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Author Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :)  (Read 3202181 times)
Chris_Sabian
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November 17, 2014, 04:21:00 PM
 #201

Let's get this straight.

Satoshi works on bitcoin code since sometime in 2007 and releases bitcoin live in early 2009.  It takes a to mid 2010 for coins to be worth more than electricity cost to generate them.  Almost 6 years into bitcoin, bitcoin has a market cap of $5 billion.  The bitcoin code is validated and updated by a decentralized community.

Josh / GAW creates a 'Hashcoin' in the last few months, it solves no major problem but to generate 'value' for the people creating hashcoins.  The code is unknown.  The whitepaper is being changed almost daily.  Hashcoin is suppose to go live in a few weeks with 'major companies' accepting it and giving Hashcoin a market cap of a few hundred million to few billion.


*EDIT*

"Hashcoin will be starting with $250,000,000 USD marketcap + $100mm in reserves"

https://twitter.com/gawceo/status/534235438337118208
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November 17, 2014, 04:23:41 PM
 #202

Let's get this straight.

Satoshi works on bitcoin code since sometime in 2007 and releases bitcoin live in early 2009.  It takes a to mid 2010 for coins to be worth more than electricity cost to generate them.  Almost 6 years into bitcoin, bitcoin has a market cap of $5 billion.  The bitcoin code is validated and updated by a decentralized community.

Josh / GAW creates a 'Hashcoin' in the last few months, it solves no major problem but to generate 'value' for the people creating hashcoins.  The code is unknown.  The whitepaper is being changed almost daily.  Hashcoin is suppose to go live in a few weeks with 'major companies' accepting it and giving Hashcoin a market cap of a few hundred million to few billion.


*EDIT*

"Hashcoin will be starting with $250,000,000 USD marketcap + $100mm in reserves"

https://twitter.com/gawceo/status/534235438337118208

But where did he come up with that number?  He has no explanation as to how he come up with any of those numbers other than what he pulled out of his ass. 
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November 17, 2014, 04:24:53 PM
 #203

This.   I love how market cap numbers are just being thrown around like they are something you can just create and maintain out of thin air.

Which reminds me: https://twitter.com/gawceo/status/533476714928951296

Quote
It's going to be much easier to manage the market cap of a coin then pools and hardware


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November 17, 2014, 04:29:30 PM
 #204

This.   I love how market cap numbers are just being thrown around like they are something you can just create and maintain out of thin air.

Which reminds me: https://twitter.com/gawceo/status/533476714928951296

Quote
It's going to be much easier to manage the market cap of a coin then pools and hardware



It's easy to control the market cap when you just make up the numbers at random.
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November 17, 2014, 04:30:08 PM
 #205

Let's get this straight.

Satoshi works on bitcoin code since sometime in 2007 and releases bitcoin live in early 2009.  It takes a to mid 2010 for coins to be worth more than electricity cost to generate them.  Almost 6 years into bitcoin, bitcoin has a market cap of $5 billion.  The bitcoin code is validated and updated by a decentralized community.

Josh / GAW creates a 'Hashcoin' in the last few months, it solves no major problem but to generate 'value' for the people creating hashcoins.  The code is unknown.  The whitepaper is being changed almost daily.  Hashcoin is suppose to go live in a few weeks with 'major companies' accepting it and giving Hashcoin a market cap of a few hundred million to few billion.


*EDIT*

"Hashcoin will be starting with $250,000,000 USD marketcap + $100mm in reserves"

https://twitter.com/gawceo/status/534235438337118208

But where did he come up with that number?  He has no explanation as to how he come up with any of those numbers other than what he pulled out of his ass. 

12.5 million total POW coins at $20 each = $250 million.

Don't ask me why $20, but that's what they promised to all bagholders.

Now the $100 million "in reserves" shouldn't have that plus sign in front of it. It's supposed to be part of the 250, not in addition to it, as far as I can understand.

Same thing with Hashpoints - he keeps repeating how Hashpoints are part of the $100 or $110 million "investment", while it's actually the opposite - this is debt with a staggering 400% interest rate, incurred by not paying out BTC to hashlet owners but instead giving them HPs.

