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Author Topic: Paycoin (XPY) is scam  (Read 79518 times)
inBitweTrust
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December 29, 2014, 04:30:12 AM
 #161

i like to invest as well, but lets be honest...we all do that to make profit for ourselves! offcourse its great if you believe in something, but trust me all investors want to make profit..its just how the world works...

There is nothing wrong with capitalism and making money but You don't have to profit by participating in scams...

I understand you place profit before victims and fraud. This is good to know.

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December 29, 2014, 04:39:16 AM
 #162

depends how you look at it. you call it a scam, but is it?

and arent all altcoins a scam? nobody knows the devs, they can vanish whenever they want..

and with an open market there are always winners and losers..thats how it works. everybody is free to invest or not to invest.

there will always be dumb people who buy without research and stuff like that, but doesnt this work with all things in the world.

nike selling shoes for hundreds of dollars while they only cost a few bucks to make...pure scam...still nobody complains..and what about the sweater you wear or the diamont ring you bought for your wife? probably created by slaves in countries like china and india...nobody cares here in the normal world...

i can keep talking like this. and yes it doesnt make my behaviour good, but its just how things work...we live in a stupid world..

 
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inBitweTrust
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December 29, 2014, 04:44:35 AM
 #163

depends how you look at it. you call it a scam, but is it?
Yes, the evidence indicates its a likely ponzi. Stop rationalizing. Just because there is a small possibility that it may be legit doesn't make it right to participate.

and arent all altcoins a scam? nobody knows the devs, they can vanish whenever they want..

No, there are plenty of legit alts.

and with an open market there are always winners and losers..thats how it works. everybody is free to invest or not to invest.

there will always be dumb people who buy without research and stuff like that, but doesnt this work with all things in the world.

nike selling shoes for hundreds of dollars while they only cost a few bucks to make...pure scam...still nobody complains..and what about the sweater you wear or the diamont ring you bought for your wife? probably created by slaves in countries like china and india...nobody cares here in the normal world...

i can keep talking like this. and yes it doesnt make my behaviour good, but its just how things work...we live in a stupid world..

I understand you think its acceptable to behave like a sociopath because there are other sociopaths around. Understood, and I will be sure to keep that in mind and avoid business with you.


In other news hashie.co ponzi just popped and ran with all clients investments. Another ponzi , and many more to come.

paycum
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December 29, 2014, 04:55:19 AM
 #164

sorry but from which planet are you?

you react like im the only one who acts like this....no the whole world, you probably included as well!

do you have a smartphone, a flatscreen, a computer, a tablet, do you eat meat, do you wear clothes? all the shitty things in live are being done because we as humans supply the demand. we want everything for cheap, we dont care about other people we dont know and so on..

most people dont want to say this about themselves or are too stupid to see that their behaviour is causing all these things.

and maybe there are a few legit alts. but still, do you really think the owner wants to create a better world...hell no, they just want to earn money.


but i agree they have to come up with some kind of regulations...so people who start a coin has to have an official company. not that that will solve all scams but its a start.

people who steal on purpose have to be punished. i just think im not the one who have to solve this. the exchanges have to do this...else in the end the whole market will collapse

 
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inBitweTrust
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December 29, 2014, 04:59:44 AM
 #165

sorry but from which planet are you?

you react like im the only one who acts like this....no the whole world, you probably included as well!

do you have a smartphone, a flatscreen, a computer, a tablet, do you eat meat, do you wear clothes? all the shitty things in live are being done because we as humans supply the demand. we want everything for cheap, we dont care about other people we dont know and so on..

most people dont want to say this about themselves or are too stupid to see that their behaviour is causing all these things.

and maybe there are a few legit alts. but still, do you really think the owner wants to create a better world...hell no, they just want to earn money.

Again, I am a capitalist. There is nothing wrong with profit. You are conflating market economics with certain sociopaths who participate within the market.

No, I turn down cash and clients all the time if they are generally dishonest or they want me to profit with a scammy good or service.

I am not claiming to be perfect , but I try my best to avoid this filth. Raise your standards. It is disturbing you aren't embarrassed for yourself but perhaps you are a part of the 2-4% of sociopaths/psychopaths that exist within society. You should probably get yourself tested.

