XPY - Paycoin Discussion - GAW DAYS


#7908

Since I’m still one of the XPY bag holders I’m looking for a bit of advice.

I have about 3000 XPY I am thinking of selling and investing into the mining idea in this forum.

does anyone else think that’s a good idea or should I still hold out for surprises from JG?

At this point, XPY is a total loss for me but you don’t recognise a loss until you sell! (Or it goes to zero…)


#7909

Yes, but the process is automated with existing programs anyway. It would require a more elaborate ledger process, but it would take the form of a blockchain modification, at least as how I envision it.

If you are converting points into crypto, it would be no different than BTC or any other blockchain functionality today. The “private keys” belong to the end-user of course, until such time as the crypto conversion takes place on the other end (purchases).

Basically, points are paid to the aggregator via fiat, which is the current practice today. The aggregator then reduces the point value conversion by the margin needed to make the program profitable. This is translated into crypto value that is relatively stabilized, because the program is backed by a specific fiat value. The end conversion for purchases is accomplished by again converting the crypto balance to fiat, and the aggregator is then paying the merchants back in fiat. In effect, the whole process is a closed-loop system, with no outside merchants requiring access to the blockchain.

You are creating a debit card that, although paying out in fiat, is completely supported by a separate transaction network, independent of Visa/Mastercard. This is merely an additional card processing software on the merchant side of the transaction, much like we see today, with Discover, Visa, Mastercard, Eurocard, and Amex all being processed on one card reader.

Obviously, I have to work out all of the little details prior to developing the actual system, but as a closed-loop system, it precludes outside merchants from accessing the system’s end-user information. Program participants (reward programs) should have access to the customer purchasing habits and demographic data, yes. That is part of the benefits of being in a unified points program.

Edit: It was interesting to see that many program participants (end-users), as much as 50%, do not use their points from any reward program. It defeats the purpose of having a program if no one single end-user can acquire enough points to be used for anything specific. When you aggregate programs, creating a real dollar value for the end-user to be able to use, you now have real benefit that customer base can readily use at “all” program participant merchants. In effect, you have created a new, broad-spectrum economy, based on reward points. This gives other merchants the ability to have their own programs, becoming part of a growing network of merchants able to increase their consumer base, where before such consumer base activity was highly specialized by tightly-defined demographic groups.


#7910

My first question would be do you plan on setting up the miners at home. If so is your house fairly new and what is the cost per watt where you live. Thanks


#7911

I actually got involved with GAW for cloud mining as electric rates and the electrical system in my 1950s house were not feasible for home mining…

One whole floor of my house actually runs on a single circuit :smile:
Found that out the hard way…

That said, I thought the forum idea was shares in their mining operation?


#7912

That sounds good for businesses. I think you’re saying such a program could even (theoretically) protect customer privacy. I suppose customers could opt in or opt out.


#7913

If your interested in the GHcoin (shares) batch 1 ->GHcoin Mining Operation Shares & Definition (B1 CLOSED!)


#7914

If would be like any reward program. You can choose to use or not use the benefits. When they are now fiat based, not using the program would seem somewhat counter-intuitive. More merchants joining such a program mean more consumer choices. As I stated in the “edit,” up to 50% of reward program participants rarely ever use their rewards programs they are member to. That also means the aggregator can “refund” unused points/fiat (at a reduced percentage) back to the merchants who generated the points to begin with. This creates additional value of having an aggregated program. This last part does not exist today.

Edit: You can continue to make points with expiration dates. We have the ability with some cryptos to revert ownership after being unused for “X” period of time. Of course, the aggregator is the recipient of the expired points, and be default the originating merchant receives a percentage of that back when expired. The whole system is actually quite profitable, while also affording end-users considerably more than they currently receive with existing programs. :smiley:


#7915

Exactly my question.
I already threw what little BTC I have into it for 12 shares but was interest to see what folks thought of liquidating XPY to participate more!

