PAYCOIN PROMISES UNKEPT

Last month, I reported that PayBase, the subsidiary of GAW Miners responsible for the administration of PayCoin, would open enrollment for a ‘buyback program’ on the first of February. When that didn’t happen, I decided to give them some leeway – the complexity of it all and the end result of so many people getting their promised $20 per coin seemed like it might warrant a reasonable delay.
Information Couldn’t Be Much Sparser
The company posted a one-paragraph blog on the day they were supposed to open enrollment:
As previously reported, we are reviewing with counsel the features of the Honors Program and what if any aspects of the program may require regulatory approval. We intend to proceed based upon advise of counsel and will provide updates as developments warrant.
Blame it on the Government
The blog links to a forum post from a the day before by Josh Garza, in which he says ‘the regulatory environment has changed.’ It is important to keep in mind that this post was written only about two weeks after my article was published, and it was the morning I wrote the article that the $20 repurchase agreement was publicized.

This post was published at Crypto Coins News on February 27, 2015.

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