Why Paycoin (XPY) Failed

[unusualfacts30]

Paycoin made a name for itself in few days. I can't think of any coin that has done it in such short time. Call it ponzi, call it scam or whatever you want but it has achieved what all crypto can only wish for in such short amount of time.

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[iGotSpots]

Paycoin made a name for itself in few days. I can't think of any coin that has done it in such short time. Call it ponzi, call it scam or whatever you want but it has achieved what all crypto can only wish for in such short amount of time.

Fat pockets for a select few. I guess you're right...it went exactly as planned

[kekek]

Paycoin made a name for itself in few days. I can't think of any coin that has done it in such short time. Call it ponzi, call it scam or whatever you want but it has achieved what all crypto can only wish for in such short amount of time.

'

Yeah especially since they had so little to work with, you know with it being made by a multi-million dollar company and all.

[unusualfacts30]

Paycoin made a name for itself in few days. I can't think of any coin that has done it in such short time. Call it ponzi, call it scam or whatever you want but it has achieved what all crypto can only wish for in such short amount of time.

'

Yeah especially since they had so little to work with, you know with it being made by a multi-million dollar company and all.

Rich guy wins. Always. I don't think it's done YET. I think they're trying to turn it into "lifetime" income and you'll see few more p&d during January before price becomes stable.  

Paybase full release would bring price back to $15

[sorryforthat]

Rich guy wins. Always. I don't think it's done YET. I think they're trying to turn it into "lifetime" income and you'll see few more p&d during January before price becomes stable.  

Paybase full release would bring price back to $15

You sir are a wishful thinker

[Bansheroom]

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.

Your question is wrong. Paycoin did not fail.

[Crypty3]

Call me a noob but what is a GAW?

[swansong]

you should not compare paycoin with litecoin. paycoin is an obvious scam, while litecoin is legit and has a strong 3 years history with fair launch (no premine) and false promises.

[coinits]

Call me a noob but what is a GAW?

A site that steals your money while making you think that you are getting rich and when payments are delayed it is something outside of their control.

[sgk]

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.

The biggest reason was:
A very small portion was actually available for mining. Majority of the coins were pre-mined, reserved for investors and developers.

Not to mention they wanted to sell this shit for $20 per coin.

[Crypty3]

Call me a noob but what is a GAW?

A site that steals your money while making you think that you are getting rich and when payments are delayed it is something outside of their control.

Thank you

[Honeypot]

Wasn't GAW proven to have lied about their 'connections' to wal mart and other 'partner companies' who more or less told the news outlets that they were not affiliated at all?

Don't chase after a quick buck too hard - instead, I recommend sticking to hard working projects and building up your portfolio instead of trading and buying into these unprofessional scams.


If you want to see a true start-up, look up long term, dedicated developers and their projects like this one: https://bitcointalk.org/index.php?topic=841741.new#new

They deserve your support and investment far more than these scams that promise the heavens and run off with your money (obviously no transparency on their spending either).

[mr_random]

The problem paycoin had was being successful too quickly.

Apart from people holding the coin, no-one likes success in this community.

A coin becomes successful quickly -> everyone will call it a scam.

[newuser01]

The problem paycoin had was being successful too quickly.

Apart from people holding the coin, no-one likes success in this community.

A coin becomes successful quickly -> everyone will call it a scam.

uh

is this for real?

thats not why.



This is why (from other thread)

[Labteck]

It was not a fail at all.
They take a lot of money from idiots.

[newuser01]

It was not a fail at all.
They take a lot of money from idiots.

This is true, you could look at it from their angle instead and all of a sudden it's a huge success!

A bunch of crypton00bs gave their bitcoins in exchange for paycoins and actually believed they would one day be worth $20.

[Sons_of_Crypto]

It was not a fail at all.
They take a lot of money from idiots.

[JohnnyBTCSeed]

Flag #1, never trust someone who has the word genius in their name. People should have run from this one.

[EvilPanda]

The problem paycoin had was being successful too quickly.

Apart from people holding the coin, no-one likes success in this community.

A coin becomes successful quickly -> everyone will call it a scam.

Most altcoins are called scam, even if they aren't succesful, that is why there were so many issues with moderation on this subforum.
Developers will jump at each other clawing and biting

Paycoin hasn't failed yet as a coin. It failed some of the expectations, as it was supposed to trade much higher and be integrated faster.
I think the main problems were the delays with paybase launch and the bugs it had.

[inBitweTrust]

Paycoin hasn't failed yet as a coin. It failed some almost every one of the expectations, as it was supposed to trade much higher and be integrated faster.
I think the main problems were the delays with paybase launch and the bugs it had, the massive security breach, the false promises, the hype with no substance, the fact their plugin cannot even work and breaks the TOS of retailers so if it starts to work it will be shutdown, the multiple last minute hardforks and general technical incompetence of GAW, the 350% inflation rate for select investors who likely are all or mostly GAW controlled, the sites crashing multiple times, the lack of price stability (-60% in 2 days?), the lack of merchant acceptance, the centralized nature of this currency, ect...