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

[FUBAR-BDHR]

I've got the next step figured out.  That escrow will be converted into bars of soap with the paycoin logo stamped on them.  A Deal will be cut with the prison to sell the bars to the inmates at a profit of $20 each.  All profits will go to paycoin owners on a first drop-first serve basis.

[suchmoon]

Josh is putting his 5 million + premine in the escrow amd going to pay himself 90% of the funds every month. Pretty simple strategy.

Of course he is, it's the only way he will be able to get out of the company with any money.

Of course he isn't. It would only make sense for Josh to put his own coins into the buyback escrow if you believe that there's a CAF with tens of millions of dollars in it and that's how they're going fund the buyback. It's obvious they never had that kind of money. It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

A much simpler way for him to walk away with some money is to sell his premine coins directly to suckers who are buying. He pockets 100% of that. He's not stupid enough to put those coins into a buyback program that is doomed before it starts.

I think the assumption that GAW will stuff the escrow with their own coins is based on the belief that the amount of coins will be made public, e.g. a message signed with the escrow address will be posted and everyone will be able to see how many coins enter and how much of the payout each coin will get. In this case GAW would need to put their own XPY into escrow if they want to reduce their monthly expense from $100k to (non_gaw_coins / total_coins) * $100k.

But if escrow is not made public then they could just say "the program was an overwhelming success and we have 5 million coins in escrow therefore you'll be getting <insert a very small amount> per month" without even putting their own XPY into it. The fact that the 5 million escrow address isn't visible on the blockchain can be ignored, or explained by some made up rubbish, e.g. for security reasons the amounts are split among multiple addresses.

[bananafana]

Josh is putting his 5 million + premine in the escrow amd going to pay himself 90% of the funds every month. Pretty simple strategy.

Of course he is, it's the only way he will be able to get out of the company with any money.

Of course he isn't. It would only make sense for Josh to put his own coins into the buyback escrow if you believe that there's a CAF with tens of millions of dollars in it and that's how they're going fund the buyback. It's obvious they never had that kind of money. It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

A much simpler way for him to walk away with some money is to sell his premine coins directly to suckers who are buying. He pockets 100% of that. He's not stupid enough to put those coins into a buyback program that is doomed before it starts.

I think the assumption that GAW will stuff the escrow with their own coins is based on the belief that the amount of coins will be made public, e.g. a message signed with the escrow address will be posted and everyone will be able to see how many coins enter and how much of the payout each coin will get. In this case GAW would need to put their own XPY into escrow if they want to reduce their monthly expense from $100k to (non_gaw_coins / total_coins) * $100k.

Yeah but in that case they'd be stuffing the account with coins that don't get paid. So maybe they pay out $50k (raised by selling XPY on the exchanges) but claim to have paid out much more than that because most of the coins are GAWs.

None of the HT faithful are asking the most important question: where's the money supposed to be coming from to pay for the buyback?

[strangerdanger101]

I've got the next step figured out.  That escrow will be converted into bars of soap with the paycoin logo stamped on them.  A Deal will be cut with the prison to sell the bars to the inmates at a profit of $20 each.  All profits will go to paycoin owners on a first drop-first serve basis.

Innovators will get soap on a rope.

[not.you]

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

[suchmoon]

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

There is no proof that I know of but plenty of symptoms, from satoshi payouts to staff leaving. Think of this way - what do we know about GAW's income? Last known source of revenue was HashStaker sales nearly two months ago. Since then - nothing, except potentially dumping premined XPY.

[bumpershot]

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

There is no proof that I know of but plenty of symptoms, from satoshi payouts to staff leaving. Think of this way - what do we know about GAW's income? Last known source of revenue was HashStaker sales nearly two months ago. Since then - nothing, except potentially dumping premined XPY.

Well, they're still selling mining equipment. That might be at least a little revenue.

[suchmoon]

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

There is no proof that I know of but plenty of symptoms, from satoshi payouts to staff leaving. Think of this way - what do we know about GAW's income? Last known source of revenue was HashStaker sales nearly two months ago. Since then - nothing, except potentially dumping premined XPY.

Well, they're still selling mining equipment. That might be at least a little revenue.

