Paycoin (XPY) is scam

[barabbas]

The problem of last night's crash.

People got paycoins, in massive amounts,  for as low as 2 cents of a dollar.  How massive?  Possibly up to 2,000 BTC worth of paycoin. Of course most of it was purchased at much higher prices.  But also most of it at prices less than 1/3 the current "rebounded" one. So a lot of people is sitting on massive profits on thousands of paycoins.

Interesting situation for many have already booked the profits but many remain more than willing to collect them in the near future thus creating a significant sell pressure.

And that IS a problem. ..holding the price down. What will be the reaction to Garza's Q&A session in Miami?  Answer in about 3 hours.

[solid12345]

First, price should go gradually and substantially up as we approach Feb 1st.

Second, I don't believe Garza would risk everything and long time jail scamming people with paycoin. It simply doesn't add up to me...

Of course I've been wrong before...

Why would Karples rob his own exchange and risk jail time and even his life?

Because he could.

[DaveWave]

So the two threads on hashtalk from 10 or so users complaining they couldn't make withdrawals have been deleted. Shock horror eh!

Anyway, it looks like everytime you want to withdraw funds you will have to raise a ticket with the support desk. Hmm, funny how they can only fix a supposed issue one at a time.

Could it be that this in place to stop a run? Perhaps someone is getting a bit shaky.

[MEPHuk]

Good coin to watch and laugh, for when your bored

[Videlicet]

Lol 

[suchmoon]

You don't know how many xpy gaw holds. lol

If there are only $100k worth of xpy floating in the market and 5% of people decides to sell. Gaw only needs $5k to buy them back. No one is stupid enough to claim they'll buy back your $5 coin for $20 when there is no benefit for them.

Also, $100k is minimum. They haven't told anyone maximum yet.

$20 was also the minimum. Look how well that worked out.

First, price should go gradually and substantially up as we approach Feb 1st.

Second, I don't believe Garza would risk everything and long time jail scamming people with paycoin. It simply doesn't add up to me...

Of course I've been wrong before...

That's not how markets work. Any future expectations are already priced into the markets today. And the coin trading at ~$3 shows the value of the "honor program".

[unusualfacts30]

You don't know how many xpy gaw holds. lol

If there are only $100k worth of xpy floating in the market and 5% of people decides to sell. Gaw only needs $5k to buy them back. No one is stupid enough to claim they'll buy back your $5 coin for $20 when there is no benefit for them.

Also, $100k is minimum. They haven't told anyone maximum yet.

$20 was also the minimum. Look how well that worked out.

technically it's impossible to keep any coin at $20. I guess they learned it hard way.

Buying back for $20 isn't impossible thing to do specially if you own 90% of those coins. Buying back can benefit him in short/long term whether he is trying to take it to next level or even if he is trying to make more money from this. Once people see that he is buying it for $20 you'll see exchange fill up with people buying XPY so they can sell it to him for $20. He can dump all his coins on their head and say hasta la vista bitches. 

If it's a scam it's very well planned scam I've ever seen in crypto. 

[suchmoon]

If it's a scam it's very well planned scam I've ever seen in crypto. 

Seeing latest events it looks like planning isn't their strongest skill.

Let's recap:

1) release untested feature
2) crash their own market
3) halt and reverse trades
4) bail from the conference

Looking at the XPY price chart it seems like it's going in the opposite direction from the $20.

[unusualfacts30]

If it's a scam it's very well planned scam I've ever seen in crypto.  

Seeing latest events it looks like planning isn't their strongest skill.

Let's recap:

1) release untested feature
2) crash their own market
3) halt and reverse trades
4) bail from the conference

Looking at the XPY price chart it seems like it's going in the opposite direction from the $20.

in that case may be it's not a scam. Can't blame them for failing at something that has never been done before. At least they're dedicated to make it work. Price of XPY returned to normal very quickly after that crash and only few people could take advantage of it because it happened too fast.

