[GPUC] GPU Coin | Mandatory Wallet Update - page 26.

blueangel01

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Quote from: vesperwillow on April 18, 2014, 12:38:15 PM

The store has to trade GPUC out to BTC in order to stay alive. Merely setting a value on the store for a GPU will not stabilize the market, the market is determined by who is willing to trade for what price. Artificially stimulating market price only works for a super short period of time, until folks start dumping GPUC for less than what he is asking for.

At that point he's up a creek and pretty much underwater with his holdings--insolvent. This has been discussed like 200x on this thread. My 'example' was working out the math of the proposed idea.

The store trades GPUC for either BTC or USD, whichever his suppliers take. How is that a hard concept? You can't just inject a random value.

Edit: Adding on to the latoshi example, it would still work at 1 latoshi, you would just need more GPUC. It's no different than using BTC to buy product.

Whatever you are proposing, i do not get it. Good luck to the buyers of this coin and into his store. Nobody is interested anymore.

Just sell the cheap GPU for $, no need to go through GPUC.

vesperwillow

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The store has to trade GPUC out to BTC in order to stay alive. Merely setting a value on the store for a GPU will not stabilize the market, the market is determined by who is willing to trade for what price. Artificially stimulating market price only works for a super short period of time, until folks start dumping GPUC for less than what he is asking for.

At that point he's up a creek and pretty much underwater with his holdings--insolvent. This has been discussed like 200x on this thread. My 'example' was working out the math of the proposed idea.

The store trades GPUC for either BTC or USD, whichever his suppliers take. How is that a hard concept? You can't just inject a random value.

Edit: Adding on to the latoshi example, it would still work at 1 latoshi, you would just need more GPUC. It's no different than using BTC to buy product.

blueangel01

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Quote from: vesperwillow on April 18, 2014, 11:00:32 AM

You can't just declare a set value for the coin, that's pretty stupid.

So he declares 5m GPUC for a 270. The market rate is 1 satoshi. He gets .05btc for the gpuc. Really dude? That's your plan?

You have to let market set the value. If they would've used a better pricing algorithm and held a buffer of BTC to help get things started, and take a small hit at the outset to get the market flowing.. it would've been better. Not saying it would've kept things alive, but it would help.

Again, file this under lack of business acumen and failing to heed great advice from several folks who were willing to make his business into something great. He killed it, nobody else.

I don't think its stupid, your example is stupid. I did not say sell it for 0.5 btc. It was just an example number. If i see a GPU right now selling at lets say 5m GPU, I will buy 5 million GPU, which will raise the price of GPUcoin vs BTC. And now, I can afford to buy GPU now since i have 5 million GPU. But what if,suddenly someone dump the gpucoin before i could buy any? i wont be able to afford the GPU that i want.

$300 > btc > gpucoin > $100 value GPU? Just because someone dump i could not buy gpu anymore? Is this what you like the market to do? or
$300 > btc > gpucoin > $600 value of GPU (because someone pump it) Woot!!!! i can buy 2 GPU?

This is not a simple buying of GPU at a cheap price, its more like gambling to me. Why would i buy to him?

Let me help make the Value of GPUcoin drop even further if you want. Soon, GPU will be removed to GPU/BTC it can even become GPU/LTC or worse price will become 1 latoshi.

For those people reading this, think about it. Do not BUY GPUcoin you will not be able to afford the GPU you want because as soon as you put a buy order in, someone will dump their coin.

vesperwillow

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Quote from: trademark on April 18, 2014, 11:21:51 AM

BEFORE the store even opens and before anyone has a single GPUC. Why would anyone sell the GPUC for 1 satoshi? The only coins that you need to let the market set it's value are coins that have no physical use. You can't buy anything with it and they are pretty much useless until someone creates a store/service for it. GPUC however was intended to be used to purchase GPU's. So what's wrong with setting the price?

Because it'll still get traded at lower values due to the natural economy of cryptocurrency. Folks mining it just to turn it to BTC, if they want a quick conversion they'll offer it for less than others on the exchange. Without a community using it and refusing to sell at a low value (ie, setting up a wall), this is the natural entropy.. This is basic economy 101 stuff.

The coin can still work at 1 satoshi if there is volume on the front end. People focus too much on the backend (coin value). If the business front was very lively and had great volume, it wouldn't matter if it were 1 satoshi.

The backend works, the coin, but the frontend.. the business, the product flow, etc, is dying-to-dead, which nullifies the point of the coin.

waltsmith

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Well, while GPUCoin did not post here today it's obvious he got my message about needing to update the OP and title. So, at least we don't need a new thread at this point. The reward halving is only a couple days away now, so lets see how that goes eh??

waltsmith

HowDoge

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Miner & crypto enthusiast

This coin is not dead. The coin is working just fine, yes the price may have taken a hit now but all that's needed is for the store to keep functioning and/or for further adoption. The coin itself does not hinge on the original coin creator or the value of the coin for that matter.

trademark

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Quote from: vesperwillow on April 18, 2014, 11:00:32 AM

You can't just declare a set value for the coin, that's pretty stupid.