True, forgot about that. and they might still be mining with what they haven't sold. Assuming they had 2500 S4s (5 PH/s) at $550 each minus shipping this could bring in ~$1 million if they manage to sell them all at that price. 2-3 months of payroll perhaps.

[bananafana]

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

I don't know anything that isn't public, I was just saying that it wouldn't be surprising.

They never had $100 million in funding, or anything close to it. They're obviously not spending much on development or anything else. When a company loses a number of high-level employees at the same time it's often a sign that they're in deep financial trouble.

Also, the buyback makes no sense as a long-term commitment. It would cost a lot of BTC and/or fiat, and as a one-time thing it does nothing positive for them once it's under way. It's a long-term liability with little or no long-term benefit. It does, however, make sense as an exit strategy. It props the price up temporarily, and promises cost nothing.

The things they've done lately have all been weaker than usual. Asking the HT community to come up with ideas for increasing XPY acceptance. Touting various things that cost very little, like getting added to some page of links or whatever it was. New badges! Announcements like "we're still here" that say nothing at all. It's not what you'd expect from a company with active on-going development, it is what you'd see from a company that is running on fumes.

The 200,000 XPY that moved from premine coins to cryptsy yesterday could be the sort of thing you'd see if they're scrambling for ways to raise cash. (I didn't see any more news about that. I assume if they'd sold those coins someone would have posted about it.)

Just stuff like that. A lot that's going on makes sense if they're a company that's out of cash and desperate. No proof.

[suchmoon]

The 200,000 XPY that moved from premine coins to cryptsy yesterday could be the sort of thing you'd see if they're scrambling for ways to raise cash. (I didn't see any more news about that. I assume if they'd sold those coins someone would have posted about it.)

There is no way to know if they are selling those coins unless they put up huge orders that couldn't possibly belong to anyone else - like 50k or more. More likely they'll just drip it slowly like they've likely been doing so far.

[FUBAR-BDHR]

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

There is no proof that I know of but plenty of symptoms, from satoshi payouts to staff leaving. Think of this way - what do we know about GAW's income? Last known source of revenue was HashStaker sales nearly two months ago. Since then - nothing, except potentially dumping premined XPY.

Well, they're still selling mining equipment. That might be at least a little revenue.

True, forgot about that. and they might still be mining with what they haven't sold. Assuming they had 2500 S4s (5 PH/s) at $550 each minus shipping this could bring in ~$1 million if they manage to sell them all at that price. 2-3 months of payroll perhaps.

Makes you wonder where that big batch of used S4 units bitmain was unloading came from....

[owlcatz]

well shit, isn't that weird?

[suchmoon]

well shit, isn't that weird?

https://i.imgur.com/2fqwu8z.jpg

Which part - that almost nobody trolled it, or that it was still cancelled?

[owlcatz]

well shit, isn't that weird?

https://i.imgur.com/2fqwu8z.jpg

Which part - that almost nobody trolled it, or that it was still cancelled?

Both.

[mcni77]

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

I don't know anything that isn't public, I was just saying that it wouldn't be surprising.

They never had $100 million in funding, or anything close to it. They're obviously not spending much on development or anything else. When a company loses a number of high-level employees at the same time it's often a sign that they're in deep financial trouble.

Also, the buyback makes no sense as a long-term commitment. It would cost a lot of BTC and/or fiat, and as a one-time thing it does nothing positive for them once it's under way. It's a long-term liability with little or no long-term benefit. It does, however, make sense as an exit strategy. It props the price up temporarily, and promises cost nothing.

The things they've done lately have all been weaker than usual. Asking the HT community to come up with ideas for increasing XPY acceptance. Touting various things that cost very little, like getting added to some page of links or whatever it was. New badges! Announcements like "we're still here" that say nothing at all. It's not what you'd expect from a company with active on-going development, it is what you'd see from a company that is running on fumes.

The 200,000 XPY that moved from premine coins to cryptsy yesterday could be the sort of thing you'd see if they're scrambling for ways to raise cash. (I didn't see any more news about that. I assume if they'd sold those coins someone would have posted about it.)

Just stuff like that. A lot that's going on makes sense if they're a company that's out of cash and desperate. No proof.

