Paycoin (XPY) is scam

[Crestington]

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

I think the SEC investigation is real, I only list a couple things in this thread which were quite illegal but that isn't even counting the credit card fraud against their TOS and multiple accounts of severe market manipulation. I stopped by Hashtalk yesterday and was watching all the posts going up and even that looked very suspicious because everyone was applauding Josh and saying good things but in the 10 minutes or so I was watching the topic I noticed a number of threads being deleted as well. The post was about their Amazon gift cards that were up for sale but there was some kind of bug and cheap XPY flooded and collapsed the market so they reversed all the transactions. A bunch of people still got XPY in the time it collapsed for as little as $0.01 and there was 10,000+ of cheap XPY released into the markets.

Everyone on hashtalk was saying "great job boss" and "our leader does it again" as if people don't realize that those thousands of Coins for 1/10th the price are going to be sold right away and collapse the market.

To me the majority of posts on hashtalk look like sockpuppet accounts and every single thing PayCoin has done has set off red flags. The amount of illegal things they have done are so numerous that there is no doubt in my mind that the SEC allegations are real.

If you have PayCoin, you should sell now while you can. Even in the slight chance that the SEC allegations are not real, the amount of negative publicity is going to drive down the price regardless and will be atleast a couple weeks of sell pressure and WILL break 0.01 BTC per XPY. Look at the chart for yourself, the 0.01 BTC barrier has already been decisively broken in the last 24 hours.

[BTCwriter]

I hope this is true

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

Money laundering is a serious crime. This sound like money laundering.

[Crestington]

I really can't believe that this Coin is like 1 month old.

[Nordark]

Just sold all my paycoin GAW is really sketchy and its too risky to hold any longer
however i did make a good $1.4k profit, thanks GAW!

[Penny Pincher XPP]

I really can't believe that this Coin is like 1 month old.

Same here just so sad it died off quickly!

[DaveWave]

One of the disciples has got caught out scamming. He forgot to change his account before he replied to himself lol.

Here's a pic of the first post and his reply to himself

[Videlicet]

Trying desperately to keep XPY afloat with air.

Can't say I didn't expect it
Viz.

[unusualfacts30]

Just sold all my paycoin GAW is really sketchy and its too risky to hold any longer
however i did make a good $1.4k profit, thanks GAW!

GAW is great if you like trading and know when to go in and out, just like with any other altcoin. Some people are still holding LTC even though it is tanking like crazy.
The difference between GAW and Bitcoin for example is that there's no company or face behind the latter. Those who sold at a loss can't threat Satoshi with a lawsuit

couldn't be more right.

I've been profiting on XPY since the news came out

[barabbas]

Considering many thousands of XPY purchased for pennies -or as low as 0.065 at bittrex- have flooded the sell side with people dumping for massive profits, I consider the price above 0.120 to be holding remarkably well and setting quite a significant rebound in hours/days to come.

It is also, considering the crappy behavior of the rest of the market, the only game in town currently. I'm in.

[Crestington]

Just sold all my paycoin GAW is really sketchy and its too risky to hold any longer
however i did make a good $1.4k profit, thanks GAW!

GAW is great if you like trading and know when to go in and out, just like with any other altcoin. Some people are still holding LTC even though it is tanking like crazy.
The difference between GAW and Bitcoin for example is that there's no company or face behind the latter. Those who sold at a loss can't threat Satoshi with a lawsuit

couldn't be more right.

I've been profiting on XPY since the news came out

Considering many thousands of XPY purchased for pennies -or as low as 0.065 at bittrex- have flooded the sell side with people dumping for massive profits, I consider the price above 0.120 to be holding remarkably well and setting quite a significant rebound in hours/days to come.

It is also, considering the crappy behavior of the rest of the market, the only game in town currently. I'm in.

The recent cheap XPY flooding the market combined and SEC news will drop the market a fair bit IMO. The most likely scenario is that GAW gets investigated and charges laid against them which would halt any development work they intend to do, maybe see hashtalk get shut down. If GAW goes to court then where is the money going to come from to pay for lawyers? Will new XPY be dumped on the market in order to pay for the proceedings?

Looking at the chart over the last week, you can see where the cheap XPY hit the market and it broke all the walls down to 0.005 BTC



Trading is much different than investing though, you only need volatility and the ability to pick good tops and bottoms in order to make money.

[ikeboy]

Just sold all my paycoin GAW is really sketchy and its too risky to hold any longer
however i did make a good $1.4k profit, thanks GAW!

GAW is great if you like trading and know when to go in and out, just like with any other altcoin. Some people are still holding LTC even though it is tanking like crazy.
The difference between GAW and Bitcoin for example is that there's no company or face behind the latter. Those who sold at a loss can't threat Satoshi with a lawsuit

You probably can only sue if you still have the coins. But you could pick them up when it goes to nothing again and sue then.

[DaveWave]

This latest thread on hashtalk is hilarious.

