Topic: [ANN GPUCOIN FAILURE] IPO IMMEDIATE REFUNDS (Read 4286 times)

as you mentioned, LLC's are based on state laws, and most states make it impossible to do an initial public offering of LLC.  some states require an LLC to dissolve when a member dies.  some states require an LLC to dissolve after a set time (e.g. 20 years).  some states don't even allow free exchange of LLC interests. most LLC terms in most states make IPO impossible.  

even by some chance an LLC was formed in an LLC IPO friendly state, the LLC will still still find it impossible to IPO because underwriters will balk at any LLC offering.  Underwriters will only back a company with strong fundamentals:  cash flow, business model, paperwork.  anything that may be concerning to trigger a prospective investor's bullshit detector will be passed over by underwriters.  If anybody tries to IPO in today's market with an exotic equity like LLC membership won't even get off the launchpad:  it's already risky (i.e. startup), and it's made worse by being a tech startup.  add crypto to this mix, and there is no way to get an underwriter to support an LLC.

if an underwriter cannot guarantee an IPO, then stay the fuck away.  

I just see people proposing LLCs and attempting to raise venture capital as trying to ice skate uphill.  why create an entity (LLC) that will make it more difficult to raise funding from the beginning?  there are already enough challenges in the crypto market.  If someone is actually looking for VC and eventually an IPO, why not just incorporate instead?  

anybody that invests in an LLC in such a manner is not even looking at the basic mechanics of an IPO.  it's like people use the term IPO but do not actually know what it meanns.  

This is good advice for many people. I had investigated the company and its paperwork, which is one of the reasons why I was willing to buy in. It wasn't a true IPO, it was more of a buy-in for premined coins, as VA LLC's can't have shares.

typically IPOs are public offerings of private companies i.e. profit turning companies.  the net worth of the company is how people value an IPO.  nothing in GPUcoin justifies its IPO valuation.

only invest in an IPO if you know something about their business model, cash flow, and integrity of the person responsible.  If you invested in GPUcoin, you just gave someone money on the internet because of a story in a thread.  

Jews are always trying to outsmart other people.

Full refund confirmed. OP updated.

As I said; Easy as cake.

Updates - I will provide updates to the OP soon. The owner has acquiesced and issued me a refund; other IPOs have also put in for refunds and are awaiting theirs.

I don't feel ripped off. I do feel bad for all involved and for those who had high hopes.

He told me in email if he failed to launch, that I could ask for refunds and he would process them, and if he doesn't, that I (or anyone) could file claim against his LLC. That's better protection than just sending some random avatar BTC on this forum, so yeah there were definitely more warm and fuzzies about this venture. Plus, it was a great idea, at least before he crashed it into the ground.

I don't think he's a scammer, I just think he lacks business competence and IT sense.

I think the larger point here is that you gave your money to a brand new account based on nothing but a few words on a screen and fancy promises.  You're perfectly within your rights to do such a thing, but to then come back and whine that you feel you were ripped off is asinine. 

Just my humble opinion...like they say, everyone's got one.

If you followed the situation you'd know he changed this stuff AFTER he closed the IPO buyin. But thanks for your armchair commentary.

Anyone dissapoined from all that project and willing to get refund from the IPO, if interested into me buying his share, contact me on PM please.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Just received this email.

Dear IPO investors,

        First of all I share your frustration and concerns, and extend my utmost apologies regarding the failures associated with the initial launch of GPU Coin.  While I have plenty of experience in small business management and logistics, I am still finding that the tech industry, where software is the driving force behind the entire business, is quite different.  I originally found a developer that offered his services to build a bullet proof coin.  After looking over his web site, where he explicitly brought to light scam coins and highlighted other deterring details of other coin launches, I made the decision to hire him.  At that point I began the thread and started soliciting IPO investors to allow for GPU Coin LLC to raise the funding required for stocking the store front.

        After the thread started, I was informed by the community that scrypt coins would soon be outdated once the ASICs started hitting shelves in large quantities.  I have seen only Gridseeds that are expensive and put out small amounts of hash, albeit at a much lower wattage.  At this point I took a poll and asked the IPO investors to make a decision.  Should GPU Coin be maintained as a scrypt and possibly be hammered, or switch up to scrypt-n to deter not only the current and future ASICs, but to alleviate the multipool hash rates that would no doubt ensue once the coin maintained any sort of intrinsic value.  The GPU Coin community was loud and clear, and the decision was made to change to scrypt-n.  After I informed the developer of the intended change, what was given was a wallet that was missing libraries and only had one node, which was my own computer. The lack of a github, where others could grab the source for their own uses only added to the confusion.  The fact that there were 1,400 people sitting in the IRC chat room at launch, making this launch extremely traffic heavy, only made things worse since GPU Coin was not ready for that volume of users.  It was obvious that there were many people that wanted in on GPU Coin, due to the business plan associated with it.

          The first launch ended in complete failure with the block chain forking all over the place.  Recognizing the situation I called off the launch, citing that it was FUBAR.  I started looking for someone to fix the problems and make GPU Coin launch properly.  I was contacted by micryon who offered his services to help GPU Coin launch.  I was also contacted by the owner of OakPool, who stated they had already formulated a  fix for the source code with their team of developers and were ready to get it out in the open.  I made the decision to go with this new team of developers who had already fixed the source and had successful launches in the past.

