Topic: [GPUC] GPU Coin | Mandatory Wallet Update - page 33. (Read 421398 times)

What gridseed are you looking at? For $150 shipped you can get a device which mines at 350-400kh. With a few minutes of adjustment, it'll do 450 which is on par with a 270. For people who are serious about mining, you get pricing as low as $135 shipped. This is full kit pricing, not just the device. Try finding a GPU which will do 450+ kh for $135 shipped which also includes your PSU, motherboard and other essentials. And the price will be $100 pretty soon. First gen rack mining systems are on the way in May, even more hash for less power and cost per kh than right now.

As to ROI.. nothing in this market is profitable right now, but BTC wasn't for 5 years either. It's all about the long term purpose. For GPUC, if he hadn't switched to N, it would still be "affordable" for people to mine and would've provided a buffer for lack of marketing and management.


KNC will own the Scrypt market by Q1 2015. Their entry level systems will be 300-500mh running off of a simple PSU. I would trust them over others, but, Gridseed's equivalent unit is already being developed as well. Expect those 2 companies to do some great stuff. I realize ROI is important, but BTC/LTC will bounce back strong once we get through this dip. We haven't hit the floor yet, but when it goes up it's going to be pretty strong.


Yawn. They said the same thing about Scrypt. Considering they've already overcome this for Scrypt AND ScryptN.. it's a moot point.  Especially with the ASIC units costing LESS than similar-hashing GPUs.. which you've apparently failed to consider.


This was all said by the Scrypt ASIC detractors months ago.. and most of them are switching over.


Go back and look at the GPU market when BTC went to ASIC. You couldn't sell the cards for anywhere near market price, but you could with ASIC. While I understand the point you're trying to make, and I do agree that you can usually resell GPUs provided they have a market, it doesn't matter if you can't resell an ASIC because it'll ROI far faster than a GPU, and since it uses next to no electricity (1-5w @ 12vdc @ 350-500kh) compared to a similar GPU, it wouldn't make sense to resell them. But, if you did.. you'd find people would be willing to pay a lot to get their hands on them.

To say you can't do that with ASICS is to go against ASIC history in the cryptocurrency movement. It's as if you're ignoring it.

So in summary.. they cost equal to less.. they use exponentially less power.. and provide equal to greater hashrate.. and you're going to say they're the worse choice?

Open up a spreadsheet program and take 5 minutes to run ROI calculations. ASIC will ROI in about half the time on average, and in this market that means a lot.

Well you should know enough about Asics then to realize the only Scrypt Asic out now is gridseed and it is buggy as well as getting very little hashrate for it's cost. In the current alt market it may never R.O.I.  And "real" or powerful scrypt asics like Alpha Tech or KG Miner are just pre-order vaporware scams until they are actually manufactured, tested, and out to the public, at which time they also will be very expensive and may never R.O.I. in this coin market, as their will be even more miners selling and less buyers around.  And they are going to need a hell of a lot of memory on board for future N factor of scrypt-N, so they ain't gonna be cheap! Now don't get me wrong, I am not 100% against Asics, they save A LOT of power and electricity bills, but by the time they come out they are soon expensive paperweights.  And by the time they come out, Nvidia will have lower power and higher hashrate Maxwell gaming cards, and AMD will have higher hashrate gaming cards, and guess what? I can sell my 280x's, buy whatever is the fastest and most energy efficient new gaming card, and pop em in my rigs and be as fast as Asics, and use the money from my sold 280x's to pay for most of the new cards. You can't do that with Asics.  But the point is mute, because if bitcoin and alt coins don't get more real world use, nobody is going to buy them, and that is what is driving prices down.  When things like Tigerdirect or Overstock.com take bitcoin, it does two things, gets more people buying bitcoin AND A TON OF FREE ADVERTISING AND MARKETING FOR THEIR COMPANIES.  Can you tell I REALLY think this marketing is the most important part of any coin?  Without marketing and real world use, a coin might as well be a tulip bulb or any other ponzi scheme.  Well I should say greater fool theory. The other problem is the oversaturation of coins.  Bitcoin and Litecoin were worth a lot more when they were the only coins people really mined and used, before the world decided they need to release 100 crap clone coins a month.

I mean.. I've already talked to OEMs who are working on the ScryptN ASIC as we speak. Like I said a billion pages back.. likely Q3. There's also a multi-algo ASIC being developed.

ASIC is your friend. A failure of a business manager isn't.

