Bitcoin Forum
January 21, 2019, 04:57:00 PM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 [12] 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 ... 2458 »
  Print  
Author Topic: GAW / Josh Garza discussion Paycoin XPY xpy.io ION ionomy. ALWAYS MAKE MONEY :)  (Read 3201945 times)
suchmoon
Legendary
*
Offline Offline

Activity: 1834
Merit: 2394


takav mrak


View Profile
November 17, 2014, 06:44:45 PM
 #221

I'm gonna quote this here just in case. Fairly solid points and lots of upvotes on HT.

https://hashtalk.org/topic/18460

Quote
dman99

Just a reminder: Always be cautious when investing, Hashcoin included

I just want to put out a reminder to remind everyone to be cautious when making large investments. This forum has an incredibly strong bias towards the success of Hashcoin with the majority of people talking as if it's a sure thing. You should approach this investment as you do any other.

Hashtalk is filled with praise for Hashcoin so far. So instead of simply restating these, I'm going to go over my main concerns with this whole concept.

Overly non-technical 'whitepaper'
Having a lot of experience in academia and a technical profession, I've ready many whitepapers. The Hashcoin "whitepaper" comes off as much more as a piece of marketing material than anything else. The paper is filled with ambiguous language, completely lacking any diagrams, and has nothing in the way of actual useful code samples. In my opinion, I had trouble finding the whitepaper as anything more than marketing fluff.

Compare the Hashcoin whitepaper to the Bitcoin whitepaper (https://bitcoin.org/bitcoin.pdf). It's kind of like night and day, isn't it?

Lofty ideas with no details
Many of the concepts presented in the paper don't appear to be well thought out. Reading this, I get the feeling that I was reading the transcript of a conversation between a few dudes laying around on beanbag chairs, smoking a joint, and talking about their ideas for the "ultimate cryptocurrency".

This is said to be the result of months of work of many developers. This may be true, but then why does the paper feel like something which was thrown together in the past week? Would you be comfortable standing in front of a group of professors with these ideas and defending them as if you were defending your doctoral dissertation? Would you feel confident emailing this whitepaper to Gavin Andresen or Gregory Maxwell?

Lack of discussion outside this forum
Why is there no discussion of Hashcoin outside of this forum? The hashcoin subreddit (www.reddit.com/r/hashcoin) has one post. The GAWminers subreddit (www.reddit.com/r/gawminers) barely mentions Hashcoin. There is nearly no discussion on bitcointalk, even in the Altcoin subforum (the forum where every stupid coin ever invented at least has a thread or two). Either Hashcoin isn't even being taken seriously enough to be noticed or we're just really ahead of the game.

Lack of professionalism
I am a single person, and I find GAWminers to be incredibly lacking in terms of professionalism. There are grammatical errors in the whitepaper, the culmination of man-months of hard work of the team. @GAW_CEO seems to love using the wrong 'its' and using 'then' instead of 'than'. So far, his advertisement strategy has been to make ambiguous tweets and ask others to spread the word. Perhaps this will change this week with the upcoming 'media tour'.

These small details make me question the legitimacy of of all his claims. I am a single person and I find this very concerning. Suppose if I were the CFO of a billion dollar corporation. Small mistakes like this would prevent me from even letting you finish pitch. In comparison, @jmordica seems to portray a much more professional image and is I would want to see if I were in an executive position.

PREMINE
The ultimate death sentence in any cryptocurrency is a premine. Hashcoin is being pre-mined. You may hear people twisting words claiming this isn't true, but it has to be. For x number of coins to be available on day 1, those coins have to have been created. How could those coins be created if no blocks had been mined yet? Unless I can load up my mining rig and mine your coin on day 1, it has been premined. No way around it.

Centralization
The more I read the whitepaper, the more it screamed of centralization. The initial distribution of coins is being done by GAW. Mining is going to be centralized around Prime Controllers and Orion Controllers. GAW will be in charge of the grand majority of the physical miners, so the physical mining is centralized as well. Sure, you may have the option to use your own hardware to mine, but good luck competing against GAW's datacenters. Would you like it if ghash.io suddenly had over 51% of the bitcoin mining network? Do you think GAW is going to have over 51% of the Hashcoin mining network?