Gotta love creative accounting.

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November 17, 2014, 04:32:17 PM
 #206

This.   I love how market cap numbers are just being thrown around like they are something you can just create and maintain out of thin air.

Which reminds me: https://twitter.com/gawceo/status/533476714928951296

Quote
It's going to be much easier to manage the market cap of a coin then pools and hardware



Boy is he in for a rude awakening when the market goes live
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November 17, 2014, 04:37:15 PM
Last edit: November 17, 2014, 06:10:11 PM by clanbake
 #207

Wow... Mr. CEO Boss has parted the seas once again. In reality, this "update" is another juvenile attempt at hyping up a dead-Hashcoin something before its unlikely release with run-on sentences and jibber-jabber. The header and footer takes up so much space, there is only enough room for two basic paragraphs per page and 90% of that content really doesn't say ANYTHING constructive or revolutionary. It reads like a failed project management power-point presentation where someone's copy/paste habit got the better of them before converting it to a word doc then a .pdf at the last minute.

From what I can kinda see skimming through much of the nonsense, he is basically attempting to either copy SYScoin, which was a failure at launch due to its own all hype/no substance infrastructure or he is attempting to clone Blackcoin with its Halo features (using his own rebranding of course). Naaa... he would never do that...or would he???  Shocked

More than likely, he is attempting to plagiarize the viable innovations developed in at least one of those projects with something he can peg to FIAT, like the USD, while keeping the actual pseudo "mining" behind the scenes (and under his control) with his mock POS mode of operation which is backed up by his virtual PRIME nodes.

Well, he may have missed the memo, but someone else has already done that (minus the unscrupulous Mt. GAW tactics and centralized control) and it is doing very well in just its first few days. What is the name of this NON-GAW solution that actually has the technological features Mr. CEO can only talk about?? Here's a pic -



Yes, a proven coin concept that actually made it through normal vetting, peer review, and a real "ICO" because it could back up all its claims with facts, a real white paper, and direct uncensored developer interaction with the public. No, each BitBay is not worth much now, but it has 3000 BTC crowd sourced backing it and the utility side of it is very polished. Can GAW/Zen say that? Didn't think so.

Scott-

I tried to warn people on hashtalk after having a conversation with this GAW_CEO kid. I quickly got banned and they already drank the koolaid so I think like 30 of them down voted me Smiley

I submitted this post on hashtalk directed at him before we had this conversation:

---------------------------------------------------------
@Madcotto you had me until that drunk part Smiley I hear you though, you're worried and you have every right to be if you have a bunch of money invested.

As for me, I've only invested a few hundred dollars that I'm okay gambling with, I would gladly invest some real money but first I would have to be somewhat convinced my money will be safe.

@GAW-Founders @GAW-Staff @GAW_CEO this is for you, please answer these questions for us. I've made assumptions below, just correct me if I'm wrong or let me know if I'm right.

A few pieces of data would really make me feel better about investing more money and or keeping my money at GAW:

I am currently under the assumption that GAW is a mining operation with a giant total hash rate 500MH (I know that's really low, just keeping it simple for this post). So, if your total is 500MH and I buy 1MH, you have 499HM left to sell or mine with until you sell more, but I get to keep my 1MH for the life of the company. If I buy 2MH then you have 488MH remaining...

Gaw, is mining for blocks of coin, when a block is found you split the payout based on how much hashing power each person/account put toward finding that block (like a pool).

* Per coin, what is the total hash rate of the operation?
* Per coin, what is the total hash rate vs remaining? (what have you sold, how many do you have left...)
* Per coin, how many block are we getting daily?
* Why not List the blocks found, that would be **solid proof** to everyone that you are actually mining.
* Total power usage and cost for the farm or farms?

