XPY - Paycoin Discussion - GAW DAYS


#1

Everything related to Paycoin (XPY).


GHcoin Mining Operation Shares & Definition (B1 CLOSED!)
Getting more notifications here than ever on HT
Whats your favorite Crypto?
Probably biggest revelation about GAW to date
Interesting article
ZenCloud suspends cloud mining
Bitcoin Hardware Wallet
Official Bitmain & HashNest Thread
#2

Everyone’s favorite :smile:


#3

ban! shadowban! where’s the floor?!?! All in! We love you Josh! When can we cash out Josh? Need that ipad from amazon!

sorry, couldn’t resist.


#4

What is there to say? All we can do is wait or sell.


#5

The Q&A has been re-scheduled. There is a rumor going around of a alleged 2nd run at providing a $20 floor.


#6

Didn’t GAW get contacted by an agency saying this was illegal price manipulation and that they were not allowed to implement a floor?


#7

That’s what GAW said, but I’d like to know the law that states they can’t implement a floor.

In my opinion, and it seems to make sense to me, they should redeem paycoin for $20/coin for purchases only.

On a side note, I wish “amazon integration” at paybase launch meant you could purchase things with paycoin, or at least search/browse paycoin purchasable products on amazon.


#8

Im not part of the GAW cult personally, i got a couple hashstake in there that bring me around 0.4 XPY per day, Since I dont have that much in. I dont mind waiting, the market seemto be averaging around 4USD ATM, i do expect it to go up a bit because of the staking (Not the 20$ mark tough) but anywho… I got 16 Prime and 1 Legendary that are forever staking so i will do a Frozen… I will Let it go!! :smile: And see later…


#10

Apparently so. However, I would think actively manipulating the market or genuinely bringing in a floor that which is being supported by the reserve would be two different things. I can’t see the SEC jumping on that specially since this is crypto and it’s not regulated by the SEC.


Yes they should. But “redeeming” and actually spending or selling at $20 / coin is two different things imho. In order to really secure a value of $20 per coin GAW will have to seriously support the floor on all crypto exchanges or else it just can’t work.

My reasoning there is that you simply can’t exchange or allow redemption at $20 / coin on your own platform if the coin itself is traded on the open market for anything between $5-15. It just wouldn’t be sustainable.

Yeah, “amazon integration” to me meant “something to look at” even if I can’t buy or order anything because I’m in the EU and Paybase seems to have a heavy US focus. However right now Paybase to me is an empty dashboard just like a fresh wordpress installation.

The features Paybase currently has are:

  • Buy / Sell XPY (processing system that can be copied from ZC)
  • Debit Card - coming soon
  • Shopping - coming soon
  • Bill Pay - coming soon
  • Premiere Accounts - coming soon

Well, at least you can purchase XPY now with your own credit card while waiting for their debit card. To me that’s not a platform for public beta but more of a staging framework for future development.


#11

True, but the CFTC claimed authority over cryptocurrency exchanges in November, calling crypto a commodity. Price fixing of commodities is quite illegal, so it’s no surprise that GAW has chosen not to implement a floor on the exchanges, and is going in a different direction.

I don’t believe that the CAF was ever meant to last forever, but rather to boost the coin to the $20 level and hold it there long enough for proper valuation to take over. Once more features are released and working, and some time has passed, I could see GAW offering a static redemption value, in lieu of a market price floor. That would put them squarely in legal grey-area (it’s not market manipulation, it’s private valuation!), and could safely be done while ignoring the open markets.


#13

[quote=“quigley, post:11, topic:90”]
True, but the CFTC claimed authority over cryptocurrency exchanges in November, calling crypto a commodity. Price fixing of commodities is quite illegal, so it’s no surprise that GAW has chosen not to implement a floor on the exchanges, and is going in a different direction.[/quote]

Yes you’re right about the CFTC. So are they going to require the crypto-exchanges to acquire licensing and comply to financial regulations such as segregated customer accounts and being audited?

I also think that GAW might have underestimated the number of XPY holders that wanted to sell out at $20 which may or may not hav affcted their reserve. I still think that GAW will support the floor of the coin though since providing a stable crypto-coin plays a major rule in the Paybase project. It might not be the previously announced (or promised) $20 but I do think that they are looking to stabalize the coin.

