Re: GAW Zen Hashlet PayCoin unofficial uncensored discussion. ALWAYS MAKE MONEY :-)

I was talking about crypto as a whole, it will either die a fad or go mainstream

and what part of me being able to buy a coffee in my local cafe - with Bitcoin - is not already mainstream?
BTC is already mainstream, it is merely the greed which people hide behind that insists on them wanting more.

Josh insists that his shitcoin is going to put cryptocurrency into the mainstream.
I say, he trying to sell a clone of something which already has such successes.

from what I gather, the Paycoin protocol is a simple ripoff of the Mastercoin protocol.
there is nothing new here.

However, I did not know that it BFL was under criminal charges, this is news to me, and the same, with MtGox. I had thought they were under civil indictments.
Perhaps sometimes, when you live in a land which confuses criminality with civil complaint, it's easy to make that mistake.
"I can't breathe"

It isn't mainstream, I wouldn't say in mainstream until at least we get into the paypal area of use. I understand your local coffee shop accepts it but Starbucks, dunkin dnuts , panera, lilly, tully's, Tim Hortons, Caribou coffee, The coffee bean, and Costa Coffee don't. Do you see where I am going with this? Yes were past the unknown stage but nowhere near main stream use and it isn't for being greedy it so we can have a time in a couple years where i can pay my bills in bitcoin and shop in bitcoin directly. A dual fiat/crypto economy.

Fair enough, and forgive me if you felt i was insinuating that you were greedy in any way, this was not my intent. I do think that there is a long way to go before we see mass acceptance, but I'm not sure it will ever be in my lifetime. I am confident that it will happen, but there is - fortunately for those of us on the greyer side of the barber seat, something slightly encouraging that small retailers are happy to accept Bitcoin. It's enough for me, and it's a starting block to build on. Every day the technology behind Bitcoin in improving and there are easier ways to use it as a spendable currency. Understanding is another obstacle which needs to be overcome, and simply designing a clone, or piggy-backing on an already designed protocol to create a competitor to Bitcoin is in no way going to help cryptocurrencies in any way. Instead of trying to out-Bitcoin Bitcoin, GAW should have concentrated on building what is already available. The Mastercoin protocol is a great idea for things like loyalty coupons and company-specific rewards programs, but to try and start from scratch, something new which they think will outperform the 'old original' is very narrow minded, and will do more harm, than good.
Again, speaking personally, i'm quite content at where BTC is at the moment - the price is good - the availability of it is good - and my undetstanding of it (though not total) is also good enough for me. For that reason, i'm going to stick with what I have 1BTC = 1BTC but 1PAYCOIN = 1GAWPROFIT and not much else.

I totally agree but I think GAW isn't just doing this as a short term profit maker, I think there idea is if they can create a coin that is tied to their company (still open source) they can have all the third parties run though them making them the profit (such as the debit card instant exchange fee, the fees for buying and selling on Paybase, and other utilities). They didn't make the coin to profit off it directly but to be a sort of monopoly of fees on the uses, they could have done this with bitcoin but there are too many other companies that would make it hard for them to compete and they wouldn't be able to make the profits they could with Paycoin. This is why i don't see Gaw as scamming people (this is my personal view) they're spending too much building and developing the coin to reap long term benefits and work over ton of cash, they aren't going to screw it up for 1000btc even.

I tell people to diversify and that's what I am doing because keeping all your eggs in one basket is too risky.

yeah, i'm not usually so against entrepreneurial endeavours, it's good to see new businesses evolve in the crypto-world, however... the one word that gives me the heebie-jeebies in your comment is 'monopoly'. For that single reason, which is evidently the purpose of GAW, it's not something that I would consider, and for that reason alone, is why I will continue to actively persuade people not to put money into this. It flies in the face of everything that cryptocurrencies stand for.

you are 100% right buddy! if there is going to be a monopoly in crypto currencies then there is no point to adopt crypto currencies. just stick with our bank !!

I know right i would just stay with my bank atleast i know where to go and have some security. Imagine bitcoin being a monopoly i am sorry sir you are overdrawn by 0.000002 btc you got to pay over draft charge of 0.001 btc for each day you are negative balance Grin