Coin isn't dead. The death of the project was its owner up and disappearing, and then failing to ship products or return email. He either was running a scam the whole time, or doesn't have the maturity/mental capability to face up to the issues and handle them. Life issues arise, which is why you delegate responsibilities, even if you're a sole proprietor you pass it off to someone if you really want to see it succeed.
Consider this: The IPO people basically gave him what, 40 or 70 GPU's. How many were verified as being sold and shipped? Less than 10? How much of this was out of his pocket? $0.
He's claiming losses on his end, and I'm sure it's true he spent some of his own money.. but the reality is that by not being the majority risk holder, he had no pressure to really make the deal work.
Topic: [GPUC] GPU Coin | Mandatory Wallet Update - page 11. (Read 421396 times)
Not a billionare, but if you want to create a business, you must risk something... These guys risked nothing and lost it all, an idea like that one backed by a good dough of money (say, 300-400 R9 290x) would have been able to maintain floating the coin.
Naw you don't have to risk your own money to make billions.. Look at oculus .. funded through kickstarter pledges.. got some VC money.. then bam.. 2 billion..
All you need to risk is your time. But time is money. And people did burn time on this.
Exactly... that's why i said "risk something".... the store seemed half assed to me, and they didn't study correctly the market and put bid pressure. That was a death sentence to the coin.
micryon thanks for sticking along...hoping you will stay for longer time.
I'm still around
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James started this coin with a good motive but I feel as he didnt fix number of GPU coins required per GPU so the coin had no backing to maintain its value.
I think you hit the nail on the head here... the problem is , it's a huge risk, esp with the PoW generating more coins. I think that could work for a PoS-only coin. Good news is while trying to help the AC project i've started working on the PoS code base...
I would still suggest that the GPUCoin price of any item in the store should be set by selling that amount of GPUCoins _before_ completing the GPUcoins for hardware transaction.
This way the store keeper will always have funds to restock the store and the prices for items sold are real.
I wouldn't count the front-end out though.. hendr1x still around i think..
Yep. Still around, trying to keep up to date on this thread every day or so. Interesting that we were voted for the revival project. I would guess if everyone emailed Jaymes, he would send his entire stash of gpucoin to someone. Not sure exactly what we would do with it but we could use it for marketing. I assume he has a ton.
Not a billionare, but if you want to create a business, you must risk something... These guys risked nothing and lost it all, an idea like that one backed by a good dough of money (say, 300-400 R9 290x) would have been able to maintain floating the coin.
Naw you don't have to risk your own money to make billions.. Look at oculus .. funded through kickstarter pledges.. got some VC money.. then bam.. 2 billion..
All you need to risk is your time. But time is money. And people did burn time on this.
You must be related to Madoff somehow 
Lol! Didn't know about that guy!
And how do you buy that much cards... you don't need an economist, you need a billionaire ready to lose lots of money.
Not a billionare, but if you want to create a business, you must risk something... These guys risked nothing and lost it all, an idea like that one backed by a good dough of money (say, 300-400 R9 290x) would have been able to maintain floating the coin.
(and actually, nobody will sell you gpu if you resell them too low... you will just get banned at some point, there is an mrsp, if you sell too low you won't get anything at all... canon for example is about to enforce mrsp on their cameras)
mrsp isn't mandatory in some goods. Also, having the supposedly low prices would have created lots of hoarders selling at high prices all their coveted GPUC. Too bad, really...
NO. Poloniex was hacked a few days ago and froze a lot of wallets.
Now now -- Poloniex repelled a hack attempt and froze a lot of wallets.
Is there a new thread? I vaguely recall the coin had been taken over and the current source is on a different git repository than the one in the ANN post.
I think vesperwillow is a smart investor.. he saw the badness coming and withdrew.. At the same time he's stuck around more so than Jaymes even.. and has contributed to the community. So to me.. he's just a smart guy that was into the concept of GPUC, wanted to support it, but didn't believe in the execution... which ended up to be the right call..
I've known Vesper for a while now, and I talk with him in chat daily. If he says something, listen. Dude is right about things like 90% of the time. The other 10% of the time he's listening to my hair-brained ideas and theories.
Seriously though, follow his advice if you can... he won't steer you wrong.
-Fuse
Last point, I don't think versperwillow is unbiaised (or like foxnews ) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.
) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.I have nothing to gain or lose from any of it. I pulled out of the coin entirely before it launched. What bias would I have? My opinion of his mismanagement hasn't changed, nor has my support or advice to those trying to make something of it.
I think vesperwillow is a smart investor.. he saw the badness coming and withdrew.. At the same time he's stuck around more so than Jaymes even.. and has contributed to the community. So to me.. he's just a smart guy that was into the concept of GPUC, wanted to support it, but didn't believe in the execution... which ended up to be the right call..
NO. Poloniex was hacked a few days ago and froze a lot of wallets.
Why is Polonix have a 'GPUC Frozen' tag ?
Maybe they're getting rid of it.... or maybe giving it the LTC treatment
Why is Polonix have a 'GPUC Frozen' tag ?