I believe this is the case as well. Everyone has been pointing to their business practices from the beginning, such as them overstating mining power & speculation that they were pointing their pools to mine BTC. I believe some even speculated that customers were probably not even mining anything at all since it is just numbers on a webpage that they see, while GAW mined BTC to make the payouts. Then, shortly after, the customers cloud miners that were supposed to be future proof, upgradeable & always profitable, started paying out practically nothing.  Even in the face of customer outrage, Josh refused to provide any details or proof backing up his claims. So why would anyone not expect the same secrecy surrounding the buyback program? High level staff has been leaving left & right. The forums are a ghost town, which I suspect is because staff ran shill accounts & paid mods while other team players also managed multiple accounts in order to control the conversations surrounding all things GAW, now that they are gone, the only ones left are the members who were actually dumb enough to buy into all this. Then the Paycoin launch was an absolute failure & Josh has been behaving stranger by the day. Josh has always been less than forthcoming & routinely refuses to answer the most basic questions from customers or the community at large. But lately, his posts & behavior wreak of desperation & confusion. Just look at his behavior leading up to & during BTC Miami, the debate challenge, the 30 days of transparency or his numerous incoherent forum posts.

Personally, based on what I am witnessing, along with everyone else, I believe the whole virtual, always profitable miners (hashlets?) was a ponzi scheme that did not go as planned because people figured it out sooner than Josh expected, but he managed to keep everyone on board & the company going with exxagerated promises of large Paycoin profits & maybe Josh managed to even get a small investor or two with those promises. He was using the little press he recieved, like blog posts at WSJ & throwing some pretty big names out there, like Target, Macy's & Walmart. Then when Paycoin not only fell flat, but also felt the wrath of the crypto community & was exposed as a scam, it all came crashing down. Now I think Josh is selling off mining hardware & the buyback is his last payday on the backs of the GAW faithful. This is why I think sales of used miners resuming, while sales of hashlets or whatever they are have stopped.

My only question at this point is whether the buyback is being done because his lawyers are making him do it in the hopes it will keep him out of prison, pretty much pre-preparing a defense OR if Josh is doing the buyback to get one last big payday. Either way, I believe GAW will be filing for bankruptcy at some point after the buyback program begins. In my mind, the only difference between the 2 scenarios, is if his lawyers are making him do this, perhaps the bankruptcy may be delayed while they figure out if Josh will be charged or the conclusion of his trial if he is charged. So perhaps participants in the buyback MAY get their paycoins or the USD value at the time they were deposited into escrow back as part of a plea arrangement or bankruptcy proceedings. However, I believe that if this buyback program is part of some scheme Josh cooked up in some last ditch effort to make more money, after the buyback starts, Josh will dump a shitload of XPY until it hits $0. Then he'll file for bankruptcy, leaving the GAW faithful holding the bag while he drives away in his Ferrari, laughing all the way to the bank.

Regardless, I guarantee that this buyback program is going to go horribly wrong, like everything usually does over at GAW. Just look at Josh's track record! Has Josh EVER done ANYTHING without some sort of "gotcha" attached to it? GAW hasn't managed to launch so much as a new button on the GAW website without encountering some delay followed by an unforeseen issue & lunacy by the CEO. Even Josh renaming the member badges last night on his forum was a fiasco! The event was hyped, full of drama & incoherent finger-pointing by the CEO, while the GAW faithful cheered him on & sung his praises. I can't even believe this is a real company, GAW reminds me of some shady business or cult I might see on the Simpsons or South Park.

If I had any holdings in XPY, I would wait for the next pump by one of Josh's bots, dump them for the + or - $2.50 & cut my losses. Regardless if I am

That's just my 50,000 paycoins, in other words, that's just my 2¢

[bmgbmg]

Like I've said from the beginning, it's not a company, it's a scheme, a ponzi scheme. 

They've never had $100M, $10M not even $1M (they sure as shit didn't pay $1m for btc.com).  They've had a few hundred thousand dollars in BTC to launch and they've been cashing the premine to btc to prop up the price and volume.

They're thousandaires wanting to be millionaires.  Send Homoro to jail and everyone involved at this point.

It wouldn't be at all surprising if they're so close to broke that they are struggling to make payroll each month.

Did you hear something to that effect?  Just wondering what prompted this comment or if I missed something in this thread somewhere.

