Paycoin (XPY) is scam

[DiCE1904]

Don't forget to read their source code:

Code:

int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

    int64 nSubsidy = 0;
    int64 nRewardCoinYear = 0;  // creation amount per coin-year

    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;

    nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
    return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:

Code:

static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.

Unreal, thanks for pointing this out

[The Chainmaker]

Everything so far according to the diagram has been working out.  We are on step 6 of 11.  My guess is on step 8, the one labeled "Alt cost hashpower" is when the "exchange" gets "robbed" or "hacked" and the developer runs into a problem that "wasn't my fault", and then Paycoin platform gets shut down. 

 

[jasemoney]

dem prime nodes tho.. these guys have a gold mine. why they need to try and game the system.

[inBitweTrust]

Promises No fees

https://hashtalk.org/topic/26745/gawceo-did-you-say-no-fees

"Dear Fellow Industry Leaders,

Many of you charge your customers needless fees.

Bottom line, you need better models.

You need to innovate and figure out how to add real value, not just how to take advantage of the fact that "no one else" is doing what you're doing.

So I am going to help you.........We will continue buying companies in every sector of this industry.

Once I have acquired the company, I will make their service free to use.

That's it.

Think of how hard it's going to be to compete with free.

It's time to start innovating. I have been at this for a while."

Than charges a 5 - 10% spread fee which is a higher spread than other exchanges.

[darkangel11]

There's no exchange yet and you're already predicting it will get robbed. Talk about pessimism.

Cryptos are one of the more unpredictable assets, maybe buy bonds instead

[inBitweTrust]

There's no exchange yet and you're already predicting it will get robbed. Talk about pessimism.

Cryptos are one of the more unpredictable assets, maybe buy bonds instead

To be fair , the theft has already occurred and continuing. Additionally, GAW bought coinswap , so technically they have the exchange...

[darkangel11]

There's no exchange yet and you're already predicting it will get robbed. Talk about pessimism.

Cryptos are one of the more unpredictable assets, maybe buy bonds instead

To be fair , the theft has already occurred and continuing. Additionally, GAW bought coinswap , so technically they have the exchange...

If they were to steal money from their own exchange it would be an obvious scam, but not if the coin fails due to other reasons. They may have never reach their goals and end up with 1% of predicted value and it still won't be a scam or a theft. I treat altcoin market like a casino and you should too.

[inBitweTrust]

If they were to steal money from their own exchange it would be an obvious scam, but not if the coin fails due to other reasons. They may have never reach their goals and end up with 1% of predicted value and it still won't be a scam or a theft. I treat altcoin market like a casino and you should too.

All that is true except for the fact that paycoin is bailing out and extending their fractional reserve mining ponzi... so even if one ignores the many lies and misleading statements this is indeed a scam for that reason alone.

[a fool and his money ...]

... of course ... premine + presale ... why even bother? People getting burned in this deserve the losses. Need to learn at one point.

Thanks to all the people helping digging up the necessary evidence to unmask the scams. Keep up the good work guys!

[crypto4jan]

Don't forget to read their source code:

Code:

int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

    int64 nSubsidy = 0;
    int64 nRewardCoinYear = 0;  // creation amount per coin-year

    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;

    nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
    return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:

Code:

static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.

This looks to me a realy Prove of Scame

[dannyspk]

http://www.btcfeed.net/fraud/paycoin-next-big-scam-crypto/

[bitgeek]

http://www.btcfeed.net/fraud/paycoin-next-big-scam-crypto/

This site seems to be managed by a try-hard. They are posting lies and then going step by step, supporting them with another lies.
Want a proof?

First sentence from the linked article "PayCoin (XPY) an altcoin backed by GAW miners, which is believed to be a scam," leads to another one: "Currently they are being investigated by the SEC for their questionable business model and their operations." Which is a lie. Somebody (probably the author of this "article") even made a fake screenshot of the site with scheduled GAW investigation, but there's no trace on the real site. http://www.sec.gov/litigation/admin.shtml
The question you should ask is why would anyone try to make people think they are being investigated.

[Creampuff]

http://www.btcfeed.net/fraud/paycoin-next-big-scam-crypto/

This site seems to be managed by a try-hard. They are posting lies and then going step by step, supporting them with another lies.
Want a proof?

