Paycoin (XPY) is scam

[bakedrice]

this is not a pump and can't be a scam! right??

[Basket Case]

The bubble will burst soon. Be careful.

[inBitweTrust]

https://blackwavelabs.com/

We were recently asked if we would be including PayCoin (XPY), thought up by the controversial mining company GAW Miners. The most common reason we were given to add XPY is that XPY has been added to the popular payment gateway GoCoin, and because of this and a large market cap their growth would be inevitable.

XPY, for those who are not familiar with it, has had incredibly high volume since its launch. Their market cap and mining power quickly escalated to astronomical proportions on popular market summary websites.

Only truly innovative coins will be traded on Exco.in, and simply put being accepted by a popular service does not qualify as innovative. We are immediately suspicious of any cryptocurrency that doesn't explicitly offer technical achievements.

Deciding to educate ourselves on XPY, we began our investigation with their official website. We were curious to see if there was anything we may have missed underneath the marketing. Scrolling through the page, we reached a section titled "How can I use PayCoin?" only to find every item within linked to nowhere, a succinct metaphor for the project. Farther down, in the client section, we were presented with a selection of unsigned clients and no link to the source code.

We quickly found the source code on Github and begun our review. We looked over each commit since initialization of the XPY project. The changes we saw in practically every commit were superficial, along the lines of removing, then subsequently adding back, the Peercoin copyrights and adding new checkpoints. These trivial changes indicate to us that there was no actual development occurring.

Upon reviewing their "Features" section, we discovered that XPY does not list a single technical feature. This indicates to us that they have no interest in developing a cryptocurrency. It started appear to us that there was a high probability the creators of XPY are simply selling an idea, with the hope traders will gamble on a token over which GAW Miners maintains opaque and unregulated control of the majority. Everything they claim to offer, including their addition to GoCoin, has already been accomplished by Bitcoin. Bitcoin is also under active development, being constantly refined and improved, and has the network effect and a massive community. So if XPY offers no technological achievements over its predecessors Bitcoin or Peercoin, its value appears to be dependent on its potential acceptance as a currency. There is no reason to believe that this project will ever surpass Bitcoin when it has yet to achieve anything that Bitcoin has not already achieved and offers no technical advancements. After what we have learned about this project, we would not describe XPY as innovative in either marketing strategy or technical achievements.

We see two likely reasons GoCoin management decided to add XPY to their platform. Either GoCoin's management team is woefully naive and unable to recognize the obvious lack of development in their recently added project or, the more likely scenerio, they have a financial stake in PayCoin and expect to make money on the hype generated from their decision and actions taken by other sites cascading from it.

We have entered a fascinating time in history, where there are a growing number of technological advancements that can be recombined and remixed in countless unique ways, where everyone has good ideas and everyone should have good ideas. However, ideas are not enough. What is truly impressive is not simply a good idea, but the act of following through an idea to completion. We will be staying true to our commitment and continue to focus on spotlighting true innovation and actual development in the cryptocurrency ecosystem.

[TinEye]

this is not a pump and can't be a scam! right??

You're on the internet. You should put a smiley at the end to indicate sarcasm.

[inBitweTrust]

https://archive.today/UnrK6#selection-865.1-871.125

Paycoin is so advanced, it was beyond the powers of nearly every developer we talked to about it.
We shopped the project around the world, and virtually every development team told us it was technically impossible to build.

WOW, just WOW...

Always new lows being achieved.

[goosoodude]

https://blackwavelabs.com/

We were recently asked if we would be including PayCoin (XPY), thought up by the controversial mining company GAW Miners. The most common reason we were given to add XPY is that XPY has been added to the popular payment gateway GoCoin, and because of this and a large market cap their growth would be inevitable.

XPY, for those who are not familiar with it, has had incredibly high volume since its launch. Their market cap and mining power quickly escalated to astronomical proportions on popular market summary websites.

Only truly innovative coins will be traded on Exco.in, and simply put being accepted by a popular service does not qualify as innovative. We are immediately suspicious of any cryptocurrency that doesn't explicitly offer technical achievements.

Deciding to educate ourselves on XPY, we began our investigation with their official website. We were curious to see if there was anything we may have missed underneath the marketing. Scrolling through the page, we reached a section titled "How can I use PayCoin?" only to find every item within linked to nowhere, a succinct metaphor for the project. Farther down, in the client section, we were presented with a selection of unsigned clients and no link to the source code.

We quickly found the source code on Github and begun our review. We looked over each commit since initialization of the XPY project. The changes we saw in practically every commit were superficial, along the lines of removing, then subsequently adding back, the Peercoin copyrights and adding new checkpoints. These trivial changes indicate to us that there was no actual development occurring.

Upon reviewing their "Features" section, we discovered that XPY does not list a single technical feature. This indicates to us that they have no interest in developing a cryptocurrency. It started appear to us that there was a high probability the creators of XPY are simply selling an idea, with the hope traders will gamble on a token over which GAW Miners maintains opaque and unregulated control of the majority. Everything they claim to offer, including their addition to GoCoin, has already been accomplished by Bitcoin. Bitcoin is also under active development, being constantly refined and improved, and has the network effect and a massive community. So if XPY offers no technological achievements over its predecessors Bitcoin or Peercoin, its value appears to be dependent on its potential acceptance as a currency. There is no reason to believe that this project will ever surpass Bitcoin when it has yet to achieve anything that Bitcoin has not already achieved and offers no technical advancements. After what we have learned about this project, we would not describe XPY as innovative in either marketing strategy or technical achievements.

