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

[strangerdanger101]

Notice Josh's (largely irrelevant) comment that ends the Twitter Gyft chain-- "We had prepaid for all our cards before the service launched."

I don't know how Gyft operates but it could mean they require a deposit from new accounts. Not necessarily to purchase specific cards - which wouldn't make sense, how would they know in advance what to buy? Wouldn't be the first time when a simple thing gets twisted beyond recognition like that.

Good point. It does not make sense to purchase cards beforehand, but it would make a bit more to simply have a positive account balance. I hate whatever language that is that Josh speaks.

The language of a confidence artist?  Says he has a contract implying partnership turns out it wasn't true, at best pure incompetence.



These failed attempts, Gyft, Stripe seem to me a desperate team grasping at anything to give to the followers, they lack foresight and planning that's why they fail.  Besides its more advantageous to the end user to use Gyft with pure BTC as there is a rewards program.

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[msarro]

So, does anyone think that there will be a price spike in xpy immediately before the start of february?

I'm still trying to decide if I should liquidate now or wait for the muppets to go in on a buying spree (ermehgrd, 20$ a coin!!!)

Normally any future expectations would already be priced in by the market, but this is not a normal market, so who knows

Also it depends on what if any details about the buy back GAW will announce.

Yeah, normally I think efficient market theory would be appropriate but Homero likes dropping bombshells. Who knows :-/

I have a feeling a day before the launch of the buyback program GAW will sound out a mailer saying "last chance to get in on cheap coins!" and there will be a small buying spree. But maybe they also could be laying low. I don't really know.

[cadexn]

Everyone saw this coming. Just because you invested tons of money on XPY doesn't mean you have to trust everything GAW says. Learn how to get out of a scam, losing 50% of your money is better than wishing and dreaming to earn 500% back

[cryptofunk]

So, does anyone think that there will be a price spike in xpy immediately before the start of february?

I'm still trying to decide if I should liquidate now or wait for the muppets to go in on a buying spree (ermehgrd, 20$ a coin!!!)

Be careful, as we get closer to feb more people will realize that the "buyback" doesn't actually start till march, and that they will not get their actual 20 for a while.

They should at least start by releasing the name of that "third party" escrow!  "Escrow" is a loosely employed term over there.

[msarro]

So, does anyone think that there will be a price spike in xpy immediately before the start of february?

I'm still trying to decide if I should liquidate now or wait for the muppets to go in on a buying spree (ermehgrd, 20$ a coin!!!)

Be careful, as we get closer to feb more people will realize that the "buyback" doesn't actually start till march, and that they will not get their actual 20 for a while.

Yeah, I have no aspirations of ever getting $20 back. However I'd like to get back more than 1-2 dollars a coin. I've written off what I have in XPY already, but if I can find a more advantageous exit point I'd like to do that, know what I mean?

If other folks think there is a chance, there could be a small buying spree and that could drive the price up a little bit, giving me a better exit point.

This is now speculation money to play with. Like I said, I've written it off.

[bananafana]

Be careful, as we get closer to feb more people will realize that the "buyback" doesn't actually start till march, and that they will not get their actual 20 for a while.

It doesn't even start in March. The enrollment ends March 2, and buybacks are on the first of the month, so the earliest possible date for the first payment is April 1.

The buyback as they've described it is a seriously stupid idea. It gives them a short-term boost at best, for a long-term liability that costs them real money. Plus, after it's started, if they make the payments month after month it's not news after a while, so they get little good PR out of it. But if they ever miss or reduce the payments it's bad PR.

[suchmoon]

I thought there was no third party and Homero just didn't understand what "escrow" means. I think someone (probably one of us) had an argument with him last week or so about this.

It was about the ICO, Animo and Miramyn pressed him on that and he got tangled:

https://hashtalk.org/topic/22975

[suchmoon]

The buyback as they've described it is a seriously stupid idea. It gives them a short-term boost at best, for a long-term liability that costs them real money. Plus, after it's started, if they make the payments month after month it's not news after a while, so they get little good PR out of it. But if they ever miss or reduce the payments it's bad PR.

"Always profitable" was a seriously stupid idea too . But in their mind a 1 satoshi payout means promise successfully fulfilled, so the "honor program" could have a similar level of success and cost next to nothing.

[coinits]

I wrote my first computer program with one of these babies. It randomly picked lottery ticket numbers for 649. Gave it to my old man for a Christmas gift and he used it. Didn't make him rich though.

[eoakland]

Don't worry Homero is hard at work visiting Tesla and stuff...

I already confirmed with Tesla's PR people in person last September when I was there they have never heard of him and he has never been there. I am surprised (well, not really) he still plays that busted myth card.

Scott-

it's in poor taste for Josh to post that on his twitter.  1). XPY is in the toilet, and everyone is damn near underwater, now is not the time to brag about what you may be buying while your customers are losing their shirts.  2.)  is he being vague and trying to mislead that Tesla will accept XPY ? 

to think that Elon Musk would start accepting XPY is retarded. 

[cryptofunk]

I thought there was no third party and Homero just didn't understand what "escrow" means. I think someone (probably one of us) had an argument with him last week or so about this.

It was about the ICO, Animo and Miramyn pressed him on that and he got tangled:

https://hashtalk.org/topic/22975

He also says that they are insured a couple of posts after.