I don't know anything that isn't public, I was just saying that it wouldn't be surprising.

They never had $100 million in funding, or anything close to it. They're obviously not spending much on development or anything else. When a company loses a number of high-level employees at the same time it's often a sign that they're in deep financial trouble.

Also, the buyback makes no sense as a long-term commitment. It would cost a lot of BTC and/or fiat, and as a one-time thing it does nothing positive for them once it's under way. It's a long-term liability with little or no long-term benefit. It does, however, make sense as an exit strategy. It props the price up temporarily, and promises cost nothing.

The things they've done lately have all been weaker than usual. Asking the HT community to come up with ideas for increasing XPY acceptance. Touting various things that cost very little, like getting added to some page of links or whatever it was. New badges! Announcements like "we're still here" that say nothing at all. It's not what you'd expect from a company with active on-going development, it is what you'd see from a company that is running on fumes.

The 200,000 XPY that moved from premine coins to cryptsy yesterday could be the sort of thing you'd see if they're scrambling for ways to raise cash. (I didn't see any more news about that. I assume if they'd sold those coins someone would have posted about it.)

Just stuff like that. A lot that's going on makes sense if they're a company that's out of cash and desperate. No proof.

I believe this is the case as well. Everyone has been pointing to their business practices from the beginning, such as them overstating mining power & speculation that they were pointing their pools to mine BTC. I believe some even speculated that customers were probably not even mining anything at all since it is just numbers on a webpage that they see, while GAW mined BTC to make the payouts. Then, shortly after, the customers cloud miners that were supposed to be future proof, upgradeable & always profitable, started paying out practically nothing.  Even in the face of customer outrage, Josh refused to provide any details or proof backing up his claims. So why would anyone not expect the same secrecy surrounding the buyback program? High level staff has been leaving left & right. The forums are a ghost town, which I suspect is because staff ran shill accounts & paid mods while other team players also managed multiple accounts in order to control the conversations surrounding all things GAW, now that they are gone, the only ones left are the members who were actually dumb enough to buy into all this. Then the Paycoin launch was an absolute failure & Josh has been behaving stranger by the day. Josh has always been less than forthcoming & routinely refuses to answer the most basic questions from customers or the community at large. But lately, his posts & behavior wreak of desperation & confusion. Just look at his behavior leading up to & during BTC Miami, the debate challenge, the 30 days of transparency or his numerous incoherent forum posts.

Personally, based on what I am witnessing, along with everyone else, I believe the whole virtual, always profitable miners (hashlets?) was a ponzi scheme that did not go as planned because people figured it out sooner than Josh expected, but he managed to keep everyone on board & the company going with exxagerated promises of large Paycoin profits & maybe Josh managed to even get a small investor or two with those promises. He was using the little press he recieved, like blog posts at WSJ & throwing some pretty big names out there, like Target, Macy's & Walmart. Then when Paycoin not only fell flat, but also felt the wrath of the crypto community & was exposed as a scam, it all came crashing down. Now I think Josh is selling off mining hardware & the buyback is his last payday on the backs of the GAW faithful. This is why I think sales of used miners resuming, while sales of hashlets or whatever they are have stopped.

My only question at this point is whether the buyback is being done because his lawyers are making him do it in the hopes it will keep him out of prison, pretty much pre-preparing a defense OR if Josh is doing the buyback to get one last big payday. Either way, I believe GAW will be filing for bankruptcy at some point after the buyback program begins. In my mind, the only difference between the 2 scenarios, is if his lawyers are making him do this, perhaps the bankruptcy may be delayed while they figure out if Josh will be charged or the conclusion of his trial if he is charged. So perhaps participants in the buyback MAY get their paycoins or the USD value at the time they were deposited into escrow back as part of a plea arrangement or bankruptcy proceedings. However, I believe that if this buyback program is part of some scheme Josh cooked up in some last ditch effort to make more money, after the buyback starts, Josh will dump a shitload of XPY until it hits $0. Then he'll file for bankruptcy, leaving the GAW faithful holding the bag while he drives away in his Ferrari, laughing all the way to the bank.

