The administrator of BadBitcoin.Org who goes by the name of ViK also runs the Twitter account @badbitcoinorg and goes by the name Colonel32 on assorted cryptocurrency forums. All his personas urged people to ignore complaints about GAWMiners even though there were very loud questions being asked about how the company was operating. After an investigation by the SEC was announced, BadBitcoin continued to deny it was happening and continues advising people that Paycoin and GAWMiners were a good investment.
Badbitcoin denied any formal ties to GAWMiners but it’s been strongly rumored that the operator was being paid by GAWMiners and possibly an actual employee of the company. The statement below was posted by ViK on the badbitcoin.org website in response to the SEC investigation. It has since been deleted.
With the SEC investigation amped up into a formal investigation, it would be nice to see ViK get subpoenaed to answer a few questions.
Our position regarding GAW and Paycoin. These unsupported “indisputable facts” versus the reality.
There has been a very vocal campaign against the previously highly regarded supplier, GAW Miners, and going even further targeting their CEO Josh Garza, and has also questioned our position on these matters. In response to this, I am issuing the following unambiguous statement.
We do not share the opinion that this operation,or Mr Garza are intending to defraud, or have defrauded any investor in Hashlets, Hashstakers, Paycoin XPY, or any other product or service supplied by GAW or it’s companies. We are not associated with these companies beyond personal & private holdings of Hashstakers, Zen Hashlets and XPY Paycoin, and are not paid by these companies.
They are accused of reneging on contracts, there is no evidence of this. Reneging on promises. There were never price promises, beyond individual expectation of market value, and the anticipated $20 floor, a concept since reformed into the honours program, which whilst indefinitely delayed, pending the resolving of legal issues, is still very much active. Some proposed features have been shelved, delayed, or abandoned due to direct effects of the current hate campaign, and other features have since been proposed, some are better.
Leaked emails, widely circulated, have been obtained illegally and are legally confidential. They must be disregarded due to their origin being from a hacked external, and uncredited anonymous source. The hacking of privileged company resources also indicates that the hacker may easily have fabricated these emails using hijacked services, or had physical access to those resources.
Neither GAW, Zencloud or any other GAW operation, has at this time, directly or indirectly defrauded anybody regarding the conversion to hashstakers and XPY. This was always a choice, freely chosen by the individual.
The campaign against GAW is a phenomenon that is unprecedented, and has become almost a cult. The vehemence of these detractors – the majority of whom are non investors – has had a visible effect on trust and wider adoption of this XPY. This campaign was fuelled by a core few individuals, would be members of a kind of informal ‘old guard’ of Crypto. It is an indefensible action.
We cannot accept any of these third party, sometimes absurd allegations as hard evidence, neither can anybody else who does not have unrestricted access to confidential original company accounts, minutes of meetings and internal and external correspondence. Therefore, were we to conclude that there was a scam going on, it would be pure conjecture, and that is morally and professionally irresponsible, and would leave us fairly justly liable, to prosecution for libellous actions. The majority of the supposed evidence so far, has no covenance and in some cases is even unknown of by the correspondents. Being unverifiable non original data, it is simply not worthy of consideration for any practical purpose.
GAW are also a registered company, with a strong track record. We have no desire to participate in any clearly orchestrated campaign against a hard working company.
Where we list other registered companies, it is always after confirming beyond doubt, that the company is using faked covenance, or is non-existent. We aren’t here to investigate legal entities, already subject to outside audit.
I will finish by saying that personally, I am pretty adept at spotting a fraud. I do not believe that any deliberate attempt is being made to defraud anybody by Josh Garza. I do believe that the real damage being done to investors is due to this core group of ‘haters’ who resent this innovation and this rightly perceived threat to their own interests, and as such are prepared to originate and fuel this disinformation, not excluding illegally obtaining discreditable and confidential correspondence.
This is not intended as investment advice.
Ultimately, there will be a definitive outcome to this ongoing debacle. We’d like to come out of it with our integrity intact as well.
ViK. Editor & Project Lead. March 24th 2015