDA?  Some big bank that wants to change the world?  Some people who believe that a product will have a $250 million market cap based on a terrible whitepaper with no technical information/code?

They have the money to promote it, that's for sure. Show me another altcoin, that started with a domain worth 1 million USD. They also have the hash to mine this coin, while other altcoins need people to point their own hash to the pool. And there's Cantor Fitzgerald.


You mean the $1 million btc.com domain?  Why pay that much money for a domain of a coin that you will never use?

Also, if you are creating a new coin, you don't need much hash to start with.  For most of 2009, Satoshi solo mined using a 10 mh/s cpu with SHA256.  

If GAW is really creating a new coin, controller all of the miners, in charge of merchant integration, and coin source, then why have massive hashing power competing with itself?  Why not just have each 'prime' be 1 hash/s for whatever logarithm you want (sha265 or scrypt) and call it good?

As far as Cantor Fitzgerald, show us an actual statement from the company that they are working with GAW.  Even a 1 line verification saying "We, Cantor Fitzgerald, are working with GAW on a cryptocurrency project" will be satisfactory.
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November 26, 2014, 04:31:10 PM
 #1434

Paycoin paypal
Paybase Coinbase

Who else will they try to impersonate?

PayBay.com
PayChain.info
PayPay.com

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November 26, 2014, 04:31:40 PM
 #1435

Gaw has gone full ponzi. They sold whatever hashing they have for cash. Selling you premined paycoin then good bye. Happens every time. He's already getting you used to little "delays" just like every hyip scam.

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November 26, 2014, 04:34:14 PM
 #1436

Paycoin paypal
Paybase Coinbase

Who else will they try to impersonate?
Really were at the point of saying using the word Pay is impersonation for a payment system?

(paybase and coinbase i feel you there)

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November 26, 2014, 04:36:02 PM
 #1437

I was talking about crypto as a whole, it will either die a fad or go mainstream

and what part of me being able to buy a coffee in my local cafe - with Bitcoin - is not already mainstream?
BTC is already mainstream, it is merely the greed which people hide behind that insists on them wanting more.

Josh insists that his shitcoin is going to put cryptocurrency into the mainstream.
I say, he trying to sell a clone of something which already has such successes.

from what I gather, the Paycoin protocol is a simple ripoff of the Mastercoin protocol.
there is nothing new here.

However, I did not know that it BFL was under criminal charges, this is news to me, and the same, with MtGox. I had thought they were under civil indictments.
Perhaps sometimes, when you live in a land which confuses criminality with civil complaint, it's easy to make that mistake.
"I can't breathe"
It isn't mainstream, I wouldn't say in mainstream until at least we get into the paypal area of use. I understand your local coffee shop accepts it but Starbucks, dunkin dnuts , panera, lilly,  tully's, Tim Hortons, Caribou coffee, The coffee bean, and Costa Coffee don't. Do you see where I am going with this? Yes were past the unknown stage but nowhere near main stream use and it isn't for being greedy it so we can have a time in a couple years where i can pay my bills in bitcoin and shop in bitcoin directly. A dual fiat/crypto economy.

Fair enough, and forgive me if you felt i was insinuating that you were greedy in any way, this was not my intent. I do think that there is a long way to go before we see mass acceptance, but I'm not sure it will ever be in my lifetime. I am confident that it will happen, but there is - fortunately for those of us on the greyer side of the barber seat, something slightly encouraging that small retailers are happy to accept Bitcoin. It's enough for me, and it's a starting block to build on. Every day the technology behind Bitcoin in improving and there are easier ways to use it as a spendable currency. Understanding is another obstacle which needs to be overcome, and simply designing a clone, or piggy-backing on an already designed protocol to create a competitor to Bitcoin is in no way going to help cryptocurrencies in any way. Instead of trying to out-Bitcoin Bitcoin, GAW should have concentrated on building what is already available. The Mastercoin protocol is a great idea for things like loyalty coupons and company-specific rewards programs, but to try and start from scratch, something new which they think will outperform the 'old original' is very narrow minded, and will do more harm, than good.
Again, speaking personally, i'm quite content at where BTC is at the moment - the price is good - the availability of it is good - and my undetstanding of it (though not total) is also good enough for me. For that reason, i'm going to stick with what I have 1BTC = 1BTC but 1PAYCOIN = 1GAWPROFIT and not much else.
I totally agree but I think GAW isn't just doing this as a short term profit maker, I think there idea is if they can create a coin that is tied to their company (still open source) they can have all the third parties run though them making them the profit (such as the debit card instant exchange fee, the fees for buying and selling on Paybase, and other utilities). They didn't make the coin to profit off it directly but to be a sort of monopoly of fees on the uses, they could have done this with bitcoin but there are too many other companies that would make it hard for them to compete and they wouldn't be able to make the profits they could with Paycoin. This is why i don't see Gaw as scamming people (this is my personal view) they're spending too much building and developing the coin to reap long term benefits and work over ton of cash, they aren't going to screw it up for 1000btc even.

