Thread: Picpay Gold

Does anyone have any info if Pic Pay ever bought any gold to back it's funds as promised?

Originally Posted by boatman

Does anyone have any info if Pic Pay ever bought any gold to back it's funds as promised?

I always thought it was PIPS that is backed by GOld for 100 mill USD

I remember Bryan mentioned at a meeting ( I do not remember where) that PIPS or PICPAY keep 200,000 gold bars in Australia.

Keep it to yourself if you know...

Originally Posted by AbunDance

Keep it to yourself if you know...

Why?

nonsence

The only thing I ever heard from Bryan was that PI was accumulating gold as a hedge against problems with the US dollar crashing or some such. The idea that picpay was backed by gold is nothing I have ever heard.

200,000 gold bars? Please! Do you realize that only 5 full-sized gold bars are worth about $1M and weigh over 100 pounds? 200,000 gold bars would be worth $40 billion.

Of course if that were even 100th of 1% true, that would help explain why there was little liquid cash available to pay anyone.

purely speculation. If none of you has any fact to back up, stay calm and wait for the news.

Jet

Originally Posted by gameplayer

The idea that picpay was backed by gold is nothing I have ever heard

This is a statement from the PicPay site:

"PICPAY provides the Public and Merchants with a safe, fast alternative to receive and transfer payments online, member funds are secured and backed by gold in our storage facilities in Australia."

(Maybe it was written in other words but it was something like this...)

Wolf

No speculation here.... Bryan clearly stated Picpay would be backed by gold, every penny.