Quote from: Phildo on August 01, 2015, 01:06:34 AM

Quote from: VirosaGITS on August 01, 2015, 12:00:53 AM

Quote from: seedtrue on July 31, 2015, 11:55:14 PM

It is pretty funny to go back and look over some of the GAW propaganda from the early days. I am sad though so far about the way things turned out, especially with Garza. I know there is still time for him to get what he deserves, but its sad that he was able to get away for this long with so much of our money. I don't buy into the claims that he blew all his money and is living poorish now. I wish we could do some form of research to pinpoint a close range of how much he really was able to get away with.

I think it's more depressing than anything...

It then remind me of what else i would have done with the money and that just suck because it's not like you can know then what you know now.

But i learned my lesson young and now i know how to do secure and as safe as possible of an investment.

It would be cool if i can get something out of my Prime and XPY but i'm not holding my breath or mourning over it before bed.

The key to this thread is to figure out how some people DID know then what you know now. We were able to figure out that GAW was full of shit at the beginning, look back now to figure out how we saw that so you can be the one keeping your money when the next scam comes around.

All the warning signs were there right from the beginning but many opted not to listen to reason. The biggest piece of advice I can give to anyone is not to jump legs first into anything and follow a project for some time in order to find proper entry points. Give anything about a month or so, and if seeing big red flags then don't invest, or if holding then take the loss because it's better to take a 50% loss than a complete loss.

Quote from: Crestington on December 29, 2014, 09:52:39 PM

Quote from: muddafudda on December 29, 2014, 06:07:59 PM

Code:

static const int64 MAX_MONEY = 2000000000 * COIN;
static const int STAKE_START_TIME = 1418470264; // Sat 13 Dec 2014 06:31:04 AM EST
static const unsigned int POW_START_TIME = 1418403600; // Fri 12 Dec 2014 12:00:00 PM EST
static const unsigned int POW_END_TIME = 1419181200; // Sun 21 Dec 2014 12:00:00 PM EST

2,000,000,000 total coins with 12,000,000 premine, current total coins 12,375,656. Means 375,656 POW but we have to minus the large POS blocks and early POW blocks (ill get to that).

Now I dont know the specs but I seen 500,000 XPY was the apparent POW supply which was incorrect and deliberately coded incorrectly to allow less POW blocks then indicated. If you were to allow a certain number of blocks you would allocate the POW change to block height, no time. By using Ntime you will usually a) confuse users as you are only estimating and b) always get it wrong. Block times are averages and using time instead of height is a deliberate method to reduce total coins. Now if we look at the stake start times, once again should be based off height not time, POS kicked in the day after launch. This then ensures less POW blocks are generated and more POS blocks, once again reducing total coins allocated to POW as more POW blocks are mined before the POW cut off time. Now even if total coins for the POW stage are not pre-announced, this method is what most devs use to allocate a greater % of total coins vs what they advertise.

Now 375,656 POW coins is fine I guess until we look at the POS blocks generated. So between block 9180 and 9229, 13,000 XPY were generated through POS. Between block 14200 and 14000, another 18,000 XPY were generated. When POW was disabled, we had a total count of 12,343,000 or 343,000 coin POW phase. Since that POW phase has ended a total of 33,800 XPY have been staked with all 32,700 XPY going to POS on premined coins and addresses, with only 900 XPY to the 341,000 POW owners. This is based on the code below and looking through the block explorer.

Stake Min and Max Age

Code:

static const int STAKE_MIN_AGE = 60 * 60; // minimum age for coin age
static const int STAKE_MAX_AGE = 60 * 60 * 24 * 5; // stake age of full weight

Primenode Requirements.

Code:

static const int64 NUMBER_OF_PRIMENODE = 50;
static const int64 MINIMUM_FOR_ORION = 50 * COIN;
static const int64 MINIMUM_FOR_PRIMENODE = 125000 * COIN;

Primenode Rewards.

Code:

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;

Now using the previous figures, lets take a look at the yearly projection using the base that POS stage is 10 days old.

