ikeboy, you seriously leveraged your CC's with XPY? Dude, what is your real name. Don't even fuck around anymore. I know you're employed by GAW somehow. Do you think people were asking to lock their coins up in escrow for 10 years to finally get paid back $20 a coin?

Market isn't really reacting anymore..

I had an average of ~$14 per coin and now I've got a much lower average, meaning the coin doesn't have to go so high for me to break even.

I wonder what 3rd party is doing this, and whether the total amounts will be released.

This is what a lot of people were asking for, no?

Gaw appears to already be in a liquidation mode of some sort,,, and now this attempt to create a "retirement plan" out their paycoin holders and name it the Honors Program, (sounds convincing enough lol) even then it seems there will be some kind of a lengthy red tape sign up enrollment... this just gets better every day  

Goodnight all,  

Well, that price represents the exchange price right? They expect their pseudo-floor to bring up the exchange price, but the market price is still the price as they state in their so-called letter.

One idea. Use this Honors program to quill all the law suits, and make the "problem" clients who might actually sue them go away. Then once things have quieted on that front, either continue scamming or shield themselves in bankruptcy, depending on how things go.

Maybe cantor Fitzgerald ripped Homero apart and now is cleaning up the mess until they figure out how to bankrupt and close the company legally.

This is what I thought of also. Pay off Craig, who you can tell is definitely pissed about how GAW is committing fraud on him, as well as other high end "investors" (victims) so they don't sue GAW for the millions they've hosed from them. Of course this doesn't do much for the petty miners that will need to wait years for these other investors to get paid off on priority first, so there will still be lawsuits. Just because they release a plan to pay people back in 20 years on ponzi funds for locking up free market coins doesn't mean they don't have liability for their previous actions and fraud.

Right. This isn't Homero's legal team at work. I think we all know how well they did, lol.

Addition: Can Stripe sue them for continued abuse of their T&C? I have no doubt some CC fraud was and will be committed still. They actually had the nerve to re-open the CC purchases a second time as well.

@Allen1980s said:


It is also a step-by-step process that will be independent, secure and consistent (in terms of monthly disbursements).

Though the marketplace controls the price of any coin, and because of our pledge to users of Paycoin™ about the $20 figure, The Paycoin™ Honor Program reconciles any price discrepancies; it restores the $20 valuation.

PayBase will offer a Repurchase Agreement to the general public for 30 days, which will establish a contractual arrangement between PayBase™ and any Paycoin™ holder (Seller), whereby the Seller agrees to sell Paycoin™ to PayBase™ at $20.00 USD per Paycoin™.


• 30-day Signup: Coin-Holders will have 30 days to enroll in The Paycoin™ Honor Program. This period will start on February 1st and end on March 2nd.


• Paycoin™ Will Be in a Secure Third-Party Vault: As part of The Paycoin™ Honor Program, we will have an exclusive – and secure – vault to house Paycoin™. In the interest of transparency, a separate entity unaffiliated with either PayBase™ and/or GAW will manage this vault.


• $20 USD Payment in Bitcoin at the USD Rate of Exchange, Upon Commencement of The Paycoin™ Honor Program: Repurchases of Paycoin™ will yield a payment of $20 USD, in Bitcoin, at the USD rate of exchange for each monthly disbursement during The Paycoin™ Honor Program.


• Monthly Repurchase Disbursements: A minimum of $100,000 in payments from the Company to Sellers will be made on the first of each month, until each repurchased Paycoin™ has been redeemed and each Seller has been paid for Paycoin™ he or she has sold. We reserve the right to increase these payments, to make all disbursements as quickly as possible.


Question 1: You are saying that a third party will be "holding" our Paycoins, which must be "surrendered" at the time we agree to sell said Paycoins?

Question 2: This agreement will not cover those Paycoins, having been staked for the past 21 days, since they cannot be removed from the Staker wallets?

Question 3: The daily Staker yield will not be able to be added to those coins initially surrendered? This is a one transaction exchange?

Question 4: You will not be paying, in full, the value of $20.00 per surrendered coin, but will be taking the entire number of customer surrendered coins and "buying down the liability" over the course of years, and at a buyout rate of a minimum of $100,000 per month?

Question 5: Will a surety bond be purchased to ensure the solvency of this program of Paybase/GAW, as well as the $20.00 value of the vaulted coins should GAW/Paybase become insolvent?


Analysis:

This means that if the vast majority of people here decide to sell at the $20.00 price, and the amount of coins to be sold is 1 million, the following:

1 million XPY x $20.00 = $20 million

$20 million divided by $100,000 per month = 200 months or 16.7 "YEARS"

No interest on the held coins. The last XPY coin is to be mined at the end of the 15th year.

Not only do you probably have no access to the surrendered coins, but you may not see dime one for years, unless this "Official Post" on a "blog" is also misrepresenting intentions. In this case I hope so. This is exactly like the MultiHashlet miners that make 0.000000001 in profits each day, as follows:


Hypothetical Case:

1 million XPY
 667 Accounts
 1,499.25 XPY per account

$20 million total value
 $100,000 per month repurchase
 200 Months

1,499.25 XPY divided by 200 months = 7.50 XPY per month or $150.00 per month in repurchased coins per account.


Moreover, they are asking all involved in this program to further assume additional "business risk," because GAW may not even be around after 2015, at least not in this capacity.

Basically, if all that I have interpreted is correct, they have just insulted our intelligence.