*If this data was posted somewhere on the site, I'm sure you would have quite a bit more customers, the fact that it is not posted is a **giant red flag**.*

*Another **giant red flag** is that picture of the mining farm you posted the other day. By now, I would expect several videos showing off this awesome mining farm. Why do you not want to sell more hashlets? Instead we got a bunch of pics of you and your friends in a Learjet Smiley Please do me a favor, take that jet to the mining farm, invest in a camera, take some photos and video and report back*

Thanks!
------------------------------------------------------------------------------

He quickly removed this post and tried to contact me via chat.

------------------------------------------------------------------------------
 GAW_CEO
I find your comment innapriorate and disrespectful. If you are interested a normal and respectful conversation, let me know.

about 14 hours ago chrisk
I’m sorry, I really don’t mean to disrespect anyone. I simply asked if you could post some numbers that anyone here would be interested in.

In the end I, like everyone on here, am a customer disrespect or not, I need to know the facts before I invest.

about 14 hours ago GAW_CEO
I would rather you not invest

if you do not have the info you want

about 14 hours ago chrisk
Wow, really?

So you don’t need the business?

about 14 hours ago GAW_CEO
Thats correct. I am only interested in business from those who are comfortable with us.

I dont want anyone doing business with us thats not comfortable

about 14 hours ago chrisk
Well that’s laughable. 1) you do realize this communication is not private in any way. 2) Rather than provide numbers you would just not want my business?

about 14 hours ago GAW_CEO
As the CEO, I get the choice to decide what I disclose. Just like you get to device who you do business with.

*choose

about 14 hours ago chrisk
Okay, so tell me. Why would you not want more customers?

I mean, in the end ive said that this is awesome! but simply asked for more data before I invest and you’re threatened or annoyed by that

why is that?

about 14 hours ago GAW_CEO
Its not about wanting more customers. I choose what I think is best for the customer base we already have. My obligation is to them and their investments. I do not disclose certain types of information for competitive reasons. Companies all over the world are copying our designs, and I am not interested in making it easier for them. So like I said, you have to decide if there is a fit here for you.

about 14 hours ago chrisk
So why not say that on your website?

about 14 hours ago GAW_CEO
say what?

about 14 hours ago chrisk
or even in the forums

that you will not provide any data at all. Its a invest and gamble or don’t type of deal.

about 14 hours ago GAW_CEO
Depends on what data your asking for. But no, as a private customer we will not release data about our financials, hashing power, the multipools we own, etc

about 14 hours ago chrisk
I mean, just respond to my post and say sorry, we will not give anyone that info ever for our own reasons.

so were having this conversation but you dont know what data I asked for?

about 14 hours ago GAW_CEO
Not interested an argument. Like a said a few comments back, we plan to do a walk through one of our data centers soon. If your not comfortable, I would wait until then to see if it has the information you want to see to make you comfortable. If it does, I would love to have you as a customer.

about 14 hours ago chrisk
Oh I am a customer. The whole point is that I wanted to invest more, meaning I needed more info before I do that.

its standard info that any pool would give you

Per coin, what is the total hash rate of the operation? Per coin, what is the total hash rate vs remaining? (what have you sold, how many do you have left…) Per coin, how many block are we getting daily? Why not List the blocks found, that would be solid proof to everyone that you are actually mining. Total power usage and cost for the farm or farms?

about 14 hours ago GAW_CEO
I will not provide that information. I have no interest in letting our competitors know our scale

about 14 hours ago chrisk
and that is your official statement?

You do realize you have to show where my money went right?

about 14 hours ago GAW_CEO
There are some pictures throughout the forum of different data centers

about 14 hours ago chrisk
The fact that I put my money into a black hole, and a tiny payout comes out every day (or not) is questionable.

Listen, i don’t want to waste your time. I think I have everything I need.

about 14 hours ago GAW_CEO
Cool, I think our walk through will address some/most of your concerns. It will have some general numbers, pictures, power, etc

about 14 hours ago chrisk
Yea, let me know. I love what you guys are doing but, I need to know its legit. No offense in any way.

Have a good night man.

about 14 hours ago GAW_CEO
email this address

info@bitmaintech.com

and copy me

josh@btc.com

and ask them if our most recent order was over 5 peta hash :grinning:

night
------------------------------------------------------------------------------

To sum it up he doesn't want your business if you ask questions!

