Paycoin (XPY) is scam

[Paraka]

down more..more.. and more...
paycoin 0.00220 on bittrex. omg.

[inBitweTrust]

I understand PCfan. You thought you had proof, and I can see how that would seem the case with the X-Google-DKIM-Sig, but that kind of signature is in every email sent through Google. That just signifies that Google handled the email, and is set to not appear when checked for a DKIM-signature for a domain.

What was actually needed there was a plain DKIM-signature showing that the article was handled by either Rishab's domain, or one of the GAW domains, and signed with a legitimate DKIM. But, even that would just prove that Rishab said this...however, there is no way to know how heavily invested in XPY he still is, nor what his current relationship with Josh is.

Moving on from that, we have confirmation from Mr. Garza last night that those emails did come from his account. He claims he was not the one to write them and that his account has been compromised for several months now. Supposedly, neither his brother nor his investors noticed these strange emails for a very long time.

Mr. Garza claims we put his customer at risk by publishing information that has been out for several weeks now. He has had plenty of time to address the compromised emails to the community, and we even delayed publishing this, waiting to see if he would step up to address them.

Beyond that, we have no way of validating the hack that Mr. Garza is claiming. If there was a hack, there would be proof of this. However, only Josh and GAW would have access to that.

- Dustin_O posted 37 minutes ago

[tokeweed]

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

And a whole lot of other coins as well.

[Palakka]

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

me buy paycoin 20 to hold for longterm
but now i want to sell my xpy i dont believe this coin again.

[sed]

Wow, I think that this is one thread I can say I agree with even without reading all the content.  I can tell that XPY is a scam from the first moment.

[Rishblitz]

Wow, I think that this is one thread I can say I agree with even without reading all the content.  I can tell that XPY is a scam from the first moment.

You have to due your research for any investment and crypto is no different.

[inBitweTrust]

Rishab came through with one of Josh's email dumps:

http://groups.google.com/a/geniusesatwork.com/group/josh/subscribe

and another dump:

https://groups.google.com/a/geniusesatwork.com/forum/?hl=en#!forum/ocf

Many unpaid invoices :

past due

https://docs.google.com/viewer?a=v&pid=forums&srcid=MDU4Mzk0MjQzMTY2Mzc2ODA4NzUBMTc3MTg2NDY5OTY1NjMzODcwMjcBdE5fVmtrRVNQbGtKATAuMQFnYXdtaW5lcnMuY29tAXYy

being reflected and looks like he has already fled the US or is on "vacation":

Shit then it's confirmed he's not in America

http://mt.thalys.com/?srvgucc8cjnf4klwcq

http://mt.thalys.com/?tonc68vv189e0pbv27

Archives in progress occurring:

What I've archived out of the "josh temp" dump (226 topics). I think I got all of the important ones.  What is the plan to parse this?  THIS IS INSANE!!!

https://archive.today/dlwNm
https://archive.today/bZ8Ij
https://archive.today/VKLpc
https://archive.today/wyDRP
https://archive.today/s7VLo
https://archive.today/ldQxP
https://archive.today/0u57A
https://archive.today/Mk2PR
https://archive.today/HZ9wm
https://archive.today/KPpt5
https://archive.today/zNler
https://archive.today/6qzEi

______________

https://archive.today/4MsuT
https://archive.today/L8152
https://archive.today/JKY0i
https://archive.today/xGfJX
https://archive.today/6Hxfy
https://archive.today/CAPI4
https://archive.today/AcMDk
https://archive.today/VmJVy
https://archive.today/xdhoS
https://archive.today/cNf2Z
https://archive.today/h0y6s
https://archive.today/0pNIi
https://archive.today/Lc5pS
https://archive.today/GJIiK
https://archive.today/hQjPJ
https://archive.today/kFzNs
https://archive.today/JHr36
https://archive.today/Krn0r
https://archive.today/lxZxq
https://archive.today/CxiMS
https://archive.today/WEA4p
https://archive.today/P5TVT
https://archive.today/yNRB5
https://archive.today/hvPih
https://archive.today/0dMYt
https://archive.today/ifLeC
https://archive.today/WulNG
https://archive.today/NQkDM
https://archive.today/XehJ1
https://archive.today/kty3D
https://archive.today/LTup1
https://archive.today/P38sN