First sentence from the linked article "PayCoin (XPY) an altcoin backed by GAW miners, which is believed to be a scam," leads to another one: "Currently they are being investigated by the SEC for their questionable business model and their operations." Which is a lie. Somebody (probably the author of this "article") even made a fake screenshot of the site with scheduled GAW investigation, but there's no trace on the real site. http://www.sec.gov/litigation/admin.shtml
The question you should ask is why would anyone try to make people think they are being investigated.

People hold grudges, people don't like seeing things succeed that they themselves do not agree with, people believe they are right and everyone else is wrong.

People do what people do...

[Crestington]

http://www.btcfeed.net/fraud/paycoin-next-big-scam-crypto/

This site seems to be managed by a try-hard. They are posting lies and then going step by step, supporting them with another lies.
Want a proof?

First sentence from the linked article "PayCoin (XPY) an altcoin backed by GAW miners, which is believed to be a scam," leads to another one: "Currently they are being investigated by the SEC for their questionable business model and their operations." Which is a lie. Somebody (probably the author of this "article") even made a fake screenshot of the site with scheduled GAW investigation, but there's no trace on the real site. http://www.sec.gov/litigation/admin.shtml
The question you should ask is why would anyone try to make people think they are being investigated.

People hold grudges, people don't like seeing things succeed that they themselves do not agree with, people believe they are right and everyone else is wrong.

People do what people do...

Give it a year or so and I'm sure you will think differently. It looks like you jumped on the IPO and are defending it because you are worried now that the price has dropped about 50% Typically IPO's with a very large buy-in tend to drop in price within the first month. You need critical analysis in order to make an informed decision otherwise you are trying to base your decision on hype and what the largest holders will tell you, which will always be through rose tinted glasses.

[ikeboy]

Don't forget to read their source code:

Code:

int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

    int64 nSubsidy = 0;
    int64 nRewardCoinYear = 0;  // creation amount per coin-year

    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;

    nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

    if (fDebug && GetBoolArg("-printcreation"))
        printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
    return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:

Code:

static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.

The math is wrong. Only the xpy kept in Prime controllers gets the rate, not the whole market cap, so the real number is around half that. Also, isn't the bidding on Prime Controllers open to anyone? Where are these private keys you speak of? Definitely not in the source code you posted.

[boxxa]

MAX_MONEY is a sanity check on a tx, not the network size. I don't know why people don't grasp this.

[ikeboy]

MAX_MONEY is a sanity check on a tx, not the network size. I don't know why people don't grasp this.

PAYCOIN IS A SCAM LET'S TELL AS MANY PEOPLE AS POSSIBLE EVEN IF WE HAVE TO MAKE UP EVIDENCE.

Um... that.

[boxxa]

I firmly believe this coin is misleading a lot of people. I am just saying MAX_MONEY is not a way to determine how many coins can be made. It is used to filter TXs and make sure you don't blast the network with really high output.

Code:

static const int64 MAX_MONEY = 2000000000 * COIN;


if (txout.nValue > MAX_MONEY)
            return DoS(100, error("CTransaction::CheckTransaction() : txout.nValue too high"));

[ikeboy]

I firmly believe this coin is misleading a lot of people. I am just saying MAX_MONEY is not a way to determine how many coins can be made. It is used to filter TXs and make sure you don't blast the network with really high output.

Code:

static const int64 MAX_MONEY = 2000000000 * COIN;


if (txout.nValue > MAX_MONEY)
            return DoS(100, error("CTransaction::CheckTransaction() : txout.nValue too high"));

What is the max market cap, then? Also, is that 2000000000 figure for paycoins, or for fractions of paycoin?

[rokkyroad]

GAW promising the $20 floor was genius.

When the coin went live during the Pow phase people bought it up like no tomorrow for $7 to $14. Of course, the $20 buy back carrot supported decent prices and huge volume. You can be sure Gaw and affiliates sold shitloads of coins to naive traders and investors.

During this time Paybase is delayed at least twice. Guess what? Still huge volume. Gaw raking in the money.

Now Paybase opens. Guess what? Gaw spends a few bucks and raises the price to $20 - $22 for one minute. They fulfilled their promise. Done. The price goes down.

Consequently, people realize they have been had, and dump coins like no tomorrow on exchanges.

Paybase has a limit of $700 a week for Xpy to btc conversions forcing people to dump at exchanges.

Price is now sub $10 and dropping steadily.

Priceless!