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Mr Felt
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January 07, 2015, 07:24:59 AM |
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This is my favorite part from that WSJ article: Still, many say that GAW — as with all cloud mining operations — could be far more transparent. Amith Nirgunarthy, CEO of cryptocurrency information site IHB.io, says GAW should provide “their coinbase addresses on the bitcoin blockchain.” Without that, he said, “none of their mining contract payouts can be traced to virgin bitcoins,” ensuring that it “smells like a ponzi scheme.”
In rebuttal, Mr. Garza says bitcoin purists’ demands for total transparency are inconsistent with how for-profit companies compete in the real world. “No normal company does that,” Mr. Garza said, adding that “operating that way won’t make more companies want to come into this space.” |
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I_IZ_CEO
Sr. Member
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Activity: 308
Merit: 250
CEO FlawMiners TM®
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January 07, 2015, 07:27:30 AM |
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Long article: http://cointelegraph.com/news/113256/concerning-garza-tnabc-and-bitcoin-media-down-with-everything-associated-with-anyone-op-ed-tl;dr seems to be that the Miami conference should offer discounts to GAW/Paycoin customers (putting pressure on Garza presumably as more unhappy customers would participate), and also some backpedaling on media responsibility regarding advertising etc, which I don't quite understand - I mean this thread has been going on since August and is fairly high in google, hello? How much time do you need for due diligence? Actually it looks to me like maybe GAW isn't spending as much on ads anymore? That would surely be a convenient way for a "news" site to proclaim moral high ground now - see, we're not taking their money anymore. These threads have been going on way before that and you were also a big part of it, with reactor, since ZEN (not the hashlet). https://bitcointa.lk/threads/gaw-miner-very-very-ugly-situation.322364/ << a very nice write up from reactor, btc addresses, mining charts etc. That address he posted is still mining, 1mh/s https://bitcointa.lk/threads/gaw-miners-gridseed-seller-independent-feedback-thread.289474/page-46#post-7585839 <<since march reactor has called them criminals Suchmoon and I sometimes see eye to eye. I also am thankful their community forum allows TOR endpoints.  It's weirdly reassuring to see the "CEO" continuing the grand tradition of bullshit in the new forums: End of marketing? yes, the sig campaign looks like its done, I tried to enroll in it without any luck.  I will keep trying.. But for some reason evilpanda does not like me, IDK why... https://bitcointalk.org/index.php?topic=530420.msg10059745#msg10059745 |
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interstellar
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January 07, 2015, 07:29:27 AM |
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Hmmmm.....  |
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drasted
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January 07, 2015, 07:35:29 AM |
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Our legal team wanted to handle this differently. Update will be coming from our official website  stay tuned Follow me on Twitter - @gawceo Can't even do something as simple as answering some questions without going back on your word. "Our legal team strongly recommended against being transparent and answering questions" |
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bitcoinnoisseur
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January 07, 2015, 07:35:52 AM |
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This always bothered me about this guy. I think he really slipped his tongue here. When I questioned him about it he lied because he never answered it and left right after I suggested he have to get permission from daddy first to answer. demonz: Re: GAW Zen Hashlet PayCoin unofficial uncensored discussion. ALWAYS MAKE MONEY :-)
November 21, 2014, 10:42:24 AM
Reply with quote #731
Quote from: demonz on November 21, 2014, 09:53:35 AM
1) What is the status of the ZenPool "negoitiations"? It was promised by GAW CEO that the pool would return to levels the same, if not GREATER than before. This has been forgotten about...
2) Why can't I use hashpoints to buy new miners? I'm stuck at either collecting satoshis (i believe the maint fees eat up about 90% of payouts) or collecting store credit and having faith on a future project. Wouldn't it benefit GAW to allow me to buy new miners/sell them and they make 10% profit? Atleast it gives people a way out.. but this has been denied.
3) Why aren't there any details as when hashpoints will be converted? Hashcoin.com had a countdown but now it redirects to paycoin with no info about release date but an email update.
4) Why, when asked, does GAW CEO respond "just dont invest with me then" as an answer to any technical questions?
5) Why do you have so much faith in one man? As far as I can tell, the main supporters of GAW are the early adopters. Those who bought hashlets at 16$, were converted to prime and made ROI already. What do you have to lose? Nothing.... and this is why your are so faithful... but ask the same question to someone who just bought in in october and payouts dropped 90%.
Thanks for your time..
r00tdude: What is the status of the ZenPool "negoitiations"? It was promised by GAW CEO that the pool would return to levels the same, if not GREATER than before. This has been forgotten about... - I know about as much about this as you do. The negotiations were said to be completed, and it's my opinion that Josh is waiting for a strategic time to restore the payouts for the ZenPool closer to the ICO. In the past he's stood behind his branded offerings and services (Zen and GAW brands are important to him) - so many of us are being patient and waiting for this to happen. It's been about a week or so since the negotiations were completed... should be soon-ish, I suppose. bitcoinnoisseur: I found this that you stated, referring to the Zenpool negotiations, to be rather disturbing: “The negotiations were said to be completed, and it's my opinion that Josh is waiting for a strategic time to restore the payouts for the ZenPool closer to the ICO.” Why, in the world, would he not restore payouts immediately? Do you mean to tell me that negotiations were made and that Josh is mining Zenpool and profiting more while paying out less until he decides to restore payouts? r00tdude: Again, I answered this question in a post already. |
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interstellar
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January 07, 2015, 07:52:09 AM |
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molan
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January 07, 2015, 07:55:03 AM |
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This Rootdude guy should had never been a mod, he's way too emetonial and acting on anger, way to ruin a forum.
