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November 21, 2014 6:41 AM UTC

Josh Garza to Launch Paycoin During Media Tour

GAWMiners CEO Josh Garza made a large splash with the Paycoin ICO announcement on Nov 4 where he introduced their first basic version of the White Paper and some details of what would be happening and a roadmap of when. A lot of the feedback was positive…

GAWMiners CEO Josh Garza made a large splash with the Paycoin ICO announcement on Nov 4 where he introduced their first basic version of the White Paper and some details of what would be happening and a roadmap of when. A lot of the feedback was positive since there were 25k new signups for the Hashlet Cloud Mining service. There were also questions raised and many detractors came out, tearing into the announcement on reddit and other forums.

With so much both positive and negative feedback, CCN asked Josh Garza for another interview to answer some questions and tell us how the ICO was viewed and received by GAW. Josh very bluntly answers his critics and fans. This interview he has done while getting ready for a media tour that started this week. He will appear starting the week of Nov 17 on CNN, Fortune Magazine and others to promote Hashlets, the ICO and to unveil the Paycoin name to the public.

Also Read: Hashcoin and Hashbase Will Bring Bitocin Mainstream: Interview With GAWMiners’ Josh Garza

Josh Garza Paycoin Interview

25k new customers in a week is a large increase for any company. Can you tell CCN more about how that went?

We remember the day when we thought we would have 5000 miners on the platform, and that would be huge. Now the scale is massive and growing all the time. We will be bigger than in less than one month. They are the biggest cloud mining company in the world. And we’re just getting started. Projections have us at a couple million miners by the end of next year.

This has never been done at this scale – it’s pretty exciting stuff.

How have you been able to allocate new hardware for this kind of growth?

We have more power than we need. Preparing space ahead of time and maintaining tight relationships with suppliers lets us scale very quickly. We’re able to place orders ahead of time, based on our order trends, and we’re able to drop new equipment into spaces we’ve already prepared. So far, we have not hit any major changes to the average. The majority of our customers order between $500 and $1500 per month in Hashlets.

Has the Hashmarket allowed an easier way to maintain the hashrate growth while you build out?

Yep, it’s made our growth rate easier to handle that’s for sure. Since the market allows existing power to be sold back and forth between customers, the amount of power we’ve had to add per user has dropped a bit, which makes scaling easier. And it’s great for the customers too, since they save quite a bit of money buying from other users rather than from us directly.

You will be announcing the name of the Paycoin with CNN and Fortune Magazine showing how mainstream it is going. Can you tell me about how this is evolving and going?

The WallStreet Journal will also be interviewing us as well. It is fantastic and an honor to represent the industry and it significantly important as Bitcoin is getting a worse, and worse name as bad news comes out if this continues it looks bad as a whole. Our ICO is going to help us in a positive way talking about how great Bitcoin and Paycoin is. We will show it is  awesome for all of us and more awesome for the Bitcoin industry as a whole. It needs top media coverage for the positive things going on in the industry and too much of the time only the negative gets reported.

You tweeted that the private investor round went so well you might need to cancel the third round. Can you tell us about it?

Everything we have done has always gone better than we normally expect. So we do manage expectations well. Never promise what you can’t deliver. We’ve struck deals for a ton of private funding round coins. There’s a very real possibility that we would have run out, so we’re scaling back to make sure we can take care of our customers before launch. We are not exactly sure on how that number worked out yet we were still putting together all the info and contracts. Some investors are asking still to participate even though that round is over.

People are eagerly awaiting the customer round wondering how and when they will be able to buy Paycoin with their Hashpoints or if it is an instant conversion. Can you explain that a bit more?


We will put more info out explaining how it will work, and we made some assumptions that most people would understand an ICO. We will convert all Hashpoints to Paycoins they will replace them completely. Amps, and such are all purchased with Paycoins. We needed the points as a placeholder until Paycoin was ready and done correctly. This way we can reward those who have been with us and put their trust in us.