Others' concerns
Thanks to /u/keirashark for these:

Right now, HashCoin doesn't exist, it's only a whitepaper. There is no client, no wallet, no addresses, no coins, no blockchain.
Hashpoints are essentially coupons that GAW "promises" can be redeemed for Hashcoins later. They currently have no cash or bitcoin value except a "stated" $0.01 value, but only when buying HashCoins in the future.
Right now, these Hashlet miners, if set to mine Bitcoin, take 80-100% in fees per 1Mh per day. There is an obvious encouragement to mine Hashpoints. The other Hashlets (solos) pay out essentially nothing. (Often 1 satoshi per 1Mh/day.)
There is a "fund" that apparently will buy back coins if they begin to drop below the $20 per coin level. (Personally this makes no sense to me at all.)
tl;dr
Do you due-diligence. Don't trust the words or opinions of others. One of the most remarkable things about the world of cryptocurrency is how complete trustless everything is. The only trust you must have is in the publicly available source code and the underlying cryptography. Use this mentality when thinking about Hashcoin: read the primary source material yourself and formulate your own opinions. Others' opinions can be valuable to use as more material when making your opinion, but should not be the basis of your opinion.

With all of this said, I am invested in this ecosystem so I'd love to see Hashcoin succeed. I just think people here need to be more critical and analytical instead of just agreeing with the very-biased masses here on Hashtalk.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1548089820
Hero Member
*
Offline Offline

Posts: 1548089820

View Profile Personal Message (Offline)

Ignore
1548089820
Reply with quote  #2

1548089820
Report to moderator
1548089820
Hero Member
*
Offline Offline

Posts: 1548089820

View Profile Personal Message (Offline)

Ignore
1548089820
Reply with quote  #2

1548089820
Report to moderator
1548089820
Hero Member
*
Offline Offline

Posts: 1548089820

View Profile Personal Message (Offline)

Ignore
1548089820
Reply with quote  #2

1548089820
Report to moderator
krach
Legendary
*
Offline Offline

Activity: 1708
Merit: 1002


"every thought has a sound"


View Profile WWW
November 17, 2014, 06:46:03 PM
 #222

forget GAW
LAZYHASHX is how you can get rich!
http://coinprophet.com/lazyhash
KC6TTR
Sr. Member
****
Offline Offline

Activity: 434
Merit: 255


View Profile
November 17, 2014, 06:48:17 PM
 #223

Time to put a bounty out for a tip-bot... seriously. That is classic.

Scott-
clanbake
Member
**
Offline Offline

Activity: 86
Merit: 10


View Profile
November 17, 2014, 07:07:44 PM
 #224

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.

I don't think they screwed anything up. That is the scam. I think, instead of mining like they say they do, they take money from some of the people that buy in and give it as payout to others. They are simply moving the money from one investor to another. One day, I may not get a payout, the next day I will and so on. When I was "mining" there, not a day went by that some people did not complain about payouts. Its just shocking that a lot of these people just let it go and forfeit their payout Smiley

I've asked this a million times, what would the harm be in GAW showing us the blocks they are actually producing? Or show us the numbers behind this scheme?

I love the self proclaimed genius thing too, its comical Smiley
Melkunov
Newbie
*
Offline Offline

Activity: 19
Merit: 0


View Profile
November 17, 2014, 07:12:07 PM
 #225

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.
AtomicFrost
Member
**
Offline Offline

Activity: 92
Merit: 10


View Profile
November 17, 2014, 07:20:45 PM
 #226

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

That would be a hell of a turn of events. Not that I would be surprised about this happening, but do you happen to have any physical evidence?



