GAW Miners, Josh Garza, Paybase, Paycoin - SEC investigation

[mayax]

Another cloud mining under investigation.


https://coinfire.cf/2015/01/19/sec-investigation-of-gaw-miners-underway/


Cloud mining = ponzi and all of them will be closed.

Withdraw your funds as soon as you can (IF you can).

[DonQuijote]

I hope that all criminals go to jail, they are killing btc

[mayax]

I hope that all criminals go to jail, they are killing btc

most of them will reach there sooner or later.

[promojo]

The bugger deserves all the money taken from him.  Hope they do it!

[Gleb Gamow]

http://finance.yahoo.com/news/gaw-miners-announces-plans-initial-120000855.html

"Although relatively new, cryptocurrency is shifting the economic paradigm and that is reason enough for traditional financial organizations to start taking this seriously," said co-founder and early investor, Stuart Fraser, Vice Chairman and partner, Cantor Fitzgerald, L.P. "With the marrying of innovation, technology, finance and regulation -- I believe that cryptocurrency can provide a value proposition that has never before been contemplated in global commerce and thus has the real possibility of being a viable mainstream currency accepted by the masses around the globe."

[newIndia]

Another cloud mining under investigation.


https://coinfire.cf/2015/01/19/sec-investigation-of-gaw-miners-underway/


Cloud mining = ponzi and all of them will be closed.

Withdraw your funds as soon as you can (IF you can).

Josh has scammed people on multiple fronts which is not limited to cloud mining.

[mayax]

Another cloud mining under investigation.


https://coinfire.cf/2015/01/19/sec-investigation-of-gaw-miners-underway/


Cloud mining = ponzi and all of them will be closed.

Withdraw your funds as soon as you can (IF you can).

Josh has scammed people on multiple fronts which is not limited to cloud mining.

cloud mining it seems to be "sale of securites" in USA and it is regulated by SEC. it's the same in almost any country. That's why i am saying that cloud mining is either ponzi either sale of securities

[medUSA]

... a statement from Mr. Garza in August of 2014. Mr. Garza stated that a percentage of the profits for ZenPool came from “day trading.” The fact that he stated it was from day trading created a situation in which, according to various securities laws, makes it a security.

So the ZenPool is not a mining pool? It's a "day trading" fund!

I have never understood their Paycoin. Why deviate from what they were doing well before (mining) and introduce this Paycoin thing and created a media crisis and now investigations by the SEC.

[Mt. Gox]

Interesting. I was under the impression that GAW Miners were one of the more legitimate businesses in the industry. Their CEO is public and his real identity is known unlike many of the other cloud mining companies where everything is anonymous.

[elephantas1]

Cloud mining = ponzi and all of them will be closed.

and how about such sites as bit-x or cex.io

[mayax]

Cloud mining = ponzi and all of them will be closed.

and how about such sites as bit-x or cex.io

cex.io = closed

bit-x = a "game" from China

If they have the spare capacity... Why aren't "they" mining with it and they want to "share"?

Clearly, it's more profitable for them to "rent"(scam) you the capacity than to mine themselves.

[Gleb Gamow]

Hashnest is owned by Bitmain and sends you the physical miner when unprofitable, seems like that cloud mining is not a scam to me.

[Furio]

Interesting. I was under the impression that GAW Miners were one of the more legitimate businesses in the industry. Their CEO is public and his real identity is known unlike many of the other cloud mining companies where everything is anonymous.

This may be fake, like I said in another thread there's no proof there is an investigation. Coinfire refused to provide proof and there's nothing on the official SEC site http://www.sec.gov/litigation/admin.shtml

Dig deeper, Josh and his GAW isn't legitimate...

[Wendigo]

... a statement from Mr. Garza in August of 2014. Mr. Garza stated that a percentage of the profits for ZenPool came from “day trading.” The fact that he stated it was from day trading created a situation in which, according to various securities laws, makes it a security.

So the ZenPool is not a mining pool? It's a "day trading" fund!

I have never understood their Paycoin. Why deviate from what they were doing well before (mining) and introduce this Paycoin thing and created a media crisis and now investigations by the SEC.

Most likely greed happened. You reap what you sow as they say.

[redhawk979]

I love how theres a "GOVERNMENT = BAD" post in every thread yet nobody hesitates to beg them for help in shutting down schemes like this.

[odolvlobo]

... a statement from Mr. Garza in August of 2014. Mr. Garza stated that a percentage of the profits for ZenPool came from “day trading.” The fact that he stated it was from day trading created a situation in which, according to various securities laws, makes it a security.

So the ZenPool is not a mining pool? It's a "day trading" fund!

I have never understood their Paycoin. Why deviate from what they were doing well before (mining) and introduce this Paycoin thing and created a media crisis and now investigations by the SEC.

I would like to see that comment at its source. If it is real, then I have no doubt GAW that is running a ponzi scheme. Pirate also claimed his Ponzi scheme derived its profit from day-trading. When they start obscuring the sources of their profits, then you can be sure that it is a scam.

[TJogger]

I love how theres a "GOVERNMENT = BAD" post in every thread yet nobody hesitates to beg them for help in shutting down schemes like this.

This precisely


Why blame anyone but yourself when mt.gox/mintpal/GAW etc happens? You have no power yet pretends to know/act better then the government haha.

[mayax]

... a statement from Mr. Garza in August of 2014. Mr. Garza stated that a percentage of the profits for ZenPool came from “day trading.” The fact that he stated it was from day trading created a situation in which, according to various securities laws, makes it a security.

So the ZenPool is not a mining pool? It's a "day trading" fund!

I have never understood their Paycoin. Why deviate from what they were doing well before (mining) and introduce this Paycoin thing and created a media crisis and now investigations by the SEC.

This is will bring another BAD press for Bitcoin very soon.

[mayax]

... a statement from Mr. Garza in August of 2014. Mr. Garza stated that a percentage of the profits for ZenPool came from “day trading.” The fact that he stated it was from day trading created a situation in which, according to various securities laws, makes it a security.

So the ZenPool is not a mining pool? It's a "day trading" fund!

I have never understood their Paycoin. Why deviate from what they were doing well before (mining) and introduce this Paycoin thing and created a media crisis and now investigations by the SEC.

Most likely greed happened. You reap what you sow as they say.

the greed ruins any business in the end.

[gkv9]

So, finally my intuition is going to turn into reality... Was thinking at the start of this coin and it's services only that when these GAW people were not able to complete their promises before, how they were to do it this time? They said that the price of 1 XPY won't go down under $20, saying they have some funds reserved for the stability of the value of Paycoin, and see, where it is currently... Ain't it enough for everyone to understand now that they are all scammers?