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Gizmodo
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John Caceres
Feb 18
Other recipients: jo...@btc.com
Original questions: I've added to what Jonah as provided which is not much, I'm in red (I'd like to talk about the "no comment" responses to understand why). Seems what we have here, per Jonah, makes good sense and is clear, even addressing the "
Original questions:

I've added to what Jonah as provided which is not much, I'm in red (I'd like to talk about the "no comment" responses to understand why). Seems what we have here, per Jonah, makes good sense and is clear, even addressing the "destroying of coins." I still have to hear from Gizmodo, as I have not, yet, to reschedule given her burst pipes, etc.

Danced around original question of company background. Get right to time off with Jess and contact made...

Integrity, morals, doing the right things in an honest way...people were being taking advantage of with mining equipment hardware. Bounced around mining story...as to why issues with hardware. 
devalued hardware...
We sold hardware as soon as it was ready...built integrity in backing the manufacturers...
Proof of work....Paycoin uses proof of stake.

Bitcoin is very volatile...

Success for GAW is: 

What's behind geniuses at work?
we like to think of it as a technology think tank.

1) There are claims that Paycoin reneged on a promise for a $20 floor, as I'm sure you know. I am looking for clarity here: Did anyone acting as a representative for GAW explicitly make this promise? 

This has been misinterpreted at many levels and maybe we could have been a bit clearer. We prefer not to comment on any further. 

2) Can you offer insight about why this controversy happened- is it a misconception in the community? (I have read this post: https://blog.paybase.com/paycoin-and-the-20-base-an-overview/) but I am more interested in what GAW is doing *currently* to get the coin price up, and whether GAW still plans on fulfilling that goal. 

The company is currently actively seeking merchant partners, working with a development team on a roadmap which will solidify the development of PayCoin as laid out in the whitepaper.  There are new stores and services coming online and being actively built which will increase the usability of PayCoin and we have not forgotten our core vision in developing PayCoin and our plan is to continue to realize that vision.  

3) This is what Josh is quoted as saying in an article on Coinbase

“I always said two things. We would buy paycoins at $20, or we would use our resources to manage to $20. They both mean the same thing. We will do everything in our power to make the price $20. And that's what we are doing.”

Is that an accurate quote? 

This has been misinterpreted at many levels and we have no comment at this time.

4) Are you being investigated by the SEC? If so, for what?  

Everyone operating in the crypto space is under inquiry, investigation, whatever the term of the day is.  We have no reason to believe we are any different and are happy to comply with SEC.  

5) What do you think some of the biggest misunderstandings/untruths floating around about GAW and Paycoin are? 

The concept that PayCoin would built 100% and launched as a massive decentralized network and version 1.0 coin on day 1.   This was never planned and has never happened with a coin, ever. Cryptocurrencies launch and they take time to get the public running nodes and gain a decent autonomy from the creator. That timeframe is the reason why things like prime controller bidding were not put into the coin and not planned for 6 months. That said, we are on track in creating value for PayCoin.

With regard to "Test Node" coins. The prime controller used on the live net to test the variable staking system was not a "test node" it was an actual prime controller. Everything passed on the test net and then we moved that code over to a single prime node on the live net in coordination with our coin developers to ensure the fix worked correctly. The coins from that node were eventually destroyed.

Interim CEO is Jonah Dorman. Can you explain that? Why are you stepping aside?



John C. Caceres
Chief Marketing Officer
Business Technology for Cryptocurrency
34 East Dudley Town Road
Bloomfield, CT 06002
917.882.0900 - Mobile
802.359.7569 - VT Office
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