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

[Crestington]

That is correct, and it gets worse as that is just one of the many flaws.

Keys were not rotated,
Compound stake was not fixed,
Stake rates are all 100% compounding,
No single prime protection was developed,
there is no "soft fork" or easy way to disable one or more primes,
What else is there?

There is also a possible time exploit in the block acceptance, or timedrift.
spam attacks

[dave01]

people in HT like an idiot and a fool
they make ridiculous thread like trash
stupid ..... stupid .... once they
The world already knows paycoin is SCAME

Scame?

[miaviator]

That is correct, and it gets worse as that is just one of the many flaws.

Keys were not rotated,
Compound stake was not fixed,
Stake rates are all 100% compounding,
No single prime protection was developed,
there is no "soft fork" or easy way to disable one or more primes,
What else is there?

There is also a possible time exploit in the block acceptance, or timedrift.
spam attacks

Is there a delay in staking?  There is a question about a 24 hour delay in prime node staking.

[SockPuppetAccount]

I thought you worked at the paycoin foundation

No.

Ah, I see.  I thought the same.  The cast of characters has grown so large at this point it's like Day of Our Lives.

Shouldn't there be built in protection to prevent more than one wallet from staking with the same prime key?

There should be, you would think.  Remember that this is Paycoin though.  It was conceived by an illeterate scam muggle who fucks up everything he touches.

Isn't the key way too long to be for an address?

Dooglus?  Wanna chime in here?

[Buckeye2015]

Here we go already
https://twitter.com/Alaniarakwta/status/592294459347435520

Should I point out that PYC and XPY is two different Coins?

was just thinking that the stupid is SO STRONG with Homereo that he kills not one, but two coins at the same time... takes some strong-ass stupid to manage that

One can only imagine what Satoshi Nakamoto would say if he read this forum and what Joshypoo the Genius at work has done with Crypto!

Hmmmm maybe Joshypoo should announce he really is Satoshi Nakamoto just to put this issue to rest?
Now that would be some serious funny!

I could see Garza posting... "was showing my Elon gifted Tesla to Satoshi the other day and..."
noob: YOU mean the Satoshi Nakamoto?
Garza: Yeah, he liked my patents so wanted to talk about investing
Garza: sine then we just hang out a lot
noob: <wide eyed> Wow!

[mullick]

There is no 24 hour delay. You can stake as soon as you have enough coinage (1 Hour) But it will likely happen less often depending on your coinage and the network stake weight. The longer you wait the higher the reward will be. p to 5 days when you no longer acquire any more coinage

As far as I know 125k coins are required.

The keys are not addresses and will not unlock any coins. They just enable the stake rate for any address in the wallet. Which is now 100% for all the prime activation keys

[miaviator]

Meanwhile back at hushtalk:

[miaviator]

There is no 24 hour delay. You can stake as soon as you have enough coinage (1 Hour) But it will likely happen less often depending on your coinage and the network stake weight

As far as I know 125k coins are required.

The keys are not addresses and will not unlock any coins. They just enable the stake rate for any address in the wallet. Which is now 100% for all the prime activation keys

https://github.com/PaycoinFoundation/paycoin/blob/cf1eaf6a485281a9150e0b21e6232c0830d8697b/src/main.h

src/main.h

Code:

63	static const int64 MINIMUM_FOR_ORION = 50 * COIN;
64	static const int64 MINIMUM_FOR_PRIMENODE = 125000 * COIN;

[Xian01]

There is no 24 hour delay. You can stake as soon as you have enough coinage (1 Hour) But it will likely happen less often depending on your coinage and the network stake weight
As far as I know 125k coins are required.
The keys are not addresses and will not unlock any coins. They just enable the stake rate for any address in the wallet. Which is now 100% for all the prime activation keys

Any further consideration on returning the controller, delisting XPY, and try to "do the right thing" with respect to doing your part in not further supporting this fraud ?

Is your $1 investment really worth the hassle ? Are you staying firm with your investment in XPY ?

[Crestington]

PAYCOIN CARES TO INSTALL WORLD’S FIRST XPY ATM IN AFRICA, AIMS TO FUEL DIGITAL CURRENCY WITH HUMANITARIAN PROJECTS

PHASE 1. Project Funding by Raising Awareness

Adam and his team plan to generate funding for the PAYTM Remittance Project by sharing a Zimbabwe man’s story. A group from Team PayCoin will travel to Africa to help tell his story and how it costs him almost 50% in fees to send money to his family in Zimbabwe.
PHASE 2. Finalize and Deploy Paytms

Currently, Paycoin Cares is at work researching the optimal locations to install the first Paycoin ATMs. Their goal is to make the biggest impact as possible! Once they have generated funding and located the optimal regions, they will begin the installation of PAYTMs

im pretty sure this is magical thinking again and nice words on a paper. of course there is no road-map. no technical information about this ATM terminal. is it produced inhouse or btc terminal transformed. how many are planned. is it xpy only
no names of partners. no name of the person whos story is being told.

i guess its planned that there is no information that could be confirmed by a third party. its sick to leverage something like this

Meanwhile...

https://chainz.cryptoid.info/xpy/address.dws?P9HwdnKRZD5niS7ua9pSV4DnjKxRPHw73Y.htm

has been fed with 38,000 XPY in the last 24 hours, and that's only from the 100% hashstakers

The 350% hashstakers aren't even being used at the moment according to the PayCoin Block Explorer and Coins are being pulled out of the Stakers once an hour in order to limit the amount of hyperinflation, otherwise XPY would be generating at 1 million+ Coins a week.