I tell people to diversify and that's what I am doing because keeping all your eggs in one basket is too risky.

yeah, i'm not usually so against entrepreneurial endeavours, it's good to see new businesses evolve in the crypto-world, however... the one word that gives me the heebie-jeebies in your comment is 'monopoly'. For that single reason, which is evidently the purpose of GAW, it's not something that I would consider, and for that reason alone, is why I will continue to actively persuade people not to put money into this. It flies in the face of everything that cryptocurrencies stand for.

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November 26, 2014, 04:41:50 PM
 #1438

I was talking about crypto as a whole, it will either die a fad or go mainstream

and what part of me being able to buy a coffee in my local cafe - with Bitcoin - is not already mainstream?
BTC is already mainstream, it is merely the greed which people hide behind that insists on them wanting more.

Josh insists that his shitcoin is going to put cryptocurrency into the mainstream.
I say, he trying to sell a clone of something which already has such successes.

from what I gather, the Paycoin protocol is a simple ripoff of the Mastercoin protocol.
there is nothing new here.

However, I did not know that it BFL was under criminal charges, this is news to me, and the same, with MtGox. I had thought they were under civil indictments.
Perhaps sometimes, when you live in a land which confuses criminality with civil complaint, it's easy to make that mistake.
"I can't breathe"
It isn't mainstream, I wouldn't say in mainstream until at least we get into the paypal area of use. I understand your local coffee shop accepts it but Starbucks, dunkin dnuts , panera, lilly,  tully's, Tim Hortons, Caribou coffee, The coffee bean, and Costa Coffee don't. Do you see where I am going with this? Yes were past the unknown stage but nowhere near main stream use and it isn't for being greedy it so we can have a time in a couple years where i can pay my bills in bitcoin and shop in bitcoin directly. A dual fiat/crypto economy.

Fair enough, and forgive me if you felt i was insinuating that you were greedy in any way, this was not my intent. I do think that there is a long way to go before we see mass acceptance, but I'm not sure it will ever be in my lifetime. I am confident that it will happen, but there is - fortunately for those of us on the greyer side of the barber seat, something slightly encouraging that small retailers are happy to accept Bitcoin. It's enough for me, and it's a starting block to build on. Every day the technology behind Bitcoin in improving and there are easier ways to use it as a spendable currency. Understanding is another obstacle which needs to be overcome, and simply designing a clone, or piggy-backing on an already designed protocol to create a competitor to Bitcoin is in no way going to help cryptocurrencies in any way. Instead of trying to out-Bitcoin Bitcoin, GAW should have concentrated on building what is already available. The Mastercoin protocol is a great idea for things like loyalty coupons and company-specific rewards programs, but to try and start from scratch, something new which they think will outperform the 'old original' is very narrow minded, and will do more harm, than good.
Again, speaking personally, i'm quite content at where BTC is at the moment - the price is good - the availability of it is good - and my undetstanding of it (though not total) is also good enough for me. For that reason, i'm going to stick with what I have 1BTC = 1BTC but 1PAYCOIN = 1GAWPROFIT and not much else.
I totally agree but I think GAW isn't just doing this as a short term profit maker, I think there idea is if they can create a coin that is tied to their company (still open source) they can have all the third parties run though them making them the profit (such as the debit card instant exchange fee, the fees for buying and selling on Paybase, and other utilities). They didn't make the coin to profit off it directly but to be a sort of monopoly of fees on the uses, they could have done this with bitcoin but there are too many other companies that would make it hard for them to compete and they wouldn't be able to make the profits they could with Paycoin. This is why i don't see Gaw as scamming people (this is my personal view) they're spending too much building and developing the coin to reap long term benefits and work over ton of cash, they aren't going to screw it up for 1000btc even.

I tell people to diversify and that's what I am doing because keeping all your eggs in one basket is too risky.

yeah, i'm not usually so against entrepreneurial endeavours, it's good to see new businesses evolve in the crypto-world, however... the one word that gives me the heebie-jeebies in your comment is 'monopoly'. For that single reason, which is evidently the purpose of GAW, it's not something that I would consider, and for that reason alone, is why I will continue to actively persuade people not to put money into this. It flies in the face of everything that cryptocurrencies stand for.

you are 100% right buddy! if there is going to be a monopoly in crypto currencies then there is no point to adopt crypto currencies. just stick with our bank !!
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November 26, 2014, 04:43:03 PM
 #1439

I was talking about crypto as a whole, it will either die a fad or go mainstream

and what part of me being able to buy a coffee in my local cafe - with Bitcoin - is not already mainstream?
BTC is already mainstream, it is merely the greed which people hide behind that insists on them wanting more.

