Sounds incredibly pointless.
Paycoin is like a cryptocurrency for people who don't like or understand cryptocurrency.
And that's the market GAW is going after. Most people don't know, don't care, or just don't understand cryptocurrency. But if you give them an easy way to use it, they will. It's just like smartphones. Before they were around, people didn't even know what they were missing. Now, you'd be hard pressed to take it away from the masses.
This is where GAW wants to go with paycoin. Get it out there... make it easy to use, and understanding and adoption comes hard and fast.
It only ends up being good for bitcoin as well, and lends legitimacy to it as an alternative. Bitcoin isn't going anywhere.
Visa and Mastercard live successfully side-by-side, I don't see why bitcoin and xyz coin can't do the same.
Unlike the smartphone which has loads of unique/useful features, Paycoin has no features other than the promise of getting rich quick.
A large amount of the initial 12.5million coins are staked in the prime controllers. This weight is what gives these special nodes authority for the transaction's authenticity. There are 50 prime controllers staked with at least 1% of all available coins. The rest of the coins are now in the hands of the former hashlet owners' wallets, and the last little bit are being mined now... and floating around on exchanges.
So... no... GAW doesn't control 96% of the hashrate or the stake rate.
Can you prove that GAW doesn't own 50/50 prime controllers?
So prime controllers basically means Visa/Mastercard/Paypal where Gaw can change/block/reverse any transaction they chose, they will control the ponzicoin blcokchain....that's not crypto
Or... you could go read the source code and point to where this is possible?
You mean the source code of peercoin which includes absolutely none of the features claimed by GAW?
I think he's refering to the multiple times Josh stated that you will be able to reverse payments, freeze wallets, recover lost btc, all without the private keys. Then again this could have been thrown out the window like everything else in the ever changing pipeline.