GAW’s Paycoin (XPY) is currently trading at about 0.0295 BTC, roughly equal to $10.
The coin had a turbulent debut – not so much in price where volatility is perfectly in order for any altcoin debut, but rather in its technology. There have been reports of a fork early in its proof of work phase, as well as delays in its move over to proof of stake. The issues resulted in a freeze in blockchain processing for several hours, effectively halting transactions. For these, it can be excused – a coin’s early stages can be its roughest.
GAW’s rapidly evolving business model has now brought it to the altcoin game. Its website and Hashtalk forum have been totally rebranded around its latest achievement, Paycoin. Hashlets and cloud mining are but an afterthought, previously a focus for no more than a few months.
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There is some confusion about the total number of coins that will be in existence and the exact nature of $20 price guarantees. Implications are that its total value can be in the hundreds of millions of dollars.
It is likely that it will follow in the footsteps of Auroracoin and its ilk. What makes this interesting is that the coin is traded on multiple exchanges, its highest volume venue being Cryptsy at the moment. It is also traded on Coin-Swap, whose primary focus seems to be Paycoin.
Even if, theoretically, the price can be supported through circular trades on a GAW-controlled venue, if it exists, there is no control over what goes on at Cryptsy and elsewhere. Once the bubble pops and greater fools have left the trading floor, traders will rush for the exits to salvage whatever they can.
By then, however, GAW will have rapidly evolved to its next game, its vast payments empire in the rear-view mirror.