Josh insists that his shitcoin is going to put cryptocurrency into the mainstream.
I say, he trying to sell a clone of something which already has such successes.

from what I gather, the Paycoin protocol is a simple ripoff of the Mastercoin protocol.
there is nothing new here.

However, I did not know that it BFL was under criminal charges, this is news to me, and the same, with MtGox. I had thought they were under civil indictments.
Perhaps sometimes, when you live in a land which confuses criminality with civil complaint, it's easy to make that mistake.
"I can't breathe"
It isn't mainstream, I wouldn't say in mainstream until at least we get into the paypal area of use. I understand your local coffee shop accepts it but Starbucks, dunkin dnuts , panera, lilly,  tully's, Tim Hortons, Caribou coffee, The coffee bean, and Costa Coffee don't. Do you see where I am going with this? Yes were past the unknown stage but nowhere near main stream use and it isn't for being greedy it so we can have a time in a couple years where i can pay my bills in bitcoin and shop in bitcoin directly. A dual fiat/crypto economy.

Fair enough, and forgive me if you felt i was insinuating that you were greedy in any way, this was not my intent. I do think that there is a long way to go before we see mass acceptance, but I'm not sure it will ever be in my lifetime. I am confident that it will happen, but there is - fortunately for those of us on the greyer side of the barber seat, something slightly encouraging that small retailers are happy to accept Bitcoin. It's enough for me, and it's a starting block to build on. Every day the technology behind Bitcoin in improving and there are easier ways to use it as a spendable currency. Understanding is another obstacle which needs to be overcome, and simply designing a clone, or piggy-backing on an already designed protocol to create a competitor to Bitcoin is in no way going to help cryptocurrencies in any way. Instead of trying to out-Bitcoin Bitcoin, GAW should have concentrated on building what is already available. The Mastercoin protocol is a great idea for things like loyalty coupons and company-specific rewards programs, but to try and start from scratch, something new which they think will outperform the 'old original' is very narrow minded, and will do more harm, than good.
Again, speaking personally, i'm quite content at where BTC is at the moment - the price is good - the availability of it is good - and my undetstanding of it (though not total) is also good enough for me. For that reason, i'm going to stick with what I have 1BTC = 1BTC but 1PAYCOIN = 1GAWPROFIT and not much else.
I totally agree but I think GAW isn't just doing this as a short term profit maker, I think there idea is if they can create a coin that is tied to their company (still open source) they can have all the third parties run though them making them the profit (such as the debit card instant exchange fee, the fees for buying and selling on Paybase, and other utilities). They didn't make the coin to profit off it directly but to be a sort of monopoly of fees on the uses, they could have done this with bitcoin but there are too many other companies that would make it hard for them to compete and they wouldn't be able to make the profits they could with Paycoin. This is why i don't see Gaw as scamming people (this is my personal view) they're spending too much building and developing the coin to reap long term benefits and work over ton of cash, they aren't going to screw it up for 1000btc even.

I tell people to diversify and that's what I am doing because keeping all your eggs in one basket is too risky.

yeah, i'm not usually so against entrepreneurial endeavours, it's good to see new businesses evolve in the crypto-world, however... the one word that gives me the heebie-jeebies in your comment is 'monopoly'. For that single reason, which is evidently the purpose of GAW, it's not something that I would consider, and for that reason alone, is why I will continue to actively persuade people not to put money into this. It flies in the face of everything that cryptocurrencies stand for.
Now here's the thing they're not forcing a monopoly but pretty much guaranteeing them the first place use, say Paycoin is a hit, they will have competition come along to be payment processors and third party uses, their challenge will be that GAW has been a step ahead, it just really ends up on mattering if its a hit or not if there will be a true monopoly (which of course would be bad). If Paycoin is a hit you will have the big Bitcoin companies able to come in and quickly roll out a Paycoin solution that would try and challenge GAW but i don't think they would be able to overtake them for the Starting advantage gaw has.

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November 26, 2014, 04:44:33 PM
 #1440

Paycoin paypal
Paybase Coinbase

Who else will they try to impersonate?
Really were at the point of saying using the word Pay is impersonation for a payment system?

(paybase and coinbase i feel you there)

Yeah when they put their logo next to it every time

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