Regardless, I guarantee that this buyback program is going to go horribly wrong, like everything usually does over at GAW. Just look at Josh's track record! Has Josh EVER done ANYTHING without some sort of "gotcha" attached to it? GAW hasn't managed to launch so much as a new button on the GAW website without encountering some delay followed by an unforeseen issue & lunacy by the CEO. Even Josh renaming the member badges last night on his forum was a fiasco! The event was hyped, full of drama & incoherent finger-pointing by the CEO, while the GAW faithful cheered him on & sung his praises. I can't even believe this is a real company, GAW reminds me of some shady business or cult I might see on the Simpsons or South Park.

If I had any holdings in XPY, I would wait for the next pump by one of Josh's bots, dump them for the + or - $2.50 & cut my losses. Regardless if I am

That's just my 50,000 paycoins, in other words, that's just my 2¢

[mcni77]

Like I've said from the beginning, it's not a company, it's a scheme, a ponzi scheme.  

They've never had $100M, $10M not even $1M (they sure as shit didn't pay $1m for btc.com).  They've had a few hundred thousand dollars in BTC to launch and they've been cashing the premine to btc to prop up the price and volume.

They're thousandaires wanting to be millionaires.  Send Homoro to jail and everyone involved at this point.

Yeah, I have to agree with you there. What I find absolutely amazing is that people on the sidelines, like you & I can see this plain as day. But the people on Hashtalk who watch this unfold piece by piece in the forums & have real money invested in Josh & his hair brained schemes, cannot. People seem to be amazed at how brazen Josh is & the depth of his scheme. But what I think is truly amazing is how he is able to surround himself with people who not only pay, but also cheer him on while they are being swindled & victimized.  

[bmgbmg]

People that are already millionaires don't need to fuck around on chatrooms playing with crypto coins.  He's an amateur trying to scam even more amateurs that have formed into a cult.  It's all about keeping the scam going to try to sell the premined coins.  They're free never forget.  Send the fucker to jail.

Like I've said from the beginning, it's not a company, it's a scheme, a ponzi scheme.  

They've never had $100M, $10M not even $1M (they sure as shit didn't pay $1m for btc.com).  They've had a few hundred thousand dollars in BTC to launch and they've been cashing the premine to btc to prop up the price and volume.

They're thousandaires wanting to be millionaires.  Send Homoro to jail and everyone involved at this point.

Yeah, I have to agree with you there. What I find absolutely amazing is that people on the sidelines, like you & I can see this plain as day. But the people on Hashtalk who watch this unfold piece by piece in the forums & have real money invested in Josh & his hair brained schemes, cannot. People seem to be amazed at how brazen Josh is & the depth of his scheme. But what I think is truly amazing is how he is able to surround himself with people who not only pay, but also cheer him on while they are being swindled & victimized.  

[ZiG]

http://teampaycoin.com/
who wants to throw good money away and help get a Paycoin NASCAR advert?

YES! Please! Pure GAWsomeness!



I think the next logical step in this media blitz would be billboards:

"...If you don't invest in Paycoin - Fuck you..."

and...:  "If you invest - you GOT FUCKED !... "

You decide...

Homero J Garza

[KC6TTR]

Like I've said from the beginning, it's not a company, it's a scheme, a ponzi scheme.  

They've never had $100M, $10M not even $1M (they sure as shit didn't pay $1m for btc.com).  They've had a few hundred thousand dollars in BTC to launch and they've been cashing the premine to btc to prop up the price and volume.

They're thousandaires wanting to be millionaires.  Send Homoro to jail and everyone involved at this point.

Yeah, I have to agree with you there. What I find absolutely amazing is that people on the sidelines, like you & I can see this plain as day. But the people on Hashtalk who watch this unfold piece by piece in the forums & have real money invested in Josh & his hair brained schemes, cannot. People seem to be amazed at how brazen Josh is & the depth of his scheme. But what I think is truly amazing is how he is able to surround himself with people who not only pay, but also cheer him on while they are being swindled & victimized.  

He "reportedly" chose the monthly payment plan for btc.com and even that was not all cash. Regardless, there is no verifiable proof he paid more than $15K for the domain from GoDaddy's domain broker; who had it listed for that price before some emails from Garza showed up with a few extra decimal spaces added to the 1-5 along with an "M" instead of a "K" when he was showing off his expenditure.

Scott-