Why Paycoin (XPY) Failed

[Bitcoinlover123]

So Paycoin. That coin that was suppose to become the next big thing.. GAW did so many things wrong. If your going to make a coin, do the exact opposite of what GAW did.

Here are a few things that they did wrong:
1. They kept pushing their releases back
2. Too many Q&A about things that were pushed back
3. They did not choose their words wisely
4. PoW failed
5. PoS did not take over properly
6. PayBase was pushed backed so long
... The list goes on and on

My point is, that this coin was a bad coin from the beginning. And what made it worse was that Walmart, Amazon, and Target publicly said that they are in no way affiliated or partnered with GAW Miners. WHAT! So these three major companies publicly say this. This is a big face palm moment. If I were you, I would sell my Paycoins.

[Puberty]

I admit it's not looking particularly good at the moment but it's a bit premature to say that it has already failed. The market cap is still hovering just above that of Litecoin.

[Sir Alpha_goy]

.

[rokkyroad]

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

[sorryforthat]

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

Why is the word Ponzi thrown around so loosely?

[kekek]

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

+1

GAW has some people who are convinced that letting other people mine XPY during the PoW phase was an act of generosity.

[rokkyroad]

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

Why is the word Ponzi thrown around so loosely?

If it walks like a duck ... quacks like a duck ...

Seriously, its not looking good. Hashtalk is melting down ... people are really getting riled up ... now its offline.
Gaw needs to do something if they want to restore some faith and, above all, trust. They made promises and now they pull back. Not good.

[sorryforthat]

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

Why is the word Ponzi thrown around so loosely?

If it walks like a duck ... quacks like a duck ...

Seriously, its not looking good. Hashtalk is melting down ... people are really getting riled up ... now its offline.
Gaw needs to do something if they want to restore some faith and, above all, trust. They made promises and now they pull back. Not good.

That doesn't make it a Ponzi. I get it, the company is going through some shit and things look terrible. I could care less which way it goes. But the company does/did sell hardware and makes money in other areas that arent Zencloud and Paycoin. It seems every new scam is a Ponzi and the word is used out of context very often here

[General_A]

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

Why is the word Ponzi thrown around so loosely?

If it walks like a duck ... quacks like a duck ...

Seriously, its not looking good. Hashtalk is melting down ... people are really getting riled up ... now its offline.
Gaw needs to do something if they want to restore some faith and, above all, trust. They made promises and now they pull back. Not good.

That doesn't make it a Ponzi. I get it, the company is going through some shit and things look terrible. I could care less which way it goes. But the company does/did sell hardware and makes money in other areas that arent Zencloud and Paycoin. It seems every new scam is a Ponzi and the word is used out of context very often here

Agreed but was still probably manipulated by pump and dump groups. All happened fast which instantly makes me suspect devs had some role. It's a standard penny stock scam, not a ponzi.

[jertsy]

Paycoin did not fail.

Its turned out to be a very successful ponzi scheme. Maybe the best one we've seen in this space.

Gawd only knows how many million they raked in.

Today's volume alone is $431,707. That's almost half a million traded in one day!

[inBitweTrust]

That doesn't make it a Ponzi. I get it, the company is going through some shit and things look terrible. I could care less which way it goes. But the company does/did sell hardware and makes money in other areas that arent Zencloud and Paycoin. It seems every new scam is a Ponzi and the word is used out of context very often here

Fractional reserve mining companies are ponzi's by definition. They have to take a percentage of their new clients contracts to pay out their old clients to stay afloat. Paycoin is one tool to keep the ponzi afloat while other cloud mining companies popped. Paycoin isn't a ponzi in itself , but the company who controls it likely runs a ponzi operation.

[rokkyroad]

In crypto its pretty damned tough to pin thievery, scam, ponzi on anyone. Look at those who walk away untouched.
We will never know the whole paycoin story. We do know Gaw will come out ok one way or the other.

[inBitweTrust]

We do know Gaw will come out ok one way or the other.

All it takes is one pissed off client and a lawyer and GAW will collapse. There are archives of data stored and the lies and misleading statements concerning paycoin2
When Josh is investigated and cross examined the 100 million investor capital to create this base will have to be confirmed.

[Crypty3]

In crypto its pretty damned tough to pin thievery, scam, ponzi on anyone. Look at those who walk away untouched.
We will never know the whole paycoin story. We do know Gaw will come out ok one way or the other.

It truly is the wild wild west, but I also think that's why I love it.

[Bitcoinlover123]

Im not saying they failed just because. This is a multi million dollar company. With years of experience and professional devs, and they have all of these problems. A couple of guys working in their garage can develop a more stable coin.

If these are such professional devs, why was the mac wallet delayed, why did PoW fail, why did the PoS transition fail, why were things pushed back so much. I rest my case


Current value of 1 Paycoin: 0.02379998
As of 8:57 EST 1/1/2015

[Sir Alpha_goy]

.

[sorryforthat]

If these are such professional devs, why was the mac wallet delayed, why did PoW fail, why did the PoS transition fail, why were things pushed back so much. I rest my case

How did POW fail? Lots of people were on and the speeds were outstanding given it being a new coin. Rented rig owners made a hell of an increase on what they normally would make on any other given day.

POS wasn't terrible and even the hash stakers are doing their job.

Mac wallets are delayed on alot coins, its not typical for a new coin to launch without it.

The devs arent really the ones at fault here, its Josh the owner of GAW causing issues with broken promises and all the noise hes causing because of it.

Shit for all we know he paid loljosh to put this coin together, lol. jk, please dont take that seriously.

[deine mudder]

can't even ANN here? Fuck off. 

[Bitcoinlover123]

If these are such professional devs, why was the mac wallet delayed, why did PoW fail, why did the PoS transition fail, why were things pushed back so much. I rest my case

How did POW fail? Lots of people were on and the speeds were outstanding given it being a new coin. Rented rig owners made a hell of an increase on what they normally would make on any other given day.

POS wasn't terrible and even the hash stakers are doing their job.

Mac wallets are delayed on alot coins, its not typical for a new coin to launch without it.

The devs arent really the ones at fault here, its Josh the owner of GAW causing issues with broken promises and all the noise hes causing because of it.

Shit for all we know he paid loljosh to put this coin together, lol. jk, please dont take that seriously.

1. PoW failed because a huge amount of miners were mining.
2. PoS failed because it didn't properly take over when PoW ended. No transaction could be made. Thats called failing. Sure mac wallets are delayed on most coins, but this is a multi million dollar company. MULTI-MILLION. There is no excuse for them not to release all wallets on time.

And that's not the worst part. The worst part is that GAW blamed the community!

[iGotSpots]

I warned you guys. Many times