Feel sorry for the people that lost a lot of money but to be fair, if it walks like a duck, quacks like a duck........

Anyhow, it would seem that their software caused the price to crash on their exchange, I'm guessing not enough liquidity. Some people may have panicked and sold at a big loss, some may have made a mint. Some might have been able to grab some coins and take them elsewhere to sell. (Could explain recent dip)

Anyway, looks like those that left they're money within paybase have had their accounts frozen for 3 days and no idea what's going to happen. Maybe Josh is just going to reverse the payments that cost him money or risk a further collapse of the price.

Tell me again what the advantages are of having one person in charge of a currency?

Please read the thread on hashtalk, feel sorry for the poor people being suckered.

https://hashtalk.org/topic/29788/i-want-to-be-very-clear-about-this/71

[DaveWave]

Another happy customer on hashtalk

No, I do not. After I lost track of broken promises and all my friends either got banned and called trolls or bit their tongue because they had too much money at stake to see clearly, I gave up.

As freely as the ban hammer is flying tonight, I am pretty sure this will be my last. I dumped all my hashpool paycoins cheap.

Why? You may ask me, What about the promised $20 floor?
My reply is, have we not been promised this before?
Why are my Primes not mining SHA? We were led to believe it was "proprietary hardware". that could actually function multi algorithms. This was before the massive TOS changes and forum scrubbing. We still have screen caps over at BT though, no worries.

Why are my Legendary Hashtakers still unsaleable?

Where is Cantor Fitzgeralds $100,000,000 floor?

Why could I not buy Christmas presents on Amazon with XPY and still cannot today, with or without some junky chrome plugin that already went bankrupt before you acquired it?

I thought Josh was the Scrypt king and this was his house?

How come hashlets are now obsolete? When the advertising material I used to encourage clients to purchase hashlets clearly stated they would never be obsolete.

What are the chances that this whole Paycoin thing was just a hail-Mary to distance yourself from the failed hashlet scheme?

What are the chances the hashlet scheme was just a hail-Mary to cover your(customers) losses on the Vaultbreaker that you had already lost the majority of the money on?

I am sorry so many of you guys are in this position now. But your best bet is to cut your losses now before they get even worse. Never try to catch a falling knife.

I have been in crypto since 2011. I have seen many hype-games to pump a worthless coin. I do not see anything different about XPY except an overly excitable hypeman with delusions of grandeur.

Yeah I know, go ahead call me a troll. But I hope I at least helped open 1 of your eyes before the ban hammer hits me.

Emerald_Green signing out.

I wish you all the best.

Thought I'd post here in case it gets deleted over there

[Deadstock]

So basically every account that used a Buy/Sell order feature on saturday has been locked and there is nothing but silence from Paybase.
The accounts that bought XPY for a price in their favor was reversed..so at the end all cards are in Josh Scamza's favor.

[barabbas]

It definitely looks pretty bad. As bad as it can look, actually.

Especially the official silence.

Price holding decently is quite surprising though...

[DaveWave]

And now comes confirmation that Gyft had no knowledge that it was taking paycoin as payment.

https://www.cryptocoinsnews.com/gift-card-king-gyft-teams-coinbase-seamless-transactions/


No news from Josh for 3 days, might he be in a different country now?

[EvilDave]

Well, at least Paycoin is getting some free publicity....
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/

I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next,  like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.

Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.

[barabbas]

Well, at least Paycoin is getting some free publicity....
http://arstechnica.com/tech-policy/2015/01/bitcoin-startup-gaw-miners-reportedly-under-sec-investigation/

I cannot believe how f**ked up this is, JG and Paycoin seem to stumble from one clusterfuck to the next,  like the 3 Stooges with a massive pile of someone elses money.
A rollback of Paybase trading (even though there seems to be no evidence that the platform was actually faulty) would be the cherry on top of the cake.

Anyone with money still in XPY must either be the most optimistic noob ever, or simply daytrading for quick bucks.
I can't believe that anyone could now take this shit seriously as a long term investment.

So I take you consider a foregone conclusion that he will not honor his promised $20 per XPY reiterated offer and, consequently, he will face ruin, jail and/or the prospect of living outside of the US Justice System for the rest of his life, including wife and children, right?

Messy as indeed the whole thing is at the moment, I believe most people still hanging on to XPY do so because they believe that reiterated public promise will be indeed honored, on one side, and because the coin and Paybase themselves, have -they believe- a great future ahead.

But yes, at the moment, clusterfuck kind of describes rather well the reality of that particular enterprise... which by no means implies Garza cannot come out of it swinging.

[Videlicet]

And Paycon flies to the Moon like a Cannonball.
Happy to see real coins taking their rightful places on coinmarketcap after Paycon pushed them aside and claimed to be third biggest currency in the world, for a week 

And the dust begins to settle,
Viz.

[Penny Pincher XPP]

Yeah PayCRAP manipulation!