Quote from: suchmoon on January 16, 2015, 09:17:15 PM

Quote from: fonix232 on January 16, 2015, 08:44:34 PM

I understand that my reasoning sounds like a "fanatic" speech to you, but it is simply a different perspective. You see this as a scam, because there were many like it, and many fell. And *IF* GAW is legit, they will fall too, because of the anti-hype generated by these exact discussions and speculations.

I never called you a fanatic, nor did I ever call GAW a scam. You are cherry-picking however.

Prime hashlets cost $50 and even $70 for a brief time. Not sure why you want to exclude them. They were 1 MH/s, alright, 1.5 MH/s miners if you include double dip. What else did they do? Absolutely nothing, pure hype.

Abusing monopoly power is not free market, although you could argue that there were other cloud mining alternatives, so I'll give you that.

I partially agree with you, but we still come back to the basis of free market - the match-making of supply and demand.
If you have a product that ONLY you make, can ANYONE make you change the price just because they don't like it? No, of course not.

And yes, indeed, GAW used this very tactic to market their legendary hashlets - which, turned out, can be converted into a timeless HashStaker, which might just prove profitable (the price of PayCoin will fluctuate, but should stabilize in a few weeks, hopefully).

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You didn't answer the question - who covered the loss of value from $7.59 to $2? Or even from $22 or $15 to $2? All hashlets were originally sold at retail price, and GAW collected 10% on each market sale as well, so who covered those price drops and fees? And let's face it, at 1 satoshi even $2 is overpriced. The value of the hashlet is roughly 0, and if someone is paying any money for it, that's based entirely on the lingering hope that GAW will make good on their promises. Euthanizing those hashlets would be more humane at this point.

If you buy a miner for 5000$, and two months later the same sells for 2000$, who will cover the loss of value? Nobody. This is capitalism, the value of each product changes basically every second. And the seller won't refund the buyer because the product's value lessened over the time.

Tell me ONE product, or ONE currency that does that - if they did, it would lead to bankruptcy in pretty much no time. When you buy something, you expect it to lose value over time - it can be a day, or a week, a month, a year, a decade. But it WILL lose value, even if it is digital (e.g. a videogame). And nobody will cover the loss of value for you.

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I lost money on Zens if you want an example. Bought a pair at $11 in the Market to track their profitability, now completely pointless. Also had some Primes that converted to HashStakers, almost certainly will lose money on those. Probably made some money on the other Primes that I didn't convert, and whoever bought those Primes from me will almost certainly lose money on them. Now I'm not an average GAW customer by any means, but you said you haven't met anyone who lost money on Hashlets - pleased to meet you too.

Proof of mining has been discussed extensively and it's far from what you're describing, but I already said I'm ready to give the benefit of the doubt here. It's largely irrelevant now anyway.

The "floor" was ridiculed for weeks before the fiasco actually happened. One had to be blind and deaf to not see that coming. The was no mysterious unexpected dumping, the whole hashtalk forum was buzzing with anticipation of being able to cash out at $20, so of course GAW had to either put a substantial amount of money to support it or not promise it. What they did was put out a few hundred BTC (if that) for a brief moment, then claim it failed for reasons beyond their control.

More importantly, there is blockchain proof that GAW is dumping the premine, do you truly believe their explanation that they accidentally borrowed investors' money?

No quite sure I understand your last sentence. If GAW is legit criticism won't hurt it in the long run.

Well, that way we can say you lost money buying your computer you're typing from - you bought it for x USD say, a year ago, and now its worth only half of it, if you were to sell it. Also let me guess, you bought your hashlets, then when the price suddenly dropped, you panicked and sold most of them for a low price, to save yourself from further losses, amirite? Basically you screwed up on trading stocks (the base is pretty much the same, so...)

Any way, we will see the legitimacy of GAW on the long run - given how much spotlight they got, people who've invested in GAW will get their money back any way (if they are not legit, there will be a huge lawsuit, all who've lost, been lied to, etc., will be able to reclaim their losses; and if they are legit, the system will pay out).