alienesb
Hero Member
*****
Offline Offline

Activity: 868
Merit: 1000



View Profile
November 17, 2014, 07:24:55 PM
 #227

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Did your friend hear this from the mailman's cousin's brother's uncle's next door neighbor who heard it at the barber from the butcher down the block?
suchmoon
Legendary
*
Offline Offline

Activity: 1834
Merit: 2394


takav mrak


View Profile
November 17, 2014, 07:25:41 PM
 #228

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Oh dear. Was your account hacked again? Either that or you have really shitty friends that play stupid pranks on you.

jimmothy
Hero Member
*****
Offline Offline

Activity: 770
Merit: 500



View Profile
November 17, 2014, 07:27:46 PM
 #229

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Sounds like BS, but it is only a matter of time before they do get slammed by the SEC/FinCEN.
MOB
Hero Member
*****
Offline Offline

Activity: 487
Merit: 500


View Profile
November 17, 2014, 07:32:57 PM
 #230

How can one bid to become a Prime Controller when one does not have any HC to start? Is this system starting with a debt based approach, just like GAW's miners?

You pay a large upfront fee (or waive future payments), then eventually hope your successful Prime Controller bid hits ROI and you make a single HC?  :chicken and the egg: :grinning:

(God, I hope Josh charges BTC for opening bids. That would be too funny)



Finally looked at this Whitepaper and it is garbage. It has no technical discussion in sufficient detail to matter.

There is no detailed explanation of pre-mining or the genesis block.

There is no detailed explanation of how many Prime Controllers there will be, nor what precise circumstances call for replacement or promotion of new controllers. (if five is enough for his "consensus," then there must not be many prime controllers, right?)

There is no discussion of outside mining.


Anyway, tired of doing Josh's work for him. I wonder if half of his plan is to allow smarter members of the community to work for free.

This whitepaper is terribly imprecise, completely non-technical, and encourages zero confidence in hashcoin. Nothing that GAW has produced thus far indicates that they have any idea how to create or manage a cryptocurrency.


Lastly, stop responding to BitGeek. Seriously. He will go away when he realizes everyone has him on ignore. Let him waste only his own time.
Melkunov
Newbie
*
Offline Offline

Activity: 19
Merit: 0


View Profile
November 17, 2014, 07:35:36 PM
 #231

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Oh dear. Was your account hacked again? Either that or you have really shitty friends that play stupid pranks on you.


No. We've known each other for years and he lives in DC. I can guarantee that an investigation will go public eventually but I don't have physical evidence yet
galdur
Hero Member
*****
Offline Offline

Activity: 616
Merit: 500



View Profile
November 17, 2014, 07:37:29 PM
 #232

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Sounds like BS, but it is only a matter of time before they do get slammed by the SEC/FinCEN.

Yeah. Right. I´m sure that the present totally obsolete banking system
and its "regulators" are in a terrible hurry to stamp out BTC scams.

owlcatz
Legendary
*
Offline Offline

Activity: 1708
Merit: 1150


BTC, XMR & VIA FTW


View Profile WWW
November 17, 2014, 07:40:39 PM
 #233

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Oh dear. Was your account hacked again? Either that or you have really shitty friends that play stupid pranks on you.


No. We've known each other for years and he lives in DC. I can guarantee that an investigation will go public eventually but I don't have physical evidence yet

Maybe it started here?

https://miningadvocates.org/forums/showthread.php?tid=11

11/02/2014 - CONFIRMED: Formal Securities Fraud Investigation Requested with the SEC on 10/26/2014 (ref: TCR1414348793790).