Once the ICO finishes the coins will be transferred to the customers. We are launching a new miner at the end of the month. It will mark the first time we anyone has launched a miner of this kind. You are going to start piecing together our long-term plan and see the kind of sense it makes, and it will be something no other company in this industry offers, or has even thought of.

We are also going to have our merchandising store ready for the end of next month. We also have merchants and businesses already lined up and ready to accept Paycoin. People will have places to use their coins right from the start. Once it all comes together people will see, know and trust what we have been doing all along. We are almost there.


There was a huge response both positive and negative to the announcement of Hashbase and the ICO. What would you say to those that say cloud mining is a highly organized Ponzi?

People can ultimately make their own decisions on the info we release and our track record. I don’t care to address it. If they do not want to do business with us that is ok. They don’t have to. What upsets people that want us to run the company based on what they want not what we need to do for our company. I am going to ignore it, and we have put plenty of information out there.

Part of the problem is companies like Butterfly Labs, KnC and others have tainted the industry and caused so much distrust with their actions. Now people in this industry treat you as guilty until we prove otherwise. I am doing business my way. We have lawyers and are directly in touch with the FCC, SEC and are hiring more compliancy officers and are in touch with all the different agencies to make sure we are in compliance. We are putting up millions of dollars and have a large customer and investor base that put their trust in us. We are not going to do this the wrong way and let everyone down. People that are detractors nothing will sway them. We can have them all come and go through everything and see it all and they will still say something is not right or we are hiding something.

At the end of the day, the number one thing is to get Bitcoin and Paycoin bigger and get more people into it and make it grow. Who is keeping people from getting into it? Someone who is new to Bitcoin or mining sees a bunch of negative posts and threads about whatever company they are interested in, and they leave. They don’t get involved or look more.

We are bringing new people into Bitcoin and mining. People are coming in and learning, and a new person comes in and reads the trolling and is turned off. We need an adult level kind of respect. We will move forward I will not yield to them. I am very aware of what needs to be done in a legitimate way to take a company public and promote it and grow it following the laws. Go find one comment where someone did not deliver it. We deliver. If there is an unhappy customer have them contact our support team, and we will make it right. There is never an amount mentioned no one has gotten screwed because we are doing things differently. We are all over the place people can see what we do and have done.

A note from a forum post Josh placed on Hashtalk.
GAW has never taken anything from anyone and not given them what they purchased. If this ever becomes the case, email our Support, “attention” it to me, and I will address it myself.

How are you prepared to calm fears about Paycoin being a Ponzi and Hashlets not backed by enough hardware to support what is, being sold?

We have built out ahead of time for months and are bringing more power on as we go. The coin has nothing do with that though, and the ICO will change the way people look at Bitcoin and Paycoin for the better. We need more good things in this industry, and we are working to do that.

Do you have anything you want to add?

It is great that people want to make sure that companies are doing the right thing. I do not have a problem with that. Do your research and provide facts and make sure it is not just fear mongering.
The Paycoin ICO is huge and is going to be one of the best things to happen to this industry. We are about growth and adoption and will push that so that using Paycoin or Bitcoin is easier than using cash or a credit card.

GAWMiner’s ICO is going huge and public in a big way. With interviews with CNN, Fortune Magazine, The Wall Street Journal and others soon to hit the airwaves Josh is getting the news out about Bitcoin and Paycoin while working for greater acceptance of Cryptocurrencies. If GAWMiners is a scam, the worst thing you could do is draw the type of attention they are now getting. We are looking forward to the next stage in the ICO and CCN will bring you the news and info as we get it directly from the source, Josh Garza the CEO of GAWMiners.

What do you think of Paycoin and it’s impending launch?  Comment below.

Disclosure: GAWMiners has provided miners to author for review in the past.

Last modified: February 13, 2020 6:43 PM UTC

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