ShapeShift Ends its Relationship with PayCoin

By January 4, 2015 Bitcoin Entertainment
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ShapeShift Ends its Relationship with PayCoin

Things haven’t been going particularly well for PayCoin, lately.  Following a recent drop in price due to what some are calling the work of “online trolls,” altcoin exchange Shapeshift.io has removed the currency from its platform due to what the exchange is calling a “broken promise,” where customers could purchase PayCoins at $20 each.

ShapeShift made the announcement via a Reddit post, saying:

“We’ve looked further into Paycoin, and while there are some criticisms that are superfluous (a coin being ‘premined’ does not necessarily make it a scam, for example), there is one particular issue that we cannot ignore.  Josh Garza and the Paycoin admins made a very clear promise – a guarantee – which is that when Paybase opened (a Paycoin marketplace), that Paycoins would be bought there for $20 each.  That was a factual promise, made by the creator of the coin.”

According to the exchange, not only is creator Josh Garza breaking that promise (the coins now sit at around $5 each), but it appears that he and his team are trying to dissolve any history that mentions such a promise.

In response to all the claims of fraudulent activity and the attitude of distrust towards PayCoin, Josh Garza will be participating in a special Q&A session at The North American Bitcoin Conference in Miami, where he will likely address the scam allegations and defend PayCoin’s status as “honesty currency.”  The Q&A is set for January 16th.

What do you all think?  Is PayCoin trustworthy?  Post your comments below.

ShapeShift made the announcement via a Reddit post , saying:

“We’ve looked further into Paycoin, and while there are some criticisms […]

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