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

[vabchgent]

I don't know why I am doing this, but I feel like someone needs to say something.

<<upvote>>
At least you tried

[jackbox]

Well, it does make sense that there's a 95% premine, if there is indeed a "backing" of 100m$ and big company- investments. Also above poster makes a good point.

<downvote>

[blacklizard]

@wpstudio spot on

GAW's pre-mine (according to the white-paper) should have been 5.5M coins for allocation to the round 1 ICO investors and round 2 (through 3) customer allocation in exchange for the HP "mining". The remaining 6.5M should have been part of the public mining. Doesn't matter now anyway with the coin stuck at block 277 and the difficulty presented.

[WaffleMaster]

The real reason for the premine isn't investors. Don't believe everything you read on the internet by CEO's who have been known to habitually lie and not able to do simple math correctly. It's so they have complete control over the coin which I'll be surprised if they give their own money to support it. I honestly believe if GAW is willing to give their customers all their money back in the form of a $20 support on the new coin, that is the best case scenario. But what company would give $100 million + in profit back to the suckers it just got it from, paying them off 5x? Will this coin even be on other exchanges? If it is, when people see the Mt. Gox like prices of the actual price of shit city on real exchanges compared to the $20 at Paybase will they feel royally fucked and actually try to call the cops on this bullshit?
"Oh, yes, you can sell your coins here for $20 but we are having trouble with our Paybase market. Rackspace and too many HashTalk user traffic crashing it. Payments will be delayed for a week for maintenance, because as we've proven already we can't launch anything no matter how simple it is without major problems."

[eightcylinders]

The real reason for the premine isn't investors. Don't believe everything you read on the internet by CEO's who have been known to habitually lie and not able to do simple math correctly. It's so they have complete control over the coin which I'll be surprised if they give their own money to support it. I honestly believe if GAW is willing to give their customers all their money back in the form of a $20 support on the new coin, that is the best case scenario. But what company would give $100 million + in profit back to the suckers it just got it from, paying them off 5x? Will this coin even be on other exchanges? If it is, when people see the Mt. Gox like prices of the actual price of shit city on real exchanges compared to the $20 at Paybase will they feel royally fucked and actually try to call the cops on this bullshit?
"Oh, yes, you can sell your coins here for $20 but we are having trouble with our Paybase market. Rackspace and too many HashTalk user traffic crashing it. Payments will be delayed for a week for maintenance, because as we've proven already we can't launch anything no matter how simple it is without major problems."

That is what I am thinking too.  Can someone point me to the code that defines the total number of coins through the PoS stage?  What percentage of coins does the 12,000,000 represent over next 1 year, 2 years, etc.?  I did not pull down source code so I do not have it.

[suchmoon]

If the 12 million "first-block/premine" is truly already accounted for from their ICO distribution, then something must happen.

GAW needs to publish a public ledger of the distribution of the 12 million premined coins (like any other ICO coin does).  If not all of the 12 million coins are distributed, they must be "burned" (again like any other ICO coin does).

If GAW is unable to do this... it is nothing more than a land grab and a pure and simple mass premine.

Now according to their white paper.  5.5 Million coins are already allocated to the Round 1-3 ICO participants.  That leave 6.5 million coins that have no home.  Did GAW simply TAKE those 6.5 million coins?  Are they going to "burn" those 6.5 million coins in a public/untouched address?  Or is this just a premine that they don't want to call a premine.

The open source world that all crypto coins are founded on is one that promotes accountability.  Its time for accountability to take a front seat in this process.

This is a damn good point and I think we know this will never happen. Even the initial 5.5 million is based on just "because we said so", e.g. we don't know how many hashpoints were/are there and even GAW couldn't possibly know in advance how many Hashpoints would be "mined".

[seedtrue]

Maybe the extra premine is so they can manually add coins to peoples hashstakers lol. Thats the reason they could stake 400%(or something) better than a normal wallet. 

[eightcylinders]

Maybe the extra premine is so they can manually add coins to peoples hashstakers lol. Thats the reason they could stake 400%(or something) better than a normal wallet. 

I think you are probably getting pretty close to the truth, even though you were joking it makes a lot of sense (but is even worse of a scam).

[WayForward]

Maybe the extra premine is so they can manually add coins to peoples hashstakers lol. Thats the reason they could stake 400%(or something) better than a normal wallet.  

 

If you had an account you would know we already got paid this via hashpoints. The points are tokens to be exchanged into coins.  Everyone knows this and the other day we all got credited HP equivalent to 1 coin/per prime convert
 The extra premine was they kept pushing back the dates, and extending HP pool mining.  They knew full well this will all be over in days, and the solos only can mine HP today.....ironic is more like it. Comes off as very scammy dev launch in my opinion to justify the massive pre mine with all the delays leading up to this point.

[subseaguru]

i feel bad for this guy.
https://hashtalk.org/topic/23128/rented-50th-s-and-ended-up-mining-a-fork

[arbitrage001]

i feel bad for this guy.
https://hashtalk.org/topic/23128/rented-50th-s-and-ended-up-mining-a-fork

Should not risk what he is not willing to lose. Getting way ahead of himself and rented too much at the beginning before he knows what he is doing.