It is already done, and will be gradual. The new wallet which you must download before about 2 weeks has fixed the heartbleed bug and moved up the halving to 10,000/block.  I think that was a smart move, we have too many coins being produced from too few miners and way too few buyers and major exchanges.  There are not enough buyers and major exchanges because the coin is practically unknown on the internet due to the already stated lack of promoting, marketing, advertising.  But the scarier thing is that there are WAY fewer miners than even our low net hash rate leads people to believe.  I can't tell you the names or the exact math, but I can say that 2 multi-pools account for A LOT of our net hash, and they just dump and convert to btc, they are not going to hold and wait for GPU coin to rise.  That is why we need a lot of regular little mine and holders like me.

The problem is not that Jaymes ran out of IPO money, but that the business has not been ran properly from the beginning.  There have been many many many opportunities to take a variety of actions which have not been taken.  Despite strong urging from the community many issues have been blatantly ignored.

If Jaymes has a job and cannot spend time to run the company then he should have delegated that task to someone else a long time ago.  

Overall the plan for this company was very poorly thought out.  It did not help that Jaymes refused to reveal details about the business model for the store and some of the technical details.  Personally I have requested via email as well as in this forum to know more about the business plan Jaymes intended.  It also did now help that none of the advice given by the community was taken.  The people running this really thought they knew what they were doing.  Well, they did not.

At least we have the block reward reduction.  If it is done right it should help raise the price.
Of course if it is not done right it could hurt the coin.  The reward must be reduced gradually or miners will not be able to make money off the coin and will quit.

If this coin can survive long enough, the coming of more powerful scrypt Asics will only help this coin, as the buzz around the net is everyone will switch to scrypt-n coins when that happens this summer or fall.

It certainly doesn't help that the focus right now is on ASIC conversion, BTC is down, the owner virtually disappeared for almost a month, needed changes never happened.. I mean with so many issues cascading.. is it any wonder other coins are doing better right now?

Well if there is no more IPO money, then that is quite a pickle. But there are options for Jaymes.
1)Give enough of the hundreds of millions of GPU coin he is sitting on to Mintpal to get listed, while it is worth 5 satoshi.
2)Give enough of the hundreds of millions of GPU coin to competent people who will market the coin, and will accept it while it is worth 5 satoshi.
3)CEO gets a loan (like any new business), and pays for what needs to be done as above.
Or option 4
4)Jaymes will be sitting on hundreds of millions of GPU coin worth 1 satoshi, or 1/5 th of the current net worth.
Then the coin will die, and his pre-mine will be gone anyways.
It would be wise to spend millions of GPU coin to save and grow the other hundreds of millions he has.

And this is honest advice from a guy who has been in crypto and the stock market for a long time. A guy who has been mining non stop from day one. A guy who has been promoting the coin on forums, IRC, and exchange trollboxes.  A guy who helped debug/test the storefront for Hendr1x. A guy who spent some btc on the IPO, but more importantly spent $500 on electricity to get 2 Million coins.  Since GPU coin was a great idea, I expected all my mining to pay off, and us being in the 1000s satoshi range. My fallback plan was if GPU coin didn't rise a lot, at least I could buy a GPU, but mining 2M coins cost $500 in electricity and can't even buy a $300 GPU from the store.  So you can call it a rant, I call it constructive criticism or business advice.  It just infuriates me that 16 year olds can make crap clone coins like SpainCoin, Aurora, CryptoMeth, Israelcoin, and 100 other no use pre-mined pump and dump coins and they all are doing better than our coin.  It is mind blowing, but I guess a bunch of teenagers know how to get internet buzz and we don't, and that is all that matters in this game.  And the Cryptorush scandal was bad for our coin, but also every other coin.  And I was the one who found out a week before anyone on the team knew that Cryptorush had no BTC, and I explained it to Hendr1x and Micryon, as well as emailing Jaymes.  I told him to get all his GPU coin and BTC out of Cryptorush well before anyone knew about their insolvency.  And I know that that advice saved Jaymes a ton of BTC and GPU coin that he otherwise would have lost to Cryptorush. So I have helped more than anyone knows with this coin, and I want to see it succeed.  I have also owned a business and know there is a big difference in mindset, drive and motivation depending on where funding comes from.  If I had 100 random anonymous people give me $200,000 to open a pizza place, if it worked out great, if it fails, I have no skin in the game so no big stress.  If I put up my own $200,000 or took out a loan to start my pizza place, if it was failing and NOBODY knew about my pizza place, so they all kept getting pizzas from Domino's, Little Ceasers, Hungry Howies, and Papa John's, YOU'D BETTER BELIEVE I WOULD MAKE PEOPLE START KNOWING ABOUT MY PIZZA PLACE! If I was out of cheese, you'd better believe I would get cheese. If I was out of sauce, you better believe I would get sauce.  There can be many problems in a business, but this one really only has one now, and we all know it is the lack of advertising, marketing, and promoting to get us known, mined, used, increased in price, and exchanged. The former funded ownership is the situation Jaymes is in, and he really needs to be in the latter.  Even on Shark Tank, the sharks constantly tell people "They are out", because the owners are treating there company as a hobby, and not a company.  The sharks say that your business will never go anywhere if you have a demanding day job and treat your business as a hobby. At this point I'm not saying Jaymes should quit his job, but I wish he could have.  With his own money and more of his own time in this game, it could have been a lot different.

