Paycoin (XPY) is scam

[inBitweTrust]

Paybase and Zencloud withdrawals in XPY and BTC have been down for a day now. While it is possibly there is a "technical" issue being resolved it could also be a liquidity dilemma as well.

https://hashtalk.org/topic/32737/zencloud-withdraws-not-working-for-either-xpy-or-btc/2
https://archive.today/49uqL

https://hashtalk.org/topic/32776/paybase-service-update-2-27-2015/106

 All victims of paycoin should be advised to store their XPY and btc out of any GAW services and sites.

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[Vlad2Vlad]

Paybase and Zencloud withdrawals in XPY and BTC have been down for a day now. While it is possibly there is a "technical" issue being resolved it could also be a liquidity dilemma as well.

https://hashtalk.org/topic/32737/zencloud-withdraws-not-working-for-either-xpy-or-btc/2
https://archive.today/49uqL

https://hashtalk.org/topic/32776/paybase-service-update-2-27-2015/106

 All victims of paycoin should be advised to store their XPY and btc out of any GAW services and sites.

If this were an intentional delay, can someone explain the cause and effect?

Thanks!

[inBitweTrust]

If this were an intentional delay, can someone explain the cause and effect?

Thanks!

It is very simple. GAW may not have the liquidity to cover the BTC attempted to withdraw from paybase and is also preventing XPY from being withdrawn temporarily because they are trying to cover the BTC / Fiat (for operational expenses) shortfall by dumping their own XPY on outside exchanges without having the risk of their clients doing so as well.

We don't know this is absolutely happening, just like no one was 100% sure that MtGox was delaying/stopping withdrawals due to legal or security issues but it is another warning sign amongst many.

You have to keep in mind that not only is high inflation putting sell pressure upon paycoin but that is now the main source of revenue that is covering GAW operations. This is likely why many of GAWs' staff has either left or been fired as well.

[stopsigningbitch]

Anyone that buys Paycoin and actually believe it has any longterm potential is an idiot.

[nzminer]

Why has there been an increase in price yet Mastercard has come out and said they have no connection to paycoin?

[EvilDave]

Looking at CMC...I'm seeing a increase in market cap thru inflation of the supply, not a price increase per individual Paycoin.

Just guessing from what I've seen, there seem to be about 100,000 fresh XPY per day being added.
Anyone have real numbers for the inflation rate on XPY ?

[inBitweTrust]

Looking at CMC...I'm seeing a increase in market cap thru inflation of the supply, not a price increase per individual Paycoin.

Just guessing from what I've seen, there seem to be about 100,000 fresh XPY per day being added.
Anyone have real numbers for the inflation rate on XPY ?

https://chainz.cryptoid.info/xpy/#@inflation

The inflation rates are variable depending upon many factors but can be as high as 350% if you are GAW.
The average inflation as a whole is around 117% at the moment.

[Mi5h0]

Looking at CMC...I'm seeing a increase in market cap thru inflation of the supply, not a price increase per individual Paycoin.

Just guessing from what I've seen, there seem to be about 100,000 fresh XPY per day being added.
Anyone have real numbers for the inflation rate on XPY ?

I do not know exact numbers but according to this, a lot!
https://chainz.cryptoid.info/xpy/#@inflation

So much for the theory that the production of new coins depend on the demand ...

[suchmoon]

It was the evil haxorz.

On Friday, February 27, we learned about a coordinated and very sophisticated effort to exploit the databases for PayBase and ZenCloud. As soon as we discovered this, we felt it imperative to shut down the wallet withdrawal service, in the best interest of our customers and community. We're sorry for any inconvenience this may have caused.

We felt it was important to provide general, non-specific communications as to the identity of the hackers / violators our networks, since they did not know we had discovered what they were doing. This, we felt, was precautionary and again, in your best interest.

While this was happening, we had all hands on deck verifying every database and ensuring there were no other holes or doors they could use. Verification of all databases is in the final stages and we expect to be online later this week, if not sooner.

We also wanted to point out that our existing precautionary measures such as "Pending Withdrawal" function worked as it should, giving us the ability to verify withdrawal transactions. This layer of security made it possible to protect all property, funds and PayCoins.

https://hashtalk.org/topic/32776

[Btcvilla]

So how many of you fell for this scam coin?

[stopsigningbitch]

Looking at CMC...I'm seeing a increase in market cap thru inflation of the supply, not a price increase per individual Paycoin.

Just guessing from what I've seen, there seem to be about 100,000 fresh XPY per day being added.
Anyone have real numbers for the inflation rate on XPY ?

https://chainz.cryptoid.info/xpy/#@inflation

The inflation rates are variable depending upon many factors but can be as high as 350% if you are GAW.
The average inflation as a whole is around 117% at the moment.

LOL, 117% to 350% inflation rate. That's very self sustainable for a "currency", ROFL (sarcasm).

[Vlad2Vlad]

LOL, 117% to 350% inflation rate. That's very self sustainable for a "currency", ROFL (sarcasm).

It looks that way but if you look closely at the actual inflationary design, it's brilliant.  

For example, they just killed a huge portion of it by suddenly stopping the sale of hashstakers.  

And they can easily kill a huge portion of the prime controller inflation as well any time they choose.

Not many coins can do that by design - without a necessary hard fork.  So it would appear that XPY was actually well thought out by some bright economic/finance minds before launch.

[suchmoon]

Just to make sure nobody falls for that drivel - Vlad has no clue about XPY and is making shit up in a desperate attempt to pump it.

HashStakers have nothing to do with inflation. HashStakers are just PNGs on a website, that's all. Inflation is hardcoded in the wallet code and would need a hard fork to turn it off. Check the source code on github. Nothing has been killed so far.

[bitwho]

https://hashtalk.org/topic/32948/gaw-needs-to-respond-to-this/

http://coinbrief.net/gaw-miners-fraud/

[Vlad2Vlad]

Just to make sure nobody falls for that drivel - Vlad has no clue about XPY and is making shit up in a desperate attempt to pump it.

HashStakers have nothing to do with inflation. HashStakers are just PNGs on a website, that's all. Inflation is hardcoded in the wallet code and would need a hard fork to turn it off. Check the source code on github. Nothing has been killed so far.

Yes, I'm trying to pump XPY so hard that I'm publicly posting that I think it's gonna hit $.50 very soon.

That's my plan, reverse psychology.

You busted me.

[nzminer]

good to at long last see this shit(scam)coin take a well deserved dive!

[inBitweTrust]

GAW legal Documents-

http://tsdr.uspto.gov/documentviewer?caseId=sn86465797&docId=APP20141129075147#docIndex=2&page=1

http://corp.sec.state.ma.us/CorpWeb/CorpSearch/CorpSummary.aspx?FEIN=001102232&SEARCH_TYPE=1

http://tsdr.uspto.gov/documentviewer?caseId=sn86444905&docId=APP20141108072448#docIndex=6&page=1

[Gunther]

ROFLMAO! Hahahahahaha. Josh Garza goes to jail for sure now. Fucking scammer!

I just broke my own hand in 2 because i'm so happy this scammer is busted. Thanks for the profits tho. LOL!

[inBitweTrust]

DKIM Signed emails!

[gawful]

Just some more gawful news for XPY holders, investments for many have eroded away over a short time.