GAW CEO Josh Garza and his company have taken the crypto community by storm this month after their announcement of PayCoin. PayCoin (XPY) has made some headlines in the crypto community after what has been dubbed the most successful launch of an altcoin thus far. Despite sky rocketing prices to upwards of $15 the Bitcoin community as a whole has seemed to have shunned this new self proclaimed revolutionary coin. Perhaps this is due to the mysterious nature in which Paycoin operates. Trying to gain a better understanding of this new currency I contacted XPY's creator GAW. I have experience dealing with GAW. I purchased their Black Widow 14 Mh/s miner for a ridiculously high cost. By the time I received the hardware its price had already dropped +70% from the price I purchased it at. A lot of people lost money when buying hardware from GAW but of course GAW themselves made a killing profiting +150 M from selling the mining equipment. Proponents of XPY argue that this proves the Paycoin model has an enormous financial backing behind its development. A grand marketing scheme paints Paycoin as the currency of the people; the currency of tomorrow. Speculation has been made solely off the fact that PayCoin has marketed itself as a currency which will be quickly adopted by the international community with ease. PayCoin however is fundamentally different than BTC in many ways. Suspect of the whole entire operation I asked GAW what percentage of PayCoin were premined. The telephone operator told me they weren't premined they were prestaked. By that she means the currency's creators started off with their "self appointed fair share". Prestaked is a synonym for Premined. If the CEO Josh Garza decided to start himself off with say 75% of the PayCoin then he essentially just declared himself king. We don't know the history of PayCoin there is no public ledger on a Blockchain. Its coin's entire existence seems to operate under a dark shadow of secrecy. GAW acts as the coin's creator and determiner of its fate. PayCoin describes itself as a better alternative to Bitcoin, but is it? PayCoins are not mined like Bitcoins. They are minted, that means PayCoins are only created by generating interest. By purchasing what the company is calling hashlets one can use their system of cloud based mining to temporarily generate new coin. This is how more PayCoin are put into existence. Only GAW determines when they will sell more hashlets. So I must pay GAW to get their service they call Hashtakers which will allow you to mint new PayCoin. The more one examines this operation the more the it looks like a Ponzi scheme. If CEO of GAW "prestaked" 10,000,000 PayCoin and sets the initial price of his currency at $20 (which is where he is placing his initial valuation) he has magically created 200 million dollars for himself and his company out of thin air. He then will only continue to make more money as users pay his company in order to put more Paycoin into existence through minting. At every corner of the game GAW wins in this scenario, the more one begins to dissect PayCoin and the power structure behind it the more it seems like it is an elaborate scheme. After reviewing the source code many have come to the same conclusion that PayCoin is merely a clone of PeerCoin (PPC) a coin which offers fast transaction times yet has been declining in popularity in recent months. Is the recent rise of XPY just another pump and dump in the world of alt coins or is Paycoin here to stay? Speculators have been taken back by the big engine behind the currency, however fail to see that PayCoin is different perhaps for all the wrong reasons. PayCoin is controlled by a centralized ruling authority, the company GAW miners is its creator and ruler who rules from behind the curtain. I believe to be a viable crypto currency to the mainstream world one must gain acceptance from the crypto community that is already in existence. When the truth of how GAW dominates everything that is PayCoin comes to light it may be difficult to gain that acceptance.
Why aren't we more excited about Ethereum? Looking for insight (article, quotes, links herein)
Have been reading up on Ethereum after seeing how ingeniously coded Pybitcointools (Vitalik's Bitcoin library) is (if you ever want to learn how Bitcoin really works under the hood start learning Python (2.7) and within a day you're coding fun material and learning too!) Anyway, I'm curious why Ethereum is somewhat maligned in /Bitcoin. It seems to carry all the great functionality of Bitcoin forward and aligns very well with a decentralised web. I'll pull some quotes from this Wired 2014 article and would be interested to hear why there's reservations about Ethereum (specifically Ethereum, I'm not interested in hearing about Altcoins, shitcoins, XRP, XPY, etc and Mastercoin/ColoredCoins are discussed in the article)
"(Vitalik Buterin) [D]ecided that bitcoin was going to be a much bigger deal than most people realized, he dropped out of university and started traveling the world, jumping from bitcoin meetup to bitcoin meetup and contributing to various open source projects. Ethereum is the result of all those conversations and software experiments." "At its core, bitcoin is a way of reliably storing and moving digital objects or pieces of information. Today, it stores and moves money"
On smart contract functionality:
"A simple example is a betting system. Two people could place bets on, say, the outcome of the Super Bowl, entrusting a certain amount of digital currency to system. The system would then check the final score of the game via the web and distribute the funds appropriately. No bookie needed." (Given the Evolution trust issues this quote seems timely.)
Re: ColoredCoins, Mastercoin:
"“I saw really smart people whacking their heads against the wall at Colored Coins, and eventually, I realized people are having such a hard time not because the problem is hard,” he says. “The problem is easy. People are having a hard time because bitcoin is a bad protocol to build this stuff onto.”
