For me the whole PayCoin thing boils down to promising the world and putting themselves in a position where it's impossible for them to make good on their promises.
Josh has got to be the worst businessman ever, I don't see how he can possibly pay for all the litigation and legal costs, chargebacks, all his staff, body guards and then all the development and advertising on top of it all.
The heart of Cryptocurrency really costs very little, if he had that some millions of dollars of funding behind him in the first place then why even collect a giant ICO for it? He could have made the same thing for like 5k and then let the market sort out a price, and then introduce a floor price.
Why aren't the SEC kicking down the doors of the Bitshares guys? Because they built it over time from nothing and their markets are backed by collateral.
He is good at his business. His business is conning rubes out of their money, and he got a bunch of it while barely lifting a finger. He didn't have any funding behind him, but idiots gave him tons of money for literally no reason, and he spent some of it and I'm sure he stashed most of it away.