I posted this chat log, everyone already had too much koolaid and down voted the post, I couldn't respond to anyone because this kid banned me from hashtalk Smiley


Now. After all this I rushed to sell all my fake little miners "hashlets". Obviously, I didn't even come out of it with, even half my money but luckily I was able to transfer most of what was in my wallet.

After 10 or so tickets to "support", tickets that were closed without any explanation, I was paid out a little bit.  

10/23/2014   Account Credit   0.00001627 BTC   
10/23/2014   Purchase      -0.10579200 BTC
10/23/2014   Account Credit   0.00004409 BTC   
10/22/2014   Account Credit   0.00001783 BTC   
10/22/2014   Account Credit   0.00001782 BTC   
10/22/2014   Withdrawal      -0.09975596 BTC
10/21/2014   Sale   0.09975350 BTC   
10/21/2014   Payout   0.00000069 BTC   
10/21/2014   Payout   0.00000169 BTC   
10/21/2014   Withdrawal      -0.00078330 BTC


So, on the 21st I moved the rest of whatever coin I had out of my account. All my "hashlets" have been sold at this point and virtually no money left in my account. I figure wait another day or so and see if I get any more payout. On the 23rd I noticed a payout of ~0.1 btc Smiley nice, they finally did something right. I did another withdraw of whatever was in my wallet. Then, I realized, that bitcoin came from a sale of a miner Smiley but I didn't sell anything on the 21st, in fact I had sold everything I had by the 19th. Then, on the 23rd my account magically purchased a miner? Now, i'm not a math wiz but if I only have 0.00004409  in my account, how is it that I bought a miner for 0.10579200 Huh? Great! at this point these kids are playing with my account. I didn't sell that miner on the 21st and I sure as hell didn't buy one on the 23rd. I have put in at least 20 more tickets to support asking specifically about this and all I get is some snobby little girl say "Your account is fine, keep mining have a good day, he he Smiley closing your ticket! thank you."  

So GAW I want to close my account because I think you are a ponzi scheme and I do not want any part of it. You should respect that and close my fucking account. You know exactly who I am. Thank you.


I should add that, after this GAW BS. I went and bought several Bitmain Antminer S3+ miners for a nice price on eBay. I set it all up, mining on BTC Guild, getting a very proper payout. I'm actually earning Bitcoin now and a nice little chunk of it. I got my brother interested in mining he is running the same amount of miners. Life is good, no drama, no BS. BTC Guild deserves a lot of praise for being a good, honest pool.
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November 17, 2014, 04:48:15 PM
 #208

Mr. CE0 has managed to create an arcade coin. Think about it, its just like going to the arcade when you were little. You give them money, you win tokens/tickets that you can redeem for shit prizes (only this time you'll get a credit card and be able to use it on amazon to purchase in fiat), the coin will be worthless outside of its own closed eco-system, there is no way he will open this coin up to 3rd party exchanges, or get out of the GAW controlled ecosystem otherwise he would lose control over his arbitrary market cap and control of his magic coin. This Coin offers no features you don't already have with Fiat or bitcoin (or any other alt coin for that matter) and is utterly pointless.
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November 17, 2014, 04:55:47 PM
 #209

November 14, 2014

Let's talk about Hashlets, Hashcoin, and other products and services offered by GAW Miners.

This thread continues the discussion started here: https://bitcointalk.org/index.php?topic=720844.0

Hashlet

Hashlet is a "Digital Cloud Miner". It is sold as an amount of hashrate, available in 1 MH/s (Scrypt) or 10 GH/s (SHA256) slices. It does not have an expiration date. There is a daily maintenance cost of 0.08 USD per 1 MH/s (Scrypt) or 0.01 USD per 1 GH/s (SHA256), which GAW has claimed may go down in the future to ensure hashlet's continuing profitability.

