PayCoin
Crypto Overview
PayCoin (XPY) appears to be a defunct cryptocurrency project that was launched in 2014 by GAW Miners. The project gained notoriety as one of the earliest cryptocurrency schemes that resulted in legal action by the SEC.
The stated purpose of PayCoin was to serve as a payment system and store of value, with promises of a $20 price floor maintained by the company. The project claimed to offer innovative features including a 'hash rate derivative' system and guaranteed returns.
The project ceased operations after its founder, Josh Garza, was charged by the SEC for operating a Ponzi scheme through GAW Miners and PayCoin. In 2017, Garza pleaded guilty to wire fraud and was sentenced to 21 months in prison.
There is no current development activity, legitimate utility, or active usage of PayCoin. The project has been completely abandoned and the token is effectively worthless with no trading volume on any recognized exchanges.
Crypto Impact
To assign a comfort level investing in PayCoin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to PayCoin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.