“The worst part is this: look how this looks to those who are outside our industry,” he said. “Instead of a thriving, diverse set of philosophies, currencies and technologies, they constantly see bickering and bashing on top of the bad news of Silk Road takedowns and scam companies. It is disappointing to see it take us backwards. We need to be working together even if we don’t agree. It is wrong, and it is sad.”
To resolve the issue, Coin-Swap delisted Litecoin. But Garza believes it would be better to discuss the matter in public: where all eyes can see and voice their opinions.
“I challenge Andrew to an open public debate in person online any time to discuss how this kind of action is bad for our industry and all the coins out there. If he asked the Litecoin community as a whole and had a vote, would the Litecoin users want a new place to use their coins and support their choice of currency? I think yes, they would.”
Also read: Coin-Swap Retires Some Altcoins
Over the last few days, a cryptocurrency controversy has been in the forefront of some people’s minds. When GAW Miners announced their new altcoin, PayCoin, and their new service, Paybase, investors perked their ears at the sound of the idea. If they weren’t interested in the coin specifications and roadmap, they were interested in the financial gain. To rally potential users, GAW Miners CEO Josh Garza announced that he and his company would make sure that PayCoin maintained a $20 price floor while offering PayCoin for far cheaper. To many potential investors, it was music to their ears. To others, it seemed like the potential for blatant price manipulation on behalf of Garza and GAW miners. Arguments started to come to a head with anger on public forums, but the situation got even more serious when GAW Miners announced they were purchasing a cryptocurrency exchange called Coin-Swap.
In response to the exchange acquisition, the Litecoin Association director, Andrew Vegatabile (TheMage), contacted CCN through a copied email to Coin-Swap, asking that they delist Litecoin from their platform.
“I believe that they crossed a significant ethical boundary by creating a coin then taking ownership of an exchange which can then be utilized as a way to control the prices of said coin,” Andrew told CCN. “They are belittling the hard work of honest and ethical developers of all coins by their actions.”
Upon his request, he wasn’t sure whether or not Garza was trying to manipulate the price of PayCoin, but saw potential and was quite concerned.
After Coin-Swap honored his request and delisted Litecoin, others started to follow his path. Blackcoin and Dogecoin asked to be delisted, and the cryptocurrency exchange Shapeshift delisted PayCoin from their platform.
After Andrew had asked to be delisted, CCN writer Scott Fargo reached out to Garza for comment. To Garza, acquiring Coin-Swap was an action that he believed would be beneficial for all altcoins, as the platform supposedly would have many more pairings added in the future.
“I think this is very unfortunate and paints the whole cryptocurrency industry in a bad light,” Garza said prior to his public debate challenge. “PayCoin is out there, and we are just providing a platform for it. With Coin-Swap added to the platform, we are able to add support for more coins than just Bitcoin and PayCoin. This is for coins like Litecoin and others that have been hit so hard so they can have a place to be used.”
CCN has reached out to Andrew for response on his feelings, and whether or not he will plan on debating Garza in public. We will update you if anything develops.
Images from Shutterstock.
Last modified: March 17, 2017 08:56 UTC