PayCoin bumped BitShares out of #4 on Coinmarketcap.com

[fuzzy]

Constantly floored by the level of bullshit that most cryptos are willing to construct in order to effect their perception of value. 

More and more I realize that bitshares really is one of a very few legitimate projects out there.  Sadly, the masses are easily swayed by such dishonest tactics and so many will lose their asses.

Maybe we should set up a delegate to pay out to those who have been screwed over by illegitimate coins in some way.  Not entirely sure how that would look though...

[Rune]

Hilariously they've set themselves up in a situation where staying at their current market cap is basically a total failure, even though they made it to number 4 instantly. As I understand it people bought them for 20 USD in the ICO with the assumption that it was "backed" at that level. If it stays below 20 USD for too long it'll probably completely unravel.

[luckybit]

Looks like it is centralized by "USD reserves":

Proof Of Reserve
PayCoin™ is backed by a fiat-based reserve of USD that shields early adopters from risk and increases acceptance by large institutions.

It sounds like one of the stupidest ideas I've seen in a long time. I guess if I got in on it I would take a profit right now but it's not going to last.

[Ander]

It seems to have just materialized into existance at a supposed $50M cap.


Lets see:

I will create an asset with a supply of 1 billion coins, so total supply is 1 billion.
I will then sell a total of ONE coin from that supply, at a price of twenty dollars.

MARKET CAP IS 20 BILLION DOLLARS!  I overtook bitcoin! Whee!


Sometimes coinmarketcap needs to use lower numbers for the supply, I think.

[graffenwalder]

Remember Ethercoin?

Same thing happened - reason is because market cap calculation takes the top price off the book and multiplies by the supply, which doesn't consider actual demand for the coin.

Full explanation:

https://bitsharestalk.org/index.php?topic=11514.0

Yes, but this isn't a $4 order pumping the price.
Volume is 1K+ BTC on Cryptsy. And there is some buy support.
This could just be a big pump, with fake orders off course.

I'm interested to see how far they can go, one paycoin is currently $10, with a promise of being $20.
Still I would recommend everyone to stay clear from this one.

[monsterer]

Remember Ethercoin?

Same thing happened - reason is because market cap calculation takes the top price off the book and multiplies by the supply, which doesn't consider actual demand for the coin.

Full explanation:

https://bitsharestalk.org/index.php?topic=11514.0

[islandking]

It was an IPO, with promises of all great things. They atracted quit Some btc.
The only impressive thing was that they went from 0 to 40 terraflop hash in à day.
But since gaw miners is behind it, it should raise a couple of flags.

They sell pay coin on their website for 20 usd, and this is somehow going to guaranty their marketcap.
So all idiots aboard, last call to lose your money.

Honestly I don't understand how people can still fall for this crap.

This shows you how undervalued Bitshares is right now. That some scam coin can raise a $50 million dollar market cap in such a short period of time.

[graffenwalder]

Looks like it is centralized by "USD reserves":

Proof Of Reserve
PayCoin™ is backed by a fiat-based reserve of USD that shields early adopters from risk and increases acceptance by large institutions.

It's moments like these when I wish I could easily short these pump and dump coins.


Sent from my SCH-S720C using Tapatalk 2

Yes, I really wish there was a way to short scam coins. BTS should eventually trade altcoins at some point, right?

The problem with shorting these scams is, you have to asses how high they can go. Otherwise your margin could get called.

You could buy in the frenzy and hope to get a short at a higher price, but that isn't without risk either

[graffenwalder]

It was an IPO, with promises of all great things. They atracted quit Some btc.
The only impressive thing was that they went from 0 to 40 terraflop hash in à day.
But since gaw miners is behind it, it should raise a couple of flags.

They sell pay coin on their website for 20 usd, and this is somehow going to guaranty their marketcap.
So all idiots aboard, last call to lose your money.

Honestly I don't understand how people can still fall for this crap.

Edit: if my memory serves right, they already have 12 million coins, so that would put them on the number 3 spot.

[islandking]

Looks like it is centralized by "USD reserves":

Proof Of Reserve
PayCoin™ is backed by a fiat-based reserve of USD that shields early adopters from risk and increases acceptance by large institutions.

It's moments like these when I wish I could easily short these pump and dump coins.


Sent from my SCH-S720C using Tapatalk 2

Yes, I really wish there was a way to short scam coins. BTS should eventually trade altcoins at some point, right?

[onceuponatime]

What exchanges ae they on? How did they get that kind of valuation on coinmarketcap?

[biophil]

Looks like it is centralized by "USD reserves":

Proof Of Reserve
PayCoin™ is backed by a fiat-based reserve of USD that shields early adopters from risk and increases acceptance by large institutions.

It's moments like these when I wish I could easily short these pump and dump coins.


Sent from my SCH-S720C using Tapatalk 2

[islandking]

Looks like it is centralized by "USD reserves":

Proof Of Reserve
PayCoin™ is backed by a fiat-based reserve of USD that shields early adopters from risk and increases acceptance by large institutions.

[feedthemcake]

https://bitcointalk.org/index.php?topic=895061.0

Proof of waste.

[werneo]

The weekend launch of GAW Miners’ new altcoin, paycoin, led to a speculative boom in mining rig rental prices and a rarely seen boost in altcoin trading.

Paycoin launched on 12th December, kickstarting both a sharp jump in hosted mining prices and a period of sustained trading on several altcoin exchanges. The coin has attracted attention due to the ongoing discussion surrounding GAW Miners, promises of crypto 2.0 functionality and a commitment to shore up its price at $20.

http://www.coindesk.com/gaw-miners-altcoin-launch-sparks-speculative-frenzy/