The future of PayCoin XPY:
Paybase was released during the holidays with a desired floor of PayCoin XPY at $20 per coin for a few seconds at Paybase and reach up to $25 per coin on some exchanges.
This was a very bold move by the founders and investors.
The editor of this website being one of them - felt it is a reachable / sustainable goal.
What was not expected is so many people put in place to try to see it fail.
Multiple reports of deliberate large volume sales at way below market price.
Eventual caused the bottom to fall to where it is today.
The basic summary of the feeling by our Editor after a few days of trading on the exchanges:
[ 1st few days of paycoin going live - I was very hopeful and tried to encourage people not to under sell the coin. ]
Roller coaster ride on our dime:
Problem is a few whales - creating a roller coaster and most everyone decided to jump on it.
Next some of the med size fish decided they could follow suit and do the same thing.
Finally things got so wild many of the little fish got scared and sold.
In the middle of it all happening – many came here (hashtalk.org) to dump their crap and cry to mommy.
The only real source of information for third party investors to read about wither they should buy or sell.
The Holy Grail for all things “PayCoin” is being trashed on by its own members and original investors in Hashtalk.org.
Note on the Wise to those posting - “Never crap – where you eat – even a pig knows that!”
Lastly some groups / competitors not wanting “PayCoin / PayBase” to succeed at all began to leave dirt here and there to be shared and found.
Which leaves us here right now.
Not at the end - but a beginning to something better, something that can grow to be stronger!
[Edited version taken from our Editor's post at Hashtalk.org]
Will the dark stormy clouds clear on the exchange and let XPY see a better day?
YES - the coin has a solid core group supporting it with many active features in place, stake system no mining to reduce costs of creation and soon to be released features add.
Once all the parties of price manipulators bottom out the coin as best they can.
Then they will start to buy it backup with glee.
To protect it from being put in a roller coaster environment in the future.
Requires investors to buy XPY while the purchase price is under-valued (cheap) and hold until it is back up to reasonable prices.
Then use as many PayCoin sponsored businesses to exchange goods and services so that it circulates from XPY to Fiat currencies at a more stable condition.
PayCoin today and future:
PayCoin is now on Version 3 of Wallet and in talks on Round 2 of Prime Node Controllers.
PayCoin is now being controlled by the primary investors Paycoin Foundation and not GAW.
PayCoin - went from $20 per coin to about .06 cents as I write this update!
PayCoin - the big investors with no real names - made a great deal of money selling the bitcoin for half the promised values - eventually causing the coin to become valueless.
While the original small time investors like us - that believed and was told it would become stable held of all watched the coin never become stable or reach the value we were promised!
Basically what went wrong - while being controlled by GAW:
1. The software platform developed by GAW - Paybase.com (PayCoin ver1) - was never stable, nor did it ever reach the promised features sold to the investors.
2. Paycoin Wallet - was never kept up todate.
2. The mining website ZenMiner.com - GAW kept changing the rules on investments, mining and made promises it did not or could not keep.
3. CEO of GAW - made many promises - but not enough investment on the backend.
4. Big investors (Whales)- once the xpy coin reached $20 - they sold - while the small investors where all told to not sell below $20 per coin.
Then the whales (big investors) kept buying it backup and sold again, and again, and again - until the coin was back to original investment value for them at around .05 cents per coin.
This is a text book example of small investors not being told everything within the same time frame as the big investors. While certain investors where making huge profits. Many small investors staked their savings, retirements and more on the concept of PayCoin being the future of bitcoin buying in at much higher rates than the large investors.
While in reality the big investors - dumped and sold, dumped and sold making huge profits - while telling the rest of us through the official website HashTalk - to hold and wait, hold and wait.
The worst part is people like us - also encouraged everyone not too sell - otherwise the coin would bottom out - which it eventually did with many small investors losing everything in value, including us.
Future of Paycoin for 2015 and beyond:
We still believe the future of paycoin is good as a standard retail focused bitcoin alternative.
It is in the hands of major investors that believe in the goal of making it the future of Crypto-Coins.
The platform is currently very stable and investment groups like XPY.io - are doing their part to make it profitable long term.
Can it recover from the constant disappointment and misinformation pushed to the original small investor by GAW / Paybase / HashTalk - maybe?
Changes in ownership:
Zenminer.com - is under new company control - not sure if it will open again or not - BCI Corp.
Paycoin.com - is managed by primarily by Paycoin Foundation and other members. (No longer controlled by GAW)
We at Everything Bitcoins info promoted the PayCoin as a great deal for 2015 and that has not been the case.
Note: Like most small investors - we did not sell and today this editor has more paycoins in wallet then we had before the RollerCoaster that eventually road the coin into the ground.
New Goal is to move most of the XPY Paycoins to XPY.io for long term investment.
Wallet issues - If you still have the same version wallet before v0.2 - then upgrade it to version 0.3, before sending your coins to XYP.io.
Here is some helpful link: PayCoin v0.3.0.2 - read the upgrade instructions.
PayCoin today and future 2016:
1. New Wallet - version 0.3.3.0 - It seems to work for us - hurry.
2. Lost Coins - While using Wallet - version 0.3.2.0 - We lost half our paycoins - while en route to an online wallet (Cryptonator), very frustrating..
Our losses on this bitcoin.. even after the death of GAW continues to mount.
3. XPY.io - was grown to be very much like what paycoin.com / ZenCloud originally promised. It has been stable for the most part. Yet, I am somewhat hesitation about them .
One thing is all the big whales put their coins at after the fall of paycoin. The seem to have been there at the start and most with same names / similar to the ones used at paycoin.
One would logically think (follow the money) - many of those that did profit the most on the paycoin (almost scam like situation) continue to make money off the rest of us saps, because we will not give up on the coin and move on.
Is this a safe place for your bitcoins (XPY) - no idea - all I can say is the system is significantly more stable and responsive compared to Paycoin / ZenCloud.
4. FBI Fraud Case: If you wish to help out the FBI on their case again GAW - than click here.
5. Lawsuit: If you want to be part of Civil Suit again GAW - than click here.
6. This website Everythingbitcoins.info was hacked recently and we had to go back to last backup...
The unusual part was many things related to this article was deleted - photos and so forth, maybe a coincidence, maybe not.
Dec 2015 - SEC grabs Graza:
2017 - We lost everything in PayCoin.
It was so frustrating that it was very hard to continue even this website. Here we are a few years later and only wishing we kept the bitcoins that were spent on purchasing the miners and paycoin!
GAWSuit - visit website on info about a potential lawsuit.