Aka I just paid for a press release

This is true. you can't save religious fanatics either though. many are bound to go down  with the ship - i also love how they all brag about their number of hashlets and pionts they have in their sigs. Until today, i never actually believed it could possibly get any more crazy, but CEO never disappoints. he should have fun defending himself all weekend as the the noob "stakers" wonder what they bought and why it's not paying them out yet... LMFAO...

 ...

My take on all this

Background
- i was invested in with GAW as it read well at the start, site was clean and functional, the always profitable appealing (i knew it meant 1 satoshi max.. but i was more concerned with just not owing something like other cloud mining was at times). The hashcoin ico sounded good with backings of target, amazon and wallmart (and removed posts or not YES i read like others the ceo implying and stating they WERE on board). I got spooked when things stopped adding up and i liquidated all my holdings. I broke back even on it which i'm glad.

My thoughts
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- I can't understand this one bit. It has all the markings of putting a new spin on crypto minging that could of worked if done honestly. The idea of virtual miners makes it appealing and the graphics turn the earning into like a mini game with market sales and amps and boosts etc. So it is quite ingenious in that regard. BUT

- There is NO transparency. A few pictures, countless promises that basically rely on trust me... its coming, you'll be BLOWN away, the most PROFITABLE. Its all hype and excitement building. Painting on a floor does NOT show proof. I can rent a mansion and go paint this is my house in there... doesn't mean its mine. After he paints that is he going to show legal documents etc that it is indeed there owned premises and equipment?

- I think its a quite complex moving system whos aim is
--> attract people in with 10GH free (3cents a day profit which is genuine) --> they want to buy hashlets --> encouraged to move to hashpoints instead of pools --> migrate away from btc to paycoin
Its intriguing though that all their profits or takes from you are registered in bitcoin. Why not fiat options in the marketplace OR if paycoin was the future why not use fiat to buy hashpoints and use hashpoints to buy miners... that way they get direct fiat and run their ecosystem of paycoin that they believe in... they wouldn't be staying with BTC if paycoin their creation was believed in.

- I suspect alot of the payout profits are just shifting revenue e.g.
--> Take a hashlet sold for $5 on the market. Sales 10% they get (5% for seller + 5% for buyer). Thats 50c. So by just shifting this one hashlet from one owner to another they have 50c up their sleeve to pay the new owner. If its a waffle, clever or multi hashlet at 1 satoshi per day reward it would take forever to return that 50c. If its sold again out of frustration of low profits then the eco system repeats and there is a loss to the seller and more profit to repay the buyer for a longer time (which won't happen).
--> hashstakers take this one level further.... they FORCE the process without waiting on a sell. In 3-6 months depending on buy time they expire. Yes you do make a slight amount of paycoin but you have to rebuy the hashstaker for the next period... its been said the price will go up and down depending on the market.

- I only recouped my costs because someone bought from me... I could wait the required 170 days for ROI but that relies on the fact nothing bad happens company wise and there is enough market transactions to cover i'm assuming what my payouts would be.

- I don't understand the $20 a paycoin. Even with fiat backing someone has to buy it from you right? How does a fiat backing secure that? Does it come from their pool? If thats the cash and everyone cashes and sells out doesn't that drain the pool and make the valuation then useless?

- The forum wars are crazy. Bitcointalk allows anyone and all to speak and it can be a bit rough but the hashtalk forums.... they allow "criticism" as long as its doesn't positively from what i gather which means you say how gawsome stuff is. Its almost cult like over there with the belief they are all going to be millionaires ... its impossible not everyone can be rich. Someone has to lose money for another to gain money, GAW isn't losing so are the future investors then suckers?

- The publications... nobody there is questioning why the 3 interviews haven't been pushed out. Its a repeated press release in many places. The questioning of this seems to have disappeared and been replaced by the new staker is going to make us all rich. When a disbelief comes in a new bonus shows up and people keep buying into it.

