GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :)

[Crestington]

Keep it simple.

Why did you think anyone would pay $20 for a coin when you launched?

What are you doing to make paycoins worth $20 in the near future?

+1

 All josh really has to do is keep working at it, stop making crazy promises and maybe even do an audit of his financial dealings. Who owe's people what? I think the best approach would be if he voluntarily owned up that some of his stuff didn't work out and compensate people with his reserves. Josh should forget about the $20 wall for now and figure out how to create a coin worth $200, look at how much time is being wasted on all of this.

[1714470138]

1714470138

[1714470138]

1714470138

[FUBAR-BDHR]

Have your found a gas station that takes XPY so you can fill up those Ferrari's?

[KC6TTR]

If all else fails... just ask him if he simply lost the "spirit" for what crypto truly stands for or did he forget what "premine" really means.

I believe there is a 97% chance he deflects the question and only a 3% chance he actually answers it truthfully.    

[truckinusa]

My first question for Josh is:

1. What exactly is your involvement in the daily trading of Paycoins?  How have you personally benefited from trading paycoin on the Paybase market as well as other markets?  Is there any trading being done to benefit the value of paycoin?  Why are wallets that you control staking at an unusually high rate and are you just simply dumping coins on the market as you stake them or are you actually trading to strengthen the coin?  I would also like proof.  What do you think about the current rate of inflation with the the number of coins growing rapidly?  How will this sustain a stable value for the coin?

2. What is the reason for the mass exodus of developers and employees from your company?  Why do some former employees give vague statements about impropriety and state that they cannot say anymore due to a NDA(non disclosure agreement)  If you are not aware of any impropriety within GAW, then are there policies that would allow an employee to speak freely about any illegal or unethical practices of their former employer?  I understand you don't want to be badmouthed or have trade secrets released, but I'm sure you would not like anything potentially illegal to be hidden and not addressed?  What exactly does it say in your non disclosure agreement?

[bananafana]

Mr. Garza, in (250) words or less, please explain how you plain on defending your admitted involvement in what can be easily classified as a classic cryptocurrency pump-and-dump scheme in addition to other ongoing conduct relating to the mishandling of verifiable securities in violation of sections 5(a), 5(c), 17(a), and 17(b) of the Securities Act of 1933 [15 U.S.C. §§ 77e(a), 77e(c), 77q(a) & 77q(b)], Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)], and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]?

"Mishandling of verifiable securities"? Who wrote this?

And who thinks that paycoin/paybase looks like a "classic cryptocurrency pump-and-dump scheme"?

[bananafana]

All josh really has to do is keep working at it, stop making crazy promises and maybe even do an audit of his financial dealings. Who owe's people what? I think the best approach would be if he voluntarily owned up that some of his stuff didn't work out and compensate people with his reserves. Josh should forget about the $20 wall for now and figure out how to create a coin worth $200, look at how much time is being wasted on all of this.

"Compensate people with his reserves"? He's got no reserves. The CAF never existed.

At $200, XPY would have a market cap of over two billion. He's got nothing that would justify the market cap it has now, much less a market cap approaching that of BTC.

[dropt]

And who thinks that paycoin/paybase looks like a "classic cryptocurrency pump-and-dump scheme"?

GAW seems to have quite a few things in common with:

http://www.coindesk.com/florida-group-faces-fraud-charges-alleged-altcoin-pump-dump/

[suchmoon]

If all else fails... just ask him if he simply lost the "spirit" for what crypto truly stands for or did he forget what "premine" really means.

I believe there is a 97% chance he deflects the question and only a 3% chance he actually answers it truthfully.    

This is a good one. Also truckinusa's questions above.

I think there are some questions that can and need to be asked in public. This is not going to reduce chances of any future legal proceedings or give Mr.Garza any other advantages as some here are suggesting. All of that is already public, and Mr.Garza either already knows or is and will stay oblivious to the reality. Refusing to raise those questions would just reinforce his narrative that the "outside forces" are trying to destroy him/his company, not interested in the "truth" etc etc. Give him a chance to tell that truth and most likely he'll mumble and stumble and make a fool of himself as usual. Or he'll have lawyers/English students make up some off topic essay.

Start with Hashlets, ask if there was mining hardware 100% matching the amount of hashrate sold. Ask how much of that hashrate was sold - this shouldn't be a business secret anymore. Ask why hashlets were discontinued so abruptly even though Genesis was still profitable. Ask if "day trading" and other income was part of ZenPool payouts. If "yes" - is it a security. If not - how did ZenPool payouts stay so high (again, that is ancient history - can't use the "business secret" excuse). Ask why hardware paid for by customers (Antminers) are being sold off instead of distributed to the hashlet owners. Don't forget to ask about always profitable and all the other hashlet sales slogans.

