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

[interstellar]

Lets not get off topic, ltcgear related stuff does not belong here...

Yep, I agree. Didn't you just ask about it tho? I will shut up about it. Just an interesting news development.

[numanoid]

It may have been legit and then went full ponzi.

My first inkling of concern is when they delayed the multiplication so we missed the bigger payout.  They didn't even pay us for the backdated shares that should have been given.  GAW would have done that without a doubt.

I don't mind a late payment here or there, but that multi thing cost a chunk off of one payment.

[puwaha]

So what happens to the blockchain when POW ends soon? There are no Prime Controllers or Orion nodes to control the network and record transactions. They are supposed to handle transactions and mint coins when needed. If there are no miners and these parts of the infrastructure are not online the blockchain will stop growing and transactions and trades will become impossible to perform.

Actually according to the timeline, the prime controllers were already created on Monday the 15th.  So they are already out there.

http://www.tiki-toki.com/timeline/entry/376190/GAW-Timeline/

Are you sure? Any evidence of that in the source code? Or how else is that going to work?

Yes, read sections 5.4.2 and 6 of the white paper.  Prime Controllers don't have anything to do until POS starts.

But when POS starts, the nearest prime controller to the transmitting node verifies and locks the transaction, then broadcasts it to other nodes and controllers.  If a consensus of prime controllers agree that it is a valid transaction it gets added to the blockchain.

The weight (number/quantity) of the staked coins that prime controllers have give them more authority to verify.  The weight of the staked coins also disincentive-izes the prime controllers (or a consortium of prime controller owners) from performing illicit transactions.

[Liquid71]

Josh took down a 2000 XPY wall earlier and I hope he does it again, just to give all of you fuckers more butt hurt come Monday, I know what I will be doing and that is buying more. The amount of misinformation on here is a joke. Like "it take 30 days to be verified" how about that dick head read the the thread, tier 2 CC verification = sell $500 worth of XPY per week. Tier 3 Government documentation sell $2500 per week. These will be easy to meet. So keep selling your coin cheaply and I will keep buying. On Monday when I get my $20 per coin I will come back here and see who really got Butt hurt. See ya fuckers

You're verfiably a brain dead sheep, verification not needed. you will need anal lube if you are planning to get $20 on Monday, and I heard Josh doesn't give reach arounds so plan accordingly

Wish I had the time to read through the last 20+ pages...but I'll keep this thread bookmarked, shits starting to get real for the faithful realizing they worship a false idol.  

[numanoid]

That's the same Meganet whose CEO went on a rant on HT and was banned:

https://hashtalk.org/topic/21965

Sure it was.

CEO rants on how GAW sucks and then adopts their coin natively

Makes perfect sense.

[Liquid71]

So what happens to the blockchain when POW ends soon? There are no Prime Controllers or Orion nodes to control the network and record transactions. They are supposed to handle transactions and mint coins when needed. If there are no miners and these parts of the infrastructure are not online the blockchain will stop growing and transactions and trades will become impossible to perform.

Actually according to the timeline, the prime controllers were already created on Monday the 15th.  So they are already out there.

http://www.tiki-toki.com/timeline/entry/376190/GAW-Timeline/

Are you sure? Any evidence of that in the source code? Or how else is that going to work?

Yes, read sections 5.4.2 and 6 of the white paper.  Prime Controllers don't have anything to do until POS starts.

But when POS starts, the nearest prime controller to the transmitting node verifies and locks the transaction, then broadcasts it to other nodes and controllers.  If a consensus of prime controllers agree that it is a valid transaction it gets added to the blockchain.

The weight (number/quantity) of the staked coins that prime controllers have give them more authority to verify.  The weight of the staked coins also disincentive-izes the prime controllers (or a consortium of prime controller owners) from performing illicit transactions.

