ShapeShift.io Drops Paycoin, says, "high threshold of evidence as fraud"

Last updated on January 3rd, 2015 at 12:28 am

In what was seen as a sudden and dramatic move to many in the cryptocurrency community, the coin exchange service ShapeShift.io has announced it will be dropping support for GAW Miner’s Paycoin.

In a post on reddit, the company officially stated it would be dropping XPY because of “a high threshold of evidence as fraud.”

The company stated the following:

We’ve looked further into Paycoin, and while there are some criticisms that are superfluous (a coin being “premined” does not necessarily make it a scam, for example), there is one particular issue that we cannot ignore. Josh Garza and the Paycoin admins made a very clear promise – a guarantee – which is that when Paybase opened (a Paycoin marketplace), that Paycoins would be bought there for $20 each. That was a factual promise, made by the creator of the coin.

They also further elaborated with pictorial proof and links of the promises made by Garza regarding the Paycoin floor of $20.

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Coin Fire is a cryptocurrency news site started on June 6th of 2014. The site focused on hard-hitting investigative stories. Coin Fire was acquired by 99Bitcoins on October 2015.

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7 Comments on "ShapeShift.io Drops Paycoin, says, “high threshold of evidence as fraud”"

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#17485

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Walter Mulder

#17482

You guys obviously didn’t research this article very well and are biased against GAW. Josh Garza said in a statement: “” We can only do so much. We can NOT counteract the downward dumping force of the entire industry. We were upfront about that. I always said two things. We would buy paycoins at $20, or we would use our resources to manage to $20. They both mean the same thing. We will do everything in our power to make the price $20. And that’s what we are doing. We have also said we would not be able to handle… Read more »

Dan

#17486

How do you look at yourself in mirror knowing you’re such a shill.

Volder

#17488

Walter Mulder @imwithwalter ·
@gawceo good that you’re leading by example

Walter Mulder @imwithwalter ·
@gawceo: Bitcoin falling, Paycoin rising. Convert your Bitcoins for #XPY!

The same way Josh and I do, it’s not hard taking money from people. We are cleaning house as we speak before the feds come knocking!

Video proof, Gone
HashTalk deleted threads, Gone

I need more coffee and God Bless You!

Potatohead

#17484

Coinfire is just reporting the facts.

GAW never said “or we will use our resources to manage to $20”. That was added after they decided the $20 floor was unfeasible. (few days ago)

Here’s just a few of the times GAW talks about the $20 floor:

http://i.imgur.com/HAIL73L.png

How many posts are there from GAW clearly detailing the risk that a $20 floor might not happen?

#17487

You can post all the links you want but you obviously don’t want to see the context. I wonder if any of you guys even read the white paper. “We will buy your XPY for $20 each with NO verification and as soon as you open your account!” Which they did but they didn’t anticipate on people opening several accounts to avoid limits (which I believe is fraud by those users) “Want to know how we will offer a $20 floor? The answer is easy. We will move the market with our buying power. So the market will be above… Read more »