Hashlets are sold in several flavors, the most expensive of which is Prime Hashlet. It is designed to be an integral part of the network supporting GAW's crypto currency, code-named Hashcoin, scheduled to launch in the coming months. Prime is supposed have some yet unspecified benefits and advantages in Hashcoin mining.

In October of 2014 hashlet mining profitability decreased significantly in part due to a sharp decline in BTC/USD exchange rate and the USD-based maintenance fees consuming between 40-100% of mining revenue. At that time GAW introduced an option to mine Hashpoints that may be exchanged to Hashcoins in the future but are not convertible or spendable at the moment. Hashpoint mining is available for Zen and Prime hashlets and does not incur maintenance fees.

Hashcoin - name and details subject to change as more information becomes available

GAW officially announced Hashcoin (real name to be determined later; not to be confused with hardware vendor HashCoins or an unrelated X11-based coin of the same name) by releasing a white paper draft on October 31, 2014. It is designed to increase crypto currency adoption by solving what GAW considers to be issues with existing crypto currencies such as Bitcoin. Some of the promised features include faster confirmation, wide merchant support at launch, exchange rate stability.

Hashcoin will use SHA256 block hashing algorithm (like Bitcoin) and will be mined by GAW using their recent acquisition of 5 PH/s of mining hardware from Bitmain. It may be available to other miners as well. Hashcoin will have an initial coin offering (ICO) consisting of several rounds disbursing up to 96 million coins valued between $4 and $20 each. Round 3 of the ICO has been cancelled and the timeline of the launch beyond November 24, 2014 is not clear yet.

Questions and some answers

Q: Will the coin have wide merchant adoption at lauch as initially promised?
A: Work in progress. In the early announcements GAW mentioned partnerships with major retailers such was Amazon and Walmart, however later it was explained as still being negotiated.
Sources
GAW removed initial Hashtalk announcement(s). Sources on other sites:
http://coinbrief.net/gawminers-hashcoin-hashbase-hashpool/
https://www.cryptocoinsnews.com/hashcoin-hashbase-will-bring-bitcoin-mainstream-interview-with-gawminers-josh-garza/
Backtracking
http://webcache.googleusercontent.com/search?q=cache:l774YDjo38IJ:https://hashtalk.org/topic/16399/some-thoughts-on-merchant-adoption/80+&cd=1&hl=en&ct=clnk&gl=us
https://hashtalk.org/topic/16606
https://hashtalk.org/topic/17485
https://hashtalk.org/topic/17245

Q: Is the coin's initial market cap realistic and will it be able to support the assumed $20 exchange rate?
A: Unlikely without severe restrictions on exchanging/redeeming the coin.
Sources
https://hashtalk.org/topic/17070

Q: Does the Prime Controller feature imply centralization?
A: It may. GAW would likely control most or all Prime Controllers and thus could be able to control transaction confirmations. This may be clarified in future white paper updates.
Sources
https://hashtalk.org/topic/17657
https://hashtalk.org/topic/17943

Q: What is the future for Solo hashlets?
A: Zen probably will remain the most profitable of "Scrypt" hashlets (other than Prime). Genesis should be safe as its tied to BTC mining and will be as profitable as any other Bitcoin miner. Other hashlets may become unprofitable. A new hashlet for Hashcoin may be introduced.
Sources
https://hashtalk.org/topic/18023
https://twitter.com/gawceo/status/533057085861552129

Red flags, old and new

Proof of mining. GAW ordered 5 PH/s of SHA256 hardware from Bitmain. This was revealed two months after hashlet sales started and may be insufficient to sustain payouts for the amount of sold hashrate, estimated to be between 500-1000 GH/s Scrypt-equivalent. There is no proof in the form of a mining address.

Value of Hashpoints. At the same time when a significant drop in BTC payouts occured and fee-free Hashpoint mining option was announced GAW also removed the ability to redeem Hashpoints for new Hashlets. The value of Hashpoints relies entirely on the success of Hashcoin ICO and the promised 5-fold increase in their value.

