Re: Paycoin (XPY) is scam

Quote from: inBitweTrust on January 04, 2015, 04:44:18 PM

No Premine?

Quote from: strangerdanger101 on January 04, 2015, 04:50:30 PM

Here's a proof of work analysis courtesy of jyap that shows 97.22% were premined.

https://gist.github.com/jyap808/3f99de084df18ce325a7

https://archive.today/9iALt
https://twitter.com/gawceo/status/532173907718332417

100k Merchants? Misleading at minimum.
https://archive.today/davJT
https://twitter.com/gawceo/status/534507400037142528

Like Viz said it's all in the code:

Quote from: Videlicet on December 31, 2014, 04:53:46 AM

Don't forget to read their source code:

Code:

int64 GetProofOfStakeReward(int64 nCoinAge, int primeNodeRate)
{

   int64 nSubsidy = 0;
   int64 nRewardCoinYear = 0; // creation amount per coin-year

   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;

   nSubsidy = nCoinAge * nRewardCoinYear * 33 / (365 * 33 + 8);

   if (fDebug && GetBoolArg("-printcreation"))
   printf("GetProofOfStakeReward(): primeNodeRate=%d create=%s nCoinAge=%"PRI64d"\n", primeNodeRate, FormatMoney(nSubsidy).c_str(), nCoinAge);
   return nSubsidy;
}

This gives special slots that are only redeemable with private keys that GAW holds. Note the highest POS is 350%

Make sure to Check their Coin Cap:

Code:

static const int64 MAX_MONEY = 2000000000 * COIN;

2 Billion Max Coins - 350% of 12,500,000 is 43,750,000 XPY produced a year from the massive pre-mine and their "Prime Nodes".

The facts are here, but are we willing to see?
Viz.

Well Said:

Quote from: inBitweTrust on January 04, 2015, 01:57:03 PM

A Few items to consider for the believers.

At ~3000% compound interest per year for the prime controllers and the other stake rates this makes paycoin2 a hyper-inflationary currency.
Research into what happens with hyper inflationary currencies with all the historical examples.

Additionally, research into what happened to the liberty dollar, DGC, liberty reserve, egold, ect...as historical test cases with centralized currencies controlled by for profit companies.
Their is an army or lawyers, litigants, and regulators salivating to pillage Paycoin2 right now.