May be he chew more than he could swallow but overall I don't think it's going in other direction. Look at the price chart from day 1..no major change except normal p&d that happens to every crypto. Most other crypto can't even survive more than a week after they reach highest volume. XPY has had top volume in all major exchange since day 1 even after price crashed and people dumped.

When BTC was crashing..XPY was one of the coin that didn't get affected at all.

[Ghepetto]

[Bit_Happy]

First, price should go gradually and substantially up as we approach Feb 1st.

Second, I don't believe Garza would risk everything and long time jail scamming people with paycoin. It simply doesn't add up to me...

Of course I've been wrong before...

Deleting important posts from their forum makes them look guilty.

[barabbas]

First, price should go gradually and substantially up as we approach Feb 1st.

Second, I don't believe Garza would risk everything and long time jail scamming people with paycoin. It simply doesn't add up to me...

Of course I've been wrong before...

Why would Karples rob his own exchange and risk jail time and even his life?

Because he could.

Very poor comparison.  Karpeles did whatever it's he did because he could get away with it. ..and, to this day,  he has;  Garza, on the other hand,  cannot get away from this if it's a scam. It's ruin and jail..or at least jail. Not the same situation at all.

Deleting posts is dreadful,  yes. But, regardless what paycoin ends up being,  he's a paranoid individual obviously.

[suchmoon]

in that case may be it's not a scam. Can't blame them for failing at something that has never been done before. At least they're dedicated to make it work. Price of XPY returned to normal very quickly after that crash and only few people could take advantage of it because it happened too fast.

May be he chew more than he could swallow but overall I don't think it's going in other direction. Look at the price chart from day 1..no major change except normal p&d that happens to every crypto. Most other crypto can't even survive more than a week after they reach highest volume. XPY has had top volume in all major exchange since day 1 even after price crashed and people dumped.

When BTC was crashing..XPY was one of the coin that didn't get affected at all.

We must be looking at different charts. It's below $3 now. It was >$10 a couple of weeks ago. Most "news" coming out of GAW these days seems to have a negative effect on the price. XPY has gone down against Bitcoin, and with bitcoin going down against dollar, XPY is down against dollar even more. Don't forget that the price between "day 1" and Paybase launch was based on the false promise of $20.

Gift card sales have been done before. GAW is simply a Gyft reseller.

[DaveWave]

I hope this is true

https://coinfire.cf/2015/01/19/sec-investigation-of-gaw-miners-underway/

[benthach]

https://twitter.com/vinnylingham/status/556682631941615616

Gyft calls Paybase/Paycoin "rubbish" and is only using BTC!

So how does Payflash work ?

paybase/paycoin/gaw is 100% scam in every way
it's a matter of when the court date is announced for josh/xpy subpoena
it's just too many illegal activities practiced/practicing going on with gaw/paycoin/paybase
he's also using walmart/amazon/target logos illegally

https://coinfire.cf/2015/01/19/sec-investigation-of-gaw-miners-underway/

i already told you all about this seen the beginning, from business/corporation perspective josh have broke so many rules and he will going to jail for this. first rule that come to my mind is no license(illegal transmit of money/money laundering/so on), and he have broke ton of them and this is serious.

[DaveWave]

hmm, not sure this confire report is true, sure paycoin is a scam but this could be some hack just trying to manipulate the price.

A scam on top of a scam!

Why would anyone put any money into any of these scam coins is beyond me.

[aurel57]

I am glad I sold all I had at a nice profit, Game over!

[DaveWave]

Price is going down quick now from $2.8 to $2.3 in last half hour, seems like people believe sec investigation, or maybe just getting fed up with all the BS coming out of GAW.

[Deadstock]

I stay away from Paycoin/Paybase/XPY just the fact that there are so many people jumping on the Garza Bandwagon to be allowed to suck his D

[darkangel11]

I hope this is true

https://coinfire.cf/2015/01/19/sec-investigation-of-gaw-miners-underway/

They haven't shown any evidence, but there was a fake sec screenshot released last month.
It should appear here soon if it's not another made up story. http://www.sec.gov/litigation/admin.shtml