Here are all of the emails you archived downloaded and zipped:

https://mega.co.nz/#!Vs5XFCSR!dQuJNapJ33QTVR9-O9AXiv--E7kJtPFaWfeuwQyNNBw

[inBitweTrust]

Some highlights of the emails:

Josh getting sued https://groups.google.com/a/geniusesatwork.com/group/josh/attach/d653239546d44a73/JBS%20ltr%20to%20J%20Garza%203-3-15.pdf?part=0.1&authuser=0

lol josh trying to sell the forum https://groups.google.com/a/geniusesatwork.com/forum/#!topic/ocf/z9cW6RJGDl0

SEC investigation stuff https://groups.google.com/a/geniusesatwork.com/forum/#!topic/ocf/17lXN1FDJ7E

Joe Mordica's lawyer gets in touch with GAW after Mordica's termination; claims he was terminated for refusing to engage in unethical conduct. (Nature of this conduct not specified.) https://groups.google.com/a/geniusesatwork.com/forum/?hl=en#!topic/ocf/fTf4184FjrI

Very interesting to read all these relating to the SEC investigation https://groups.google.com/a/geniusesatwork.com/forum/#!searchin/ocf/sec|sort:date

Omg it just gets better at every click.
All 15 prime controllers went to one single person
https://groups.google.com/a/geniusesatwork.com/forum/#!searchin/ocf/sec|sort:date/ocf/nqi4d7-ptLc/pxeVuHloXeUJ

SEC Subpeona
https://mega.co.nz/#!dwR1VSiT!6E-Mq6Vjm-QaketX-LW2jfsQU2E62PZhC-k3EYnZAb8

lol so it looks like they had the power cut in their dc. Hence the mining stopping.
https://groups.google.com/a/gawminers.com/forum/#!topic/finance/O1ByNN_pZiY

It has come to my attention that the power bill for the Hydra data center has not been paid for the months of November or December.  This is a significant amount and the delay in payment is causing Mississippi Power to have some concern.  Joe and I were able to negotiate the deposit down from $150,000.00 to $50,000.00 but our failure to pay the bill in a timely manner could cause that deposit to go up.  I was told this morning that a disconnect is scheduled for Jan 16 if the bill is not paid.  Please let me know something by the end of the day so I can relay the message to Jeff Beaty at Mississippi Power.

Thanks,

[EvilDave]

+1 to inBitweTrust......a quick browse thru all of that leads to only one conclusion: Paycoin is either a deliberate scam or a complete clusterfuck.
Same inevitable result either way.....I don't see how XPY holders can keep on sticking their heads in the sand for much longer. 

[DecentralizeEconomics]

What happened to the Ferraris?

[Mi5h0]

and the XPY price is maintained around 0.00222 ...
do not get it, who keeps those buy orders ?

maybe it just takes time for the audience to catch up with the new informations...

[inBitweTrust]

Oh then there's this gem....

Turns out Josh knew Paycoin was doomed as early as December 19th. This CRYPTOGRAPHICALLY SIGNED email will tell the truth.

http://pastebin.com/VvNwBHZ7 (DKIM Signed)

Subject: I had a dream

and I just woke up thinking about it. And it's not a good one.

Our entire paybase and xpy model is flawed. It has been to begin with. The crazy thing, no a single person or just has ever brought it up.

Here is why. Let's separate things in to two buckets

The first is people that buy xpy directly from Paybase at the full price of $20. We would need to escrow every penny of that right? Because that person would want liquidity for every penny because they paid full price. Right? Makes sense. Only that means we never can use that money.

Now that not the issue. The issue is way worse then that. As the above only means we would have to make money some other way. No, the issue comes next.

Let's assume the the following it true. For the next year, for whatever the reasons are, the price of xpy only goes up to 18 on the open market. Maybe it will go higher, but let's agree that it's out of our control and that's the case.

So this would then mean, a person would be able to game us forever. They could go to the market, buy for 18 and come sell to us for 20 over and over and over again. Outside the limits we out in place, there is nothing we can do to stop that.

This then also means we would constantly loose money from this. Now here is the scary part, combine the first thing i said. If we are escrowing all the new xpy they buy from us, where does the new money come from to cover that spread?

Now, multiply that by 10 million, and forever. Coming together now? The entire model is flawed.

This is a big deal.