[quote=“quigley, post:11, topic:90”]
I don’t believe that the CAF was ever meant to last forever, but rather to boost the coin to the $20 level and hold it there long enough for proper valuation to take over. Once more features are released and working, and some time has passed, I could see GAW offering a static redemption value, in lieu of a market price floor.[/quote]

That’s what I think might happen as well. Perhaps it will be similar to zifrCOIN were you’ll be able to redeem a percentage of your online purchase in coins and the rest in USD (at least that’s how I understand it).

Both coins and platforms are actually pretty similar to each other. Both coins are ICO, both coins are aiming at a stable floor, both advertise mainstream adoption, both platforms will be offering price comparison between different merchants and then order for you drop-shop style to get you the best deal.

So I don’t think GAW’s Paybase concept is that bad really. There just isn’t much to see or do at the moment.

Yeah, can’t deny that the floor was hyped by Josh. Going back on that and saying it wasn’t the case it’s a bit weak. Perhaps it didn’t pan out as planned but then just say it and move on with the project and look to deliver down the line to the best of your ability.

Sometimes promising less and then delivering more is the way to go.


Imho the only thing that is really needed in crypto to allow all of us to spend our coins wherever we want is a debit card. I don’t need no merchant integration and 3rd party platforms and 100 other features. All I need is one platform that auto-exchanges my BTC to USD (or whatever your local currency is) when I use my debit card. If that card is a VISA or a MasterCard then I have my global adoption and can spend my coins anywhere I like.

Imho that is what Bitcoin needs the most and that’s what I would want from Paycoin too. Everything else is just additional gadgets or services.


#14

Probably, but you can always count on the US Government to move at a glacial pace. If they’re even talking about licensing for crypto exchanges by the end of this year, I’d be surprised. Barring, of course, another major exchange implosion - something like that might get them moving quite swiftly.

I agree - they’ve underestimated the scale at every step since August. I think it’s likely they did so again, initially. That’s why we started seeing so many “true believers will hold” posts from Josh, and even incentives to hold - he got a whiff of how big this was really going to be, and knew a hard floor wouldn’t work unless almost all of us held. Clearly, that didn’t happen.

ziftrCoin is interesting, but I have serious reservations about it being PoW. Apparently, if the market value is > $1, you can purchase in full with ziftr. If it falls below $1, however, you can only use it for 5% of the purchase price. I think there’s a strong possibility that, should ziftrCoin ever drop below that $1 mark, the reduction in utility combined with PoW miners dumping it for something more useful will ensure that it never again goes back above. I’m not sure a 2-3% discount on a purchase is enough incentive to jump through all the hoops required to get it.

That is absolutely true. What bothers me the most of all is that it now looks like they’re trying to side-step the issue. Own it, apologize, and move on, I say. The only thing I ever want to hear from Josh again about the floor is “we tried it, it didn’t work, we’re trying something else now”.

Don’t forget the value proposition. World-wide availability via debit card would be a great step for any crypto, but my dollars can already do that. It needs to do something, anything, that my dollars can’t already do, or there’s no real reason to buy in.


#16

[quote=“quigley, post:14, topic:90”]
I agree - they’ve underestimated the scale at every step since August. I think it’s likely they did so again, initially. That’s why we started seeing so many “true believers will hold” posts from Josh, and even incentives to hold - he got a whiff of how big this was really going to be, and knew a hard floor wouldn’t work unless almost all of us held. Clearly, that didn’t happen.[/quote]

Nope it didn’t. I blame the public mining of XPY. One of the main reasons I was holding on to my Primes for the last 1-2 months was the desire to mine the proof-of-work phase of Paycoin. It’s another one of those things that had been said many times along with Primes getting the ability to mine SHA256. When I then first saw the white-paper and that XPY would be a SHA256 coin and based on previous statements that “Primes will be the only miners that will be able to mine HashCoin” I was getting all excited again and expected the SHA mining for Primes to be just around the corner since the algo would have been required to mine Paycoin… didn’t happen.