[jackbox]

i feel bad for this guy.
https://hashtalk.org/topic/23128/rented-50th-s-and-ended-up-mining-a-fork

Should not risk what he is not willing to lose. Getting way ahead of himself and rented too much at the beginning before he knows what he is doing.

For a while he was rich! Found 276 blocks. 

[suchmoon]

Maybe the extra premine is so they can manually add coins to peoples hashstakers lol. Thats the reason they could stake 400%(or something) better than a normal wallet.  

If you had an account you would know we already got paid this via hashpoints. The points are tokens to be exchanged into coins.  Everyone knows this and the other day we all got credited HP equivalent to 1 coin/per prime convert

Here is a math exercise:

Assuming there are 120k Prime hashlets in existence, and almost everyone was mining HPs for ~4 extra weeks at ~30 points per day average (let's assume double dip too) and got the bonus coin for conversion:

(in thousands) 120 * 30 * 28 / 400 + 120 = 372

Let's be generous and assume all the other hashlets mined about as much. That's still less than a million coins in bonuses. The extra premine was 6.5. Do we really believe there was an mysterious last minute investor DOUBLING the whole initial 5.5 million investment? Or if we believe GAW's own valuation, extra $100m+ out of nowhere? If someone really did that they should be pulling out right now, seeing the botched launch.
 

[jackbox]

Amazing how he can toss a bone to his loyal followers and a simple explanation, and they suck it right up and resume licking him and each other all over again, even after this massive blunder.... even those who lost there ass on rig rentals, say things like oh "you are making history, shit happens" and on and on,,, kind of disturbing lol

https://hashtalk.org/topic/23090/paycoin-stalled-update-2

They deserve to burn for betraying Bitcoin for promised riches

And they had the nerve to call their Paycoin Peercoin client "Satoshi."

[bitpop]

Amazing how he can toss a bone to his loyal followers and a simple explanation, and they suck it right up and resume licking him and each other all over again, even after this massive blunder.... even those who lost there ass on rig rentals, say things like oh "you are making history, shit happens" and on and on,,, kind of disturbing lol

https://hashtalk.org/topic/23090/paycoin-stalled-update-2

They deserve to burn for betraying Bitcoin for promised riches

I don't know why I am doing this, but I feel like someone needs to say something.

Bunch of shitcoin retards

WOW this place is quickly turning in to bitcointalk! Mainly because people don't appear to understand how mining works and the basics of crypto!

@zerocylinders The real long term big mining is POS not POW. Your thinking old school short term. This POW is what two weeks? Its nothing really

[chmick]

  

You aren't planning to solo mine, are you? You can use the wallet to generate an address, but I suggest to use a pool for mining. WHEN IT COMES BACK ON SUNDAY. It's dead now, I hope you know that. Pools:

http://pool.paycoin.com/
http://multicoinpool.org/

Thanks for your answer . I did not know pools were down .  There is so mush post here but a few with useful information .

I planned to mine just to see how it works . I will probably get peanuts but it does not hurt to try .

By the way ; there is a password now to the git source !!! strange

[suchmoon]

Looks like Daffy is done:

https://hashtalk.org/topic/7611/hashtalk-safe-room/2786

Daffy
Paycoin Origin
Well it's been enough. I give up. I had enough. The way this whole thing has turned out. And this was the last straw. http://pastebin.com/53ScMZfb

Bye Bye all.

[demonz]

Looks like Daffy is done:

https://hashtalk.org/topic/7611/hashtalk-safe-room/2786

Daffy
Paycoin Origin
Well it's been enough. I give up. I had enough. The way this whole thing has turned out. And this was the last straw. http://pastebin.com/53ScMZfb

Bye Bye all.

His last straw was another persons bot being kicked from an irc channel? *Scratches head*

[bitpop]

Looks like Daffy is done:

https://hashtalk.org/topic/7611/hashtalk-safe-room/2786

Daffy
Paycoin Origin
Well it's been enough. I give up. I had enough. The way this whole thing has turned out. And this was the last straw. http://pastebin.com/53ScMZfb

Bye Bye all.

His last straw was another persons bot being kicked from an irc channel? *Scratches head*

Maybe he had enough censorship or he's also invested in doge. Either way an hour before that he was attacking eightceleinders and sucking Josh cock

[suchmoon]

Looks like Daffy is done:

https://hashtalk.org/topic/7611/hashtalk-safe-room/2786

Daffy
Paycoin Origin
Well it's been enough. I give up. I had enough. The way this whole thing has turned out. And this was the last straw. http://pastebin.com/53ScMZfb

Bye Bye all.

His last straw was another persons bot being kicked from an irc channel? *Scratches head*

Well, I guess it was more about the "style" of that kick, but whatever. We don't know the broader context. I can imagine him being quite pissed seeing how much effort he put into this whole PayCoin thing.