Then move on to Hashcoin/Hashpoints/Paycoin. Ask if their own altcoin was always GAW's plan, and when exactly did it become part of it. Was there a $100 million investment in the CAF. Ask to name two or three investors. If there was $100 million - has it all been spent and where, or why is it not being used now for the "floor". If there was no $100m - well, there are some interesting questions too, mainly along the lines "did you lie"? How much GAW spent at launch during the few minutes when XPY hit $20? Ask for proof in the form of TX IDs, exchange trading history logs, etc. Ask how many Hashpoints exactly GAW converted to XPY, and the rest of premine distribution - investors' coins, and GAW's coins (if any). Ask for signed wallets proving such.

There is a lot more, I'm just running out of time, gotta go. Merchants, Stripe, PayFlash, buyback, SEC, etc etc.

Bonus question: Did any of the HT posters trying to guess the "plan" got the bounty that was promised? (5 or 10 BTC).

CoinBrief, if you need links there are some in the OP of this thread. Deleted HT posts can be found on archive.today. If there is anything specific that you can't find a source for - just let me know or post a question here and I'm sure someone will find it in the archives.

[tins]

Mr. Garza, in (250) words or less, please explain how you plain on defending your admitted involvement in what can be easily classified as a classic cryptocurrency pump-and-dump scheme in addition to other ongoing conduct relating to the mishandling of verifiable securities in violation of sections 5(a), 5(c), 17(a), and 17(b) of the Securities Act of 1933 [15 U.S.C. §§ 77e(a), 77e(c), 77q(a) & 77q(b)], Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)], and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]?

"Mishandling of verifiable securities"? Who wrote this?

And who thinks that paycoin/paybase looks like a "classic cryptocurrency pump-and-dump scheme"?

I agree, more like straight up theft, rather than pump and dump scam.
He lied that there was no pre-mine. Then, sold off millions of premined coins for a ton of money.
(He claims it wasn't pre-mined and that he was just lucky enough to find the first block that just happened to contain millions and millions and millions of coins.)

[bananafana]

And who thinks that paycoin/paybase looks like a "classic cryptocurrency pump-and-dump scheme"?

GAW seems to have quite a few things in common with:

http://www.coindesk.com/florida-group-faces-fraud-charges-alleged-altcoin-pump-dump/

The pump-and-dump is only part of it. "Defendants used Plaintiffs’ money to further profit by fraudulently pumping-and-dumping Cachecoin."  The charges about selling computer equipment that didn't exist were something else.

In a pump-and-dump scheme the price is pumped through hype, then the scammers dump the coins/shares they've accumulated into the resulting volume. Garza made money by selling paycoins and hashtakers on the way up, at absurd prices sustained by hype. Everything else is about long-term revenue streams, from fees and spreads and so on. You can say that the only way he could have kept it going was to go ponzi and I wouldn't disagree, but the point is that this was a long-term plan. He wanted to keep it going as long as he could (and probably believed sincerely that he could smooth-talk his way through it). I don't see any reason at all to think that his plan was to dump and run.

[bananafana]

Mr. Garza, in (250) words or less, please explain how you plain on defending your admitted involvement in what can be easily classified as a classic cryptocurrency pump-and-dump scheme in addition to other ongoing conduct relating to the mishandling of verifiable securities in violation of sections 5(a), 5(c), 17(a), and 17(b) of the Securities Act of 1933 [15 U.S.C. §§ 77e(a), 77e(c), 77q(a) & 77q(b)], Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)], and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]?

"Mishandling of verifiable securities"? Who wrote this?

And who thinks that paycoin/paybase looks like a "classic cryptocurrency pump-and-dump scheme"?

I agree, more like straight up theft, rather than pump and dump scam.
He lied that there was no pre-mine. Then, sold off millions of premined coins for a ton of money.
(He claims it wasn't pre-mined and that he was just lucky enough to find the first block that just happened to contain millions and millions and millions of coins.)

Where did he claim that? I've seen him rationalize the size of the premine, but not claim that they were "lucky" to get the first block, which would be one of the stupider things he ever said.

[tins]

Mr. Garza, in (250) words or less, please explain how you plain on defending your admitted involvement in what can be easily classified as a classic cryptocurrency pump-and-dump scheme in addition to other ongoing conduct relating to the mishandling of verifiable securities in violation of sections 5(a), 5(c), 17(a), and 17(b) of the Securities Act of 1933 [15 U.S.C. §§ 77e(a), 77e(c), 77q(a) & 77q(b)], Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)], and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]?

"Mishandling of verifiable securities"? Who wrote this?

And who thinks that paycoin/paybase looks like a "classic cryptocurrency pump-and-dump scheme"?

I agree, more like straight up theft, rather than pump and dump scam.
He lied that there was no pre-mine. Then, sold off millions of premined coins for a ton of money.
(He claims it wasn't pre-mined and that he was just lucky enough to find the first block that just happened to contain millions and millions and millions of coins.)

