GAW Miners CEO Josh Garza has sought to reassure angry crypto enthusiasts over the $20 price guarantee for the company's recently introduced Paycoin.
The coin, which has again changed its logo, has thus far not lived up to the $20 price floor previously mentioned. It is currently hovering near all-time lows of 0.016 BTC ($3.15).
There had been some talk if Garza in fact committed to a $20 floor, but in recent communications, he reaffirmed what was believed to be the original message.
He recently sent out a couple of tweets, both linking to the same Paybase article, declaring that he will honor the $20 floor (screenshots have been saved as well, just in case the tweets happen to disappear):
I will stand behind my promises. PayBase will honor every Paycoin at $20 #xpyhttps://t.co/uzhqyk8xhg
— Josh Garza (@gawceo) January 12, 2015PayBase Honors $20 Paycoin™ https://t.co/S7LZxBWnBk
— Josh Garza (@gawceo) January 12, 2015The article starts off by mentioning that, according to Paybase's "own internal analysis and mathematical modelling," the coin would demand a market value of $20. It goes on to introduce the "Paycoin Honor Program" which, after some long-winded, praise-filled statements, is described as follows:
1. The program will last for 30 days, starting February.
2. Participants, which need to enrol, have to go through a verification process.
3. A secure third party vault will be used.
4. $20 will be paid for each coin (although the identity of the buyer is not specifically mentioned).
5. A minimum of $100k in Payments will be made to sellers each month.
Meanwhile, the following merchants are reportedly accepting Paycoin: Paycoin Coffee, HolyBitcoin.com, PexPeppers, Chads 4 x 4 Offroad Jeep Parts and Accessories, PartyCakes4U, fractus and Paycoin Ramen.
The crypto world is looking forward to the scheduled Q&A with Garza this Saturday at the Miami Bitcoin Conference. Judging by recent reports, however, they may come away with few concrete answers.
In our predictions for 2015, we assessed that the game, growing more brazen by the day, may disappear without a trace - all while Bitcoiners remain distracted, engaged in a spirited fact-finding mission into the enterprise's legitimacy.
