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

[interstellar]

What does the "staking" achieve, and what does it do for the 96% or whatever gaw premined if they are staked?

Keeps them off the markets, creates scarcity, and uses natural forces of supply/demand to keep prices up.

Scarity with the inflation on this coin? lol

[puwaha]

I'm not missing the point.  You guys are missing the point that GAW doesn't have to buy any coins.  They already have the coins they need to fulfill the HP->XPY conversion.  Please acknowledge that you understand this before moving on.

Yes, you are correct. GAW *does not* need to buy any coins to fund their HP->XPY conversion. That was accounted for in the premine.

What do *you* think all the people who have been buying up coin at $4-$7 are going to do with it? Sit on it? Stake it?

Some will move them to paybase and  buy some crap, some will convert to BTC and walk away, some will wait until Jan 15th to convert to USD and walk away, some will stake in their home wallets, and some will stake in their hashstakers.  There's a lot of moving parts here that you all seem to think will only happen one way.

[vabchgent]

The pay coin is in Zencloud from the HP conversion but you cant withdrawal it. Typical GAW

[wdl1908]

I got your point the first time you explained it. I know how it works. Now let's assume GAW goes on the other exchanges and imposes a floor of $20 what will all of you say then? Then you got another point to attack GAW with MARKET MANIPULATION. I'm I correct? Oh yes I'm correct. So GAW does not do this because you people will have another reason to bash them.

This is not about the floor. It's about common sense. Cheap coins - GAW should buy them. No need to lift it all the way to $20, just buy them up cheap, before they come to Paybase to be sold at $20.

TBH, for all we know they might already be doing that, just not admitting publicly. That is if the floor is real.

The dispute is around puwaha's denial that it makes sense for GAW to do that because "they don't need" THOSE coins. That's irrelevant, if they have the obligation to buy ALL coins.

They really don't need those coins because they already have them. And yeah maybe GAW is buying XPY at low prices if you see the last hour on coin-swap the price is slowly rising. But another thing why would they deplete theri funds at vuying coins cheap a lot of people are going to have a lot of coins so in the immediate future nobody will buy coins at $20 from paybase so does it not make sense that GAW is saving it's fund to keep the wall up on paybase instead of buying cheap coins that will sit there for a number of days because the XPY is send to the customers.

[interstellar]

You still haven't explained why they need to buy any coin from an exchange to prop up a floor that simply doesn't exist until paybase is opened.  They are just wasting money to buy coins they don't need.

I give up. This has been explained to you numerous times, I'm not quite sure why you're still so adamantly denying simple math. $5 < $20.

I think his whole purpose here is just to annoy us actually. Ignore if he bugs you.

[jfabritz]

Except... you still haven't explained *why* they need to buy those coins from the exchanges for $5.  Then they will be accused of price manipulation and owning 100% of the coins in existence.  Just more fodder for what you are trying to do here.

So the hypothetical $7.5M out of GAW's pocket is the price they pay *not* to look like they are manipulating the coin?

[bitcoinnoisseur]

You still haven't explained why they need to buy any coin from an exchange to prop up a floor that simply doesn't exist until paybase is opened.  They are just wasting money to buy coins they don't need.

I give up. This has been explained to you numerous times, I'm not quite sure why you're still so adamantly denying simple math. $5 < $20.

Please put him on permanent IGNORE. I temporarily took him off and I paid the price. You just can't get through to some people. They're are either too ignorant or too arrogant to admit it. I think this clown is actually just that ignorant.

[puwaha]

I am new to PoS systems .. never followed Peercoin much.  So feel free to send me to a link that explains this, but as a programmer I am interested in how this works generally and in Paycoin specifically.

http://en.wikipedia.org/wiki/Proof-of-stake

Where does the 5% APY come from?

It's the algorithm programmed into the wallet and the coin ecosystem.

Presumably new coins?  What is the verification process for this?  Miners have to check each and every wallet address to calculate the time they sat unused, and then award new coins for unused wallet address balances?

Luckily, no.  The wallet keeps track of this for you.

  Does this calculation happen each block?  That would seem to put an enormous strain on mining as the block chain grows and wallet addresses multiply (Big O time would be polynomial I am pretty sure, which would limit growth of the system very substantially). 

Timestamps.  The verification of the newly minted coins in POS would require block processing time, but it's pretty automatic.

[interstellar]

I'm not missing the point.  You guys are missing the point that GAW doesn't have to buy any coins.  They already have the coins they need to fulfill the HP->XPY conversion.  Please acknowledge that you understand this before moving on.

Yes, you are correct. GAW *does not* need to buy any coins to fund their HP->XPY conversion. That was accounted for in the premine.

What do *you* think all the people who have been buying up coin at $4-$7 are going to do with it? Sit on it? Stake it?

Some will move them to paybase and  buy some crap, some will convert to BTC and walk away, some will wait until Jan 15th to convert to USD and walk away, some will stake in their home wallets, and some will stake in their hashstakers.  There's a lot of moving parts here that you all seem to think will only happen one way.

No, when you are talking about percentages on millions of coins, ALL of these are huge.

[Paul Revere]

Except... you still haven't explained *why* they need to buy those coins from the exchanges for $5.  Then they will be accused of price manipulation and owning 100% of the coins in existence.  Just more fodder for what you are trying to do here.

So the hypothetical $7.5M out of GAW's pocket is the price they pay *not* to look like they are manipulating the coin?

Shucks! So tossing money in the toilet is how to succeed at business? And here I have been trying to outlay as little as possible for the potential return for the past 30 years....