I am working on trying to figure out anyway around this. But the issue is the entire model is built around these concepts. I just can not believe I never thought of this before. There is no way this will work

I will have amber call a meeting so we can talk about what options we have.

So it seems that he KNEW he was going to fumble this, but ran with it anyway... Premeditation?

http://pastebin.com/zWm4LL9V

http://pastebin.com/ZM6fNZ6D

http://pastebin.com/ALC4E9iJ (DKIM signed)

http://pastebin.com/s3Nx2a2G

http://pastebin.com/3FpDWdrk (DKIM Signed correspondence between Josh and Carlos saying the same things that Rishab is now denying? Those 'hackers' sure were dedicated)

http://pastebin.com/H5JQTRST (Here josh tells Rishab the coin will be worth $100)

[Sarahiko]

I was crazy trading it at high time when xpy is at 0.01 and decided to buy more and disaster happen the drop was overwhelming.

[barabbas]

Oh then there's this gem....

Turns out Josh knew Paycoin was doomed as early as December 19th. This CRYPTOGRAPHICALLY SIGNED email will tell the truth.

http://pastebin.com/VvNwBHZ7 (DKIM Signed)

Subject: I had a dream

and I just woke up thinking about it. And it's not a good one.

Our entire paybase and xpy model is flawed. It has been to begin with. The crazy thing, no a single person or just has ever brought it up.

Here is why. Let's separate things in to two buckets

The first is people that buy xpy directly from Paybase at the full price of $20. We would need to escrow every penny of that right? Because that person would want liquidity for every penny because they paid full price. Right? Makes sense. Only that means we never can use that money.

Now that not the issue. The issue is way worse then that. As the above only means we would have to make money some other way. No, the issue comes next.

Let's assume the the following it true. For the next year, for whatever the reasons are, the price of xpy only goes up to 18 on the open market. Maybe it will go higher, but let's agree that it's out of our control and that's the case.

So this would then mean, a person would be able to game us forever. They could go to the market, buy for 18 and come sell to us for 20 over and over and over again. Outside the limits we out in place, there is nothing we can do to stop that.

This then also means we would constantly loose money from this. Now here is the scary part, combine the first thing i said. If we are escrowing all the new xpy they buy from us, where does the new money come from to cover that spread?

Now, multiply that by 10 million, and forever. Coming together now? The entire model is flawed.

This is a big deal.

I am working on trying to figure out anyway around this. But the issue is the entire model is built around these concepts. I just can not believe I never thought of this before. There is no way this will work

I will have amber call a meeting so we can talk about what options we have.

So it seems that he KNEW he was going to fumble this, but ran with it anyway... Premeditation?

http://pastebin.com/zWm4LL9V

http://pastebin.com/ZM6fNZ6D

http://pastebin.com/ALC4E9iJ (DKIM signed)

http://pastebin.com/s3Nx2a2G

http://pastebin.com/3FpDWdrk (DKIM Signed correspondence between Josh and Carlos saying the same things that Rishab is now denying? Those 'hackers' sure were dedicated)

http://pastebin.com/H5JQTRST (Here josh tells Rishab the coin will be worth $100)

So why do you think Rishab is "now denying"?

[inBitweTrust]

So why do you think Rishab is "now denying"?

Unclear now who dumped the emails , but Rishab did initially confirm with PCFAN that his emails were legit and now is denying it.

It appears he is denying it from a HT profile which could simply be his old profile take over by GAW speaking on his behalf or he still doesn't want his savings he invested in paycoin to be continue to go down.  

Others are claiming the dump is legit and their emails are all intact and 100% reliable:

https://archive.today/hf9YZ

https://hashtalk.org/topic/33090/my-emails-to-josh-that-were-published-last-night-were-not-altered/

[Vlad2Vlad]

If Rishab is still invested then PayCoin still has a chance.  The flawed model can be corrected and I think that's why they stopped the sale of Hashstakers - to kill anymore outside inflation.

If insiders are getting all the newly minted coins then perhaps they can develop a sustainable model to hold a $20 floor.

[barabbas]

So why do you think Rishab is "now denying"?

Unclear now who dumped the emails , but Rishab did initially confirm with PCFAN that his emails were legit and now is denying it.

It appears he is denying it from a HT profile which could simply be his old profile take over by GAW speaking on his behalf or he still doesn't want his savings he invested in paycoin to be continue to go down.  