So he declares 5m GPUC for a 270. The market rate is 1 satoshi. He gets .05btc for the gpuc. Really dude? That's your plan?

You have to let market set the value. If they would've used a better pricing algorithm and held a buffer of BTC to help get things started, and take a small hit at the outset to get the market flowing.. it would've been better. Not saying it would've kept things alive, but it would help.

Again, file this under lack of business acumen and failing to heed great advice from several folks who were willing to make his business into something great. He killed it, nobody else.

I mentioned to set the price of the GPU's before the store opens. Here is my original message on March 13th
https://bitcointalksearch.org/topic/m.5674580 If he sets the price BEFORE the store even opens and before anyone has a single GPUC. Why would anyone sell the GPUC for 1 satoshi? The only coins that you need to let the market set it's value are coins that have no physical use. You can't buy anything with it and they are pretty much useless until someone creates a store/service for it. GPUC however was intended to be used to purchase GPU's. So what's wrong with setting the price?

djm34

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Quote from: blueangel01 on April 18, 2014, 10:49:09 AM

In addition, change the reward. In pawncoin, we voted to change the 50 reward into 5 PAWNcoin and cut the max coin from 100m to 20m.

again ? Like it worked the first time ? (I repeat what I already said, increase the reward to position the coin as 1sat coin, create incentive for mining the coin... ).
3 failed launch, 2 change in the reward... Grin

you must be kidding

For the store to survive it has to become a real computing store, accepting dollars, offering some extra discount to people buying with gpuc and that's it.

vesperwillow

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You can't just declare a set value for the coin, that's pretty stupid.

So he declares 5m GPUC for a 270. The market rate is 1 satoshi. He gets .05btc for the gpuc. Really dude? That's your plan?

You have to let market set the value. If they would've used a better pricing algorithm and held a buffer of BTC to help get things started, and take a small hit at the outset to get the market flowing.. it would've been better. Not saying it would've kept things alive, but it would help.

Again, file this under lack of business acumen and failing to heed great advice from several folks who were willing to make his business into something great. He killed it, nobody else.

blueangel01

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In addition, change the reward. In pawncoin, we voted to change the 50 reward into 5 PAWNcoin and cut the max coin from 100m to 20m.

trademark

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Quote from: blueangel01 on April 18, 2014, 10:15:28 AM

Quote from: lovethisguy on April 17, 2014, 11:02:16 PM

I think it's time for James to step down as CEO. CEO HAHA use that title loosely More like a guy that puts sticker on boxes.. He has been incompetent from the launch of this coin or the 4th launch.. He will not speak to anyone will not post. O wait he did post over a week ago to yell at us that he has real world problems going on. Well that was over a week ago and still nothing from him.
From bittrex.com
SUM (BTC)   TOTAL (BTC)   SIZE (GPUC)   BID (BTC)
0.0619   0.0619   3096225.00000000    0.00000002
0.3720   0.3100   31005000.00000000   0.00000001

I suggest anybody mining gpu or buy. DON'T you will lose your money and time.Guarantee his company will go bankrupt. And do not worry about him losing money we gave him over $40K in BTC.

Now I will be attacked by his cheerleaders but they know it's true.. The ignorant CEO killed this coin not me..

Business plan is a failure. That sucks. A better plan was to sell the GPU for a fixed price, for example 5 million GPU per card. Therefore, the GPUcoin will have a standard then price will go up to match the value for the coin.

POW for a business is bad. Because multipool miners don't hold, they only dump.

Yup. I was saying that even before the store opened, but no. He was determined to have the market control the price. Do you think people would sell their GPUC's cheap if they know they can turn around and trade it in for a GPU for a much better price? Only if he'd set the price of the 280x to 1million GPUC or less. Every IPO would have made a decent amount and once the price is fixed, he would have time to sell his GPUC in order to get the 2nd batch going. I bet he's still holding onto the original coins from the 1st batch since the price dropped like crazy after a day or so. He would of been selling them at a lost.

The CEO is incompetent. He pretty much hired a great team to promote, develop and create a website/store for him while paying them worthless coins. I bet everyone on the team has still made a cent profit on this coin. The CEO however will always have a profit since he started with $0 and if no one buys his GPU's since it now over 28 million GPUCs, he can always turn around and sell it on Ebay or something.

I vote for the team to takeover this coin if they like to. I know they have invested way too much time already.

blueangel01

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Quote from: lovethisguy on April 17, 2014, 11:02:16 PM

I think it's time for James to step down as CEO. CEO HAHA use that title loosely More like a guy that puts sticker on boxes.. He has been incompetent from the launch of this coin or the 4th launch.. He will not speak to anyone will not post. O wait he did post over a week ago to yell at us that he has real world problems going on. Well that was over a week ago and still nothing from him.
From bittrex.com
SUM (BTC)   TOTAL (BTC)   SIZE (GPUC)   BID (BTC)
0.0619   0.0619   3096225.00000000    0.00000002
0.3720   0.3100   31005000.00000000   0.00000001

I suggest anybody mining gpu or buy. DON'T you will lose your money and time.Guarantee his company will go bankrupt. And do not worry about him losing money we gave him over $40K in BTC.

