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

[KC6TTR]

+1

[Mr Felt]

Well, in a nutshell, there is a HUGE difference between simply filing a regulatory application and being vetted and [then] being issued a MSB operating license. In this specific case and at this specific time, PayBase nor any other Garza/GAW owned/operated venture is in compliance with US federal law as it relates to money transmission... Period™

The number referenced is simply their application #.

Likewise, as you mention, there is no evidence any of the Garza/GAW entities plus the numerous DBA's even have a local or state business license or federal TAX ID's (EIN's), which is also required.

Yes, I remember Alex Green (Moolah). I had him pinned 3 weeks after he joined the subreddit (last February/March) and just like that drama fest, this one will have a similar conclusion. At least I received a boatload of apologies from most of his victims after the fact... hope you did too. Regardless, I am not sure we will receive the same respect after this chapter closes. GAW's cult is on a different level than my fellow Shibes.

Scott-

I meant state-level msb licenses.  At the federal level, its just registration, which they have - there's no real vetting.  the name of the game is the state-level msb licensure.

MSB Registration Status Information
Date: 01/09/2015
 The inclusion of a business on the MSB Registrant Search Web page is not a recommendation,
 certification of legitimacy, or endorsement of the business by any government agency.
 The MSB Registrant Search Web page, which is updated on a weekly basis, contains entities that have registered as Money Services Businesses (MSBs)
 pursuant to the Bank Secrecy Act (BSA) regulations at 31 CFR 1022.380(a)-(f), administered by the Financial Crimes Enforcement Network (FinCEN).
 Information contained on this site has been provided by the MSB registrant. FinCEN does not verify information submitted by the MSB.
 Information provided on this site reflects only what was provided directly to FinCEN. If an error or incomplete information is detected
 on this site, the registrant should follow the appropriate instructions for correcting a Registration of Money Services Business (RMSB) form.
MSB Registration Number: 31000058736200
Registration Type: Initial Registration
Legal Name: PayBase, LLC
DBA Name:
Street Address: 34 East Dudley Town Road
City: Bloomfield
State: CONNECTICUT
Zip: 06002
MSB Activities:
 Dealer in foreign exchange, Money transmitter
States of MSB Activities:
 Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia,
 Federated States Of Micronesia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas,
 Kentucky, Louisiana, Maine, Marshall Islands, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
 Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands,
 Ohio, Oklahoma, Oregon, Palau, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee,
 Texas, Utah, Vermont, Virgin Islands, US, Virginia, Washington, West Virginia, Wisconsin, Wyoming
All States & Territories & Foreign Flag: All States/Territories
Number of Branches:
Authorized Signature Date: 12/26/2014
Received Date: 12/29/2014

[KC6TTR]

It's all under FEDERAL jurisdiction and everyone gets vetted - trust me. States can have their supporting legislation, but nothing supersedes the FinCEN when it comes to FIAT based securities, which is the bottom line here.

Again, the MSB Registration Number 31000058736200 is just a reference number to the application and does not constitute acceptance or an authorization to conduct business as a MSB. These things take time and migrating through a lot of red tape.

Scott-

[Mr Felt]

It's all under FEDERAL jurisdiction and everyone gets vetted - trust me. States can have their supporting legislation, but nothing supersedes the FinCEN when it comes to FIAT based securities, which is the bottom line here.

Scott-

FinCEN doesn't regulate securities; you're thinking of the SEC - that's an intense review. FinCEN is about financial crimes, terrorist financing, etc (Western Union employees are not getting the third degree from FinCEN, for example). I took a class on this about two months ago for CLE credit; pretty sure I'm remembering correctly - but I've forgotten things before.

EDIT - However, SEC might be involved too for securities issues related to cloud mining contracts, presales/ICO, etc; whereas, FinCEN would be involved with transmitting money.

[interstellar]

They are registered w/ FinCEN as an MSB.  However, that's easy.  Its a one page form. They also have to be licensed in the states they do business with customers. Those licenses are difficult to get.  You have to have liquid capital in certain amounts, be bonded, pass a background check, etc.  

I truly believe they filed in the only state that matters to them: the state of Delusion.

[Unacceptable]

I would like to stop for just a moment, and ask a question concerning the repercussions of what is transpiring here.

If Paycoin / Paybase fail, then many people will lose alot of their money.
  I understand the reasons that you want this to occur for the founders of Paycoin, but have you stopped to think how many other people will feel that sting as you try and de-value the coin further?
  If you want to be "whistle blowers" and police wrongdoing with evidence of that wrongdoing brought to the authorities, I applaud your efforts.  We all need watchmen to help keep us out of trouble.  But please think about those you are calling stupid for having faith in the company, and try to help them / warn them BEFORE they take a further loss.  Reveling in the decline of the price, and wanting to smash the coin out of existence, will do nothing but hurt those that are invested in it.  You should feel some compassion for those of that have XPY holdings, and try to warn against the drop in price to help your fellow man.