Where did he claim that? I've seen him rationalize the size of the premine, but not claim that they were "lucky" to get the first block, which would be one of the stupider things he ever said.

How did he rationalize the theft?

[bananafana]

Josh, my questions all relate to this, which is inexplicably still showing on paycoin.com even though it's so obviously bogus:



On paycoin.com you say "PayCoin™ uses a new Hybrid Flex Blockchain." But the code on github makes it clear that this is false. Why haven't you deleted that false claim?

You say "Paycoin launches with more merchant acceptance than any other cryptocurrency in history." This wasn't true at the time, and still isn't true. In fact you tweeted "Tomorrow, we will launch a crypto payment platform that allows you to purchase items from large mainstream merchant websites & our own site" (https://twitter.com/gawceo/status/549279002612232192) and you knew that would not be true at launch. It was launching the very next day and you were making a promise you knew to be false. How do you justify that?

On that same page you promise "Proof of Reserve." You claimed to have one hundred million dollars in investments. The same page, under "Coin Adoption Fund," says "PayCoin™’s ICO launches the world’s first Coin Adoption Fund – a fund whose sole mandate is to grow the cryptocurrency by spreading adoption world-wide." These promises were key in convincing people to invest in paycoin. Will you agree to allow an independent auditor to verify that you had $100 million in funding, and to summarize where those funds have been spent, and how much remains?

On that same page you promise something called a "Hypass Card." I don't have a question about that, I just wanted to point out that this sounds like "Hype-ass Card" and that seems appropriate for a hype-ass coin like XPY.

[Fargo]

Are his premine address' public? If not I think it'd be cool to ask why not.

[vObh0n]6W]

Are his premine address' public? If not I think it'd be cool to ask why not.

Do you not understand crypto or something? Take a look at https://chainz.cryptoid.info/xpy/block.dws?0000000e0a66049e6c3dff958a3c5bd7de957869f4fb7de82d4c2869819e180a.htm and https://chainz.cryptoid.info/xpy/address.dws?PV4REZh7Uw8YsVpzHDPQdwENn2iToSw9GH.htm

[bananafana]

Mr. Garza, in (250) words or less, please explain how you plain on defending your admitted involvement in what can be easily classified as a classic cryptocurrency pump-and-dump scheme in addition to other ongoing conduct relating to the mishandling of verifiable securities in violation of sections 5(a), 5(c), 17(a), and 17(b) of the Securities Act of 1933 [15 U.S.C. §§ 77e(a), 77e(c), 77q(a) & 77q(b)], Section 10(b) of the Securities Exchange Act of 1934 [15 U.S.C. § 78j(b)], and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5]?

"Mishandling of verifiable securities"? Who wrote this?

And who thinks that paycoin/paybase looks like a "classic cryptocurrency pump-and-dump scheme"?

I agree, more like straight up theft, rather than pump and dump scam.
He lied that there was no pre-mine. Then, sold off millions of premined coins for a ton of money.
(He claims it wasn't pre-mined and that he was just lucky enough to find the first block that just happened to contain millions and millions and millions of coins.)

Where did he claim that? I've seen him rationalize the size of the premine, but not claim that they were "lucky" to get the first block, which would be one of the stupider things he ever said.

How did he rationalize the theft?

By "theft" you mean "premine"? He talked about needing more coins for investors because the ICO was in such heavy demand or something along those lines. I'm not saying that was true, just that it was the explanation the HT faithful were given for the size of the premine.

I found an article here were he seems to be waffling over whether or not to premine, arguing that it ultimately doesn't make any difference as far as their customers are concerned: 
https://hashtalk.org/topic/17638/decision-to-mine
You can see where the plan was evolving there, even if his reasoning is entirely bogus.

[nachoig]

On that same page you promise something called a "Hypass Card." I don't have a question about that, I just wanted to point out that this sounds like "Hype-ass Card" and that seems appropriate for a hype-ass coin like XPY.

Also, these type of cards are insecure by design.

[tins]

By "theft" you mean "premine"?

Should we assume that your usage of theft and premine in quotes means you disagree that they occurred?

[bananafana]

By "theft" you mean "premine"?

Should we assume that your usage of theft and premine in quotes means you disagree that they occurred?

Obviously the premine occurred. I'm not sure what you're getting at here.

[tins]

By "theft" you mean "premine"?

Should we assume that your usage of theft and premine in quotes means you disagree that they occurred?

Obviously the premine occurred. I'm not sure what you're getting at here.

Was wanting to see if you'd admit to it...if not, I'd highly suspect your account to be a shill of his. Glad to see it is not one and that you agree GAW did premine even after Joshy tweeted that proclamation that there would not be any sort of premine.