PayCoin bumped BitShares out of #4 on Coinmarketcap.com

[onceuponatime]

They just upped the supply from 5 million to 12 million, really?  Lol.

From 5,593,288 XPY to 12,218,662 XPY

doesn't coinmarketcap have any standards?

[Ander]

They just upped the supply from 5 million to 12 million, really?  Lol.

[onceuponatime]

I can't understand why/how coinmarketcap.com is giving such an insanely high valuation to PayCoin.

I mean third place, $60 million more than Litecoin? Come on now.

[Ander]

Meanwhile, BTS still getting bought up in high volume on btc38, even though its the middle of the night in China.

[Rune]

Its basically just a mining contract isnt it?  Its a promise to pay $20, an IOU from a centralized authority.

Thats not really the type of thing that should be put on coinmarketcap, imo.

No it is a real blockchain. They're just selling it to the hashtalk community (which is some next level mining cult shit) so even though it is proof of stake everything is using mining lingo. That's also why you "buy a hashstaker" in order to produce blocks through proof of stake. I assume what it means is that you buy a bunch of coins and then rent a node and lock the coins on the node for the amount of time the hashstaker "lasts". I do think the entire blockchain is centralized though, at least if GAW controls the hashstaker nodes. It is painfully obvious that it's a giant house of cards that will collapse unless they really bring some amazing features to the table that will attract lots of non investor users, but I'm not sure it's a deliberate scam.

[Ander]

Its basically just a mining contract isnt it?  Its a promise to pay $20, an IOU from a centralized authority.

Thats not really the type of thing that should be put on coinmarketcap, imo.

[Rune]

Amazingly it looks like it's on its way to 20.

I get the basic idea now, the point is that they are a huge group of miners who all love to mine. Then they have a proof of stake coin where you need to lock your coins for a long time in order to produce blocks. So he's counting on most users locking up their coins so it will be easy to support the 20 USD price floor because relatively few coins will actually be on the market. Of course it's all gonna unravel in the long run unless their coin actually does something useful, but it will be pretty interesting to see how it performs in the short run.

[Gentso1]

People may need to read some interesting articles so that they may present more options in crytocurrency or cryptoequity investments. I'm not saying they "should" . Googling their way may do the trick

I bought some mining gear from GAW back when they first came out and even talked on the phone with Josh. The company always derived and never burned me. The deal sometimes changed a bit and the time-frame may have been off a little but they did follow through.

With that being said I stopped doing business with them once their focus became cloud mining (about the time the primes were coming out). I even helped them beta test their Gui for cloud mining.It was during this time that a few things became clear.

1. They weren't always mining the coins you would point your hash at.
2. The way they repress information and a overall air of sneakiness lead me away from their business.

Like I said, I made some money with them and it was a positive experience but I work with some real crooks and these guys make my spider senses tingle. If you would have asked me months ago I would have thought they would implode by now but here they are.

1 thing, Gaw said they would get this 20$ a coin value by posting a big ass buy wall, where is it?

[cass]

In other news: 50 Cent reveals $78 million underwear deal with FRIGO

PnD alts are just mutants in our local CMC pond you guys,
2015 is the year we find the real monsters..

50 is a real hustler Good for him! 78 million from underwear. That is almost 2x our market cap! LOL

 

[donkeypong]

To me, the most interesting thing is that PayCoin isn't up like 400% in 24 hours. Everything else that ends up that high on CMC has one heck of a bubble to burst. At the moment, this one is up only 11% or so. Are people finally getting smart enough not to buy into pump-and-dumps that suddenly appear out of nowhere?

EDIT: This makes more sense now. I still wouldn't touch it: http://www.reddit.com/r/CryptoCurrency/comments/2q085s/paycoin_and_the_20_message/

[chryspano]

SCAM COIN!

STAY AWAY!

[Ander]

I  think the price is`t real

I think the price is real...but claiming that the supply is that high is pretty fishy.

[jwiz168]

People may need to read some interesting articles so that they may present more options in crytocurrency or cryptoequity investments. I'm not saying they "should" . Googling their way may do the trick

[BTSdac]

I  think the price is`t real

[onceuponatime]

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.

Maybe there is a little bit of misinformation here. Since August I have been with GAW with their Hashlet . I have gained enough funds mining and right after the price of Hashlets soared from $16 to $50  , I have breakeven and more.

Now Paycoin, investors have $4 /coin in ICO where as Josh Garza , CEO of GAW guaranteed its price to peg at $20 once its on the market. The thing with PayCoin is , it had recently ended its PoW phase  with 500,000 coins being mined using SHA-256  algo. After this  PoS will start with the so-called HashStaker wallet (evolved from Hashlets).The recent jacked up of coin supply was due to the miners of Hashlets through Hashpoint- a mining reward for GAW accounts.  Paycoin will continue to increase its supply since it will enter the PoS phase Monday Dec 22, 2014.

So it is actually POS! That's a bit more impressive. It could be they are actually a serious competitor to bitshares, especially if they actually deliver on the 20 USD and maintain their high liquidity... Unless it turns out to all be one big pump and dump.

I seriously doubt if  pump and dump may happen. There is structure or whitepaper that Paycoin will be staked. It's really attractive to investors. Aside from going to be major payment processor (KYC will began shortly) among retail store and online market, the rate of HashStaker (wallets where coins are being staked in 3 or 6 months or even forever) for round 1 would be 0.00972. So if someone stake 1 paycoin to HashStaker wallet here is the computation :

                                    1 x 0.00972 = 0.00972 XPY daily
                                    0.00972 x 30 days = 0.2916 XPY monthly

Do you expect normal people on THIS forum to understand what you are saying? Would you kindly like to define some of your terms?

ie.   "staked"
       "Hashstaker"
       "Hashlets"
        "Hashpoint"