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u/jessquit to u/nullc "You're so fucking shameless, devoting your career to crippling one of the most disruptive inventions since the Internet to please your investment team. Watching you go down in flames will be one of the great moments in computer science. Your legacy will be a monument of shame" (214 points, 40 comments)
Suggestion for new terminology. Instead of saying "small blocks" vs "big blocks", we could say: "centrally planned blocksize" vs "market-based blocksize". This will make it clear that some solutions are based on markets and economics, and other solutions are based on central planning. (195 points, 64 comments)
Core/Blockstream is living in a fantasy world. In the real world everyone knows (1) our hardware can support 4-8 MB (even with the Great Firewall), and (2) hard forks are cleaner than soft forks. Core/Blockstream refuses to offer either of these things. Other implementations (eg: BU) can offer both. (180 points, 35 comments)
Letting FEES float without letting BLOCKSIZES float is NOT a "market". A market has 2 sides: One side provides a product/service (blockspace), the other side pays fees/money (BTC). An "efficient market" is when players compete and evolve on BOTH sides, approaching an ideal FEE/BLOCKSIZE EQUILIBRIUM. (153 points, 42 comments)
Previously, Greg Maxwell u/nullc (CTO of Blockstream), Adam Back u/adam3us (CEO of Blockstream), and u/theymos (owner of r\bitcoin) all said that bigger blocks would be fine. Now they prefer to risk splitting the community & the network, instead of upgrading to bigger blocks. What happened to them? (149 points, 66 comments)
"Negotiations have failed. BS/Core will never HF - except to fire the miners and create an altcoin. Malleability & quadratic verification time should be fixed - but not via SWSF political/economic trojan horse. CHANGES TO BITCOIN ECONOMICS MUST BE THRU FULL NODE REFERENDUM OF A HF." ~ u/TunaMelt (124 points, 80 comments)
u/Luke-Jr: "The best available here is currently 5Mb down + 512k up DSL." // u/TruthReasonOrLies: "You seem to want to hold back the network development and growth to support those who are the least likely to run full nodes or mining." (114 points, 45 comments)
The Bitcoin community is talking. Why isn't Core/Blockstream listening? "Yes, [SegWit] increases the blocksize but BU wants a literal blocksize increase." ~ u/lurker_derp ... "It's pretty clear that they [BU-ers] want Bitcoin, not a BTC fork, to have a bigger blocksize." ~ u/WellSpentTime (90 points, 41 comments)
Just because something is a "soft fork" doesn't mean it isn't a massive change. SegWit is an alt-coin. It would introduce radical and unpredictable changes in Bitcoin's economic parameters and incentives. Just read this thread. Nobody has any idea how the mainnet will react to SegWit in real life. (88 points, 26 comments)
the systematic censorship policy of r\bitcoin is one of the clearest proof of the technical inferiority of blockstream core prescribed solutions : if they were just better , there would be no need for such policy . (219 points, 74 comments)
Another successful hard fork by Ethereum occurred today. Protocol upgrades are possible. Don't listen to lies from entrenched interests that say otherwise. (202 points, 78 comments)
I think if it comes down to it, Core would rather remain in control, even if it means introducing a small blocksize increase, as opposed to losing control entirely. We should not lose sight of our larger goals no matter what carrots they throw our way: We need a new, un-corrupt dev team. (177 points, 65 comments)
Bitcoin Core Devs can't just say the price of Bitcoin should be stuck at $100 per coin. The market decides. Just like Core shouldn't say the size of a block is stuck at 1MB. The market should decide! Take centrally planned actors OUT of the equation. This is Bitcoin-- Not the Federal Reserve. (145 points, 39 comments)
Miner Jiang Zhou'er: "I can conclude with great confidence: SegWit will never ever be activated. Even in 75% or 51% scenarios it will not be alive. ..some people are destined to be nailed up on the pillar of humiliation." (95 points, 63 comments)
We need more exclusive content for /btc with watermarks stating against censorship in /bitcoin. The new content will be effective in spreading the word! (79 points, 32 comments)
No one (except the market) knows what the price of Bitcoin should be, just like no one (except the market) knows what the size of blocks should be. Bitcoin Unlimited allows a market-decided blocksize. Bitcoin Core allows a centrally planned blocksize. (74 points, 20 comments)
It is likely a Core-affiliated extremist will attack pools mining Bitcoin Unlimited blocks. I recommend Bitcoin.com Pool goes live ASAP, with over 10% hashrate, so we have multiple pools for redundancy. 10-12% hashrate is not enough in the face of attackers who try to artificially activate Segwit. (64 points, 52 comments)
nullc is actively trying to delete Satoshi from history. First he assigned all satoshi commits on github to himself, then he wanted to get rid of the whitepaper as it is and now notice how he never says "Satoshi", he says "Bitcoin's Creator". by blockstreamcoin (243 points, 243 comments)
Censorship test from Gavin: post two positive things one about BU and another about SW, and see what happens by chakrop (240 points, 69 comments)
206 points: ViaBTC's comment in I'm Haipo Yang, founder and CEO of ViaBTC, Ask Me Anything!
118 points: solex1's comment in Gavin Andresen on Twitter: "I'm happy to see Bitcoin Unlimited gaining popularity, and hope their decentralized market-based approach gets adopted."
Check Bitcoin (BTC) address bc1qe3t4hccr2xpy67mr98yx72g7rjstgp9dnu2k9m balance and its transactions Check Bitcoin (BTC) address 1MpuFTg1seLVZtGjXPYKb1wYTc22UhL2B5 balance and its transactions XPY Price Chart. 1H-0.54%. 24H-0.97%. 7D +7.11%. 1M +31.85%. 1Y-1.09%. All-Time High $15.9192 % from ATH-100%. ATH Date Dec 22, 2014. What is PayCoin? Paycoin (XPY) is a decentralised open-source cryptocurrency forked from Bitcoin and launched in late 2014 by the founders of GAWMiner.com, a well-known provider of Bitcoin mining products. PayCoin Technical Details. Consensus Hybrid PoW/PoS ... The most popular and trusted block explorer and crypto transaction search engine. Bitcoin Wallet Blockchain: Specification. Google Commerce Ltd developed this app, and it became a topper in Google Play Store! It comes with 50,000+ in your 6.0 and up.
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