Change of course. Many users feel that some original Hashlet promises have not been fulfilled, such as ZenPool being the most profitable pool or maintenance fee reduction. Hashlets were marketed as Bitcoin or even Scrypt miners, but the focus is now shifting towards Hashcoin with even heavier dependence on GAW's ability to deliver on promises.

Control of information. Some long-time Hashtalk forum members have been banned from the forum for asking "inappropriate" questions. Customer support questions and complaints are not allowed on the forum anymore. Some of GAW's past announcements have been modified, removed, or moved out of public view. Some critics have been threatened with legal action.



This thread continues the discussion started here: https://bitcointalk.org/index.php?topic=720844.0



"Digital Cloud Miner" show me 50 blocks of Bitcoin or Litecoin that GAW has actually mined. 50 is a VERY low number here.
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November 17, 2014, 05:15:10 PM
 #210

Haaa.. this is getting so sad, it's almost funny. No disrespect intended for those who are still victims of the Mt. GAW hype machine.

Scott-

Edit: Everyone, just report "bitgeek" to the mods if you see him wasting time and bandwidth. Otherwise just ignore him.

I couldn't care less about being reported by a bunch of haters, who registered on this forum just to make stupid photoshopped pictures and write FUD.
Better focus on reporting people who issue personal attacks and produce flame posts, like yourself.


Someone who couldn't care less wouldn't of even responded? Why do you defend GAW so much? Only explanation for your blind faith is that you are part of their staff..

And why shouldn't I defend them? The investment was worth it and I had great returns. Unlike some people here I don't envy others who made more than me.
What we have here is group of angry trolls unloading their frustration. They tried this on hashtalk and got banned so now they are going full steam here and calling it "constructive criticism".


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clanbake
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November 17, 2014, 05:27:49 PM
 #211

Haaa.. this is getting so sad, it's almost funny. No disrespect intended for those who are still victims of the Mt. GAW hype machine.

Scott-

Edit: Everyone, just report "bitgeek" to the mods if you see him wasting time and bandwidth. Otherwise just ignore him.

I couldn't care less about being reported by a bunch of haters, who registered on this forum just to make stupid photoshopped pictures and write FUD.
Better focus on reporting people who issue personal attacks and produce flame posts, like yourself.


Someone who couldn't care less wouldn't of even responded? Why do you defend GAW so much? Only explanation for your blind faith is that you are part of their staff..

And why shouldn't I defend them? The investment was worth it and I had great returns. Unlike some people here I don't envy others who made more than me.
What we have here is group of angry trolls unloading their frustration. They tried this on hashtalk and got banned so now they are going full steam here and calling it "constructive criticism".

Hmmm, now look who's trolling Smiley
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November 17, 2014, 05:41:11 PM
 #212

Hmmm, now look who's trolling Smiley

GAW is a scam. You'll see soon.

I can see you're an expert in this field.
What a happy group of constructive critics we have here.


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.*500%.CASH.BACK.+.INSTANT.BONUS
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..NO-DOWNLOAD.CLIENT
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EPIC.FUN.
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November 17, 2014, 06:01:55 PM
 #213

Hmmm, now look who's trolling Smiley

GAW is a scam. You'll see soon.

I can see you're an expert in this field.
What a happy group of constructive critics we have here.

Show me numbers and I will gladly say I was wrong and apologize Smiley Its so freaking simple. Show me some blocks these guys have mined, some numbers, anything!!! You can sit here and defend them all you want but with what? Your feeling that that GAW is legit? We have actual reasons to believe that its a scam, you have nothing to show us otherwise. Get it, or do you need me beat the dead horse a little more?
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November 17, 2014, 06:17:52 PM
Last edit: November 17, 2014, 06:43:17 PM by KC6TTR
 #214

And why shouldn't I defend them? The investment was worth it and I had great returns. Unlike some people here I don't envy others who made more than me.
What we have here is group of angry trolls unloading their frustration. They tried this on hashtalk and got banned so now they are going full steam here and calling it "constructive criticism".

My only comment in reference to this Mt. GAW shill is -
Put your own or your Master's money where your mouth is if you think anything here cannot be proven OR if you or your Master has the ability to PROVE me or anyone else here wrong.

