PAYCOIN : Crypto which failed to pay their electricity bills.
Yes it is true. Paycoin were one of the offshoots of Bitcoin which even entered the TOP 10 list of market capitalization on coinmarketcap in December 2014. To be more precise it was on number 3 after Bitcoin and Ripple.
Mississippi Power Company (MPC) sued GAW Miners for upwards of $350,000 for failure to make payment for services provided. Which the company failed and crumpled to run their company.
As of now the company is still running with one major miner but the lost most of its staff. They are planning for a revamp PAY COIN, but will it work is what we have to see.
Insight : You might have heard this a lot " All your investmenta are subject to market risk". This is one such example which they are trying to hint at. These are the situations where no one can foresee what can happen with their investment. How to avoid it? Diversify.
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