Now I will be attacked by his cheerleaders but they know it's true.. The ignorant CEO killed this coin not me..

Business plan is a failure. That sucks. A better plan was to sell the GPU for a fixed price, for example 5 million GPU per card. Therefore, the GPUcoin will have a standard then price will go up to match the value for the coin.

POW for a business is bad. Because multipool miners don't hold, they only dump.

jollyriffic

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Quote from: DougB62 on April 18, 2014, 07:49:07 AM

Just curious: According to http://www.gpucoinforum.com/viewtopic.php?f=22&t=2750&start=30#p3001, posted on April 7, they didn't get enough coins to hold the "Win a Brand New 280x GPU"

Quote

So we did not meet the minimum coins raised in order to have this contest go live, i will be refunding all coins sent to me back to the address they were sent from. If you want them sent to another address please email me by the end of the week. I will email all people also that entered into the contest.

I have heard nothing, and haven't received my coins back. Anyone get theirs back?

(I know - moot at this point, but...)

that contest was held but tag, whom isn't part of gpuc other than being a miner.

DougB62

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Just curious: According to http://www.gpucoinforum.com/viewtopic.php?f=22&t=2750&start=30#p3001, posted on April 7, they didn't get enough coins to hold the "Win a Brand New 280x GPU"

Quote

So we did not meet the minimum coins raised in order to have this contest go live, i will be refunding all coins sent to me back to the address they were sent from. If you want them sent to another address please email me by the end of the week. I will email all people also that entered into the contest.

I have heard nothing, and haven't received my coins back. Anyone get theirs back?

(I know - moot at this point, but...)

djm34

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Quote from: illiki23 on April 18, 2014, 01:00:03 AM

I think the market could still work. Even if Jaymes blew the IPO funds the items on the store marketplace are supplied by whoever is selling.

The problem of being able to cheat the system by jacking up the price on an exchange would definitely have to be changed before I would sell a pennies worth of equipment, but once it is established I would list some equipment I have been meaning to sell on Ebay.

Or take the remaining equipment from Jaymes and takeover the store.

btw that's call robbery (if you know some guys who knows some guys....)

scorpio18

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Admin of CoinMiners Pools

GPU Coin P2Pool
Wallet update GPUCoin 0.8.7.2

address: stratum+tcp://international.servehttp.com:9404
Username: your GPUCoin address
Passoword: Does not matter, anything!

Status p2pool:
http://international.servehttp.com:9404/static/

Recommended Settings:

cgminer -o stratum+tcp://international.servehttp.com:9404 -u YourSpaincoinAddress -p x --expiry 1 --scan-time 1 --queue 0
P2Pool shares expire within 10 seconds, this is why you see "stratum requesting work restart" so often

To reduce stales, reduce your intensity. The payouts are higher when keeping intensity below 18 due to more accepted shares.

Manual Share Difficulty

Reccomended Share Difficulty
1 +0.00000116

5 +0.00000582

10 +0.00001164

50 +0.00005821

100 +0.00011641

250 +0.00029103

500 +0.00058207

750 +0.00087310

1000 +0.00116414

Add this number to the end of your username (wallet address)

Example: WalletAddress+0.00116414

illiki23

sr. member

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Hail Eris!

I think the market could still work. Even if Jaymes blew the IPO funds the items on the store marketplace are supplied by whoever is selling.

The problem of being able to cheat the system by jacking up the price on an exchange would definitely have to be changed before I would sell a pennies worth of equipment, but once it is established I would list some equipment I have been meaning to sell on Ebay.

Or take the remaining equipment from Jaymes and takeover the store.

I warned at the beginning of all of this that there was nothing preventing Jaymes from disappearing after the first batch of GPUs was sold. I hope he is not making very much money off of this but there is a good chance he will leave with a nice chunk of change.

For some reason I never dumped and hope things will get turned around.

tylerderden

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i just cant believe people were so stupid as to dump the coin to these shit prices. think about it, if we had kept the coin high we could have scored some cheap gpu's. you can't blame jaymes completely, it's just as much the fault of the stupid fuck dumpers that don't have a goddamn clue how shit works. until something is done to educate these noob dipshits on how exchanges work all coins are going to keep going in the same direction. on one hand more miners is good, on the other hand if they are complete fucking idiots it's a sever fucking handicap. I figured we would have made it through at least a couple of batches of gpu's and at one point i had 10 million fucking coins and should theoretically been able to make out pretty good, but then there's those dipshit dumpers again fucking everything up as usual. flame me all you want, i have no respect for people who aren't even smart enough to do what is in their own best interest.

Shintax

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The death of the coin is not written in stone, so there is still a chance to save it. Either the 'CEO' steps down and hands the controls to those best suited for the task or he gets his shit together and heeds to the cries of the community. I doubt the latter, so maybe he needs a flood of emails to convince him to step down.

vesperwillow

hero member

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Well some of the folks are saying it.

Topic: [GPUC] GPU Coin | Mandatory Wallet Update - page 26. (Read 421398 times)