I started here and on LCT over a year ago... I do not post very often, but I do read. Today I have posted twice...i am as upset about the matter as anyone on EITHER side can be, but it will not help the ones that do not read these pages to deflate the coin purposefully.  Your efforts would be better spent compiling the evidence and reporting it in a manner that would allow Journalists to research/verify/and publish.


I'll stop now, as I am not going to say anything else on the matter.  

If they don't do "due diligence" to get ALL the facts,then I can't feel sorry for them..............this thread & several others have been around since on or before November 14, 2014.

They need to get their "head out of the sand" so they can see.

[Unacceptable]

I would like to stop for just a moment, and ask a question concerning the repercussions of what is transpiring here.

If Paycoin / Paybase fail, then many people will lose alot of their money.
  I understand the reasons that you want this to occur for the founders of Paycoin, but have you stopped to think how many other people will feel that sting as you try and de-value the coin further?
  If you want to be "whistle blowers" and police wrongdoing with evidence of that wrongdoing brought to the authorities, I applaud your efforts.  We all need watchmen to help keep us out of trouble.  But please think about those you are calling stupid for having faith in the company, and try to help them / warn them BEFORE they take a further loss.  Reveling in the decline of the price, and wanting to smash the coin out of existence, will do nothing but hurt those that are invested in it.  You should feel some compassion for those of that have XPY holdings, and try to warn against the drop in price to help your fellow man.

I started here and on LCT over a year ago... I do not post very often, but I do read. Today I have posted twice...i am as upset about the matter as anyone on EITHER side can be, but it will not help the ones that do not read these pages to deflate the coin purposefully.  Your efforts would be better spent compiling the evidence and reporting it in a manner that would allow Journalists to research/verify/and publish.


I'll stop now, as I am not going to say anything else on the matter.  

These people lost their money the second they gave it to a scammer who has no plan to turn it into more money. It sill makes sense to save other people from jumping into the pit and convincing people in there to get out while they can.

These posts are not causing the price to crash. The price is crashing because GAW has not been able to do anything successfully since they starting "cloud mining." How are people shocked by this? People were practically forced into "mining" hashpoints with the promise of $20/coin. I have no idea why people still think this will work when literally nothing about paycoin/paybase has been as advertised. Posters here didn't promise 20/coin, posters here didn't set up CC payments with a company that says "no crypto," posters here didn't make up the 100 million dollars, or amazon integration, or any of the other bullshit spewed by GAW that hasn't come to fruition and has caused anyone over there with a brain that isn't hoping/praying for some other sucker to come along and take the bag from them.

Bravo!! Well said!! 

[KC6TTR]

It's all under FEDERAL jurisdiction and everyone gets vetted - trust me. States can have their supporting legislation, but nothing supersedes the FinCEN when it comes to FIAT based securities, which is the bottom line here.

Scott-

FinCEN doesn't regulate securities; you're thinking of the SEC - that's an intense review. FinCEN is about financial crimes, terrorist financing, etc (Western Union employees are not getting the third degree from FinCEN, for example). I took a class on this about two months ago for CLE credit; pretty sure I'm remembering correctly - but I've forgotten things before.

EDIT - However, SEC might be involved too for securities issues related to cloud mining contracts, presales/ICO, etc; whereas, FinCEN would be involved with transmitting money.

I understand what you are saying and I am talking about the enforcement side of things. I have been working all week in Vegas and I am dead tired - sorry.

At any rate, I guess what I am trying to say is (just like any insurance and real-estate business) they have to be pre-licensed in every state they have customers in and be registered both locally (state) AND federally prior to operation. Registering the one page FinCEN Form 107 within 180 days of inception of the business entity doesn't give them the right to function as a MSB on its own. The Patriot Act of 2001's anti-money laundering sections cover just about everything and even gets the US Internal Revenue Service, Criminal Investigations Division, involved in cases like this.

In other words, GAW's FinCEN filing = too little/too late...

Scott-

[suchmoon]

I would like to stop for just a moment, and ask a question concerning the repercussions of what is transpiring here.

If Paycoin / Paybase fail, then many people will lose alot of their money.
  I understand the reasons that you want this to occur for the founders of Paycoin, but have you stopped to think how many other people will feel that sting as you try and de-value the coin further?
  If you want to be "whistle blowers" and police wrongdoing with evidence of that wrongdoing brought to the authorities, I applaud your efforts.  We all need watchmen to help keep us out of trouble.  But please think about those you are calling stupid for having faith in the company, and try to help them / warn them BEFORE they take a further loss.  Reveling in the decline of the price, and wanting to smash the coin out of existence, will do nothing but hurt those that are invested in it.  You should feel some compassion for those of that have XPY holdings, and try to warn against the drop in price to help your fellow man.