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suchmoon (OP)
Legendary
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Activity: 3710
Merit: 8982
https://bpip.org
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January 07, 2015, 08:06:20 AM |
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This Rootdude guy should had never been a mod, he's way too emetonial and acting on anger, way to ruin a forum.
No, he's a perfect mod for what that forum has become. Rootdude and PCFan don't have any of those pesky doubts like the ex-mods so they can keep the lid on. Maybe they are the "legal team" too. |
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suchmoon (OP)
Legendary
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Activity: 3710
Merit: 8982
https://bpip.org
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January 07, 2015, 08:48:09 AM |
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So much for his claims he had the inside track to being "the first cryptocurrency the regulators will actually want to work with"...
I'm kind of surprised this isn't getting any more attention. Garza bragged about meeting with regulators, hiring compliance officers etc, but suddenly AFTER the floor clusterfuck they dug up a WSJ article from TWO MONTHS ago about CFTC and price manipulation - which arguably only applies to bots and stuff, it can't really prevent GAW from buying their coin at any price they choose to, can it?. Or to put it another way, if there was any wrongdoing in this then it looks a bit late to be throwing acronyms around, since it already happened with the CEO hyping up the coin and bragging about moving the markets etc. IANAL of course. https://hashtalk.org/topic/18477http://web.archive.org/web/20150107084219/https://hashtalk.org/topic/18477/regulatory-complianceWe are in discussions with one of the largest firms in the country that handle things like this.
The actual management of the currency and money transmission is being handled by an external company outside of GAW
https://twitter.com/gawceo/status/533383681780760576https://archive.today/bxjYDJosh Garza
@gawceo
Never thought selling some cool mining hardware would result in hiring Regulatory Compliance Officers! https://hashtalk.org/topic/24296http://web.archive.org/web/20150107084228/https://hashtalk.org/topic/24296/your-xpy-is-on-the-wayWe’re going to succeed in gaining mainstream acceptance for Paycoin. There’s work to be done and steps we have to go though, since we’re doing things no company before has ever done, but we’ve hired a ton of compliance officers and we meet with regulators every week to make sure we do things right. https://hashtalk.org/topic/27529http://web.archive.org/save/https://hashtalk.org/topic/27529/recent-questions-and-answerswe have since learned that the CFTC (Commodity Futures Trading Commission) has specifically stated that they can hold a company liable for manipulating pricing Which links to this: http://www.wsj.com/articles/cftc-commissioner-says-agency-has-authority-over-bitcoin-price-manipulation-1416265016By MICHAEL J. CASEY (BTW same guy who did blog articles about GAW) Nov. 17, 2014 |
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Bourbon44
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January 07, 2015, 08:50:30 AM |
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Our legal team wanted to handle this differently. Update will be coming from our official website stay tuned Follow me on Twitter - @gawceo Fantastic. If he hadn't been such a blowhard to begin with, they wouldn't be spending customer funds to squelch the complete disaster he has left in his wake. Too bad though. One look at this thread, all of the shit he has spewed and videod and posted has been documented. |
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Sujoy
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January 07, 2015, 08:53:51 AM |
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The only people holding XPY now are the GAW faithful so I expect the volume to be low and price to be stable for a little while. None of them want to sell at this price as they are hoping the price will rise in the future.
Merchant integration generally implies a conversion from XPY->Fiat, except in the unlikely scenario where the merchant is happy to hold XPY. Without any market depth, any merchant sales will crash the market. Because of this GAW are forced to delay any plans for merchant integration. Their customer base simply has no money left to put up buy walls.
What would you do in GAW's position now? They have the option of burning their own money to put up buy walls. I have a feeling they don't want to be parted from their money, so I'm not expecting that to happen. At most they may cripple the debit card with horrendous buying limits, giving the illusion of a working ecosystem.
My prediction is that merchant integration will be postponed. If anything worth buying becomes available for XPY, we'll see the market crash to a price that means people are reluctant to spend.
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pie27
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January 07, 2015, 08:56:55 AM
Last edit: January 07, 2015, 09:40:21 AM by pie27 |
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As of 3pm pst I have made contact with an attorney interested in helping us file a class action. I ask that everyone that is interested in being part of this class action please send an email with your name contact info gawclassaction@gmail.com getting a website up with all of the archived material available if people could also email links to all material that may be relevant to the above address will be helpful to the attorney. I will post more information hopefully tomorrow as I have another meeting with the lawyer. I will also be posting the same information on gawgate.com please sign up there as well Please re-post in all available forums |
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Bourbon44
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January 07, 2015, 08:59:40 AM |
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[...]