- The champions list is intense on the amounts the top 10ers have lets look at one for craig which i believe is tankjr or whatever his name is a moderator on the forum from how i've seen people refer to him as craig.
I based the prime x $16 on when they were stated cheap, genesis i think were 47cents on market a GH so i dropped down a bit and solo i just halved the zen sale market cost approx with a bit more as an average.
Craig
Prime - 15801.00MH - 15801 x $16 = $252,000
Genesis - 87045.00GH - 87045 x 0.45 = $39170.25
Solo - 7891.00MH - 7891 x $6 = $47,346
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Total -$338,516 (or around 915BTC)

Thats alot of money invested so i can see why they strive to keep the place positive. Note these calcs are just based on holdings... ROI or not the money would need to be around to get them though i guess craig could of had physical hardware to hashlet conversions etc which might change the costs for higher or lower not sure.
Thats just 1 of the top 10... Can you imagine what the top 100 add up to? Unless the top 10's get wholesale costs as some are resellers... cheaper hashlets... mine a bit... sell on the market you make profit gaw gets some.


Closing Thoughts
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- I think this is going to not end well. I'm hoping behind the scenes groups are attempting to make Josh and his company accountable and to answer. I don't understand how signing or showing wallet income from mining is hard to put peoples minds at rest. Going to be alot of unhappy people in the next 3-6 months i think.

If the hardware "does" exist i wouldn't be surprised if its being used to mine bitcoin for the company whilst the plan is to shift the customer base to using and buying paycoin... the profits from that can enhance the companies private bitcoin mining for when bitcoin finally gets higher prices.

In short, yes. Not just pay for it, but pay EVERY 3-6 months, i.e. you're essentially renting it. You are promised a 400% APY for the coins you deposit to the wallet. Does that ring any alarms for you?

I've profited from haslets only after I sold them and I don't think this company is legit.  Thats how a ponzi scheme works. the pyramid is getting top heavy. It's the newbies in there now that need to watch out..

You profited, great. So the company has brought you profits and still hasn't scammed anyone, but you don't trust them because what? They look suspicious, right?
If it's a ponzi scheme, and as you said getting top heavy, it should soon be over. Just wait see and don't forget to leave your comment if you are proven wrong

How does $18.45 over $17.95 ends up being 50.68%?  You made $18.45 out of $17.95 in 6 months so the 6 months return is 103%, there's no need to divide by 2 since the profit was made over 6 months.

The company brought me profits because I purchased legit miners and they hosted them. So i did profit from the conversion to prime hashlets.  I do believe it started in a legit manner but at some point  along the way they went astray. To sell a product that does not exist with a promise of future profits that may or may not occur with exaggerated statements or outright lies is not legit.

This company has no leadership and the direction is a moving target depending on what makes the most money at any given moment. You could call it an investment if you only knew what you where investing in.  Right now if they stopped doing business -the hashpoints would have 0 value and hashlets would have no value because there is no physical product giving them value. It is all pie in the sky and based on trust. The leader of this GAW does not present himself as someone who can be trusted.

At this point GAW is a very risky investment at minimum weather they are legit or not it is perception.  Trust can only carry so much weight. Action is needed and profits are needed and no one has seen either in months.

I am an active miner with about 1500 mh on average mining. I do not wish anyone ill will. I only want more honesty in our industry. It will make it a better place for all. Maybe GAW will get the message someday

According to this post:

https://hashtalk.org/topic/20382


Isn't this completely opposite of what "staking" should actually be? My understanding was that in order for a coin to earn a "stake" it has to stay in my wallet for at least 30 days or more. If the coin is being loaned out it will be leaving the wallet. How can it leave the wallet and still stake? Even if there is some trick allowing PayCoin to do this I'm still not getting why someone (who's "the network"?) would borrow those funds at 100%+ APR (after you subtract the cost of HashStakers from the total payout of 400%+).