Quote from: Phildo on February 20, 2015, 01:43:44 PM

Quote from: Crestington on February 20, 2015, 08:45:34 AM

Quote from: bumpershot on February 20, 2015, 05:11:31 AM

Quote from: Crestington on February 20, 2015, 04:49:54 AM

If you bought and held PayCoin at any time before this moment, you have lost money. Only traders have made money playing the market and Josh dumping all his compounding premined Coins.

There's also the weird blip in all of this of the hashpoint conversion. If you have Paycoins from the hashpoint conversion, they're still worth more than if you had "mined" BTC instead of getting hashpoints. I think Paycoins would have to dip below 50 cents for the hashpoint "mining" to have not been worth it.

That's still the one part of this that gives me a bit of pause. That hashpoint conversion cost him money, as it released Paycoins into the market depressing the price, and it gave tons of people a way to break even, or even make some profit, at his expense. It's the one thing that makes me think that all of this fraud wasn't really meant to be a scam. That he really thought these lies would lead to everyone making money.

Or it could have been a confidence trick. IDK. It still stands out, though.

I kinda think it wasn't even supposed to be a scam in the first place but to make it really worthwhile to the people running it but negating the fact that it all depends on constant buying so it naturally goes against the market and that it seems like no one likes working with Josh and he owns all the hashstakers. I am reading that everyone but Josh and one other guy are still running the Coin and Josh is nowhere to be found. This whole situation seems weird to me because there is so much interest in Cryptocurrencies as whole that you wouldn't even have to scam people, just work hard and eventually you'll get there. And what's this about Josh Garza not even being his real name? Who is Carlos Ganza? I made you guys a little summery for your thread and hope you like it.

If it wan't a scam from day 1 it was scam very early on. The "amps" and "boosts" are impossible. The first second they sold hashpower they didn't have or gave out coins that they didn't mine they were scamming. It doesn't matter how many tricks they pulled or opportunities for "profit" that developed throughout the course of this shitshow. They sold miners, they never showed they were mining, they were scamming.

Hey, Josh still has an unlimited compounding supply he can dump on the market but I also said this nearly 2 months ago

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.