           ▄▄▄▄▄▄▄▄
      ▄▄██████████████▄▄
    ▄████████████████████▄
   ████████████████████████
  ███▀██████████████████▀███
 ████  ▀██████████████▀  ████
█████    ▀██████████▀    █████
█████      ▀██████▀      █████
█████       ▀██▀       █████
█████   ██▄        ▄██   █████
▀▀▀▀▀   ████▄    ▄████   ▀▀▀▀▀
        ██████▄▄██████
  ██████████████████████████
   ████████████████████████
    ▀████████████████████▀
      ▀▀██████████████▀▀
           ▀▀▀▀▀▀▀▀

Monero
          ▄▄▄██████▄▄▄
      ▄▄████████████████▄▄
    ▄███████████▀██████████▄
   ████████████  █  █████████
  █████████         ██████████
 ████████████         █████████
▄███████████    ███    ████████▄
███████████▌   ▀▀▀▀   ▄█████████
███████████   ▄▄▄▄   ▀██████████
▀█████████▌   ███▀    ▐████████▀
 ███████             ▐█████████
  █████████  █  ▄▄▄▄██████████
   ███████  █  ▄█████████████
    ▀████████▄▄████████████▀
       ▀████████████████▀▀
          ▀▀▀██████▀▀▀

.Bitcoin
           ▄▄▄███████▄▄▄
       ▄▄█████████████████▄▄
     ▄████▀▀           ▀▀████▄
    ███▀                   ▀███
   ███   ███           ███   ███
  ███     ███         ███     ███
 ███       ███       ███       ███
 ███     ██████     ██████     ███
 ███        ████   ████        ███
 ███     █████████████████     ███
 ███         ███▄ ▄███         ███
  ███         ███████         ███
   ███▄        █████        ▄███
    ████▄       ███       ▄████
     ▀█████▄▄         ▄▄█████▀
       ▀▀█████████████████▀▀
            ▀▀███████▀▀

.Viacoin
galdur
Hero Member
*****
Offline Offline

Activity: 616
Merit: 500



View Profile
November 17, 2014, 07:51:33 PM
 #234

Retarded people in the bitcoin industry have hired
what´s left of Arthur Levitt. Extremely bearish.

suchmoon
Legendary
*
Offline Offline

Activity: 1834
Merit: 2394


takav mrak


View Profile
November 17, 2014, 08:08:35 PM
 #235

Anyway, tired of doing Josh's work for him. I wonder if half of his plan is to allow smarter members of the community to work for free.

That's what seems to have been going on for quite a while. Expect him to post a bunch of new threads on HT asking "What do you think of this" in preparation for the next white paper draft. Trouble is, few are willing or capable to formulate a good advice in a sufficiently "respectful" way to not get banned, so he basically ends up hearing what he wants to hear. Not to mention the inability to stop bragging for 5 consecutive minutes.

Quote
The best is yet to come Smiley

https://twitter.com/gawceo/status/534374734222614529

jimmothy
Hero Member
*****
Offline Offline

Activity: 770
Merit: 500



View Profile
November 17, 2014, 08:09:53 PM
 #236

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Sounds like BS, but it is only a matter of time before they do get slammed by the SEC/FinCEN.

Yeah. Right. I´m sure that the present totally obsolete banking system
and its "regulators" are in a terrible hurry to stamp out BTC scams.

You would be surprised. It wouldn't be the first time the feds have gone after bitcoin ponzis/scams. They even went after Erik Voorhees just for selling unregistered securities.

Here are some nice quotes:

Quote
“Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal securities laws,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office.

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.VGpUr8lZgkQ

Quote
“All issuers selling securities to the public must comply with the registration provisions of the securities laws, including issuers who seek to raise funds using Bitcoin,” said Andrew J. Ceresney, director of the SEC’s Division of Enforcement.  “We will continue to focus on enforcing our rules and regulations as they apply to digital currencies.”

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541972520#.VGpVdclZgkQ
Snipe85
Sr. Member
****
Offline Offline

Activity: 742
Merit: 250


Infleum


View Profile
November 17, 2014, 08:29:35 PM
 #237

>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-


You guys aren't saints too. 
This situation is quite funny, because what we have here is an example of a company with its own closed society of investors similar to Apple and of course Bitcoin. In the beginning most people had positive attitude, invested and some of them dropped out, resigned in the process. The dropouts made their own society to make fun of the people who are still in and turned against the defenders of the original investment.
I read some of the comments here and on their forum and this is almost an exact copy of the battle between permabulls and permabears in the speculation subforum. Lovers vs haters the battle rages on.  Grin

galdur
Hero Member
*****
Offline Offline

Activity: 616
Merit: 500



View Profile
November 17, 2014, 08:46:14 PM
 #238

Good friend of mine just confirmed after a meeting with low level SEC representatives that the Securities and Exchange Commission is investigating GAW MINERS, LLC for securities fraud and WILL be indicting/prosecuting them under the 1970 RICO Act.

