Hmm new to this thread can someone summarize all the proof about the accusations I see about GAW. thanks in advance.
I skimmed all the posts and it was mostly Y repeating Z's comment and belief that GAW is a ponzi, or scam for the logical extrapolation that most coins before xpy were scams or ponzi.
If anyone is so inclined to post a reply with links or proof beyond some blog report or personal experience that they of course have no screenshots, emails etc for I would be grateful.
I think a list of all the proof would be more helpful then X,Y or Z posts filled with saving the day comments with no substance.
Waiting... and thank you.
Hey man thanks for you joining us. If we had absolute proof of a ponzi we would already have called the SEC. You are welcome to help us find the truth together though!
Fair enough and an excellent reply. This type of reply will at least not make me dismiss you out of hand.
I understand what you are saying though about if there was anything of actual proof it would already be with the authorities.
Was just trying to head it off and see if anyone had some. That way I could pull back my investments even more as by the time it is officially in law enforcements hands it is probably too late.
Still I feel good about my investment in GAW as they have treated me very well up until now and I have double my original investment locked away safe. But to be clear that does not take away from people's concerns here going forward, just stating my situation.
Again looking forward to a summary maybe towards the bottom of this now 447 post thread of any proof.
Thanks again for the welcome and civil response.
Ah, do pay attention to the warning signs that they may not know what they're doing, such as paycoin having been down all day! How much money do you have invested there around if you don't mind my asking?
I would argue while not very professional and not a good situation being down today does not equate a ponzi or scam.
Regarding your inquiry to how much I ave invested? I think that is a little personal but like I said I made over double my money. Double the original is in the bank.. and more then double the original is still in. But I do continually scale down pretty much daily as it climbs.
I hope that is a satisfactory answer to your question.
If you knew it was a ponzi would you be okay with making all that money? Did you know the law states you can lose the gains from a ponzi? Did you know just because you made a big profit that doesn't mean it's not a ponzi right? Just that you got in early. Later investors will end up the bagholders.
Look at the red flags of a ponzi:
What are some Ponzi scheme "red flags"?
Many Ponzi schemes share common characteristics. Look for these warning signs:
High investment returns with little or no risk. Every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. Be highly suspicious of any "guaranteed" investment opportunity.
Look at your stakers? 1% ROI per day seem a little high no? And notice apparently there's no worry of getting less or losing your investment. Where is gaw stating the risk? Do you even know what the risk is? CHECK.Overly consistent returns. Investment values tend to go up and down over time, especially those offering potentially high returns. Be suspect of an investment that continues to generate regular, positive returns regardless of overall market conditions.
Again there's no sign that cashtakers return will be lower for any reason. GAWCEO stated a stake rate, he didn't say it would vary at all. CHECKUnregistered investments. Ponzi schemes typically involve investments that have not been registered with the SEC or with state regulators. Registration is important because it provides investors with access to key information about the company's management, products, services, and finances.
Gaw is completely unlicensed with SEC or any other fed agency that we know of. They aren't even registered as a MSB even though they are requiring KYC data from customers. This is suspected to be just a stalling tactic to prevent a run on the bank anyway. CHECKUnlicensed sellers. Federal and state securities laws require investment professionals and their firms to be licensed or registered. Most Ponzi schemes involve unlicensed individuals or unregistered firms.
Secretive and/or complex strategies. Avoiding investments you do not understand, or for which you cannot get complete information, is a good rule of thumb.
Notice how you can't find any straight info on anything about paycoin on the site? That is actually purposeful. They want customers to remain in a cloud of the unknown. Much easier to change the rules later as they desire if needed. And they actually change the rules all the time. CHECKIssues with paperwork. Do not accept excuses regarding why you cannot review information about an investment in writing. Also, account statement errors and inconsistencies may be signs that funds are not being invested as promised.
I see the numerous technical problems and failure to live up to their promises as a sign of this. If they were living up to their promises, we wouldn't be here right now. [CHECK]Difficulty receiving payments. Be suspicious if you do not receive a payment or have difficulty cashing out your investment. Keep in mind that Ponzi scheme promoters routinely encourage participants to "roll over" investments and sometimes promise returns offering even higher returns on the amount rolled over.
Problems with withdrawls at times. Mysterious security issues resulting in stolen BTC so everyone's account is frozen. Announcing paybase will carefully restrict flow of XPY to BTC and $$$. [CHECK]
Therefore GAW has checked off every single warning box that the federal government provided in determining if an investment may be a ponzi scheme. Now you should read this thread and decide for yourself.
http://www.sec.gov/answers/ponzi.htm
See now this is a great attempt at proving the ponzi side of the argument! Thank you very much for the time and effort..
Now for the sake of not making this post equally as long I only see one bullet point I can see as proof of underhanded practices. That is the lack of filed paperwork. The rest of the points to me, while they should be considered in everyone individual risk/reward assessments, are not again proof of fraud.
But quickly back to the supposed lack of paperwork ( which I will just take your word for as I would not be an expert on searching for this and reporting the existence or nonexistence ). Do most crypto companies have all this paperwork done you think? Beyond Coinbase and maybe bitpay? ( Again I just will assume they have the exact same forms etc filed that people are saying GAW does not. )