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

[ikeboy]

On the topic of whether every order on paybase gets sent to the exchanges I got an official response a couple days back https://hashtalk.org/topic/27138/credit-cards-for-paycoin/7

"We do not send every order to an exchange. Only the net difference of a period of time."

[ZiG]

GAW might be returning to its roots as a hardware reseller, I just got the first email yesterday offering Bitmain miners. Not a single mention of PayBase or Paycoin.... I think he realized that this is going to come crashing down around them and ruin the company, so back to plan A?

Yep got the same email. I think they will or should be selling them even cheaper due to being used AND BTC so low and little if any profit for now. But GAW should have stuck to what was working. I am sure they are also trying to raise capitol before the shit hits the fan with PAYwhatever coin.

For all we know he is liquidating their assets for a pre-bankruptcy party. 

Of course, that is all conjecture since I have no evidence...

+1 ...Most probably...

ZiG

[cakebet]

Purse.io already beat Paycoin/PayBase to the Amazon integration, so I suspect Garza's trying to recapture a way to pay his Ferrari bill, before Paycoin completely fizzles out. On that note, is that guy still scheduled to bloviate at the BTC conference in Miami?

GAW might be returning to its roots as a hardware reseller, I just got the first email yesterday offering Bitmain miners. Not a single mention of PayBase or Paycoin.... I think he realized that this is going to come crashing down around them and ruin the company, so back to plan A?

Yep got the same email. I think they will or should be selling them even cheaper due to being used AND BTC so low and little if any profit for now. But GAW should have stuck to what was working. I am sure they are also trying to raise capitol before the shit hits the fan with PAYwhatever coin.

For all we know he is liquidating their assets for a pre-bankruptcy party. 

Of course, that is all conjecture since I have no evidence...

+1 ...Most probably...

ZiG

[bananafana]

If he had a shred of real business sense, he might have been able to make the coin work... wishful thinking right?  

How? Serious question. If they had told the truth about it (peercoin clone, huge premine, hardwired addresses get huge interest rates, shell of a website, no partnerships, no major fiat backing, no serious possibility of holding a $20 floor) it never would have gotten off the ground. He wouldn't have been able to get anyone buying at the "bargain" price of $4, much less load up at $10 just before the launch on the promise of doubling their money in a few days.

Now that they've officially abandoned any idea of holding a floor, and are desperately trying to claim they never uttered the word "partnership," what's the best case future? What are they promising now? Integration with a browser plugin that looks like it will deliver a truly awful shopping experience, with fees and no refunds and stuff you think you're ordering from one retailer actually coming from another. That's only if they can get around the Amazon TOS issues. Maybe a debit card, but there are plenty of bitcoin debit cards so that's no great thing. Nothing that would create any significant value.

[strangerdanger101]

On the topic of whether every order on paybase gets sent to the exchanges I got an official response a couple days back https://hashtalk.org/topic/27138/credit-cards-for-paycoin/7

"We do not send every order to an exchange. Only the net difference of a period of time."

That makes no sense so I need to run it through the bullshit translator one sec.... beep boop beep... translation we give u a premined coupon and send your transaction off to the bots so we can get a better rate on the exchange while charging you fees on top of that transaction but they really aren't fees lets call it a "spread" ya, so even though we'll be taking care of that "spread" on the exchange by ensuring the bots got us the best rate and put the "net difference of profits" into our coffers, you got your coupon really fast so you can't really complain.  *GAWdrones erupt in applause*

[bananafana]

On the topic of whether every order on paybase gets sent to the exchanges I got an official response a couple days back https://hashtalk.org/topic/27138/credit-cards-for-paycoin/7

"We do not send every order to an exchange. Only the net difference of a period of time."

Good job getting him on the record there. I'd be very surprised if it's true. It would require integrity, cost them money, and gain them nothing. But who knows.

In this thread:
https://hashtalk.org/topic/28636/paybase-amazon-ann/24
@gawceo writes: "We are willing to have a 3rd party audit if we need to close this"

The HT crowd should take him up on that. An audit to account for all the premine coins, the alleged $100 million fiat fund reserves, sales and purchases on exchanges, etc. That would be gawsome.

