Paycoin (XPY) is scam

[iCEBREAKER]

When I said that btctalk is against everything except Bitcoin. I wasn't kidding

You weren't kidding, you were lying:

The altcoin sections are very popular, so I'd like to support them.

There are also a handful of technologically interesting altcoins like Monero, which I think are very useful for testing new ideas that might one day be incorporated into Bitcoin.

Besides, btctalk is the least of Jeff Garza/XPY/GAW's problems.  Hint: they're going to need more and better lawyers....  

[ethought]

Asked his opinion of GAW's founder Josh Garza and Paycoin itself, Theymos said:1

From what I've read, GAW Miners used to be a decent hardware company. However:

Paycoin is really stupid.
Cloud mining in general is a very dangerous field to invest in. (As if mining wasn't dangerous enough…)
Jeff Garza and his lawyers keep sending me legal threats to try to get me to remove things from /r/Bitcoin and bitcointalk.org, which is extremely suspicious and annoying.
I recommend avoiding them as much as possible.

Do you have a link / reference for this?

[inBitweTrust]

Do you have a link / reference for this?

The links are all in the article I provided:

http://qntra.net/2015/01/theymos-claims-josh-garza-is-sending-him-legal-threats-to-have-content-removed/

https://www.reddit.com/r/Bitcoin/comments/2r58kd/what_happened_to_this_subforum_all_posts_about/cnco6u3

[Hash72]

Paycoin (XPY) is scam and 12.5 million coins instamined. Do not buy this shit https://bittrex.com/Market/Index?MarketName=BTC-XPY because you will lose your money like this https://bitcointalk.org/index.php?topic=845494.0

Already many of us including me lost a huge amount of money invested in paycoin with those who still dreaming that pay will equalize btc.Badluck

[inBitweTrust]

Already many of us including me lost a huge amount of money invested in paycoin with those who still dreaming that pay will equalize btc.Badluck

Sorry to hear about your losses. I would suggest you start working with other victims and use the information we have gathered for you for legal action
and perhaps josh's estate can recoup some of your loss by selling many of his toys he has purchased with your money:





 

p.s..  second picture has been photoshopped to protect his children and associate his partners

[inBitweTrust]

This is just rich... they just now realized that price manipulation could be illegal, and they have no plans of ever restablishing a floor:

https://hashtalk.org/topic/27529/30-days-of-transparent-questions-and-answers

Outside of the significant drain supporting the marketplace had on our reserves, we have since learned that the CFTC (Commodity Futures Trading Commission) has specifically stated that they can hold a company liable for manipulating pricing. For these reasons (and the ones above), the “hard floor” strategy cannot succeed and we have no plans to re-implement it.

So... it's official.  There is no floor... there will never be a floor, and we were all lied to.  Scam or no scam, the very basis of what everyone had used to make the mine hashpoints and convert to stakers was a lie.

[cassius69]

This is just rich... they just now realized that price manipulation could be illegal, and they have no plans of ever restablishing a floor:

https://hashtalk.org/topic/27529/30-days-of-transparent-questions-and-answers

Outside of the significant drain supporting the marketplace had on our reserves, we have since learned that the CFTC (Commodity Futures Trading Commission) has specifically stated that they can hold a company liable for manipulating pricing. For these reasons (and the ones above), the “hard floor” strategy cannot succeed and we have no plans to re-implement it.

So... it's official.  There is no floor... there will never be a floor, and we were all lied to.  Scam or no scam, the very basis of what everyone had used to make the mine hashpoints and convert to stakers was a lie.

haha. they suddenly realize they've been breaking the law.

this debacle meets the legal definition of fraud. at the very least the ftc would be interested in how this 'company' does marketing. the other alphabet agencies will be interested in the rest.

[altcoinUK]

What's wrong with that?

Well for start, Paycoin was started and is controlled by a dishonest fraud..... but hypothetically lets assume that this wasn't the case.... paycoin is trying to fill the role that other fiat currencies already fulfill (USD, Euro, ect) so isn't even competing directly with Bitcoin but those currencies. This is fine in itself as the free market should allow this to happen, but personally, I see no reason to use paycoin above fiat myself . I can already use my Amex and get cash back sir. I can already trick amazon by using my friends amazon associate account to get up to 10% off like paysave does and violate the TOS.

It's not because it's not good but we have only handful of people who use BTC as currency. Majority use it as commodity.

Almost everyone uses Bitcoin as a currency or a speculative asset with between 2-5million users .
Paycoin is being used almost exclusively as a speculative asset with a few thousand users.

Its isn't even comparable.

Rational arguments like yours that point outs that Paycoin is indeed a fraud has very little effect on droids like this unusual guy. unusualfacts30 is the biggest fanboy of the Bitbay scam - don't expect he will accept any rational arguments, he is the dream consumer of any crypto currency scams.

[inBitweTrust]

At least some people are waking up and taking notice.



We aren't the enemies of the victims of paycoin/GAW, but trying to warn and help them.

[Sir Alpha_goy]

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[paycum]

made 30% yesterday, now bought a few btc at 0.0094, hoping to get another 30% today.

[cassius69]

made 30% yesterday, now bought a few btc at 0.0094, hoping to get another 30% today.

get a job and you can make even more

[Sir Alpha_goy]

.

[paycum]

made 30% yesterday, now bought a few btc at 0.0094, hoping to get another 30% today.

i know its not much, but everyday 0.8btc profit is ok for me. i just invest with the profit i already made on this coin so i cant loose anymore.

[inBitweTrust]

made 30% yesterday, now bought a few btc at 0.0094, hoping to get another 30% today.

get a job and you can make even more

I suppose day traders jobs facilitate finding the true value of the currency more efficiently and punishing those who make bad investments.
Paycoin would have eventually gotten to these amazing new lows with or without them but they are helping the market find it much quicker...

PayCoin (XPY)
$ 2.88 (-52.98 %)

It still has a long way to go, and there are no signs of a floor approaching.

Despite the 20dollar promised floor this disclaimer existed with paycoin TOS:


4.4 Paycoins May Have No Value. Paycoin is a new cryptocurrency and its value is determined by supply and demand. At any point after its release, it is possible that the market price of a Paycoin may be zero. Because the value of Paycoin may be zero, the value of a stake, in Paycoins, from a HashStaker may also be zero.

This was expected and planned.

[paycum]

well to be honest i just lost my job   But already found a new one, can start next week

but its just fun trading like this. just bought a few more....its a bit tricky now...its falling like a brick...but sell side is small so its easy to pump which will probably happen soon...first i wait on panic sell...to get some cheap coins

seems 0.0070 is close to the low for today

[Sir Alpha_goy]

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[inBitweTrust]

Personally have moved my Xpy buy order on Cryptsy  from 0.01 through 0,008 then 0.005 to 0.001 Btc...
Do you think I've gone low enough?

If you want to gamble I could easily see around 0.007 today ... but at this rate and with no dead cat bounces yet , it could drop further.
It is scary how quickly this thing is capitulating ... even I expected at least a few more weeks of breathing room.

I don't pretend to be smarter than the market so do not day trade.

[paycum]

yeah true, for me its just the kick i get from it, the money is nice but isnt that important

[ElTomeko27]

made 30% yesterday, now bought a few btc at 0.0094, hoping to get another 30% today.

Sad to see its already at 0.0079. But of course YOU made a profit...