I made this simple public commitment/challenge a month ago on HT (when they were still calling "project prime" an IPO) and never received a response before being banned so I will make it again - here.

https://hashtalk.org/topic/11471/is-gaw-going-to-be-listing-as-an-ipo-on-medici/71 (doh... he shadow banned/deleted this post to cover it up... so typical). Here is a screen grab.



Mr. CEO can make all the bogus 100 BTC bet challenges he wishes with his ever-changing numbers and rules, but I stand by my simple and direct commitment.

The clock is ticking, Mr. HashTitan... Oh wait, you may not be here in 1.8 months let alone 18 months (now 17 months from my original post).  Roll Eyes

Scott-
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November 17, 2014, 06:23:47 PM
 #215

Hi all

I've been following this thread and the previous one for a while . I'm european and invested in gaw for 50 mh of primes now .

If I understood well :
                        gaw ceo is an american citizen  
                        gaw miner is located in USA .
                        gaw ceo claims are public , and can be trace.

I did not run the numbers (right now it's pure speculation),
but after the madoff story and the mt gox story, knowing than in USA the worst thing you could do is steeling money and cheating on your wife with your secretary, would not it be very risky to scam people with such big amount of money knowing than :
               at best you'll end up in jail or in the street as a tramp,
               or at worst being hunt down like a mad dog by halff the people you scamed in a country where a lot of people have firearms ?

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November 17, 2014, 06:31:15 PM
 #216

Let's get this straight.

Satoshi works on bitcoin code since sometime in 2007 and releases bitcoin live in early 2009.  It takes a to mid 2010 for coins to be worth more than electricity cost to generate them.  Almost 6 years into bitcoin, bitcoin has a market cap of $5 billion.  The bitcoin code is validated and updated by a decentralized community.

Josh / GAW creates a 'Hashcoin' in the last few months, it solves no major problem but to generate 'value' for the people creating hashcoins.  The code is unknown.  The whitepaper is being changed almost daily.  Hashcoin is suppose to go live in a few weeks with 'major companies' accepting it and giving Hashcoin a market cap of a few hundred million to few billion.


*EDIT*

"Hashcoin will be starting with $250,000,000 USD marketcap + $100mm in reserves"

https://twitter.com/gawceo/status/534235438337118208

But where did he come up with that number?  He has no explanation as to how he come up with any of those numbers other than what he pulled out of his ass. 

12.5 million total POW coins at $20 each = $250 million.

Don't ask me why $20, but that's what they promised to all bagholders.

Now the $100 million "in reserves" shouldn't have that plus sign in front of it. It's supposed to be part of the 250, not in addition to it, as far as I can understand.

Same thing with Hashpoints - he keeps repeating how Hashpoints are part of the $100 or $110 million "investment", while it's actually the opposite - this is debt with a staggering 400% interest rate, incurred by not paying out BTC to hashlet owners but instead giving them HPs.

Gotta love creative accounting.
Except the "faithful" don't see this as debt but as their lifetime opportunity to riches. Therefore they will happily go along with letting GAW keep their HPs in exchange of more HCs in the future. The plan is already spelled quite clearly in the white paper: you will need HCs for so many shiny things (from Orion to Prime Controller and for new amps for Prime hashlets) that you will be led again to never cash out but keep the "points / coins" into GAW system.
So GAW gets to keep whatever BTCs are mined in the HashPoints period PLUS delay for ever any outflow of real BTC / fiat out of their system.
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November 17, 2014, 06:37:08 PM
 #217

A few more nuggets:

Quote
GAW_CEO
Admins
Global Moderator
Industry Innovator

@roiman said:

      Hypothetically speaking if banking institutions were prepared to loose money to ensure
      long term success of their fiat central bank model  the expense of hashcoin
      (like we have seen in many airline business models), how much would it cost
      them to take control of the system?

At least 1% of all coins in circulation

Typo or Huh Hard to tell with his math skills.

