GAW Miners and the Disappearing $20 Paycoin Floor
GAW Miners' controversial plan to provide market support for the value of its bitcoin competitor has recently come under fire from customers, critics and community members. At issue is that, in contrast to bitcoin's decentralized network, in which no companies or entities have overarching control of the market, paycoin could arguably be seen as a more centralized alternative. In addition to managing the development of the decentralized paycoin currency, GAW Miners operates a paycoin brokerage (PayBase), an exchange for the currency (Coin-Swap) and a network of coin-generating wallets - an....
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With the end of another week, it's time for the Bitcoin News in Review, where we feature some of the top stories of the week here on CryptoCoins News. This week, GAW Miners and PayCoin fell under heavy criticism, the Winklevoss twins' bitcoin ETF submitted another filing draft to the SEC for the issuance of 1 million 'COIN' shares on Nasdaq, the bitcoin price fell below $300 USD, and more. Keep scrolling for this week's biggest news. GAW Miners and PayCoin. This week, the community accused Josh Garza of GAW Miners for running a scam with PayCoin. For those who don't know, PayCoin is an....
Paycoin Attempts To Explain Away Pay Floor, But Deleted Statements Appear To Tell A Different Story.
[Update: Coinfire and members of the Bitcointalk forum have reported that Circle, Paybase/Paycoin's credit card processsor, has cancelled Paybase's account, presumably for violating Circle's TOS policy on virtual currencies] At the center of the Paycoin controversy is the disagreement among critics and GAW over if the US $20 price floor was ever actually something they promised to enforce. The company recently released a statement explaining their side of the argument. “Want to know how we will offer a $20 floor? The answer is easy. We will move the market with our buying power. So the....
Recent news has seen a lot of turbulence surrounding the launch of Paycoin and its progenitor, GAW Miners CEO Josh Garza. A polarizing argument has arisen over the value of Paycoin, the Peercoin fork which many feel has too many promised deliverables to be real. At issue, is the perceived value of Paycoin. In a Google Hangout a few months back, Garza promised that PayBase would make it difficult for the price of Paycoin to dip below $20. Since Bitcoin traded under a dollar until February 2011, to many this seemed ambitious in the best light, but the nature of value is in the belief....
It has been a tough couple weeks for GAW with a $350,000 lawsuit and now an announcement that it and its cryptocoin, Paycoin, has changed from its original iteration. According to a new whitepaper that is being circulated, Paycoin has entered a new stage where it leaves the hands of GAW and is now being held by a consortium of organizations. "The fate of Paycoin is now in the hands of every person and organization that hold coins. With this newfound freedom, we want to exercise our rights to make Paycoin the people's money and do what is necessary to help the coin thrive," the Paycoin....
Instant altcoin exchange ShapeShift.io chose to remove PayCoin from their platform. Today, altcoin exchangeShapeShift.io formally removed PayCoin (XPY), GAW CEO Josh Garza's controversial altcoin, from their list of accepted coins. Citing PayCoin's (alleged) broken promise to buy PayCoins at $20 each, ShapeShift considers PayCoin a fraud. Also read: Coin-Swap Retires Some Altcoins. PayCoin Delisted from ShapeShift.io. ShapeShift made the announcement in a Reddit post. They explain that they originally added the coin due to customer demand but decided to remove it after allegations that....