Adventures with Crypto

Problems in la la land – part one

The Beginning.

I actually believed in GAW at the beginning. To be honest I wasn’t there that long, but as they say, 6 months is a long time in crypto.

I started off with a few hashlets at Zencloud. It quickly became apparent that only the Genesis were actually paying a return above costs. Then it all changed as hashpoints were worth prizes ! So I invested in Prime hashlets. The ones with a rocket on them and you could double-dip to earn more.

Anyway, time went on and I collected more and more hashpoints. According to GAWCEO, they would be worth $4 per 400 HP, as soonTM as the new Paycoin went live. But the new coin would be worth $20, and he would guarantee this with a huge amount of financial backing to prop up the price.

The coin was launched, and we all cheered and had warm feelings towards our glorious leader. We had to wait a little longer for everything to be put in place and then when Paybase opened, we would see our coins valued at $20.

Well the appointed time came, eventually, and as Paybase opened everybody flooded in to see what was there. Except most people couldn’t get in. The site was overwhelmed and only a very few people managed to trade their coins for $20. By the time it was all over, the coin was trading at less than $10, because the backing promised by GAWCEO had not materialised. He claimed he had tried but the demand was too strong. Still, $10 for something that was only costing us $4 is a good thing, isn’t it ? Well most people still believed in the legend that was GAWCEO, and so we held on to our coins, confident that the price would rise as the world came to understand the potential of this fabulous new currency.

Oh dear.

This story has kept on running. The vitriol and blind madness shown by some supporters of Paycoin have made it a truly toxic environment. GAW have tried to change the playing field, issuing pump statements and moving forums. But the end is coming. I’m glad I’m not a part of it anymore.

This post may or may not be continued later. To be honest it’s one of those depressing scams that is hard to go over in my mind. Perhaps as I remember more I’ll fill in more details.

For a more balanced view of the GAW proceedings read the articles on Coinfire or the forum posts on GetHashing. Warning, the forum post linked to is currently over 5800 posts long.