Primenode yearly POS XPY count 32,700 XPY * 36.5= 1,193,500 XPY (Total (BTC)51797.88806500)

POW nodes yearly POS XPY count 900 * 36.5= 32,850 XPY. (Total (BTC)1425.68967150)

As long as these match up to the projections and pre announcements, who cares I guess. These numbers are not 100% accurate, check the block explorer for an exact amounts.

Wow!

Talk about Ponzi!

With 5 days maximum age that means it limits all the smaller Blocks. The Coins from the premine will always push out the small players as those Coins that DO stake, compound with interest.

To limit the smaller Blocks can be good for the Coin, but you need a balance where the average person CAN stake their Coins.

This means that GAW has a nearly unlimited supply of Coins they can dump on the market.

Quote from: Crestington on December 31, 2014, 07:34:46 PM

Quote from: Creampuff on December 31, 2014, 04:23:31 PM

Quote from: bitgeek on December 31, 2014, 04:13:27 PM

Quote from: dannyspk on December 31, 2014, 09:23:24 AM

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.

Quote from: Crestington on January 02, 2015, 11:02:56 PM

Quote from: inBitweTrust on January 02, 2015, 10:55:22 PM

Some helpful links - https://docs.google.com/spreadsheets/d/1Y9qBOX-VUfsR3femQ9ggmqvgepksImqag1R2SPVUiNk/edit#gid=0

Josh Garza saying $20 floor is to big for it to fail.

http://i.imgur.com/HAIL73L.png
https://hashtalk.org/topic/20296/hashstaker-q-a/266
https://web.archive.org/web/20150102212450/https://hashtalk.org/topic/20296/hashstaker-q-a/266


   Josh Garza saying they will buy Paycoin at $20 and modified version of original statement.

http://i.imgur.com/0ALEUYW.png
https://www.facebook.com/Hashlets/posts/965168623510798
https://archive.today/a7ySo
https://archive.today/W3OTH#selection-845.0-851.51
https://archive.today/xYUdX
https://archive.today/erGhz


Paybase is stolen logo
https://www.gopago.com/
https://paybase.com/


Statement from Josh Garza they will push the exchanges past $20
https://web.archive.org/web/20150102220147/https://hashtalk.org/topic/25441/paybase-launch-rescheduled/39

You know the copied logo isn't going to fly since it could be easily classed as misrepresentation because the GoPago is a Point OF Sale hardware and software business but could easily be mistaken that POS means Proof of Stake, that gopago is an affiliate of paybase and the technology is made for PayCoin.

Quote from: inBitweTrust on January 02, 2015, 11:10:59 PM

Quote from: Crestington on January 02, 2015, 11:02:56 PM

You know the copied logo isn't going to fly since it could be easily classed as misrepresentation because the GoPago is a Point OF Sale hardware and software business but could easily be mistaken that POS means Proof of Stake, that gopago is an affiliate of paybase and the technology is made for PayCoin.

The fact that they aren't concerned about future litigation from Amazon TOS conflicts , gopago trademark infringement, and the fact that they may face legal action over stealing another coins name -paycoin worries me that they may not be concerned about the long term viability of their business model.

Quote from: jertsy on January 02, 2015, 11:09:43 PM

I have not bothered reading up on paycoin, but someone claimed it's ICO raised more than Ethereum. Is this true and can the dev dump the ICO bitcoins? Is there an address where we can see the ICO bitcoins?

Since it is almost completely premined, and josh only created a floor for around 30 minutes, it has been extremely profitable for him. There isn't much transparency so there is no way of knowing how much gaw has made off this scheme as they have been trading on their own exchange and with anomynous bots on other exchanges without having a single ICO investment wallet. Most of the coins are still in control of GAW(They will suggest that they own it with secret investors but so far no evidence supports this) so the market could be drop out much further if these coins start hitting the market.

For me the clincher was the sourcecode and seeing just how much of an advantage the largest players (prime wallets) would have on the market. If there was no $20 floor and they have all those coins and are selling those Coins into the market for all these things they have planned then it would compound and drop the market so realistically it could never hold a $20 value.