        We pushed for an extremely quick launch, since we already had the source code fixed, and wanted to make sure that people who prepared for the GPU Coin launch wouldn't have to wait an entire week.  The team helped me through setting up nodes and making sure the coin wouldn't fork. We launched what we thought was the right coin.  Although the forking was alleviated, it turned out that the programmer had accidentally pushed the wrong source code forward, releasing an exact copy of Pandacoin, not GPU Coin.  To preserve the integrity of GPU Coin and our IPO investors I decided that giving the IPO investors something completely different than what we initially agreed upon without consent was not the way to go. I was forced to abort the launch again.  A single mistake, was made under stress, had halted everyone's hard work.

        We now have a team consisting of micryon, cryptowest, and their associates. To ensure a successful launch, the new launch date is Sunday March 9th to allow for additional testing and debugging. This will enable our development team to push out GPU Coin with no errors. The nodes and source code will be ready and GPU Coin will be launched successfully. Although we have suffered some bumps in the road our plan is sound and I am confident in GPU Coin's imminent successful launch.

        As for the the business side, I have a prototype modular mining case being delivered this weekend that is made from aluminum, has holding space for up to 8 GPUs, slots for two PSUs and, of course, room for the motherboard.  The prototype will have round stock pillars that thread together to allow for stacking. Everything is made of aluminum that is rigid and supportive.  I have also contacted TMSI Industries, Inc. in Canada, to design and prototype an 8 way PCIe 16x USB splitter/riser.  It is comprise of a PCB that plugs into the 16x PCIe slot on the motherboard and a secondary PCB that attaches to the GPUs.  The splitter has 8 female USB 3.0 connector and the secondary PCB that attaches to the GPUs is SATA powered and has another female USB 3.0 connector.  This will allow for any motherboard with a single 16x slot to have the maximum amount of GPUs supported by the OS in service, without having to purchase an extremely expensive motherboard.  I was going to green light the project a few days ago, but the initial launch failure was a much more pressing issue.

        In summary, I again wish to apologize to you, our IPO investors, for the lack of contact as I was dealing with the situation in real time working with the development team. We will supply miners their GPUs without the hassle of transferring into fiat currency, at prices cheaper than the main competitors.  GPU Coin LLC will further the mining community by developing hardware that will push GPU mining to a more efficient platform. I am firm in my belief that GPU Coin LLC will live up to our original plan as we solve our technical issues.  I will stand by my offer to allow any IPO investor to back out if they think GPU Coin and the supporting business plan hold no intrinsic value. I am confident that we now have a team that can solve our technical issues.  I remain dedicated to launching a quality coin worthy of your investment and support.

        GPU Coin LLC, CEO
        Jaymes Reilly

If he "used a stolen identity (with a stolen SSN) to form the LLC" the (three letter gov acronym) will want on this. They have facial recognition technology. The BTC's alone may not warrant their involvement, but identity fraud will.

Why i invested what i could lose...
Many people have good business ideals but cant get funding or secondary skills to get up and running. Businesses on top of coins is a great one. This could create jobs all from within the crypto economy. These coins don't have to all be scams. As the Crypto-Currency community grows this is the obvious path to follow.

note..
the btc ipo has already gone up in value nicely.

He recorded a video on youtube of the drawing for the free GPU.  He counted out all the numbers of the IPO entries (random) and picked one out.  That is the guy 100%.

Edit : here it is @ https://www.youtube.com/watch?v=VZ9rYW6pZn4

I agree. A man is only as good as his word.

im investor number 41.. i send an email to GPUcoin yesterday requesting a refund but i didnt get anything back..
i hope we all dind´t just lose our money..

Lol.  Did you guys HONESTLY think the name and picture he posted on the website was his true identity?  Let alone the LLC registered in his name or even belongs to him?

Proof yet again that the crypto community will read and believe anything they read. Literally anything.

Sheesh, man.  I really think I could create a Jesuscoin right now and make 100 btc's in less than a week.


The IPO BTC's are long gone.  They were gone the day of the first launch when the dev stopped posting.

Let it go.  You wouldn't even get it back in court even if you did somehow locate the scammer.  Just move on and learn your lesson (which, most probably won't).

http://www.peoplefinders.com/search/searchpreview.aspx?searchtype=people-name&fn=John&ln=Galle&city=Harrisonburg&state=VA&utm_source=wp3&utm_campaign=detailepdyn&utm_content=address

The John Galle the property belongs to is the first one listed (60 years old).  It's very possible that this "James Reilly" used a stolen identity (with a stolen SSN) to form the LLC.  I have a feeling that if we knocked on this guy's door today and asked him about his involvement with this coin, he would probably have no clue what we're talking about.

The only thing that has me thinking that this isn't a scam is the fact that he tried to re-launch the coin multiple times after he collected the IPO. I also invested what I was willing to lose (ID# 276- 1 BTC) but I still don't want to see my investment disappear.

The Crypto community is getting smarter, so the Devs have had to improvise ... AUR and MAZA is the improved scam coins and it's working great.

Then you look at coins like iCoin and Noble coin quietly getting on, those are the type coins that are going to make it in the long run.