Edit: I found a 350% hashstaker https://chainz.cryptoid.info/xpy/address.dws?PQ6PJmpSVqiNZZZKbYxccQzFVoUzebqUS3.htm

and the 38,000 XPY generated and sent to this address is the same amount of total XPY generated in the last 24 hours.

During a previous week, Feb 1st-8th 400k new Coins were added to the currency supply or approximately 60k a day, the reason for the drop is because now they have Coins being sent out of the hashstakers into a collection address. If GAW were to have 50k XPY in all their hashstakers and left them there, there would be more than 1 million Coins generated in one week.

38,000 Coins for me, and 20 Coins for everyone else.

Happy dumps for everyone!!!

Can I requote this? Maybe this is relevant now?

[miaviator]

There is no 24 hour delay. You can stake as soon as you have enough coinage (1 Hour) But it will likely happen less often depending on your coinage and the network stake weight
As far as I know 125k coins are required.
The keys are not addresses and will not unlock any coins. They just enable the stake rate for any address in the wallet. Which is now 100% for all the prime activation keys

Any further consideration on returning the controller, delisting XPY, and try to "do the right thing" with respect to doing your part in not further supporting this fraud ?

Is your $1 investment really worth the hassle ? Are you staying firm with your investment in XPY ?

Maybe they should get their $1 back now that allegedly anyone with 125K coins can be a prime node?  Seems like Cryptsy got screwed out of that $1.

[mullick]

There is no 24 hour delay. You can stake as soon as you have enough coinage (1 Hour) But it will likely happen less often depending on your coinage and the network stake weight
As far as I know 125k coins are required.
The keys are not addresses and will not unlock any coins. They just enable the stake rate for any address in the wallet. Which is now 100% for all the prime activation keys

Any further consideration on returning the controller, delisting XPY, and try to "do the right thing" with respect to doing your part in not further supporting this fraud ?

Is your $1 investment really worth the hassle ? Are you staying firm with your investment in XPY ?

Im waiting until we have an official meeting to discuss our plans any further.

But as I pointed out before Its in our best interest to do what is right in the publics opinion. Which has been expressed in this thread

Our controller is not staking at this time until we make an announcment

[SockPuppetAccount]

Ah, damn.  You are correct.  It does require 125k scam muggle coins.

What about the orion nodes though?  That should be the first 2 private keys from this list correct?  20%?  Those only require 50 coins.

[mullick]

Ah, damn.  You are correct.  It does require 125k scam muggle coins.

What about the orion nodes though?  That should be the first 2 private keys from this list correct?  20%?  Those only require 50 coins.

"Orion" nodes stake at 5% and require no activation key

[bitpop]

Is that 100% per day?

[miaviator]

Is that 100% per day?

It's based on 100% per year.  AFAIK

That's before compounding.  The current codebase requires manual scraping of stake in order to prevent compounding.

[adipurnama]

perfect for scamer josh  

http://postimg.org/image/zcrjcuj1v/full

[mullick]

Well this has backfired

The points I do want to make

1. We never wanted to profit off the prime node. And made it a point to make our addresses public so everyone could verify that

2. We wanted to give the people a vote. Currently its all ran by gaw and the paycoin foundation as well as other unknown parties. I think we can all agree its been a mess. We hoped this would at least give our users a say in what happens. As keeping our customers happy is the number one goal. Our vote essentially goes with the community

3. Any step paycoin takes that distances itself from gaw is a good step in my opinion. The keys were not going to be removed from the code so why not make it public and show people they now can verify those 3 controllers aren't dumping their coins. And now that we have a vote thats one vote in your favor towards removing them from the codebase all together as well as any other unknown controllers

Regardless. The overall feedback has been negative. We are open to any suggestions as to what to do with the controller. The only way cryptsy was going to benefit from this situation is if some good comes out of us having the controller in the communities eyes.

We wont be taking any more controllers that are offered to us

Thank you for a reasonable post. Although I find it hard to believe that you didn't realize the potential shitstorm - haven't you been following the drama surrounding one of your highest-volume coins?

As for best course of action - the problem is that the "community" will be very skeptical that Cryptsy will act in the best interests of said community. And who is the community Cryptsy is supposed to represent? Bagholders? Day traders? There is definitely some sort of ethical dilemma and/or conflict of interest here.

If we consider just the technical side the best thing to do would be to burn the stake and keep the principal coins locked up, until a fork is developed that gets rid of the unbalanced inflation. Not distribute to the users. Burning the stake would reduce the inflation and keeping the controllers would allow Cryptsy to still participate in the voting. But with only 3 votes I'm not sure it's really worth risking the bad publicity.

Thank you for this response. Its very reasonably written

Perhaps I was extremely naive in thinking this would go over well and people would understand we were trying the help the community and now GAW. I knew there would be some initial backlash. But I assumed when people saw we were being transparent with our addresses they would understand we were not doing it for any sort of profit

As far as the vote I completely understand people wont blindly trust cryptsy to vote in their favor. We were still working out ways to gauge interest before any vote of ours is placed. Wether that be a vote, poll or some other form of survey of the community.

I still want to have an official meeting before we reveal our plan with the controller moving forward. Ill make another update tomorrow. I don't think you will be disappointed

[bitpop]

It's sad when you have to convince a company not to be complicit in fraud

[mullick]

It's sad when you have to convince a company not to be complicit in fraud

We were never going to be. The whole point was for us to do everything we can to stop the fraud. And perhaps help a few people who lost a great deal of money to the whole mess of a situation to recover part of what they lost.