Quick test-
http://personality-testing.info/tests/LSRP.php
Levenson Self-Report Psychopathy Scale, a test of sociopathy.

bitcoinuts
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December 29, 2014, 05:04:15 AM
 #166

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

I don't think it's a scam though. A huge bitcoin marketplace in Indonesia (www.bitcoin.co.id) even just opened a Paycoin-Bitcoin trading platform with 0% fee. I think XPY is becoming a big deal  Grin
paycum
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December 29, 2014, 05:13:13 AM
 #167

yes ok, but i can honestly say i do the same. i think we are on the same page hehe.

but if it really is a scam the exchanges have to remove them. but i think thats going to be difficult. companies can be faked easily as well.

in real life i have been fucked a couple of times. first a company which i bought stocks from on the regular market vanished in a day...all money lost.

then another company filed bankruptcy while they owed me 25k. the day after the owner started the same company under a new name and there was nothing i could do...judge said he didnt do anything illegal lol...again money lost.

and here the same, malibucoin, roxcoin, and so on, allvanished or worthless...

so trust me when i say i want to get rid of those scammers as well.......but till the market is regulated there is basically nothing we can do.

if we dont want to be scammed then dont use the altcoin market...even legit coins can vanish...

oh and i got a 4.5 for the test, max was 5 Smiley. but problem i always have that im not filling them in honestly..i know it was a psycho test, so i know which answers where bad or good and that effected the results! im a star in faking tests hehe...have gotten many jobs due to that skill Smiley


 
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newuser01
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December 29, 2014, 07:44:58 AM
 #168

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

I don't think it's a scam though. A huge bitcoin marketplace in Indonesia (www.bitcoin.co.id) even just opened a Paycoin-Bitcoin trading platform with 0% fee. I think XPY is becoming a big deal  Grin

but you are still newbie so u dont understand it is scam yet

you will when u have no btc left haha
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December 29, 2014, 07:47:15 AM
 #169

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

I don't think it's a scam though. A huge bitcoin marketplace in Indonesia (www.bitcoin.co.id) even just opened a Paycoin-Bitcoin trading platform with 0% fee. I think XPY is becoming a big deal  Grin

Then you are obviously an owner of the coin.  XPY is a premined scam coin.   Undecided

https://nastyscam.com - landing page up     https://vod.fan - advanced image hosting - coming soonish!
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December 29, 2014, 08:34:55 AM
 #170

yes ok, but i can honestly say i do the same. i think we are on the same page hehe.

but if it really is a scam the exchanges have to remove them. but i think thats going to be difficult. companies can be faked easily as well.

in real life i have been fucked a couple of times. first a company which i bought stocks from on the regular market vanished in a day...all money lost.

then another company filed bankruptcy while they owed me 25k. the day after the owner started the same company under a new name and there was nothing i could do...judge said he didnt do anything illegal lol...again money lost.

and here the same, malibucoin, roxcoin, and so on, allvanished or worthless...

so trust me when i say i want to get rid of those scammers as well.......but till the market is regulated there is basically nothing we can do.

if we dont want to be scammed then dont use the altcoin market...even legit coins can vanish...

oh and i got a 4.5 for the test, max was 5 Smiley. but problem i always have that im not filling them in honestly..i know it was a psycho test, so i know which answers where bad or good and that effected the results! im a star in faking tests hehe...have gotten many jobs due to that skill Smiley



I win, I got 5 out of 5 on both primary and secondary on my first try. Do I win something?

Quote
You score for primary psychopathy was higher than 98% of people who have taken this test.

You score for secondary psychopathy was higher than 99.68% of people who have taken this test.

The test is nonsensical anyways, they are nuts not to grammar check the results..... ^^^^
BTC-Graphicdesigns
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December 29, 2014, 12:30:30 PM
 #171

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

I don't think it's a scam though. A huge bitcoin marketplace in Indonesia (www.bitcoin.co.id) even just opened a Paycoin-Bitcoin trading platform with 0% fee. I think XPY is becoming a big deal  Grin

Then you are obviously an owner of the coin.  XPY is a premined scam coin.   Undecided

Says the butthurt sherrif that missed the XPY train. Bad luck for you!

