The Wolf of GAW Street

peonminer (OP)

Hero Member

Offline

Activity: 798
Merit: 531

Crypto is King.

The Wolf of GAW Street

December 24, 2014, 09:38:47 AM
Last edit: January 02, 2015, 08:38:50 PM by peonminer

#1

says ...

You are Paycoin

Quote

Hello Everyone,

I think you’ll agree with me when I say that the last few weeks have been incredible to be a part of. Now, we find ourselves at a nexus - a point in time where decisions are made that will affect the outcome of everyone’s efforts - hopefully for results that we can enjoy for years to come; and, it’s all about how this community pulls together to turn Paycoin into something that can truly change the crypto industry and the world.

We are now stakeholders in what can become a global currency well suited for the long term prospects, of not only us as the early adopters, but for generations of people beyond us. As with anything new, it will require a fresh outlook and new thinking.

For a long time, miners have had to focus on “getting what’s theirs”, and that made sense given the landscape. There were many bad companies out there, promising quick ROI’s and profits, only to never deliver on the promises they made. GAW stepped in and changed that; for the first time, many of you finally did realize ROI’s and profits. - but because of circumstances in the industry creating an unsustainable arms race, the model we offered to our miners needed to adapt.

It’s now time for a new way of thinking, it’s no longer just about an “ROI”.

I have heard a lot of people speculate about how we will help manage the $20 goal we have for Paycoins. I have read comments that range from, “GAW will use the FIAT supply to help manage the market” to, “This is great, I can buy Paycoins cheap and cash them out when Paybase comes online.”

One comment is what we intended, the other is not. Allow me to explain a little further.

Economics 101

Let me remind what the entire value of Paycoin was: stability.

Let’s start with this:
“No system ever devised can handle every person using it simultaneously - there are limits. Paybase is no different.”

Consider a highway system. If everyone jumped on the highway at the same time, what would happen? The traffic would slow, and eventually (quickly) stop.

Consider any stock exchange. If everyone sold their stock at the same time, what would happen? The exchange would crash.

Now let’s consider Paycoin and Paybase. When we set up the CAF (Coin Adoption Fund), it was never meant to “cash” everyone out at the same time. In fact, it’s not only the opposite of what we intended, it’s also the opposite of what you, the shareholders, would want. After all, for the CAF to do its job, it needs to be sustainable and stable - and staking and using Paycoin as a currency is the means to that end.

Paycoin is not like a stock where you just buy low and sell high. The entire dream - the dream we all share - is a stable currency that the rest of the world may participate with us in. How will that happen with people looking to game the system, only looking to make a quick buck?

It’s our goal that most everyone involved with making Paycoin work should do well from the smallest miner to the people here at GAW that are making this happen. We all should - we believed in the vision and learned from the past and helped mold Paycoin into what it represents today - a way forward.

GAW is doing its part, now the Paycoin community needs to make a decision about where we will go from here. Do we want Paycoin to be something we participated in for a few months, or do we want to be able to hand over the reins of Paycoin to succeeding generations of people to grow with? The decisions we make today will steer this ship in whichever direction we choose.

Back to brass tacks - we have talked about this “floor” for a long time. What does it mean? Does it mean you can always sell your paycoins at $20 or does it mean we will work together to create a market that makes Paycoins worth at least that? It’s both. GAW can accomplish this with everyone working in the same direction with the same goals.

The floor is created and sustained by using a combination of our buying power and our funds (derived from the CAF) to help pull the market up at strategic times when selling pressure is at its highest. But, the value of Paycoin has to exist because people believe it has value and are willing to stake (and spend) their coins over the long term. Staking and spending are two of the most important methods of refilling the CAF, and, therefore, sustaining the value of Paycoin.

The First Market Maker

Paybase is the first market maker for Paycoin and here is how it works:

As new customers join Paybase to use its rich feature set, they will be purchasing Paycoins, which we source and buy in the marketplace, which in-turn raises the price of Paycoin. Paybase makes a market for Paycoin - not the other way around. Paybase was built to help stabilize the market. It will automatically find exchanges that low sell orders for Paycoin and buy them first to lift the price to stabilize it.

This is something no crypto currency has ever had: A powerful market maker, like Paycoin, focused on creating adoption and stability. More market makers are coming, it will not just be Paybase, many more are on the way.

So what does this come down to?

Josh, “Will I get my $20 for my XPY when Paybase opens?”

Here is the bottom line:

Will GAW use its resources to help ensure you can use your Paycoins in Paybase at a $20 value? YES
Will everyone be able to rush and sell every Paycoin they own at the same time for $20? NO
Will I need to sell every Paycoin I have to ensure I get $20 for each one? NO

I’ve laid out the value proposition that Paybase and Paycoin represent many times, and now you have a good understanding of the sustainability features we’ve created to ensure the market keeps up with the price of Paycoin that customers of Paybase will be spending to be a part of the amazing set of tools we have built-in to the market maker, Paybase.

I am confident with the support of the community staking, spending and evangelizing their experiences, we are in for great times ahead of us.

How can I help Paycoin help Me?

So what do you do?

First, it’s ok to sell what you need to. There is no crime in that, we all have to live.

Do your best to use and hold Paycoin. I know it’s going to take a bit for you to be able to use it everywhere. It will require some degree of patience, but the power of our dedicated company and an incredible community will make Paycoin spread like wild fire. It’s already happening!

Our job is to fill in the gaps: use our reserve to “manage” the gaps, bring on many new merchants to try out, make cool things like debit cards that tie in to your account, and make things simple to use.

We will build all the systems we can to help. We will provide the tools to help get the job done. We will make contests to promote new businesses accepting Paycoin. We will build team Paycoin to help organize team efforts to grow Paycoin adoption. We will create websites to create resources to spread the word for Paycoin. We will fund nonprofits that support Paycoin. (spoiler alert) - We will may even buy an ad during your favorite sports event of the year…

We all have a responsibility to make Paycoin different. We’re all here because we see the future. We know getting in on a global currency this early is far more important and valuable than any short term gains that can be made from trading today.

So let me be clear. If the only reason you’re in this is to buy low, sell high, and get rich quick, then there is no place for you here. Paycoin is bigger than that. We’re not here to give speculators a spectacle. We’re here to change the world.

Are you with us?

Josh/CEO

https://hashtalk.org/topic/25650/you-are-paycoin

TinEye

Hero Member

Offline

Activity: 639
Merit: 500