diff --git a/p2pool/data.py b/p2pool/data.py
index f4114cd01..58cb3d63d 100644
--- a/p2pool/data.py
+++ b/p2pool/data.py
@@ -347,7 +347,7 @@ def should_punish_reason(self, previous_block, bits, tracker, known_txs):
         
         other_txs = self._get_other_txs(tracker, known_txs)
         if other_txs is None:
-            if self.time_seen == 0: # ignore if loaded from ShareStore
+            if self.time_seen != 0: # ignore if loaded from ShareStore
                 return True, 'not all txs present'
         else:
             all_txs_size = sum(bitcoin_data.tx_type.packed_size(tx) for tx in other_txs)