GAW Miners, the company marketing low cost mining hardware and services, has come under fire in the Bitcoin community. Many are branding GAW as scammers engaging in deception and Ponzi-like practices. Among the accusations levelled against GAW: - They are a Ponzi-like Mining Pool system, whereby the company's own mining pool (ZenPool) allegedly delivers high payouts consistently, relative to others. - Paycoin (a.k.a. Hashcoin), GAW's new cryptocurrency and payment system. The coin is claimed to be worth $20 apiece, making for a market cap of $5 billion (although this figure may be based on an incorrect assumption as to the maximum coin count)- roughly equal to that of Bitcoin. Privileged clientele will be able to get the coin for $4 prior to the "ICO" (initial coin offering). “Analysts and banks” are reportedly involved as well, whose identities have not been disclosed. - CEO Josh Garza reportedly announced partnerships with major retailers including Walmart, Target and Amazon, which would supposedly accept paycoin. Coinfire claims to have obtained confirmation from the three companies denying any relationship with GAW or Paycoin. - Coinfire says it was hacked by GAW or its allies in retribution for its unfavorable GAW coverage, with unsavory content posted. - Hashtalk is apparently a GAW-run forum rewarding commenters praising the company with "hashpoints", while critical commentary is downvoted or removed. Comments on the forum are dominated by GAW proxies and employees acting as shills, often under fabricated identities. Garza responds to Coinfire's claims on Hashtalk, saying their claims are inaccurate and alleging a reputation of bending the truth. He points to their Alexa rank as proof of their low article quality, and therefore, no "billion-dollar retailer would provide any information to a publication like this." He ends off by declaring as fact that "Paycoin will be able to be used at tier-one merchants, either directly or through a debit card in the coming months." Numerous other mining hardware/service companies have been the targets of complaints and legal action by customers. Two notable cases have been Butterfly Labs and Hashfast, both recently approved for liquidation.
GAW Miners, the company marketing low cost mining hardware and services, has come under fire in the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term community. Many are branding GAW as scammers engaging in deception and Ponzi-like practices. Among the accusations levelled against GAW: - They are a Ponzi-like Mining Pool Mining Pool A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit Read this Term system, whereby the company's own mining pool (ZenPool) allegedly delivers high payouts consistently, relative to others. - Paycoin (a.k.a. Hashcoin), GAW's new cryptocurrency and payment system. The coin is claimed to be worth $20 apiece, making for a market cap of $5 billion (although this figure may be based on an incorrect assumption as to the maximum coin count)- roughly equal to that of Bitcoin. Privileged clientele will be able to get the coin for $4 prior to the "ICO" (initial coin offering). “Analysts and banks” are reportedly involved as well, whose identities have not been disclosed. - CEO Josh Garza reportedly announced partnerships with major retailers including Walmart, Target and Amazon, which would supposedly accept paycoin. Coinfire claims to have obtained confirmation from the three companies denying any relationship with GAW or Paycoin. - Coinfire says it was hacked by GAW or its allies in retribution for its unfavorable GAW coverage, with unsavory content posted. - Hashtalk is apparently a GAW-run forum rewarding commenters praising the company with "hashpoints", while critical commentary is downvoted or removed. Comments on the forum are dominated by GAW proxies and employees acting as shills, often under fabricated identities. Garza responds to Coinfire's claims on Hashtalk, saying their claims are inaccurate and alleging a reputation of bending the truth. He points to their Alexa rank as proof of their low article quality, and therefore, no "billion-dollar retailer would provide any information to a publication like this." He ends off by declaring as fact that "Paycoin will be able to be used at tier-one merchants, either directly or through a debit card in the coming months." Numerous other mining hardware/service companies have been the targets of complaints and legal action by customers. Two notable cases have been Butterfly Labs and Hashfast, both recently approved for liquidation.