I could get like 15 BTC which would go into the GH shares idea, but then if XPY takes off that will be both feet that are shot


#7916

I personally chose to liquidate everything XPY related to diversify. Most of it went in the $11 range and the last went last night. I figure I can always buy back in if it shows true signs of life. However, I have to say I can’t see a solution to the XPY issues unless a boatload of money gets thrown at it.


#7917

I understand your predicament. Many of us though will have drastically different viewpoints because of our different involvement with XPY. Keep that in mind as I or anyone on any forum give advice to you.
For example. I sold all of my converted coins from HP mining to cover what I would of made during that duration.
I also have about 425 Immortal stakers, getting about 4 XPY a day. I’ve been holding in the last two days since the last announcement is an indicator to me about the honor program being prepped for launch. Maybe next month… eh?
Anyways I think its best to diversify yourself into other operations, even other than GH and XPY. I’m in XPY, hashnest, cloudminr, and now GHcoin.

With your 3k coins, take half (1.5k). Then think is GHcoin (batch1) right for you? Go for it then. Maybe even half the 1.5k again to another operation at the same time.
With your remainder of coin, watch for the honor program news and movement. If you don’t see a plan in site that your comfortable with, sell them or trade them for other things.

How many stakers do you have?


#7918

I think what I will do is still sell the XPY off today and think about branching out as diversity never hurts

I’ve got more stalkers than I want, but that should be fixed a few months from now when they expire! I just hope they fix the issues with coins not releasing by then! (And that they aren’t worthless at that point)


#7919

BTC.com might just be that…


#7920

Sell them all for BTC and put it in cold storage.

I hate to break it to you but there are no legitimate get rich quick schemes in all of crypto.

You can either invest in one of the few legitimate cloudmining operations which will yield shitty returns (likely never break even) or you can invest in one of the many ponzis which will give you a chance to turn a profit but most likely will just end up scammed and left penniless.


#7922

So something I haven’t seen asked or answered (I could have missed it though).

With the honors vault in Paybase how exactly is that a 3rd party escrow?

I’d ask on HT, but ya know, those pesky shadow bans


#7923

No idea.


#7924

The thing that kills me is selling something for $1 that was promised to be $20…


#7925

The wallet address for your vault is likely just going to be the address owned by the third party, so you send it to that third party, they keep tabs on how much XPY is sent to each individual Honors wallet, then when the escrow period is over they’ll probably move all of the balances in the Honors wallets into one wallet, and then that is the final total escrowed amount from which the calculation will be made for each person’s monthly share of the GAW payment.
But that’s just an educated guess :slight_smile:


#7927

I disagree, anyone who thinks any investment is a fail-proof guaranteed win is a fool, I was one of the most avid supporters of it, and I knew it was a good chance things wouldn’t go well, that’s any investment.
But short-term investors win big or lose big, the long term investors are the ones who usually do the best.
I think a lot of people forget Paycoin isn’t even two months old yet, it still has a long, long time before it either fails completely or does everything we wanted it to.
I’m holding out, I know a lot of you think that’s dumb but it’s just what I want to do.
I’m not leaving until I get that 20$ for my coin :slight_smile: I need that money for college lol


#7928

I like the idea too, and @paybacks you’re right about the data collection you’d need for it.
It’d be a super cool idea, but it’d be weird to have conversions, like is 1 walmart point=1 mcdonalds point etc.
Could create a whole new marketplace however…like exchanges for different companies, where you trade company points for other company points on someting similar to a crypto-exchange :smile:
Plus, then you’d probably have problems with companies wanting to exploit it, like paying employees in points or such haha.
Historically companies had done this before it was outlawed, not sure if you’re familiar with “Company Stores” back in like the 1800’s in the West where companies would pay workers with “Company Dollars” that you could only use at their company store, and it’s about as close to slavery as you can get. You’re feeding, housing and supporting your workers and they can’t leave since all of their money is “Company Money” etc, just slavery at that point :smile:


#7929

Based on past experience with GAW, it is highly unlikely LMAO