Topic: [GPUC] GPU Coin | Mandatory Wallet Update - page 105. (Read 421398 times)

Once the initial sales get's going the company will prob have the majority of coins out there, or if not, still a large portion of them and they could stabilize the market and make it go up little by little. In order for them to make a profit after they accept your coins for their cards, they need to exchange the coins at a much higher rate then the one prior to the trade. Hence why in theory the price will go slowly up and by each sale the possibility of others dumping get's smaller and smaller.

So the difference comes from a more controlled market and not that much flucuation price once the shop get's working.

walt or somebody jump on this: https://bitcointalksearch.org/topic/vault-of-satoshi-asks-what-coins-do-you-want-to-see-519658

vault of satoshi is looking for a new coin to add. would be a good way in the future for people to get there fiat to gpuc to buy from the store.

Don't be ridiculous.
1)R280x won't be 400 gpuc. You can mine 400 gpu in like 1 minute.
2)Check cryptorush price and you will see 1 gpuc is currently .00000020 bitcoins
3)Let's say a R280x is $400 which is .645 bitcoins, then you would need 3,225,000 gpu coins.
   Of course with the store, gpuc will go higher than .00000020, maybe to around .00000067,
   which would make a R280x 1 million gpu coins.  And sure maybe it can go to .0000020 and
   make it 325,000 gpuc.  But GPUC is not going to .0017, there is simply too many coins being
   produced.
4)The CEO already said first shipment is 80 cards. He will not be getting HUNDREDS of cards,
   that would take a while and depend on the success and increase in price of the coin as well
   as having the volume of buyers to get the best pricing and deal direct with the manufacturer
   will take time.
If you want to get a R280x cheap, then either get mining now and save up your coins, or buy them
at Cryptorush now while there are millions and they are cheap.

the price in the store will be linked directly to the current value of the coin. meaning w/e the exchange price is on opening day is what the cards will cost.
it may be different had they chosen to flip it to where they set a price for it, because then people would change their sell order price to reflect the value based on the card retail price.
so out of the gate, first day buyers are going to spend a lot more than the following week buyers (most likely)

I really don't understand all of the worry here. If it's a scam, it's a scam and everyone supporting (time, electricity, money, etc) any coin is taking risk in any crypto-currency. Each of us has to make our on evaluations and decisions as to which ones to pursue. That being said, I see no need to worry about only IPO investors, whales, or big miners reaping the rewards or being the only individuals able to obtain or purchase GPU's.

The market will auto correct as soon as the store sets the GPUC price per video card. As soon as that happens, the early adopters may (hopefully) will get a good deal if they see the price early and a buy the GPU coins already for sale on the market at a low rate (sucks for those sellers who already have sell orders sitting on the exchanges). This would also reward those who have supported the GPUCOIN early as well. But, the sellers will quickly increase their asking price as soon as they see the demand driven by the graphics cards prices. After the market normalizes around this initial set value, the storefront owners (CEO) can pull real-time coin market values and set the prices from this. I hope that the initial store prices are set to some easy to interpret value (e.g. 5,000 or 500,000 per card) and not some obscure price of millions of GPU coins for a video card (e.g. 38,756,321 GPUC per card).

So, for an extreme example, let's assume the store opens up and the price for an R9 280x is 400 GPUC (~.0017 BTC or $1) and there is a limit 1 per customer (just for kick-off purposes until the market and 280x supply normalizes). What happens? Well, first, those who took the most risk in the beginning (IPO investors, miners, coin buyers, etc.) will be immediately rewarded because they can purchase hundreds of 280x's or sell on the exchanges for nice profits. Second, those who see the 280x GPUC price on the store front can quickly capitalize on the idiots that have GPUC market sell orders sitting on the exchanges and buy them extremely cheap. This will quickly drive the GPUC price up to a comparable fiat value.

The only thing preventing this extreme example is the current block rewards and halving. So, I doubt it will open at 400 GPUC per video card, but still could be possible if the store could supply that demand. Like others have said on here, that's the one piece we don't know about yet. What kind of supply can the store keep up with? I hope a lot, and can guarantee that the first order or two that they default on or don't ship, will kill the market price.

Anyway, it's exciting to speculate..... Good luck to all!

Well unfortunately markets aren't powered on faith. I'm not bitching or moaning.  I'm stating the obvious. Wave your rage all you want, you're not going to win against basic economics. You have a "currency" backed by a depreciating asset with the vast majority of coins in the hands of initial "investors" and early large miners. Worse, you have a single store that's placing artificial limitations on purchases that ensures only the largest players will be able to buy anything, a rapidly increasing currency base, and no discernible or efficient method for re-circulation.

There's another word to describe this kind of a setup, and it isn't currency.

But believe whatever you want. I'll just enjoy the show.

How is this different than mining any other alt coin, trading for BTC and then buying your GPUs from someone such as Tiger Direct?  Last I checked they have RAM, Mother Boards, PSU's, complete rigs.... Etc.