1) Numbers of up to 200k were thrown around. I'll try to dig something up.
[...]
I know one thing for a fact on November 28 the GAWminers.com store was not up to order #65000 yet. Most customers are/were repeat customers, so in no way could there have been over 50k customers that have used GAW store. This does not account for zencloud though. There you go: http://blogs.wsj.com/moneybeat/2014/12/01/bitbeat-under-fire-gaw-miners-ceo-garza-takes-on-his-critics/Mr. Garza denies all charges of wrongdoing and stands by the heady claims he makes about the size of his operation: 200,000 customers; $120 million in revenue over six months; a mining operation that accounts for 50% of all new bitcoin computing power coming online. Oh yeah, that last bit is good too. I hope someone asks about that in Miami. It's funny how that highly touted WSJ blog comes back to bite... He's not going to Miami. That is unless everyone, including his "legal team" are complete fools. Perkins Coie, which isn't some low budget firm is going to be there. Anyone with any sense, and yes, i do believe that there is at least one person within the GAW sphere (employee, investor, or hired counsel) who is going to say f**k no your dumb ass is not going to Miami. He's now becoming a liability (if he hasn't been already) to all of his coworkers and investors. There is no way he's going to be in Miami... But if he is, it will be fun as hell to watch. |
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suchmoon (OP)
Legendary
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Activity: 3710
Merit: 8982
https://bpip.org
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January 07, 2015, 09:06:39 AM |
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The only people holding XPY now are the GAW faithful so I expect the volume to be low and price to be stable for a little while. None of them want to sell at this price as they are hoping the price will rise in the future.
Merchant integration generally implies a conversion from XPY->Fiat, except in the unlikely scenario where the merchant is happy to hold XPY. Without any market depth, any merchant sales will crash the market. Because of this GAW are forced to delay any plans for merchant integration. Their customer base simply has no money left to put up buy walls.
What would you do in GAW's position now? They have the option of burning their own money to put up buy walls. I have a feeling they don't want to be parted from their money, so I'm not expecting that to happen. At most they may cripple the debit card with horrendous buying limits, giving the illusion of a working ecosystem.
My prediction is that merchant integration will be postponed. If anything worth buying becomes available for XPY, we'll see the market crash to a price that means people are reluctant to spend.
I'm kind of tempted by those pickles: https://hashtalk.org/topic/28204Seriously though, I agree, that's one possible scenario. Note though that Paybase exchange rates are horrible, so if the debit card is linked to that it wouldn't make much sense to use it - better dump on Cryptsy (there could be an uptick due to good news if the debit card is actually happening). Either way hard to find a good scenario now that the price stability is not a thing anymore. |
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KC6TTR
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January 07, 2015, 09:16:08 AM |
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As of 3pm pst I have made contact with an attorney interested in helping us file a class action. I ask that everyone that is interested in being part of this class action please send an email with your name contact info and a brief description of your losses to gawclassaction@gmail.com if anyone would like to donate to help with this i have set up bitcoin and xpy addresses to support the legal fund as well as getting a website up with all of the archived material available if people could also email links to all material that may be relevant to the above address will be helpful to the attorney. I will post more information hopefully tomorrow as I have another meeting with the lawyer. I will also be posting the same information on gawgate.com please sign up there as well xpy address: PWSMWarfeYwedfdpnJkVq93zASskWuyoYx BTC address: 1NTSrG7Dm5pfmcx9FSbV67bzpZADPgmhHu Please re-post in all available forums I am still in Vegas for CES, but am trying to add content to GAWGate.com as I have the free time (late night work here). Please feel free to use the existing forum there for the class action home base if needed. I only request any requests for donations be delayed until the legal counsel and all parties are vetted. Scott- Edit: Sorry; I missed your last comment. See you on GAWGate.com. |
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pie27
Newbie
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January 07, 2015, 09:25:49 AM |
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As of 3pm pst I have made contact with an attorney interested in helping us file a class action. I ask that everyone that is interested in being part of this class action please send an email with your name contact info and a brief description of your losses to gawclassaction@gmail.com if anyone would like to donate to help with this i have set up bitcoin and xpy addresses to support the legal fund as well as getting a website up with all of the archived material available if people could also email links to all material that may be relevant to the above address will be helpful to the attorney. I will post more information hopefully tomorrow as I have another meeting with the lawyer. I will also be posting the same information on gawgate.com please sign up there as well xpy address: PWSMWarfeYwedfdpnJkVq93zASskWuyoYx BTC address: 1NTSrG7Dm5pfmcx9FSbV67bzpZADPgmhHu Please re-post in all available forums I am still in Vegas for CES, but am trying to add content to GAWGate.com as I have the free time (late night work here). Please feel free to use the existing forum there for the class action home base if needed. I only request any requests for donations be delayed until the legal counsel and all parties are vetted. Scott- Edit: Sorry; I missed your last comment. See you on GAWGate.com. Yeah there is alot of archived material i want to get that in one place for the lawyer people don't not have to donate |
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