Paybase looks similar to NuBits. Opinions?

onthefrynge 2014-12-30 05:54:29 UTC #1

Just curious if anyone here has looked at Paybase and has an opinion. I guess I was kind of surprised to see a search for paybase come up empty. To me it seems like a centralized version of NuBits.

from https://hashtalk.org/topic/26453/paybase-the-big-brain

“It’s a combination of things. Here are the basics:
Paybase is now integrated into many exchanges. That’s what we spent most our time building.
Think of Paybase as a big brain. It knows the price of XPY everywhere, and the depth of all those markets.
Paybase also has a large reserve supply of BTC sitting in accounts.
So now it does the math. We have programmed Paybase to leverage the open markets first, so it will grab orders faster than any human can. Then it will combine that with a small amount of BTC, (when needed,) and make the sale.
So Paybase is the hub of Paycoin. It’s “thinking” of how to create the best price of XPY at all times. It uses that logic to make the market.”

mhps 2014-12-30 06:10:52 UTC #2

My question is whether those humans who control the Big Brain are corruptable.

onthefrynge 2014-12-30 07:07:38 UTC #3

Well the answer that question is always :yes

Cybnate 2014-12-30 07:13:28 UTC #4

The amount of one-liners in that thread is astonishing and many different aliases. More like a chat site, wonder where they all come from…

Excoin 2014-12-30 08:33:11 UTC #5

Paycoin is going to hurt the entire cryptocurrency community, the level of fraud and deception is distrubing and the cryptocurrency service providers are turning the other way so they can make profit from it.

It sounds like a conspiracy theory but we wrote about Paycoin on our company blog (http://blackwavelabs.com) about how we would not trade XPY because the only changes to the codebase would allow for them to manipulate the market. The subsequent news articles vanished at the same time Paycoin became a new sponsor on the news site.

mhps 2014-12-30 08:46:10 UTC #6

The industry needs to be Goxed many times to grow.
Stay away.

Excoin 2014-12-30 08:51:19 UTC #7

@mhps: I don’t disagree but at the same time when the cryptocurrency services providers giving platform to obvious manipulators hurts everyone.

It could easily be avoided by some showing some responsibility and doing a little bit of research. Instead everyone turns the other way, collects the service fees and pretends like this won’t make it necessary for regulators to start tightening their restrictions.

tomjoad 2014-12-30 08:58:42 UTC #8

Building on @Excoin’s insightful comments, we need to be very careful about our branding as we grow larger. More and more new projects (like BitBay previously) will begin mentioning NuBits as an aspirational goal for what they want to achieve. When these projects fail or are found to be fraudulent, the negative backlash can extend into distrust of our design as collateral damage.

We bear no similarities to Paybase in any way. We pride ourselves on the decentralized nature of our design, and the transparency we’ve shown about the partnerships we engage in. Each new month it seems there is another too-good-to-be-true project rising quickly up coinmarketcap.com before imploding. Nu will not be one of those projects.