Paycoin (XPY) is scam

[inBitweTrust]

In case there are Garza victims who read here and not the other forums....

Here is an update with more details about the class action lawsuit, how it will work, and how to submit your information for inclusion in the group.

http://talk.paycoin.com/discussion/1128/gaw-lawsuit-statement/p1

http://www.coinbuzz.com/2015/04/17/breaking-gaw-miners-ceo-admits-to-charity-fraud-scandal-continues/

http://www.coinbuzz.com/2015/04/26/cryptocurrency-exchange-cryptsy-now-involved-in-gaw-scandal/

https://bitcoinmagazine.com/20050/death-paycoin-employee-video-reveals-internal-chaos/

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[inBitweTrust]

For the lulz in my inbox this AM:

Mineral.com crypto-currency exchange is closing down.
Mineral.com & Mineraltalk.org is closing down.

Due to unforeseen circumstances surrounding serious allegations and the on-going investigation and litigation with an internationally wanted individual associating them self with Mineral International we would like to advise that Mineral crypto-currency exchange and services will be shutting down.

Mineral.com and Mineraltalk.org will be closing at 10pm EST on May 22, 2015, therefore coin holders are required to login and proceed to their dashboard to process a withdraw of their coins to their desktop wallet or other wallet services available.

All withdrawals will be processed automatically by our system. Wallet servers will be shut down and any coins in those wallets will not be recoverable.

Thank you.
Copyright © 2015 Mineral, All rights reserved.
You are receiving this email because you are registered at Mineral.com

Our mailing address is:
Mineral
31/F CHINACHEM CENTURY TOWER
178 GLOUCESTER ROAD
Hong Kong
Hong Kong

[BitUsher]

Here is something else that was released-

http://bitcoinist.net/press-release-btc-com/

Looks like josh has broken another promise and contract.

[HarryPotHead]

Here is something else that was released-

http://bitcoinist.net/press-release-btc-com/

Looks like josh has broken another promise and contract.

Surprise surprise, he is a crafty little man always pulling a fast one. Roll on his prison term maybe he can pay back physically all the paper he has stole to a man named big ronny

[muhrohmat]

then ok we all predicted this like 3 month or 6 month ago the paycoin not giving good price like 20 dollars pormissed and bad investment on mining cloud and hardarw gave to all this i guess its a common sense its case closed

[NewLiberty]

It's not a scam, but a coin needs a couple things to succeed like publicity, trust, merchant integration and so on.
In case of paycoin the innitial publicity was good, thus we had an early pump, then the trust kept dropping due to some allegations like premine, no $20 support, problems with the name and almost no merchants accepting the coin. It's still possible for them to bring the price up but it would require some major stores to accept the coin, just as it was promised before the launch.

Allegations? Almost everything we have warned about has been revealed. Josh can instantly secure confidence in the community if he were to simply provide evidence to refute our allegations that he lied to all of you.

Paycoin2 was a stillbirth upon inception and will slowly become a penny stock up until the day the SEC moves in and lawsuits start being filed.

What is sad about this whole scam is that even if it wasn't intended to be a scam it was destined to fail because it is hyperinflationary with too small of a userbase and ultimately controlled by one company unlike bitcoin. Centralized digital currencies are nothing new and all eventually get attacked and shutdown by the government if they don't become co-opted(ripple labs will either be shutdown or co-opted in the future).
Digicash, liberty dollar, liberty reserve, egold, ect... all shutdown. A US government and banks aren't going to allow anybody else to take over the FED and control the "prime controllers" without a fight.

Liberty Dollar wasn't a scam.  The government is returning all the gold and silver.  As it turns out, they were wrong.
http://www.coinworld.com/news/precious-metals/2015/08/federal-government-to-return-millions-in-liberty-dollars-.html

[Crestington]

It's not a scam, but a coin needs a couple things to succeed like publicity, trust, merchant integration and so on.
In case of paycoin the innitial publicity was good, thus we had an early pump, then the trust kept dropping due to some allegations like premine, no $20 support, problems with the name and almost no merchants accepting the coin. It's still possible for them to bring the price up but it would require some major stores to accept the coin, just as it was promised before the launch.