Quote
... don't worry, it's going to work out great for prime owners, just be patient

Quote
That's exactly right. Let me break it down for you. The reason these other coins are not accepted is because they don't catch on and get adopted. One of the largest reasons thar does not happen is they can not attract enough capital. You need capital to be successful.

What you want is smart money. Where the investor only wins when everyone else wins. I call them market makers as they are now motivate to help the network as a whole.

Think about it, if a large group buys a prime controller and does not care about the value of the coin, guess what? They have no buyer! And their investment goes to waste. So they are motivated to make the coin successful.

Of course they deserve to make more, they investment and risked more.

But how much is more? Do some math. With bitcoin you can invest a relatively small amount of cash (a few million) and make a lot more then anyone else. If you guys want to focus on something being unfair, focus there.

With HashCoin you invest millions and gain 5%. I know to most of you, that sounds way too low, but trained investors do not think like miners. And that's exactly why we have and will continue to attract them.

We know how well the "highly trained businessmen" managed ZenPool, so it would be a disappointment if "trained investors" didn't do the same with Hashcoin.

From here: https://hashtalk.org/topic/18424

Also interesting thread here: https://hashtalk.org/topic/18460



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November 17, 2014, 06:38:15 PM
 #218

Hi all

I've been following this thread and the previous one for a while . I'm european and invested in gaw for 50 mh of primes now .

If I understood well :
                        gaw ceo is an american citizen  
                        gaw miner is located in USA .
                        gaw ceo claims are public , and can be trace.

I did not run the numbers (right now it's pure speculation),
but after the madoff story and the mt gox story, knowing than in USA the worst thing you could do is steeling money and cheating on your wife with your secretary, would not it be very risky to scam people with such big amount of money knowing than :
               at best you'll end up in jail or in the street as a tramp,
               or at worst being hunt down like a mad dog by halff the people you scamed in a country where a lot of people have firearms ?



>gaw ceo claims are public , and can be trace.

This is where many see he is making his fatal flaws. He is going out of his way to be evasive and secretive while not playing by the old/current rules (and new laws) that protect against this conduct here in the States.

Call it arrogance, small-man ego syndrome (remember Napoleon?), or simple stupidity; no one knows why Mr. HashTitan says/does what he does. However, his undeniable avoidances of the regulatory financial laws here in the States will and are catching up with him. Unfortunately, the process doesn't move as fast as some would hope - but it is moving. On the brighter side, every day he continues this path he is taking while attacking/threatening others, the stronger the case his opponents have against him. At least that is what I am told.  Wink

Scott-


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November 17, 2014, 06:40:29 PM
 #219

My concern is that this company regularly screws up daily pool payouts, which is just:
 (pool rate * MH - $0.08 * MH) * fraction of day mined

If they cannot handle  arithmetic, how can they create a new algorithm with complex ideas (interest, proof of stake, etc) and also make it secure? This seems like a really good way to donate lots of $$ to an army of hackers.
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November 17, 2014, 06:43:52 PM
 #220

Hi all

I've been following this thread and the previous one for a while . I'm european and invested in gaw for 50 mh of primes now .

If I understood well :
                        gaw ceo is an american citizen  
                        gaw miner is located in USA .
                        gaw ceo claims are public , and can be trace.

I did not run the numbers (right now it's pure speculation),
but after the madoff story and the mt gox story, knowing than in USA the worst thing you could do is steeling money and cheating on your wife with your secretary, would not it be very risky to scam people with such big amount of money knowing than :
               at best you'll end up in jail or in the street as a tramp,
               or at worst being hunt down like a mad dog by halff the people you scamed in a country where a lot of people have firearms ?


That's exactly what baffles me also.
We've seen CEOs of huge corporations go down (ENRON comes to mind) where I'm sure they've got the best lawyers money can buy.
So what's this with GAW?

Are they blinded with greed and their (nicely paid) legal support has artfully lead them to believe that they have all corners covered and are immune to any hostile legal action?
Or are we so ignorant of how things work in corporate law that we fail to see that GAW operation is truly and well protected under USA law?

Can an american please discuss this in more depth?
 
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