Happy New Year

So far, the start of 2015 has been a dramatic one for Crypto. In the world of scandals, an old saying goes, “There is no such thing as bad publicity.” These last three days had an avalanche of bad press for PayCoin – the altcoin backed by Josh Garza/GAW miners. But, in the Bitcoin world, negative publicity means a loss of 70% in value within 72 hours. Whilst the management of PayCoin have associated the plunge in price with an “internal security issue“, several Bitcoin users have unequivocally called it a ponzi scheme. This event has brought the integrity of these

“I am Stan Higgins, a staff reporter for CoinDesk. We are not owned, operated, sponsored, influenced, directed or guided by GAW. Swap out any applicable verbs you’d like in there, but the facts are the same.”

Choosing sides

History is often known to repeat itself. In any scandal, there are three types of players surrounding it. The ones who try to expose it, the ones who try to conceal it and then ones that choose a diplomatic approach and stay silent. Admittedly,

“We can look to PayCoin as a barometer of what the public thinks of us as a measuring stick. We have been criticised on everything happening inside a bubble, and now the coin is out there. People are seeing it exceed in the market, and you cannot fool the market.”

One certainly can not fool the market. The steep decline in the price of PayCoin serves as evidence to his statement. Once again, judging by the sponsored ads spanning the background of CCN, it come as no surprise why they don’t highlight PayCoin in a negative light.

Conclusion

The Bitcoin community in general has never been more united for a common cause. To some it may serve as an impending doom ever since the downfall of MT