Not being trying to be a "Debbie Downer" here - especially when I am currently mining this coin, but..... am I missing something?

Maybe that would happen you are correct.

I meant, that asking someone to pump (buying coins) would increase (artificially since he would be buying all the coins) the value of the coin making the gpu cheaper for everyone in the sense that you would have less coin to mine to get a gpu.
Technically he would be buying the gpu's for those who have small amount of coins.

Not sure what you mean? 

The other end of that stick is, why would the big power players continue to mine the coin if they can't exercise the purpose of the coin, which is direct exchange for equipment? They could sell it for BTC who folks who want to buy, but that's still a dead end because those folks are also limited. It's a self-denying cycle at that point, and the hashrate will drop/fluctuate wildly.

Yes, it does call for a hella supply. This is why I warned the owner to ensure he can flow GPU's by the truckload first. I suggested ways for him to increase volume.. and I was ignored.

He jumped in feet first without making sure he could swim--on every aspect of this venture. The best thing he brought to the table was simply the idea, to be honest.


This is where the law of averages kicks in. Yes, diff will vary. If you're on a coin which is in fact profitable (you make more than it costs to mine), typically those coins increase in value over time with diff, or shortly after positive swings. In 8 months being in the crypto world, I've yet to find a profitable coin which has failed this equation. I'm not saying that for every cycle of hash you produce, you make the exact same coin, and cashout the exact same earning. I'm saying that within a high level of confidence if you're mining a profitable coin, your earnings will be pretty much linear to your hashrate.

This is why a lot of senior members only mine the founding coins, or certain altcoins, and don't pool hop. It's also why some people will only mine if it's profitable.

For this particular coin, the people who don't see it as paying the electric are the ones who would've just mined it to sell anyhow--and the folks who are here for the GPUs are concerned because the owner hasn't truly provided any proof of capability he can provide flow.

I would love a $5 electric bill, I won't lie. Haha. But my electric is paid for in mining, so it's not a bad trade.

Wrong. He is pricing the GPUs based on the market rate against USD. The incentive for pumping it is with the miners/IPO investors and traders who got it to bid it up in order to get the GPU for less. I've got 600k so far. These difficulty rates won't last forever. Get em cheap while you can.

Basically you are asking someone to buy gpu's for everyone...

  IT makes sense but I remember reading somewhere that he was going to price the GPUs are current value.  If he prices for 50 or 100 sats there is a risk that he will not be able to sell them for that once the units are sold.  I honestly am not convinced this idea will work.  Or maybe I am just getting impatient

  Phad

Well, dev can easily push the price of the coin up by simply forcing the price conversion (like 50 satoshi, or 100 satoshi) instead of following market value.
That was the whole point of having the store in the first place, wasn't it?

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

pretty short time frame. was trading for about 2 weeks.
had i known more about trading, i would have a lot more money right now. started panic selling and buying.. didn't watch the market long enough. hell i'm only in month 2 of mining.
btc has been pretty stagnint lately with a massive amount of buy/sell walls. so i haven't been doing any trading.
another thing is to keep an eye out on other exchanges. i bought in too high once on btc-e, market dropped but a slow exchange still had high buy orders. moved my btc over to that exchange and sold, then cashed out and pumped the fiat back into btc-e to buy in.
its a pain to swap exchanges back and forth, have to account for fees, hope the sell or buy order is still up once you're moved over.. but if all goes well you can sometimes get back out while holding an expensive bag.

i've been sitting in Fiat right now for about 2 weeks, but btc hasn't been moving that much. buying and selling for a buck here or there just isn't worth the risk to me with the tiny bit of money i have invested.. so i'm sticking to the large swings.

So what timescale did you make that money in.

if you'd like to sit on them, i'd suggest spending as much time as you want mining them but then switch over to something like www.wemineall.com
they auto switch to the most profitable coin, exchange for you, then payout in btc. the only fee you have to pay is the fee for the exchange since theres no way to get around that.
Having that all automated for you is a breeze. i'll be heading back to wemineall either around the time halving starts or i'm really starting to hurt for coins.
also right now i'm playing the exchange game. started with $100 and i'm up to $160.44 now. you dont need to buy and sell on every dip, just set a low buy order then set a 20 - 40% higher sales rate.
with btc i try to buy in at 580 and sell at 640 - 650, depending on the market. these are relatively normal figures when the markets swinging around.

I am with you on the ROI. But we have seen in the past that the price of coins can just nose dive and rarely recover. Some have, but after a month or so. There seems to always be a patern with the coins. GPU coin might be different. Hopefully giving everyone a chance to make a few quid.

i am relatively new to mining, i have 5 gpus in total from my first second hand 5930, then onto xfx7970 and shortly after with 3 more r9 290's But i haven't managed to pay for the them back at let along buy more with them, so for me i might just cash in..

like i said i will wait and see what happens.