Considering all..most of the ponzicoins will be stored on under Gaw's control wouldn't that give them control of the blockchain..similar to a bitcoin pool having 96% of the hashrate?
Vericoin had to hard fork their POS shitcoin when mintpal got hacked just to avoid a 51% attack by the hacker staking his stolen coins. And mintpal wasn't a shit coin staking site, just an exchange. So prime controllers basically means Visa/Mastercard/Paypal where Gaw can change/block/reverse any transaction they chose, they will control the ponzicoin blcokchain....that's not crypto

[numanoid]

Considering all..most of the ponzicoins will be stored on under Gaw's control wouldn't that give them control of the blockchain..similar to a bitcoin pool having 96% of the hashrate?
Vericoin had to hard fork their POS shitcoin when mintpal got hacked just to avoid a 51% attack by the hacker staking his stolen coins. And mintpal wasn't a shit coin staking site, just an exchange. So prime controllers basically means Visa/Mastercard/Paypal where Gaw can change/block/reverse any transaction they chose, they will control the ponzicoin blcokchain....that's not crypto

If GAW owned all the prime controllers, then this may be the case.  And yes it IS crypto, just not good crypto.

That said, anyone can bid on prime controllers after the first staking period. 

Desktop wallets and Orion controllers will also be staking I think.  I don't know if that will take anything much from the Primes, but it may help guard against a 51% attack.

[puwaha]

Wrong. In order to use your Paycoin to get something from an online retailer, you will need to use the plug-in to use GAW as a middleman in the transaction. Or do you think Walmart accepts Paycoin directly? :rolfing:

You might want to check up on the latest announcement.  rolfing indeed.

Incorrect. They have not released a registration number, so they are not registered. Let's go ahead and accept that already and stop being delusional, yes?

Once again, they have until January 15th.  Until then this is a moot point.

Wrong again. At this point you're just trying to antagonize me.

I admit, I'm poking a little bit.  But it's not like you haven't done the same.  I'll keep it civil.

Agreed.  But it's to prevent massive dumping, making it more of a trickle.  If their reserve gets tapped, they start selling a new hashlet.  They've already hinted about this.

I think we're making some progress here.

I'm not mad... they are a business.  They have a vested interest in making paycoin a success.

[suchmoon]

Are you sure? Any evidence of that in the source code? Or how else is that going to work?

Yes, read sections 5.4.2 and 6 of the white paper.  Prime Controllers don't have anything to do until POS starts.

But when POS starts, the nearest prime controller to the transmitting node verifies and locks the transaction, then broadcasts it to other nodes and controllers.  If a consensus of prime controllers agree that it is a valid transaction it gets added to the blockchain.

The weight (number/quantity) of the staked coins that prime controllers have give them more authority to verify.  The weight of the staked coins also disincentive-izes the prime controllers (or a consortium of prime controller owners) from performing illicit transactions.

I know the whitepaper, that's now what I asked though. You know very well that the whitepaper is almost useless here because the coin is completely different from what was described in it.

So is that functionality in the current source? Or is there going to be another ninja hard fork and relaunch within the next ~10 hours?

And if the latter, then of course there are other questions, given how poor the quality of the initial code/launch was, but I'll wait until I see it in action.

[puwaha]

Gocoin?? WTF is that? I seriously think that Titcoin has more merchants lined up than Paycoin. OK- They are mostly porno, but the last time I checked, that is the #1 business on the net , right??


P.S: What is next ?? Integration with Ripoff coin?

Wait if it's a bitcoin address, isn't it technically a bitcoin transaction? I don't see how any of those transactions would count as paycoin transactions.

I could make purchases in altcoin converted to bitcoin instantly using shapeshift just as well couldn't I?

You are missing the point.  Why do that manually when you can do it directly and transparently through paybase?  Joe Sixpack doesn't know the difference between BTC, XPY, DOGE, LTC, or a hundred other coins.  But he does know that he can use this one coin and payment processing system without having to worry about multiple steps, sending funds here, there and everywhere.  They just get what they want as easy as using fiat.