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Bansheroom
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December 29, 2014, 01:31:04 PM
 #172

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

I don't think it's a scam though. A huge bitcoin marketplace in Indonesia (www.bitcoin.co.id) even just opened a Paycoin-Bitcoin trading platform with 0% fee. I think XPY is becoming a big deal  Grin

Then you are obviously an owner of the coin.  XPY is a premined scam coin.   Undecided

No scam. Only you missed the train and spread some fud now.

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inBitweTrust
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December 29, 2014, 01:44:49 PM
Last edit: December 29, 2014, 08:05:12 PM by inBitweTrust
 #173

Top 7 reasons Paycoin will fail soon or within a year.

1) Centralized
2) Difficult to catchup to Bitcoins network effect and first mover advantage
3) Lack of technical innovation , mostly marketing fluff
4) The coin is backed by greedy and dishonest owners and clients many of whom lack technical ability and are simply in it for the money
5) Long term high inflation will lose out to long term deflationary currencies . We have plenty of fiat for you inflationary needs.
6) Paysave is based upon a plugin which breaks merchants TOS. These merchants will either disable the plugin or sue
7) Legal concerns over statements and ICO launch. There is already a mountain of evidence that GAW and josh have lied and misled their clients. All it takes is one disgruntled client, a lawyer , and they have a trove of evidence to sue GAW/paycoin with. Expect heavy legal pressure in the future. This is one of the severe weaknesses with paycoin that Bitcoin is immune from. There is no centralized Bitcoin company to sue or place legal pressure upon. There is no Bitcoin CEO.

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December 29, 2014, 01:52:32 PM
 #174

and arent all altcoins a scam? nobody knows the devs, they can vanish whenever they want..

Many altcoin devs are well known and have their identity public. Do your research before making claims like that.






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cassius69
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December 29, 2014, 01:53:58 PM
 #175

and arent all altcoins a scam? nobody knows the devs, they can vanish whenever they want..

Many altcoin devs are well known and have their identity public. Do your research before making claims like that.

knowing their names is hardly a protection against being scammed.

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December 29, 2014, 01:58:25 PM
Last edit: December 29, 2014, 02:16:31 PM by goosoodude
 #176

and arent all altcoins a scam? nobody knows the devs, they can vanish whenever they want..

Many altcoin devs are well known and have their identity public. Do your research before making claims like that.

knowing their names is hardly a protection against being scammed.

His argument was that the altcoin devs are unknown and hence can vanish anytime they want which is incorrect.






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103 days, 21 hours and 10 minutes.


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December 29, 2014, 03:10:21 PM
 #177

This is just a fad, wait 3-4 months and it will be forgotten.
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December 29, 2014, 03:33:19 PM
 #178

This is just a fad, wait 3-4 months and it will be forgotten.


Actually this is true for 99% of altcoins and still each developer wants their coin to succeed. Maybe it will die, maybe not, it definitely is one of the top coins atm.


scam or not i like the volume and its nice to trade it now...lots of opportunities.
who cares if its a scam or not...basically all alts are a scam, just depends how you look at things. just trade wisely and try to win more then you loose..
you are stupid if you put all money into one coin..my advise is to just trade 2-6 btc for each trade and get out when you have 20%-50% profit...
the whole altcoin market is based on pump and dump, nobody in the real world uses it so without traders all coins are basically worthless...stop dreaming and start trading Smiley

I agree.

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December 29, 2014, 06:07:59 PM
 #179

Code:
static const int64 MAX_MONEY = 2000000000 * COIN;
static const int STAKE_START_TIME = 1418470264; // Sat 13 Dec 2014 06:31:04 AM EST
static const unsigned int POW_START_TIME = 1418403600; // Fri 12 Dec 2014 12:00:00 PM EST
static const unsigned int POW_END_TIME = 1419181200; // Sun 21 Dec 2014 12:00:00 PM EST

2,000,000,000 total coins with 12,000,000 premine, current total coins 12,375,656. Means 375,656 POW but we have to minus the large POS blocks and early POW blocks (ill get to that).