Others are claiming the dump is legit and their emails are all intact and 100% reliable:

https://archive.today/hf9YZ

https://hashtalk.org/topic/33090/my-emails-to-josh-that-were-published-last-night-were-not-altered/

people is claiming things all over the place, that's not the question, the question is why would Rishan say the e-mail are faked? Your answer, I'm sorry to say, is very stupid, sorry again. When one has $4 million invested in a project, more than half his own money, one has enough pressures to deny something that is provable true, so I have to believe the emails are fabricated. Rishan has many options, since he owns/controls 1 million shares. He can, for instance, take over and oust Garza and the brother. He can put them both in jail if the emails are not fabricated. What he cannot do, is protect "his savings he invested in paycoin" as you put it. Obviously you don't know anyone who can dump 2.5 million dollars (of his own money) or more in a single project, especially a very risky one, otherwise you would know that he has considerably more invested in less risky endeavors and probably a personal fortune at least 10 times as big as that. So don't even remotely pretend you know how Rishan acts of why, that way above your pay level, ok? As far as $2.5 million being "his savings" that is just ridiculous.

Rishan, on another level, is now prominent, therefore he cannot just lie if he ever wants to have any credibility in whatever endeavors he chooses.

But since none of this is going to convince you of anything, by all means, let the crusade continue.

By the way, I don't know about the e-mails, but the message posted by "gawneedstobestopped" stinks of very clumsy fabrication to high heaven... no matter how much  it serves your agenda.

[darthcoin]

Whats going on with XPY trading on the new CryptoRush ?
http://coinmarketcap.com/exchanges/cryptorush/

As I posted that, I noticed that the 'new, and really not a scam this time round' CryptoRush seems to have gone tits-up again.
Oh, well, business as usual in crypto.......

Isn't Cryptorush dead? The website is not working.

Also I didn't remeber to see Cryptorush listed at CoinMarketCap. It seems there is some bug at it, because also the price is more than 2 USD (against 0.83 at Cryptsy).

Cryptorush has run away with customers money a second time by the look of things. Offline for 22h already

I'm not surprised at all!

[rememberme]

How are you people still even posting on this scamshitcoin forum. Scam from the start.

[inBitweTrust]

people is claiming things all over the place, that's not the question, the question is why would Rishan say the e-mail are faked? Your answer, I'm sorry to say, is very stupid, sorry again. When one has $4 million invested in a project, more than half his own money, one has enough pressures to deny something that is provable true, so I have to believe the emails are fabricated. Rishan has many options, since he owns/controls 1 million shares. He can, for instance, take over and oust Garza and the brother. He can put them both in jail if the emails are not fabricated. What he cannot do, is protect "his savings he invested in paycoin" as you put it. Obviously you don't know anyone who can dump 2.5 million dollars (of his own money) or more in a single project, especially a very risky one, otherwise you would know that he has considerably more invested in less risky endeavors and probably a personal fortune at least 10 times as big as that. So don't even remotely pretend you know how Rishan acts of why, that way above your pay level, ok? As far as $2.5 million being "his savings" that is just ridiculous.

Rishan, on another level, is now prominent, therefore he cannot just lie if he ever wants to have any credibility in whatever endeavors he chooses.

But since none of this is going to convince you of anything, by all means, let the crusade continue.

By the way, I don't know about the e-mails, but the message posted by "gawneedstobestopped" stinks of very clumsy fabrication to high heaven... no matter how much  it serves your agenda.

I'm not pretending to know Rishan's motivations or how the emails were leaked. You asked a question I gave 2 possible scenarios. Another possible scenario is someone set the google apps for business setting by accident or on purpose public and Rishan had nothing to do with it. When Josh realized this he quickly made it private.

It seems that you are a little too emotionally invested in this and thus are a likely investor (victim) in this scam as well. I don't hate you and can empathize with your situation. My efforts are to educate users and yourself to avoid this trap and get out as soon as possible before the SEC and other lawsuits occur and the price drops much further. Based upon the mountain of evidence I believe Josh was running a scam and lying to everyone, but the bottom line is it doesn't matter if he was or wasn't ultimately because paycoin could never succeed.

You cannot have a centrally controlled currency like DGC, digicash, libertydollar, liberty reserve, paycoin, ziftr, ect.. without the legal arm of the state shutting everything down and seizing everything.