Announced today on HashTalk, Gaw’s official forum, Coinstand is a new online store accepting Paycoin only. After obtaining an invite code, users in the U.S., Canada and U.K. are able to buy any goods there, while the paycoins they use are valued at $20 each – about 20 times today’s value of the coin on most exchanges.
According to Josh Garaza, Gaw’s CEO, the shop features “more than 5 million products,” ranging from candies to computers or lawnmowers. “GAW does not own or have a partnership with CoinStand,” he added, explaining that “a number of people volunteered their time and resources to make it happen.”
Considering Paycoin troubles in the recent past, where many users felt abused when Gaw failed to maintain a value of $20 per coin, the opening of Coinstand has received a somewhat lukewarm welcome. In some forums, people tend to see it as “a new scam,” while users in HashTalk are confirming they were able to buy expensive products, such as MacBooks, for a few dozens of paycoins. Right now, 1 Paycoin (XPY) is traded at $1.19 on Bittrex.