Now I dont know the specs but I seen 500,000 XPY was the apparent POW supply which was incorrect and deliberately coded incorrectly to allow less POW blocks then indicated. If you were to allow a certain number of blocks you would allocate the POW change to block height, no time. By using Ntime you will usually a) confuse users as you are only estimating and b) always get it wrong. Block times are averages and using time instead of height is a deliberate method to reduce total coins. Now if we look at the stake start times, once again should be based off height not time, POS kicked in the day after launch. This then ensures less POW blocks are generated and more POS blocks, once again reducing total coins allocated to POW as more POW blocks are mined before the POW cut off time. Now even if total coins for the POW stage are not pre-announced, this method is what most devs use to allocate a greater % of total coins vs what they advertise.

Now 375,656 POW coins is fine I guess until we look at the POS blocks generated. So between block 9180 and 9229, 13,000 XPY were generated through POS. Between block 14200 and 14000, another 18,000 XPY were generated. When POW was disabled, we had a total count of 12,343,000 or 343,000 coin POW phase. Since that POW phase has ended a total of 33,800 XPY have been staked with all 32,700 XPY going to POS on premined coins and addresses, with only 900 XPY to the 341,000 POW owners. This is based on the code below and looking through the block explorer.

Stake Min and Max Age
Code:
static const int STAKE_MIN_AGE = 60 * 60; // minimum age for coin age
static const int STAKE_MAX_AGE = 60 * 60 * 24 * 5; // stake age of full weight
Primenode Requirements.
Code:
static const int64 NUMBER_OF_PRIMENODE = 50;
static const int64 MINIMUM_FOR_ORION = 50 * COIN;
static const int64 MINIMUM_FOR_PRIMENODE = 125000 * COIN;
Primenode Rewards.
Code:
if (primeNodeRate == 0)
        nRewardCoinYear = 5 * CENT;
    else if (primeNodeRate == 10)
        nRewardCoinYear = 10 * CENT;
    else if (primeNodeRate == 20)
        nRewardCoinYear = 20 * CENT;
    else if (primeNodeRate == 100)
        nRewardCoinYear = 100 * CENT;
    else if (primeNodeRate == 350)
        nRewardCoinYear = 350 * CENT;

Now using the previous figures, lets take a look at the yearly projection using the base that POS stage is 10 days old.

Primenode yearly POS XPY count 32,700 XPY * 36.5= 1,193,500 XPY (Total (BTC)51797.88806500)

POW nodes yearly POS XPY count 900 * 36.5= 32,850 XPY. (Total (BTC)1425.68967150)


As long as these match up to the projections and pre announcements, who cares I guess. These numbers are not 100% accurate, check the block explorer for an exact amounts.


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December 29, 2014, 06:11:54 PM
 #180

I still wonder if https://chainz.cryptoid.info/xpy/#@inflation is up to date.

When zooming out, you can see there were about 12,343,300 XPY when PoS kicked in on the 23:rd of Dec. Now on 29:th of Dec, it shows there are 12,375,650 XPY ever created.

The amount of XPY has increased due to PoS staking with 32,350 XPY in six days, so new XPY are being minted at the rate of about 5400 XPY a day.

5400 / 12,343,300 x 100 = 0.0437 % per day minted by PoS

Afaik the normal QT wallet will give 5% per year of stake, that is 0.015965 % daily

Lets subtract the QT stake from the total 0.0437 - 0.015965 = 0.027735 % daily extra minting from the GAW magic wallets etc. That is 0.027735 % daily x 12,343,300 XPY = 3423 XPY minted from the non QT wallets daily.

GAW has stated that the hashstaker will generate around 1% daily interest. From this we can calculate that there are 3423 XPY / 0.01 = 342,300 XPY staking in hashstakers.

Hmm what to think about this? Please chip in with comments and critique of the calculations


He has also stated this -


https://hashtalk.org/topic/25923/buying-new-hashstaker/54

Quote
@GAWCEO There are about 5 times less HashStakers than XPY...... Smiley

That would make it ~2.4 million HashStakers and about 23 thousand XPY in daily payouts, or nearly half a million USD per day if we are to believe the official valuation.


They don't add up, and I am not surprised.


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