[puwaha]

As soon as they complete the HP->XPY conversion, they are going to need a shitload of BTC to cover those who decide to cash out their XPY.

Then they are going to need another shitload of BTC to cover all the miners who held their coin to cash out their XPY.

Then they are going to need yet another shitload of BTC to cover all the speculators (ie, mostly their own cultists) who bought XPY on the exchanges in hopes of arbitrage.

That my friend is going to be a hell of a lot of BTC going out the door on monday so they better have a damn big BTC wallet ready to go.

Yep... they are going to need a lot of BTC.  But they have been mining it in reserve in return for the HP for a while now.


I think you guys forget, that there will be a limit on how much BTC you can take out of Paybase without verification.

 

[Unacceptable]

How big is the wallet for XPY right now,I know BTC wallet is 29gig ATM & LTC is 3.8gig.Not sure if I have enough room on my main PC 

Also,do I need the wallet   I thought there was going to be web based wallet or something like that............my XPY will be should show on my Zencloud acct first,after being swapped for my HP.

Just want to be ready to dump & do it correctly the first time,I have a habit of screwin things up 

[interstellar]

As soon as they complete the HP->XPY conversion, they are going to need a shitload of BTC to cover those who decide to cash out their XPY.

Then they are going to need another shitload of BTC to cover all the miners who held their coin to cash out their XPY.

Then they are going to need yet another shitload of BTC to cover all the speculators (ie, mostly their own cultists) who bought XPY on the exchanges in hopes of arbitrage.

That my friend is going to be a hell of a lot of BTC going out the door on monday so they better have a damn big BTC wallet ready to go.

Yep... they are going to need a lot of BTC.  But they have been mining it in reserve in return for the HP for a while now.


I think you guys forget, that there will be a limit on how much BTC you can take out of Paybase without verification.

 

Homero just said there's no floor any time soon, so this discussion is moot for now actually.

[suchmoon]

You still haven't explained why they need to buy any coin from an exchange to prop up a floor that simply doesn't exist until paybase is opened.  They are just wasting money to buy coins they don't need.

I give up. This has been explained to you numerous times, I'm not quite sure why you're still so adamantly denying simple math. $5 < $20.

I think his whole purpose here is just to annoy us actually. Ignore if he bugs you.

Doesn't bother me one bit, and to be fair he/she made a few valid points, just that "don't need those coins" part doesn't make sense. But then again, "everything changes" (tm) with this announcement:

https://hashtalk.org/topic/24296

tldr: start bringing in the $20 floor over time

http://i.snag.gy/QvrKw.jpg
https://archive.today/lKheK

[puwaha]

Now... if you don't understand that they don't have to buy back all those coins because of natural market forces (arbitrage, and home stakers), then you will most likely never understand.

Finances are never as black and white as you imagine them to be.

Cool GIF, bro.

[Paul Revere]

How big is the wallet for XPY right now,I know BTC wallet is 29gig ATM & LTC is 3.8gig.Not sure if I have enough room on my main PC  

Also,do I need the wallet  I thought there was going to be web based wallet or something like that............my XPY will be should show on my Zencloud acct first,after being swapped for my HP.

Just want to be ready to dump & do it correctly the first time,I have a habit of screwin things up  

I have the wallet but never used it. I sent all of my mined XPY to Coin-swap. No problems. I would only bother getting the wallet if you plan on holding for a long period of time.

Also: Just read the latest delay announcement from Josh. I am so shocked, they are not going to pay $20 for XPY on Monday? Huh, that is totally unexpected. This here may be his "gift" to anyone who is paying attention:

It’s important that we do not “rush” through the legal process or the testing phase of Paybase, but I know many of you were counting on some extra cash for the holidays, so we found a good compromise.

We just finished running some tests. I am proud to announce we will be releasing the Paycoins you have earned so far tonight.

I think you all should be able to get the upside to Paycoin now if you need to cash some out or if you’re a trader. We looked and the current XPY rates and thought,

“Wow, at the current rate it would equal a 10X earning from the mining you have been doing over the last few weeks, as compared to other pools."

Paybase is on track, so I know many of you will want to wait until then, but, it’s important to have a choice!

Translation: They are going to "release" coins to HTrs so they have the choice of dumping them tonight for 1/4 of his promised price. OR you can wait for Paybase to be rolled out at some undefined point in the future, at which point you may or may not be able to cash your XPY in for $20. I predict a massive dump tonight as those who have a little common sense decide to take 1 bird now rather than wait for a potential 4 birds as promised. What a complete and absolute con man.

[alienesb]

The pay coin is in Zencloud from the HP conversion but you cant withdrawal it. Typical GAW

Well hey, that's a start though.

[maildir]

tldr: start bringing in the $20 floor over time

He is itching to tie this never ending delay into the elaborate verification and legalization process that he and his incredible new ground breaking coin will have to navigate in order to do it right...

[jfabritz]

Coin-swap candlesticks trending downward at 18:20 EST on indication of XPY flood coming soon courtesy of GAW.

Nice...  Flood the market, reduce the value, snatch up those coins via proxies and bury them in off-line wallets never to see the light of day again.

(that's how I would go about it anyway )

I don't think we will see $20 coin for months now based on the latest annoucement. How long is this testing period on Paybase anyway?

[alienesb]

tldr: start bringing in the $20 floor over time

He is itching to tie this never ending delay into the elaborate verification and legalization process that he and his incredible new ground breaking coin will have to navigate in order to do it right...

Yeah but there is no way in hell I'm giving this group of fuck-ups my personal information. They aren't legally allowed to collect this information nor do they even have to.