PayCoin, the latest coin to be launched by Josh Garza has come under much scrutiny with many considering the coin a complete ponzi. With CEO, Josh Garza’s vision one of the boldest some say expectations will soon bring the coin to a halt. Josh Garza expects market capitalization to $250 million with the coin propelling itself among a huge haul of others.
The moment the coin launched, eyebrows were raised. With the coin coming out of GAWMiners, hated and loved by the masses, many assumed something shady may have been in the works. Initially the PayCoin was under fire by many customers who had seen an announcement from Gaw Miners stating how they had obtained considerable support from the likes of “Amazon and eBay”. This announcement was instantly quashed by the members of the Bitcoin society as a brief chat with the representatives brought everything in to perspective. Neither was Amazon or eBay going to partner with GAW and endorse the new PayCoin. With threats of lawsuit from the two companies as GAW had falsely used the name of the reputable companies to mislead companies.
On the other hand many believe the entire community was mislead into purchasing the coin during the ICO’s. With almost 3 ICO funding rounds held many became suspicious of the need for this buying. After all why wouldn’t they, with a whole host of ICO’s simply allowing developers to run whats to stop Josh Garza from running away with users money. The ICO’s of countless other coins such as Bytecent have been a simple way for developers to make some easy cash. With near to $250 million theirs plenty of incentive for Josh to run. The coin is supposedly offering buy support at $20 soon, which is nearly twice the coins current market value. Many financial experts would laugh this claim off as it will simply be unsustainable and in the end unprofitable for GAW to keep the coin a float.
The significant premine and centralized nature of the coin has also come under fire. With the coin completely being under GAW control they can manipulate it to their hearts content if the wish to do so. With a significant premine of over 12 million the coin shows another red flag. The premine and centralized nature of the currency mean the developers can manipulate the markets easily. In the case of many altcoins rogue developers have kept significant premines and let them loose on the market once prices hit suitable levels which would make profit for developers.
Shady market activity and transaction history have also caused concern. With over 50 prime addresses containing more than half of the total coins supply manipulation again is a constant issue. Market activity has also been pointed out as being a clear form of evidence the CEO of GAW is planning a Pump and dump scenario. With the coin rising over 40% in a single day and no decrease in sight, the value of the coin has been skyrocketing. This rise in value is unnatural to say the least as normal market conditions would force volatility to affect the coin but in the case of PayCoin there always seems to be customers, or investors, wanting to pay a higher price. Wanting to dump eventually or genuinely wanting to invest this market activity is peculiar to say the least.
The views expressed in the article are wholly of the author and not of BTCFeed. The article is not intended to portray GAW in a negative light as the future can bring about change.
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