Paycoin is clearly a mess. As everything falls apart and the price continues to drop ever further, those responsible and the hardcore faithful are predictably looking for a scapegoat. In my last Paycoin article, I compared former Paycoin developer Joe Mordica to Leon Trotsky of Russia (or perhaps more accurately, Snowball of Animal Farm). The comment was, while picked deliberately, not meant to cast a declaration on Mordica’s guilt or innocence. Rather, it was meant to illuminate the convenient shifting of blame onto an easily demonized former collaborator.
This article, likewise, is not meant to cast a declaration of innocence or guilt. That will be left to law enforcement when and if they finally bring the hammer down. By all accounts, it is coming down at any moment. This is simply an attempt to give a voice to the other side so the reader and former investors can decide for themselves. Not that it matters for their ruined investment and cleaned out savings at this point, but because the situation is still fluid and we don’t know exactly who at Paycoin was complicit in Garza’s (alleged) scam, I felt it was important to at least let him speak his side.
Last week, while writing the aforementioned Paycoin article, we asked Joe about Josh’s and others claims that Joe was responsible for the disagreement over Prime Controllers in the community. I have not verified his claims, simply because with the recent dump of alleged GAW emails, a much bigger story is developing.
Still, for the good of the community, to get everything possible out there, here is Joe Mordica’s response when I asked him about both the Prime Controllers and the overdue power bill, that he had signed the contract for.
Mordica claims he does not own the Prime Controllers, but that he does manage five of them for a “non-profit.” In addition, he states that he didn’t obtain them in any underhanded way.
“I don’t own anything. I volunteer for a non-profit organization that manages the 5 Prime Controllers [Josh Garza] is referring to. I never ‘came into possession[‘] of anything so this is incorrect and documented. I believe you have seen the contract signed by XPY Dev and Josh that explains the terms of the transaction and how it took place? It seems Josh is attempting to personalize things. Again, I am volunteer supporting a cause I believe in with no income from any organization (simply because I was offered the opportunity to help businesses grow and maintain the value of Paycoin while doing so). Hopefully this helps.
Additionally I was offered a Prime Controller by Josh and questioned its origin. After becoming aware that it belonged to the foundation, I declined the offer. I then declined future offers of employment by Josh.”
His reply email stated that a website would be coming soon listing all the non-profits that hold Prime Controllers, he then listed three different organizations that hold Prime Controllers that he states are non-profit organizations. One of the organizations, XPY Trust, controls five Prime Controllers, presumably that is the non-profit that he manages the Prime Controller or.
XPY Trust appears to be one of three organizations vying for control of the Paycoin bones, along with the remains of GAW headed by Josh Garza and the Paycoin Foundation. A website was not easily found, although XPYTust.net was recently registered back in March.
As for the long over due power bill, he explains how that was a major contributing factor for him stepping down at GAW.
“I am very much aware of the MS Power vs GAW situation as I was in charge of overseeing the operations of the Facility as well as interfacing/building relationships with vendors in my home town. One of the reasons I was forced to step down from my position at GAW was because of how my reputation in this small town began to deteriorate with vendors and trusted individuals that I previously had very strong relationships with (based on invoices not getting paid by GAW). It was important for me personally to attempt a reviving (if you will) of my business relationships with trusted vendors in my local area by helping them understand that I did not agree with how invoices and other financial related transactions (or lack thereof) were handled. Most of the local individuals and vendors I chose to do business with during my time at GAW were (for the most part) also directly influential in supporting my local startup companies before being acquired by GAW.”
In the leaked emails, there appear to be a whole litany of problems that far overshadow an unpaid power bill and Prime Controllers for an all but dead coin, but it is still, potentially, one small piece of the larger puzzle.
We will have more on the ongoing GAW saga as things progress.