[flyingplows]

to hell with them

p.s. aren't they in jail yet ?

p.s.2. what will happen with my zen hashlets after they are all locked up? i still got 3, can i transfer them somewhere like to bitmain or smth OR ARE THEY NOT BACKED MY REAL MINERS OMG  

it has some similarities with hashie, you know, some stuff converted to some valuable coins, some stuff transfered to some guys who know how to do business (amhash), oh wait, there's even no transfer at gaw after bancrupt?! damn, should not have invested, would be better at cryptodouble  

[suchmoon]

On the topic of whether every order on paybase gets sent to the exchanges I got an official response a couple days back https://hashtalk.org/topic/27138/credit-cards-for-paycoin/7

"We do not send every order to an exchange. Only the net difference of a period of time."

Good job getting him on the record there. I'd be very surprised if it's true. It would require integrity, cost them money, and gain them nothing. But who knows.

In this thread:
https://hashtalk.org/topic/28636/paybase-amazon-ann/24
@gawceo writes: "We are willing to have a 3rd party audit if we need to close this"

The HT crowd should take him up on that. An audit to account for all the premine coins, the alleged $100 million fiat fund reserves, sales and purchases on exchanges, etc. That would be gawsome.

I propose that this audit transpire through an exchange of letters. These emails can then be released to the public, so, much like a serialized book or collection of news stories, people can read my answers, your rebuttals, my counterarguments and vice versa.

Notwithstanding any scheduling conflicts, as I am in the midst on finalizing my remarks (to be delivered at the Miami conference), and time permitting in general (because my chief responsibility is to perform my duties as a CEO), I look forward to your audit.

Stay con.

[Paul Revere]

[jfabritz]

If he had a shred of real business sense, he might have been able to make the coin work... wishful thinking right?  

How? Serious question. If they had told the truth about it (peercoin clone, huge premine, hardwired addresses get huge interest rates, shell of a website, no partnerships, no major fiat backing, no serious possibility of holding a $20 floor) it never would have gotten off the ground. He wouldn't have been able to get anyone buying at the "bargain" price of $4, much less load up at $10 just before the launch on the promise of doubling their money in a few days.

Now that they've officially abandoned any idea of holding a floor, and are desperately trying to claim they never uttered the word "partnership," what's the best case future? What are they promising now? Integration with a browser plugin that looks like it will deliver a truly awful shopping experience, with fees and no refunds and stuff you think you're ordering from one retailer actually coming from another. That's only if they can get around the Amazon TOS issues. Maybe a debit card, but there are plenty of bitcoin debit cards so that's no great thing. Nothing that would create any significant value.

You are right, everything that was done was completely fubar.

But...

If the notion for this coin and its technology were in the hands of someone capable, someone who could have made these things happen, could it have been useful?  

[Paul Revere]

If he had a shred of real business sense, he might have been able to make the coin work... wishful thinking right?  

How? Serious question. If they had told the truth about it (peercoin clone, huge premine, hardwired addresses get huge interest rates, shell of a website, no partnerships, no major fiat backing, no serious possibility of holding a $20 floor) it never would have gotten off the ground. He wouldn't have been able to get anyone buying at the "bargain" price of $4, much less load up at $10 just before the launch on the promise of doubling their money in a few days.

Now that they've officially abandoned any idea of holding a floor, and are desperately trying to claim they never uttered the word "partnership," what's the best case future? What are they promising now? Integration with a browser plugin that looks like it will deliver a truly awful shopping experience, with fees and no refunds and stuff you think you're ordering from one retailer actually coming from another. That's only if they can get around the Amazon TOS issues. Maybe a debit card, but there are plenty of bitcoin debit cards so that's no great thing. Nothing that would create any significant value.

You are right, everything that was done was completely fubar.

But...

If the notion for this coin and its technology were in the hands of someone capable, someone who could have made these things happen, could it have been useful?  

Short answer : NO
Long detailed answer : No effing way, Brah

[suchmoon]

If the notion for this coin and its technology were in the hands of someone capable, someone who could have made these things happen, could it have been useful?  

I'm struggling to see which part of it has any practical use or benefit. Debit cards? Maybe. Although there are some other businesses working on that and apparently it's not as easy or convenient as it sounds.

Or to put it another way, there are plenty of capable people "in this industry". Some are working on bitcoin infrastructure, some are trying to create their own coins - and the failure rate of those is telling us something, isn't it? For someone to come without any resources and to try to lie their way into something like that is ridiculous to say the least.