[jimmothy]

Gocoin?? WTF is that? I seriously think that Titcoin has more merchants lined up than Paycoin. OK- They are mostly porno, but the last time I checked, that is the #1 business on the net , right??


P.S: What is next ?? Integration with Ripoff coin?

Wait if it's a bitcoin address, isn't it technically a bitcoin transaction? I don't see how any of those transactions would count as paycoin transactions.

I could make purchases in altcoin converted to bitcoin instantly using shapeshift just as well couldn't I?

You are missing the point.  Why do that manually when you can do it directly and transparently through paybase?  Joe Sixpack doesn't know the difference between BTC, XPY, DOGE, LTC, or a hundred other coins.  But he does know that he can use this one coin and payment processing system without having to worry about multiple steps, sending funds here, there and everywhere.  They just get what they want as easy as using fiat.

Sounds incredibly pointless.

Paycoin is like a cryptocurrency for people who don't like or understand cryptocurrency.

[puwaha]

Ok, so what about the pink elephant in the room... what's the exchange rate going to be when I buy something with Paycoin through GoCoin? Because if it's $20 then I'm writing an apology and rushing to spend my 0.34 XPY right away. But somehow I think it's not that simple, is it?

Another question: What happened to the "Bitcoin is so OLD and SLOOOW. Paycoin is modern and FAST" BS? Now the plan is to convert from Paycoin (SLOW-Sorry dudes) and then PAY (hence PAYcoin) to convert it into that oh so old and slow dinosaur, Bitcoin, which can then be spent? Hmm let's see, let me do the math here: New and slow plus old and slow = FAST?? Nope it don't, it = twice as slow.  Sorry morons. Such an amazing load of BS. It is truly frightening that there are thousands of people who still believe this guy.

Suggestion to any moron who still believes that PAYcoin is going to replace Bitcoin: Umm, the plan is to convert PAYcoin into Bitcoin (at a fee) and then use BITCOIN. Wake up!

The point is to work with bitcoin, this has been stated before.  Bitcoin already has it's own momentum, why fight it?  Why not work with it, and get in niches where new retailers are just getting on-board with cryptocurrency a chance to work with existing ecosystems of bitcoin and/or paycoin.

"But BTC is slow you said..." you don't build Rome in a day.

You want to make paybase compatible with as much as possible from the get-go... then work in the advantages of paycoin to retailers to either supplant bitcoin (supporting the reverse transaction if you wanted to support paycoin-only transaction with someone's BTC stored on paybase)... or just provide another way for a retailer to get the sale via paycoin holders.

[puwaha]

Another question - which merchants are exclusive to Paycoin? I think I missed that announcement if there was one.

Is that even necessary?  What would that prove?

A retailer is going to want to make it easy for anyone (including paycoin holders) to buy their crap.  Why would they not accept bitcoin too?

[interstellar]

Ok, so what about the pink elephant in the room... what's the exchange rate going to be when I buy something with Paycoin through GoCoin? Because if it's $20 then I'm writing an apology and rushing to spend my 0.34 XPY right away. But somehow I think it's not that simple, is it?

Another question: What happened to the "Bitcoin is so OLD and SLOOOW. Paycoin is modern and FAST" BS? Now the plan is to convert from Paycoin (SLOW-Sorry dudes) and then PAY (hence PAYcoin) to convert it into that oh so old and slow dinosaur, Bitcoin, which can then be spent? Hmm let's see, let me do the math here: New and slow plus old and slow = FAST?? Nope it don't, it = twice as slow.  Sorry morons. Such an amazing load of BS. It is truly frightening that there are thousands of people who still believe this guy.

Suggestion to any moron who still believes that PAYcoin is going to replace Bitcoin: Umm, the plan is to convert PAYcoin into Bitcoin (at a fee) and then use BITCOIN. Wake up!

