What's interesting to me is how they've moved PayCoin from a cool, sexy idea that had a lot of appeal, but also a lot of experimental components, into one that's not very innovative, but much more likely to be functional out of the gate.
I thought the initial idea was pretty slick, with the tiered system and blockchain compression for the lowest tier of miners. The whole thing looked like something that could actually pull off nearly instant transactions without the blockchain overload for new miners and wallet holders. A lot of that was very new, however, and probably wouldn't have worked perfectly right away.
Now, it's a PoS coin that can support different kinds of value transfers. They could really just clone the NXT codebase with a minor tweak and come up with something that matches the new description. The big difference between PayCoin and NXT is the large fund providing price support. That's really critical. Instead of giving new functionality as well as price support, they're now counting on just price support to pull in consumers and merchants. That's a big advantage, but there isn't the level of new tech they first described.
I'll stick with it for now. Price support is a big deal. But I sure felt a lot better supporting actual innovation, too.
So how can we know anything about that price support? Have you seen any details on where the money came from or that they actually exists?
So far I have only seen claims of 100M$ investments, I have a hard time believing that
a) Big investors would have put big money into this without any solid plans, as so far the plans on this project change daily and according to what people are asking for on hashtalk
b) Why have none of those investors come out in the public to "hype" this project? It should be in their best interest to get as many as possible on board.
c) Why would those investors let us small timers make a 100% guaranteed 500% profit on the money you put in? With this I am referring to the hypothesis that mining 400 hashpoints costs 4 $ today, that you can sell into the buy-wall for 20$
My take on this is, if it sounds too good to be true....
a) Yep no investor with $100M to invest would give that money without solid plans and any major change in those solid plans would likely spook them.
b) I'll give them this one. IF there actually are investors I can see a quiet phase now since in the public's eye paycoin is not actually anything more than a few webpages and forum posts as of now.
c) This is the biggest red flag to me. As the plans continue to change and the delays stack up more and more people have no intentions other than to dump their paycoin earned from hashpoints ASAP. I don't see them being able to handle the dump that would occur if they put up that buy wall.
Its exactly as you said and as I tell everyone I know, if it sounds to good to be true....it is.