[doogsan]

It's totally over at GAW: check out these posts

Hashtalk has totally become disenchanted in a few short weeks

https://hashtalk.org/topic/28750/gawceo-hash-market-has-to-open-asap

[rokkyroad]

If he had a shred of real business sense, he might have been able to make the coin work... wishful thinking right?  

If the notion for this coin and its technology were in the hands of someone capable, someone who could have made these things happen, could it have been useful?  

"Community takeover" phase coming soon. Stay tuned.

[jfabritz]

If he had a shred of real business sense, he might have been able to make the coin work... wishful thinking right?  

How? Serious question. If they had told the truth about it (peercoin clone, huge premine, hardwired addresses get huge interest rates, shell of a website, no partnerships, no major fiat backing, no serious possibility of holding a $20 floor) it never would have gotten off the ground. He wouldn't have been able to get anyone buying at the "bargain" price of $4, much less load up at $10 just before the launch on the promise of doubling their money in a few days.

Now that they've officially abandoned any idea of holding a floor, and are desperately trying to claim they never uttered the word "partnership," what's the best case future? What are they promising now? Integration with a browser plugin that looks like it will deliver a truly awful shopping experience, with fees and no refunds and stuff you think you're ordering from one retailer actually coming from another. That's only if they can get around the Amazon TOS issues. Maybe a debit card, but there are plenty of bitcoin debit cards so that's no great thing. Nothing that would create any significant value.

You are right, everything that was done was completely fubar.

But...

If the notion for this coin and its technology were in the hands of someone capable, someone who could have made these things happen, could it have been useful?  

Short answer : NO
Long detailed answer : No effing way, Brah

heh, I didn't think so... 

[jfabritz]

If the notion for this coin and its technology were in the hands of someone capable, someone who could have made these things happen, could it have been useful?  

I'm struggling to see which part of it has any practical use or benefit. Debit cards? Maybe. Although there are some other businesses working on that and apparently it's not as easy or convenient as it sounds.

Or to put it another way, there are plenty of capable people "in this industry". Some are working on bitcoin infrastructure, some are trying to create their own coins - and the failure rate of those is telling us something, isn't it? For someone to come without any resources and to try to lie their way into something like that is ridiculous to say the least.

Yep, so why do the remaining GAW faithful put their hopes behind someone with no industry experience other than reselling other companies miners?

I don't know the answer to it, but I guess that if you promise someone the magic of a ponzi with the assurances that it is not a ponzi, one too many people will buy into it. 

[demonz]

https://twitter.com/gawceo/status/553825994797486080

[interstellar]

Typical HT user, thinks this was the first time he was paycoin'd...

[Paul Revere]

And there are still idiots on HT who believe the whole purpose of Paycoin was for Josh&Co to hand them free hamburgers and somehow the whole plan went awry and it can still be fixed:

https://hashtalk.org/topic/28732/wallet20-as-a-way-to-help-a-paycoin/10

I guess many who are caught up in this may never come to grips with the fact that the whole purpose of Paycoin was to take money out of their wallets and put it in Josh's.

[suchmoon]

If the notion for this coin and its technology were in the hands of someone capable, someone who could have made these things happen, could it have been useful?  

I'm struggling to see which part of it has any practical use or benefit. Debit cards? Maybe. Although there are some other businesses working on that and apparently it's not as easy or convenient as it sounds.

Or to put it another way, there are plenty of capable people "in this industry". Some are working on bitcoin infrastructure, some are trying to create their own coins - and the failure rate of those is telling us something, isn't it? For someone to come without any resources and to try to lie their way into something like that is ridiculous to say the least.

Yep, so why do the remaining GAW faithful put their hopes behind someone with no industry experience other than reselling other companies miners?

I don't know the answer to it, but I guess that if you promise someone the magic of a ponzi with the assurances that it is not a ponzi, one too many people will buy into it. 

They had successfully hyped up the price of Prime Hashlets from $16 (or even $10 if you converted Vaultbreakers) all the way up to $30-$50. I think that may have been a part of the reason why some chose to believe in this new project. To some extent it even worked - the profit part of it, not the "change the world" part - if you weren't too greedy and sold XPY at $14. Ironically the die-hard believers got screwed the most as they kept buying and holding.  All those nice things about crypto adoption etc are meaningless because GAW chose to market it as a profit vehicle and did nothing to quell the enthusiasm about the fictional $20 floor.

tl;dr: greed.