Allegations? Almost everything we have warned about has been revealed. Josh can instantly secure confidence in the community if he were to simply provide evidence to refute our allegations that he lied to all of you.

Paycoin2 was a stillbirth upon inception and will slowly become a penny stock up until the day the SEC moves in and lawsuits start being filed.

What is sad about this whole scam is that even if it wasn't intended to be a scam it was destined to fail because it is hyperinflationary with too small of a userbase and ultimately controlled by one company unlike bitcoin. Centralized digital currencies are nothing new and all eventually get attacked and shutdown by the government if they don't become co-opted(ripple labs will either be shutdown or co-opted in the future).
Digicash, liberty dollar, liberty reserve, egold, ect... all shutdown. A US government and banks aren't going to allow anybody else to take over the FED and control the "prime controllers" without a fight.

Liberty Dollar wasn't a scam.  The government is returning all the gold and silver.  As it turns out, they were wrong.
http://www.coinworld.com/news/precious-metals/2015/08/federal-government-to-return-millions-in-liberty-dollars-.html

Actually I read about liberty dollars and was quite interesting. Some guy created his own currency and called it liberty dollars and backed it by silver and then the government came to shut him down expecting to find nothing but instead found a massive amount of silver, the same silver that was there to back the currency. Liberty Dollars mainly failed because the government could seize the liberty dollars and did so because it was competitive to their own currency and as in most governments, threatened by competition. I can't see how it is comparable, maybe the LibertyCoin guy went about it the wrong way? because it was all backed by real assets.

[suchmoon]

Actually I read about liberty dollars and was quite interesting. Some guy created his own currency and called it liberty dollars and backed it by silver and then the government came to sgut him down expecting to find nothing but instead found a massive amount of silver, the same silver that was there to back the currency. Liberty Dollars mainly failed because the government could seize the liberty dollars and did so because it was competitive to their own currency and as in most governments, threatened by competition. I can't see how it is comparable, maybe the LibertyCoin guy went about it the wrong way? because it was all backed by real assets.

It looks like the "guy" made it "confusingly similar" to the US Dollar. I guess you can't have it both ways - market it as a "dollar" while calling for a "repeal" of the Federal Reserve and the IRS.

[BitUsher]

Liberty Dollar wasn't a scam.  The government is returning all the gold and silver.  As it turns out, they were wrong.
http://www.coinworld.com/news/precious-metals/2015/08/federal-government-to-return-millions-in-liberty-dollars-.html

read a bit closer.... the government is returning only a small fraction of the gold and silver the stole. There was a hell of a lot more liberty dollar certificate owners than 265. Most people didn't jump through the legal hoops out of fears of being subpoenaed or losing their privacy,not filing in time,  or just not knowing what to do.

Same bullshit as other Asset seizure cases... most of the funds stolen are kept by them .

But yes, I agree with you the US government was "wrong" in stealing their gold and silver.

[HardFireMiner]

I am not sorry for bumping this topic up, but apparently bitcointalk have missed this news, important these days with all the ICO IPO crazyness.
Does this mean that he will pay 12 million and walk free? Who know how american justice work?

https://news.bitcoin.com/garza-fined-12-million-by-sec-for-gaw-mining-and-zenmining-ponzi-schemes/

[ronnieb]

who remembers this scam LOL

[CrypticGambit]

Thanks for that infromation, all of it makes sense now I will avoid this coin and every future scam! There are so many scams now, we need to watch out!

[Karto]

its already delisted from bittrex, and volume is completely dead... why keep pumping this post? :/

[Acguy]

This coin is so ancient it has zero activity.

[Mi5h0]

I avoid PaycoinOrPaybase/XPY just the truth that there are so many people getting on the Garza Band wagon to be permitted to pull his D

Paycoin and everything else related to GAW Miners was a proven scam a long time ago.
Why bumping this old topic up?