The main problem i see with the store is that they sell the cards at GPUC BID price.... Creating pressure on the bid side always lowers the value of a coin, to a point where the coin reaches 1 SAT with no buyers (basic economics) due to market saturation, because they had no strong backing of fiat and they had the pressure to exchange their GPUC to buy cards.
The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.
These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.
You must be related to Madoff somehow The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.
These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.
And how do you buy that much cards... you don't need an economist, you need a billionaire ready to lose lots of money.
(and actually, nobody will sell you gpu if you resell them too low... you will just get banned at some point, there is an mrsp, if you sell too low you won't get anything at all... canon for example is about to enforce mrsp on their cameras)
It would have been better if this is just a store that sells GPU for BTC/LTC.
But... even though it is, he could still runaway with the money.
But... even though it is, he could still runaway with the money.
with my idea, there doesn't need to be anyone backing the store, no ipo, no other crap. everything is in place.. the people that would stock the store are miners!
we've got a ground breaking ability here to rock the world of crypto with the right advertising.
here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.
i haven't had anyone respond to my idea, am i brain damaged and just don't see a flaw?
if he is still holding a boat load of coins, what does it matter? spite?
i personally sunk all my money into gpuc, so i would like to get this coin up off the ground.
Your idea is good if your pocket is as deep as the one of Amazon... we've got a ground breaking ability here to rock the world of crypto with the right advertising.
here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.
Hendrix already had an escrow, store, and method to charge based on the current market value.
if he would set the market value to the average over the past month, switch to accepting a few coins, and then also sell gpuc directly from said store, we could have a sort of amazon.com site.
would be a good deal of work on his end, but why not?
it has the potential to be as big as amazon. i'd say even go full on copy and paste of how amazon looks and feels.
this way people are already used to the layout.
the sellers could post their coins directly in que to be sold from the site itself, or opt to cash out to their wallet.
why are we waiting for some huge corporation to adapt when we can do it ourselves.
the store doesn't have to be called gpucoinstore.
pretty sure i've said this all before in this thread. while it would be nice for someone else to get the heart beating on gpuc, what's stopping those involved already to get cracking on this?
if he would set the market value to the average over the past month, switch to accepting a few coins, and then also sell gpuc directly from said store, we could have a sort of amazon.com site.
would be a good deal of work on his end, but why not?
it has the potential to be as big as amazon. i'd say even go full on copy and paste of how amazon looks and feels.
this way people are already used to the layout.
the sellers could post their coins directly in que to be sold from the site itself, or opt to cash out to their wallet.
why are we waiting for some huge corporation to adapt when we can do it ourselves.
the store doesn't have to be called gpucoinstore.
pretty sure i've said this all before in this thread. while it would be nice for someone else to get the heart beating on gpuc, what's stopping those involved already to get cracking on this?
i haven't had anyone respond to my idea, am i brain damaged and just don't see a flaw?
if he is still holding a boat load of coins, what does it matter? spite?
i personally sunk all my money into gpuc, so i would like to get this coin up off the ground.
Unless you have some of the stolen MtGox BTC, it isn't achievable.
(best thing actually would be to make a deal with amazon, not to compete with them)
with my idea, there doesn't need to be anyone backing the store, no ipo, no other crap. everything is in place.. the people that would stock the store are miners!
we've got a ground breaking ability here to rock the world of crypto with the right advertising.
here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.
we've got a ground breaking ability here to rock the world of crypto with the right advertising.
here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.
The points of your idea were brought up in general by several people throughout the life of this thread, and it never gained support. My thought is: Why use GPUC and not Bitcoin or another firmly established coin?
The main problem i see with the store is that they sell the cards at GPUC BID price.... Creating pressure on the bid side always lowers the value of a coin, to a point where the coin reaches 1 SAT with no buyers (basic economics) due to market saturation, because they had no strong backing of fiat and they had the pressure to exchange their GPUC to buy cards.
The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.
These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.
The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.
These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.
Before the store was designed, I gave them this same general speech and provided them with a basic equation and a couple of variations on how to work the price calculation. Many of us brought this up.
Best of luck to you guys wanting to make something of this.
The main problem i see with the store is that they sell the cards at GPUC BID price.... Creating pressure on the bid side always lowers the value of a coin, to a point where the coin reaches 1 SAT with no buyers (basic economics) due to market saturation, because they had no strong backing of fiat and they had the pressure to exchange their GPUC to buy cards.
The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.
These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.
The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.
These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.
with my idea, there doesn't need to be anyone backing the store, no ipo, no other crap. everything is in place.. the people that would stock the store are miners!
we've got a ground breaking ability here to rock the world of crypto with the right advertising.
here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.
i haven't had anyone respond to my idea, am i brain damaged and just don't see a flaw?
if he is still holding a boat load of coins, what does it matter? spite?
i personally sunk all my money into gpuc, so i would like to get this coin up off the ground.
we've got a ground breaking ability here to rock the world of crypto with the right advertising.
here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.