Get any assets you have left out NOW.

Sounds like BS, but it is only a matter of time before they do get slammed by the SEC/FinCEN.

Yeah. Right. I´m sure that the present totally obsolete banking system
and its "regulators" are in a terrible hurry to stamp out BTC scams.

You would be surprised. It wouldn't be the first time the feds have gone after bitcoin ponzis/scams. They even went after Erik Voorhees just for selling unregistered securities.

Here are some nice quotes:

Quote
“Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal securities laws,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office.

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.VGpUr8lZgkQ

Quote
“All issuers selling securities to the public must comply with the registration provisions of the securities laws, including issuers who seek to raise funds using Bitcoin,” said Andrew J. Ceresney, director of the SEC’s Division of Enforcement.  “We will continue to focus on enforcing our rules and regulations as they apply to digital currencies.”

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541972520#.VGpVdclZgkQ

Yeah well, all during my stock investing career I figured
that the main purpose of the SEC was to create a sense
of false security. I guess when you watch the crap in
charge of that rotate between Wall St. and Washington
occasionally fining their owners cents on the dollar if it´s
ever collected at all

you got to eventually get a thought. Right ?

clanbake
Member
**
Offline Offline

Activity: 86
Merit: 10


View Profile
November 17, 2014, 08:54:03 PM
 #239

Is this guy for real or is this a big ass joke? I just read his tagline on twitter and it reads:

"CEO of GAW Corp and GAW Miners. I started in telecom in 2002. Now I dabble in cryptocurrency - my passion. I've been called HashKing. Say Hi."


His telecom business crashed and burned.

http://www.bbb.org/connecticut/Business-Reviews/internet-access-provider/gaw-high-speed-internet-inc-in-enfield-ct-87076464

His current bbb rating is not exactly good.

http://www.bbb.org/connecticut/Business-Reviews/virtual-currency/geniuses-at-work-in-bloomfield-ct-87118728


He's been called "HashKing"? By whom, his wife? WTF does he hash? I haven't seen evidence of a single block solved by GAW.

He "Dabbles" in cryptocurrency? Hmm, if I'm an investor, I sure as hell hope the CEO of that company doesn't refer to his job "dabbling"  Shocked
KC6TTR
Sr. Member
****
Offline Offline

Activity: 434
Merit: 255


View Profile
November 17, 2014, 09:03:59 PM
 #240

>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-


You guys aren't saints too.  
This situation is quite funny, because what we have here is an example of a company with its own closed society of investors similar to Apple and of course Bitcoin. In the beginning most people had positive attitude, invested and some of them dropped out, resigned in the process. The dropouts made their own society to make fun of the people who are still in and turned against the defenders of the original investment.
I read some of the comments here and on their forum and this is almost an exact copy of the battle between permabulls and permabears in the speculation subforum. Lovers vs haters the battle rages on.  Grin
I'll put my character, ethics, and morals up against Mr. HashTitan any day - if in court, at least we will get some answers to the questions he has been avoiding for months now.

Make no mistake, this situation isn't funny to those who feel they have been sucked in with some tasty bait just to have the situation switched on them without reasonable opportunity to investigate or reject what was/is being done with their investment. Likewise, you make assumptions in favor of GAW/Zen with no basis or facts of your own since it you are simply regurgitating what Mt. GAW has fed to you. That may be OK with you, but not others who can see things for what they are.

Scott-
Pages: « 1 2 3 4 5 6 7 8 9 10 11 [12] 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 ... 2458 »
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!