The point is to work with bitcoin, this has been stated before.  Bitcoin already has it's own momentum, why fight it?  Why not work with it, and get in niches where new retailers are just getting on-board with cryptocurrency a chance to work with existing ecosystems of bitcoin and/or paycoin.

"But BTC is slow you said..." you don't build Rome in a day.

You want to make paybase compatible with as much as possible from the get-go... then work in the advantages of paycoin to retailers to either supplant bitcoin (supporting the reverse transaction if you wanted to support paycoin-only transaction with someone's BTC stored on paybase)... or just provide another way for a retailer to get the sale via paycoin holders.

Are you talking about chargebacks for crypto purchases?

[suchmoon]

Another question - which merchants are exclusive to Paycoin? I think I missed that announcement if there was one.

Is that even necessary?  What would that prove?

A retailer is going to want to make it easy for anyone (including paycoin holders) to buy their crap.  Why would they not accept bitcoin too?

Why are you answering a question with a question?  

That was based on a quote from the CEO's announcement. An important one, illustrating how Paycoin is better than any other coin since it's accepted everywhere where Bitcoin is accepted, PLUS those exclusive merchants.

Are you implying that he maybe lied?  There are no exclusive Paycoin merchants? Shocking

[raskul]

s0 TL;DR

is it all finished yet? is mining done?
can we go back to normal now please?

[suchmoon]

s0 TL;DR

is it all finished yet? is mining done?
can we go back to normal now please?

9 more hours. There is no "normal", in fact all magic begins after the POW phase.

[suchmoon]

That's the same Meganet whose CEO went on a rant on HT and was banned:

https://hashtalk.org/topic/21965

Sure it was.

CEO rants on how GAW sucks and then adopts their coin natively

Makes perfect sense.

Apparently it's all good now:

https://hashtalk.org/topic/24613
https://archive.today/5m4NU

[raskul]

s0 TL;DR

is it all finished yet? is mining done?
can we go back to normal now please?

9 more hours. There is no "normal", in fact all magic begins after the POW phase.

not for me mate, and the majority of other miners, we will be going right back to BTC.
enjoy your ponzi while it lasts... and...

to those of you who did:
thanks for renting 

[puwaha]

Yes, read sections 5.4.2 and 6 of the white paper.  Prime Controllers don't have anything to do until POS starts.

But when POS starts, the nearest prime controller to the transmitting node verifies and locks the transaction, then broadcasts it to other nodes and controllers.  If a consensus of prime controllers agree that it is a valid transaction it gets added to the blockchain.

The weight (number/quantity) of the staked coins that prime controllers have give them more authority to verify.  The weight of the staked coins also disincentive-izes the prime controllers (or a consortium of prime controller owners) from performing illicit transactions.

Considering all..most of the ponzicoins will be stored on under Gaw's control wouldn't that give them control of the blockchain..similar to a bitcoin pool having 96% of the hashrate?

A large amount of the initial 12.5million coins are staked in the prime controllers.  This weight is what gives these special nodes authority for the transaction's authenticity.  There are 50 prime controllers staked with at least 1% of all available coins.  The rest of the coins are now in the hands of the former hashlet owners' wallets, and the last little bit are being mined now... and floating around on exchanges.

So... no... GAW doesn't control 96% of the hashrate or the stake rate.

Vericoin had to hard fork their POS shitcoin when mintpal got hacked just to avoid a 51% attack by the hacker staking his stolen coins. And mintpal wasn't a shit coin staking site, just an exchange.

I guess you are asking about prime controller collusion?  Just as it's very expensive to pull off a 51% attack on bitcoin, and counter-productive... it's the same concept in paycoin-land.

So prime controllers basically means Visa/Mastercard/Paypal where Gaw can change/block/reverse any transaction they chose, they will control the ponzicoin blcokchain....that's not crypto

Or... you could go read the source code and point to where this is possible?