We see two likely reasons GoCoin management decided to add XPY to their platform. Either GoCoin's management team is woefully naive and unable to recognize the obvious lack of development in their recently added project or, the more likely scenerio, they have a financial stake in PayCoin and expect to make money on the hype generated from their decision and actions taken by other sites cascading from it.

We have entered a fascinating time in history, where there are a growing number of technological advancements that can be recombined and remixed in countless unique ways, where everyone has good ideas and everyone should have good ideas. However, ideas are not enough. What is truly impressive is not simply a good idea, but the act of following through an idea to completion. We will be staying true to our commitment and continue to focus on spotlighting true innovation and actual development in the cryptocurrency ecosystem.

Their pitch hasnt been about being innovative. They want to say they are backed by mining contracts and that the coin would be used widely.

Its essentially a mining contract being sold on a blockchain, I dont think it represents a true cryptocurrency.

[TinEye]

https://archive.today/UnrK6#selection-865.1-871.125

Paycoin is so advanced, it was beyond the powers of nearly every developer we talked to about it.
We shopped the project around the world, and virtually every development team told us it was technically impossible to build.

WOW, just WOW...

Always new lows being achieved.

Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Never a dull moment in here. As soon as the Bob Surplus/BitBay scam died down we have more drama to enjoy. This will carry past well into new year, I see they are planning on releasing Paybase so there are lot more episodes left

[inBitweTrust]

Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Its both funny and depressing at once, enough to send me down a misanthropic slum.
How do they not see the warning signs when we are pointed it out on a silver platter for them?

I suppose its the same with Religion and something we should be aware with our
Bitcoin biases.

[RJX]

Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Its both funny and depressing at once, enough to send me down a misanthropic slum.
How do they not see the warning signs when we are pointed it out on a silver platter for them?

I suppose its the same with Religion and something we should be aware with our
Bitcoin biases.

You're so right, people will always believe what they want to believe. I think a lot of people don't know who or what to trust upon when browsing this forum, which is a shame in itself.

[Creampuff]

Its funny and fuck, and for anybody who have been in the altcoin scene even for a little time so transparent,

Its both funny and depressing at once, enough to send me down a misanthropic slum.
How do they not see the warning signs when we are pointed it out on a silver platter for them?

I suppose its the same with Religion and something we should be aware with our
Bitcoin biases.

Que the bitcointalk cult of disinformation and rumours based on accusations supposition and little fact

[inBitweTrust]

Que the bitcointalk cult of disinformation and rumours based on accusations supposition and little fact

Care to address the fact that a peer review of peercoins paycoins source code has a trail of commits that give the impression their is development ongoing when there isn't?

[inBitweTrust]

This guy is something else. He plants the seed then goes back and digs it up ! Unbelievable

This is the original:

https://archive.today/W3OTH#selection-845.0-851.51

We will buy your XPY for $20 each with NO verification and as soon as you open your account!

Then he sneaks back after having said that and edits it to gibberish so he can't be called on it:

We will manange XPY to the $20 each with NO verification, as soon as you open your account!

GAWCEO posted    , last edited by GAWCEO

https://archive.today/4kqa4

https://hashtalk.org/topic/25441/paybase-launch-rescheduled

[solid12345]

We will manage XPY to the $20 each with NO verification, as soon as you open your account!

What does that even mean? "Manage to the $20 each", is GAW speaking Engrish now?

[inBitweTrust]

We will manage XPY to the $20 each with NO verification, as soon as you open your account!

What does that even mean? "Manage to the $20 each", is GAW speaking Engrish now?

It means that you won't be able to withdraw from paybase until KYC is completed. It buys them more time to pump and dump and hope the market brings the floor to 20usd so they don't have to.

[Sir Alpha_goy]

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[Sir Alpha_goy]

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[Sir Alpha_goy]

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[swansong]

stay away from this.
even litecoin traded $2.85 today. and it is 3+ years old. the most importang thing it has no premine
so what gives paycoin a $20 value? copy paste peercoin. go buy peercoin, litecoin, xpm, dogecoin, namecoin  they are not premined afterall!

[suchmoon]

Their pitch hasnt been about being innovative. They want to say they are backed by mining contracts and that the coin would be used widely.

Its essentially a mining contract being sold on a blockchain, I dont think it represents a true cryptocurrency.

That is not true, where did you get this from? There is no backing by mining contracts. And yes, it's being pitched as innovative and advanced. Just look at the post quoted above, or many others.

https://archive.today/UnrK6#selection-865.1-871.125

[swansong]

bat it is increasing.  so this is pump and dump.

Bitcoin has increased today, it must be a pump and dump!  

stay away from this.
even litecoin traded $2.85 today. and it is 3+ years old. the most importang thing it has no premine
so what gives paycoin a $20 value? copy paste peercoin. go buy peercoin, litecoin, xpm, dogecoin, namecoin instead at least they are not premined!

Litecoin is dying, people were saying that months ago. A crypto coin is not wine, old doesnt mean good, same thing with technology.

yeah? so what is the tehnology behind paycoin? copy paste peercoin source code? no thanks.
if crypto is not wine, then bitcoin should not be the #1 coin.
what gives something a value is based on trust. do you want me to believe paycoin which 96% premine?

litecoin was dying 15 months ago too. litecoin has been dying for 3+ years. you can find lots of forum threads here, people were talking "ltc is dying" yet litecoin always reached a new all time high.

do you know what is dead? auroracoin... it was high as $110 a coin now where it is? $0.02.
paycoin is the new auroracoin.