Hendrix already had an escrow, store, and method to charge based on the current market value.
if he would set the market value to the average over the past month, switch to accepting a few coins, and then also sell gpuc directly from said store, we could have a sort of amazon.com site.
would be a good deal of work on his end, but why not?
it has the potential to be as big as amazon. i'd say even go full on copy and paste of how amazon looks and feels.
this way people are already used to the layout.
the sellers could post their coins directly in que to be sold from the site itself, or opt to cash out to their wallet.
why are we waiting for some huge corporation to adapt when we can do it ourselves.
the store doesn't have to be called gpucoinstore.
pretty sure i've said this all before in this thread. while it would be nice for someone else to get the heart beating on gpuc, what's stopping those involved already to get cracking on this?
if he would set the market value to the average over the past month, switch to accepting a few coins, and then also sell gpuc directly from said store, we could have a sort of amazon.com site.
would be a good deal of work on his end, but why not?
it has the potential to be as big as amazon. i'd say even go full on copy and paste of how amazon looks and feels.
this way people are already used to the layout.
the sellers could post their coins directly in que to be sold from the site itself, or opt to cash out to their wallet.
why are we waiting for some huge corporation to adapt when we can do it ourselves.
the store doesn't have to be called gpucoinstore.
pretty sure i've said this all before in this thread. while it would be nice for someone else to get the heart beating on gpuc, what's stopping those involved already to get cracking on this?
i haven't had anyone respond to my idea, am i brain damaged and just don't see a flaw?
if he is still holding a boat load of coins, what does it matter? spite?
i personally sunk all my money into gpuc, so i would like to get this coin up off the ground.
May-be you are just living to close to him (dealing with someone on internet and in real life is totally different...)
Ok if he didn't send the product to everybody yet, this is clearly unacceptable.
Regarding someone to help him with the frontend, it is always the same problem, it means he would have had to spend more money to hire someone (this would have required the store to be already profitable).
Actually hiring someone would certainly have been more useful than spending 5000$ on having a company working on new splitter design... (the business was too young for that, as it wasn't its main goal)
edit: obviously I assume what he said is true...
Ok if he didn't send the product to everybody yet, this is clearly unacceptable.
Regarding someone to help him with the frontend, it is always the same problem, it means he would have had to spend more money to hire someone (this would have required the store to be already profitable).
Actually hiring someone would certainly have been more useful than spending 5000$ on having a company working on new splitter design... (the business was too young for that, as it wasn't its main goal)
edit: obviously I assume what he said is true...
There are a couple of folks who verified that weeks after paying, they never received a product, and he refused to respond to their inquiries. I'm not sure if it's changed in the past week, but that's status as of back then.
He wouldn't have had to spend money with someone volunteering to help, and I totally agree he blew money on some odd splitting thing. Products already exist, why was he spending thousands of dollars to polish a wheel? Makes no sense.
Last point, I don't think versperwillow is unbiaised (or like foxnews ) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.
) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.I have nothing to gain or lose from any of it. I pulled out of the coin entirely before it launched. What bias would I have? My opinion of his mismanagement hasn't changed, nor has my support or advice to those trying to make something of it.
I offered to help him if he wanted it--I didn't want to be a business partner, I just wanted to see the idea take off. I asked for no additional benefit for my help, I was going to provide services and support out of my own pocket just to see the coin take off.
I also offered more than just a farm. Everyone here complained about his lack of presence, the lack of products shipping (which still haven't shipped for some customers), nobody helping them out, nobody talking on the forum in an official manner, etc. I had offered to be that guy. Jaymes refused to talk to me. I don't hold a grudge against that because I had nothing to gain anyhow.
And when you have a business coin, you want to ensure no forks occur and that transactions are always being processed, regardless of anyone else mining the coin. This is why you have a dedicated mining network. Other business related coins have them. He didn't see the benefit.
And here we are today.
Now, I must admit I never understood why the forum crowd was so much against the ceo. Sure he is not a big communicator, but micryon was present, Hendr1x and some others too... But even then it was never enough to satisfy everybody.
Seriously, when you buy stuff on Amazon, you don't try to contact Amazon CEO and make a scene because it doesn't answer (or try to propose idea to Amazon CEO...) You buy your stuff and that's it. Why it should be different here ?
Seriously, when you buy stuff on Amazon, you don't try to contact Amazon CEO and make a scene because it doesn't answer (or try to propose idea to Amazon CEO...) You buy your stuff and that's it. Why it should be different here ?
The coders were present always, but that doesn't help with the frontend issues which Jaymes held sole control over. He should've had someone helping him.
Ok if he didn't send the product to everybody yet, this is clearly unacceptable.
Regarding someone to help him with the frontend, it is always the same problem, it means he would have had to spend more money to hire someone (this would have required the store to be already profitable).
Actually hiring someone would certainly have been more useful than spending 5000$ on having a company working on new splitter design... (the business was too young for that, as it wasn't its main goal)
edit: obviously I assume what he said is true...
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