I started here and on LCT over a year ago... I do not post very often, but I do read. Today I have posted twice...i am as upset about the matter as anyone on EITHER side can be, but it will not help the ones that do not read these pages to deflate the coin purposefully.  Your efforts would be better spent compiling the evidence and reporting it in a manner that would allow Journalists to research/verify/and publish.

I'll stop now, as I am not going to say anything else on the matter.  

I think I understand your point of view but you still seem to be thinking that "trolls" are causing the coin to crash. There are no trolls with an unlimited supply of XPY to continue dumping it for weeks. Simple math (premine vs POW) would tell you that any potential "troll" effect is miniscule compared to massive amounts of XPY in GAW's possession as well as in the hands of many Hashpoint miners. It is a miracle that the coin is still trading close to $4 even though it has absolutely no practical use and ample symptoms of GAW's inability to implement their lofty promises regarding widespread adoption etc.

Furthermore, aside from a few loud individuals to the best of my knowledge there is no concerted effort to hurt Paycoin investors, nor has there ever been. I can't speak for everyone but I know that many here are working on collecting and verifying information. Please excuse us if we gloat occasionally at the rather unbelievable fumbles happening with GAW. This comes from having predicted many of them long ago, which - to your point - was a warning that some chose to ignore.

There were quite a few reasonable media publications about GAW recently. You've seen the reaction on HT. If you have any other ideas of how this can be resolved more amicably please share.
 

[suchmoon]

Saw this in another thread:


Edited 2020-11-28 to fix a broken image

(this site published something about GAW and Amazon recently)

Also CoinFire was briefly down earlier:
https://bitcointalk.org/index.php?topic=900970.msg10088926#msg10088926

HT doesn't believe the threat is real, or might even be faked by CF itself:
https://hashtalk.org/topic/28515

And CC purchasing still not working on Paybase despite that pre-announcement by the CEO.

[Omnivion]

(snip)
Blah Blah.

Won't someone PLEEAASSEEE think of the children?

Blah Blah.

I'm not sure if your original post was a trolling effort or simply misguided.  The faster a ponzi scheme collapses, the better - fewer people will lose their money in the end.

You also don't really seem to understand how the market works.  Most of the money invested in GAW and Paycoin is already gone.  The market cap is just a temporary equilibrium - you can't pay out everyone who has invested their money.  It is only a matter of time before this all collapses, whether it takes days, weeks, or months.

So if you truly care, you should want the ponzi scheme to collapse as soon as possible, unless your bleeding heart desires more victims.

[drasted]

And CC purchasing still not working on Paybase despite that pre-announcement by the CEO.

One person said it's working, not working for others.

https://hashtalk.org/topic/28513/so-did-cc-purchase-come-back
Unsure what's happening with it.

[suchmoon]

https://hashtalk.org/topic/28509

I don't understand how the math adds up for this. Someone is selling 6-month stakers for 6 XPY (~$20) each, which is roughly their original retail price in USD. They would only be profitable if XPY stays above $10, which it is nowhere near now.

What's the logic here? If someone believes in XPY they would gain 300%+ just by holding it, if it rises to $10+. As opposed to buying a staker and barely breaking even if it rises to $10+.

That staker should not be worth more than 1 XPY, as that was the original price based on the promised 1:20 exchange rate.

[suchmoon]

And CC purchasing still not working on Paybase despite that pre-announcement by the CEO.

One person said it's working, not working for others.

https://hashtalk.org/topic/28513/so-did-cc-purchase-come-back
Unsure what's happening with it.

I don't have a CC option in my Paybase account and I'm sure there would be an official post on HT if it was really turned on.

[BlindMayorBitcorn]

Even the square community is all over this story. The deleted HT posts are all presented in a nice little artice on Coindesk. The way he manipulated things is very well documented

[bubbaj]

I would suggest that if you want cheap XPY buy now, some whales and large customers have put buy walls in, I follow the money and so should U

[Omnivion]

I follow the money and so should U

In the pump-and-dump prone cryptocurrency market, this strategy may be worse than buying and selling at random.

[10BTCaDay]

I would suggest that if you want cheap XPY buy now, some whales and large customers have put buy walls in, I follow the money and so should U

Stop begging people to help feed your ponzi.
Actively knowing a product is a ponzi and you need new investors to feed it should be illegal on its own.

[doogsan]

I would suggest that if you want cheap XPY buy now, some whales and large customers have put buy walls in, I follow the money and so should U

Stop begging people to help feed your ponzi.
Actively knowing a product is a ponzi and you need new investors to feed it should be illegal on its own.

Another disgruntled XPY holder. I'm sorry you lost money, but it isn't fair to then try and pump this shitcoin on other people.

[galdur]

This whale was dead on arrival unfortunately. But others will follow for sure.