I’m not so much fussed about the coin being pow because pos simply cuts us miners out of the loop. I like the hybrid approach of Peercoin for example cause the coin uses pow to produce new coins and pos to secure the network with both ends being rewarded.

What I do dislike on Ziftr (despite not being able to pronounce the name) is the algo, keccak. It also seems that the coin will be more of a redemption token than a currency which may or may not work out. So yeah I agree, very skeptical about classifying the coin as a currency.

This! :slight_smile:

Good point. But for me it would still be a game changer since it would spare me the hassle of having to sell my BTC, transfer it to my account only to use it again with my card. There is a lot of money being made every day in crypto but it always needs to be cycled to fiat to use in “real life”. The ability to instantly draw from an ATM or simply pay for your shopping by swiping your card would be priceless imho and would do heaps for crypto.


#17

Honestly, I think Primes (and all other Hashlets) did mine SHA-256 on the back end. Possibly since August. They just never told us that, or gave us the ability to point them at SHA-256 pools. So, really, I believe Primes were mining Paycoin during the PoW phase, just not for us.

Regardless, I agree that allowing the public to mine XPY was a mistake. The growing anti-GAW rhetoric at the time should have been a clear signal that the wolves were at the door, and Josh should have stuck with his “only Primes mine XPY” statement. The math is fairly simple, really - if you’re going to advertise a price that you can’t afford if everyone dumps, then you only give coins to people you can mostly trust to hold them.

Ziftr’s PoW also cuts miners out of the loop. “Sign-to-mine” essentially forces us to mine solo. That doesn’t leave much room for the little guys with 1 or 2 GPUs.

According to their developers, they’ve moved to SHA-256. That’s a shame, Keccak is a better algorithm overall.

I agree. For those of us who already hold cryptocurrency, a debit card would be a huge leap forward. I just wonder whether there are enough of us to build a valid business model around. A debit card system requires either a huge transaction volume, or huge transaction fees to keep the business offering it afloat. Without some value beyond the fiat-based cards we already have (giving the non-crypto folks a reason to adopt), it’s difficult to build a transaction volume that would allow for reasonable fees.


#18

My issue with everything GAW. Wrapped up in 1 quote(ish)


#19

Humm I just went to CryptoMarketCap and just noticed that XPY are not listed anymore… Anyone know why or is it just another scam scared from the site… I know some other site removed the coin from scam scare… Is it the same there too?


#20

this!

Agree unless it was a closed pool with actual “workers” setup instead of the wallet address as user. In that case the pool would receive all block rewards and could then ensure everyone receives their share based on their share count. But anyway, still CPU and not sure about the coin itself… :disappointed:

I came across this the other day and found it rather interesting. I don’t see why it should not be possible for a crpyto-company to get this setup (legally and obviously genuinely)

http://usa.visa.com/merchants/grow-your-business/processing-solutions/private-label-service.jsp


#21

That does look interesting, almost like a pre-paid Visa loaded with crypto. If there’s room in Visa’s ToS, and the fees aren’t ridiculous, I could see this working for crypto.

Another option, of course, would be to register as a bank or credit union. The accounting would be a nightmare, but it would clear a lot of the hurdles involved with tying a debit card to accounts. :slight_smile:


#22

[quote=“quigley, post:17, topic:90”]
According to their developers, they’ve moved to SHA-256. That’s a shame, Keccak is a better algorithm overall.[/quote]

I totally missed that. I think it’s great cause we’ll be able to mine the coin if they use SHA256. :slight_smile:

[quote=“quigley, post:21, topic:90”]
Another option, of course, would be to register as a bank or credit union. The accounting would be a nightmare, but it would clear a lot of the hurdles involved with tying a debit card to accounts.[/quote]

I’ve got a bank account but still need to exchange my BTC for Fiat with Kraken and then move it to the bank. Usually that takes 1-2 business days which is fine but I would love to have a direct debit card with a processor that auto-exchanges my BTC to Fiat when using the card.

I also have the card debit cards from Skrill, Neteller and Paypal since those are tied to my poker accounts. Skrill is my favorite eWallet provider. I’ve been with them for many years now, never had a problem and their service is A++.I wish they would adopt BTC already. That would make me a very happy fella :slight_smile:


#23

is this where all the cool guys are hanging out at now ?