[NeonTranceBadger]

I have a question.  When coinfire released the SEC investigation article HT was basically calling for Josh to sue them on the basis of making false claims and posting forged documents of GAW doing illegal trading and so on.  Now for Josh to sue coinfire wouldn't he have to prove for his lawsuit against coinfire that he not doing anything illegal to say that coinfire was making false claims and it has hurt his business.  In theory if Josh does not sue coinfire he is probably doing something illegal and a lawsuit would prove that or am I just pulling this out my ass and it means nothing.  I know almost nothing about the law.

[msarro]

I have a question.  When coinfire released the SEC investigation article HT was basically calling for Josh to sue them on the basis of making false claims and posting forged documents of GAW doing illegal trading and so on.  Now for Josh to sue coinfire wouldn't he have to prove for his lawsuit against coinfire that he not doing anything illegal to say that coinfire was making false claims and it has hurt his business.  In theory if Josh does not sue coinfire he is probably doing something illegal and a lawsuit would prove that or am I just pulling this out my ass and it means nothing.  I know almost nothing about the law.

Yup. Part of a libel/slander lawsuit is proving that the person you are suing is lying. If they are telling the truth, you have no case.

My old prof in college used to put it this way: "Truth is the ultimate defense for a slander case."

[suchmoon]

He also says that they are insured a couple of posts after.

By a similar "third party" I'm sure.

Although unlike escrow, self-insurance is actually a thing. Perhaps not for financial products though.

[NeonTranceBadger]

I have a question.  When coinfire released the SEC investigation article HT was basically calling for Josh to sue them on the basis of making false claims and posting forged documents of GAW doing illegal trading and so on.  Now for Josh to sue coinfire wouldn't he have to prove for his lawsuit against coinfire that he not doing anything illegal to say that coinfire was making false claims and it has hurt his business.  In theory if Josh does not sue coinfire he is probably doing something illegal and a lawsuit would prove that or am I just pulling this out my ass and it means nothing.  I know almost nothing about the law.

Yup. Part of a libel/slander lawsuit is proving that the person you are suing is lying. If they are telling the truth, you have no case.

My old prof in college used to put it this way: "Truth is the ultimate defense for a slander case."

In theory in the following months if Josh doesn't show he is going to sue CoinFire then he is more than likely doing something illegal.  We all know how Josh loves to send cease and desists to news outlets with opposing view points.

[msarro]

He also says that they are insured a couple of posts after.

By a similar "third party" I'm sure.

Although unlike escrow, self-insurance is actually a thing. Perhaps not for financial products though.

There are some slimy ways to handle it depending on corporate structure as well. If GAW is registered separately from GAW Miners, then technically he could say it's held in escrow by GAW for GAW Miners and not be lying or (I think) breaking the law.

[suchmoon]

Except they don't have a "1 satoshi" option to weasel out of that, or at least not one they've mentioned yet. Even at the minimum of 5,000 coins per month it's going to be costing them a significant amount of real money.

Plus, after Josh pumping up expectations about how much they would actually buy and how 5,000 was just a minimum his lawyers forced him to use, etc., GAW could meet the obligation and still piss off the HT faithful.

We don't know and might never know how many coins will be committed to the honor program. So they can tell us any amount, paint it as a hugely popular and successful program, pretend to pay out 6000 XPY or whatever, while still being very little out of pocket.

Even if they prove the amount (e.g. by signing escrow addresses) there would be no way of knowing whether many/most of those coins are their own.

There are probably some other loopholes too.

I seriously doubt there is some magic waiting to happen between now and April to allow them to fork over 100k a month.

[DARKANGEL6415]

So what did everyone do with all the spare time while this hellhole was down?

I was spending some quality time on forum.gethashing.com, trying to get a feel for the broader sentiment towards GAW and XPY. Looks like many are ready to stick a fork in it with varying levels of violence, although there are still significant bags being held, e.g. in HashStakers. There is also some hope that XPY can be resurrected, although I've yet to see a coherent and doable plan for that.

i spent time with th wife, i guess she is no longer pergnant we had a baby girl ........... 1 year ago, how time flies when stuck in this forum chasing down gaw stuff

[NeonTranceBadger]

Uh looks like CoinFire has been hacked or something.  It's redirecting to an ads website.

[strangerdanger101]

Don't worry Homero is hard at work visiting Tesla and stuff...

I already confirmed with Tesla's PR people in person last September when I was there they have never heard of him and he has never been there. I am surprised (well, not really) he still plays that busted myth card.

Scott-

it's in poor taste for Josh to post that on his twitter.  1). XPY is in the toilet, and everyone is damn near underwater, now is not the time to brag about what you may be buying while your customers are losing their shirts.  2.)  is he being vague and trying to mislead that Tesla will accept XPY ? 

to think that Elon Musk would start accepting XPY is retarded. 

hahaha I was almost waiting for that myself could you imagine... I strongly agree with your first point.  Its beyond any comprehension why he would tweet that when most people would expect that he's locked away directing GAW central, at least thats the way he made it seem when he blew off his Q&A, now he's lesirly taking visits to Tesla IF thats even true, who knows anymore.  The guy has to be doing rails or something...