Well, the rant train is in full swing today!! lol Don't let me miss out on this action!!

First off guys, the simple fact of the matter is, and Jaymes has posted this several times in this thread. There is no more IPO money. There is no more IPO money for marketing. There is no more IPO money for advertising. There is no more IPO money to buy cards. There is no more IPO money to pay anyone to do anything. One more time in case that is not clear. There is no more IPO MONEY! Also, he has been sitting on pre-mine and almost all of the coins collected by the store because there is no buy pressure on any of the rinky dink exchanges to liquidate any of it. Damn cryptorush anyways. We were taking off pretty good on there, until they went belly up on BTC.
Next, I swear some of you think you can just wave a magic wand and in mere moments all of the worlds problems would be fixed, if you were in charge it would all be done and you would be sitting there counting your coins with nothing else to do, right? Have you ever tried to do any of these things? With an entire team of highly paid, skilled, full-time employees in each division, then yes, it would all be taken care of promptly. Not the case here guys. I paid out the contest thread winnings over at the main forum about a month ago in order to take some of the pressure off of hendr1x as he was busy trying to get the store online. It took me ALL DAY. Just to send out a few coins. And I felt like a wrung out old dishrag afterwards. Just from sending out a few coins. Every single thing that needs done is an incredible amount of legwork. Maybe these other coins have millionaires behind them. Maybe they are just incredibly skilled with awesome organizational skills, a ton of money to blow, and no other job. Or maybe, just maybe, some in the community help out. If you have awesome ideas, then follow through, and get er done!!! It's true that some things need to be cleared with Jaymes as long as he has the reins on development, and the store is his of course. But we are not gonna get on TV unless we pay for it, set up getting a video made, and then following thru to the end. Since we are simple people of simple means, we are not getting on TV. But each of us that own even one coin, mine to a pool, or just have a wallet synched up, are owners of this coin. We have a great community, lets continue to prove it.

waltsmith

I realize that and totally support him.  He works for a nuclear company, he is not dumb.  The problem is you can't start a business and do everything yourself, like you said. As CEO you must realize what important things need to be done, and delegate it to competent people.  The only thing I see that he hasn't been able to do is get this coin some visibility.  He needs to know that he MUST advertise, promote, and market his coin, and the best way to let him know that is not to bombard him via email. It is to post here, which I assume he does read eventually, and more importantly some of his team like Micryon, Hendr1x, and Waltsmith DO read all of this, and they are the only ones that can get thru to Jaymes IMHO.

Instead of throwing slander at a person, maybe the two of you should rally around him.
you've got ideas, email, chat on irc, or find another method of contacting him and give helpful info.

these forums are not a proper form of communication as there are over 400 pages of random info.
he has a day job, is shipping orders out, in communication with people to buy graphic cards from, and has a life outside of this all to live.
a business should not be your 100% focus or else you'll end up too stressed out.
I know first hand, i ran a business for 3yrs as the only person doing pretty much all of the work from the site design down to building the products, at the first sign things are getting rough people come out with the pitchforks. that in no way helps, you need a supportive community.

Well then, all roads lead back to Jaymes.

I do agree and believe he is the bottleneck for this company.  He just does not have the business skills to run a business.  Although he likes to play "businessman" he really has no clue about what he is doing.

So why has the web site not been updated with this 'information page' if it has already been written up?

Why is it taking so long to fix problems that can be fixed within the day?

It does not matter how many great things that Hendr1x may be doing with fiat, but there are more pressing issues.

Competence involves a lot more than just programming skill, but also the ability to take action.

And actually the web site is very amateur based on what developers are doing these days.

If the developers had any shred of competence then they would never have set the system up the way it was set up.

Just to illustrate the incompetence, several weeks ago I brought up that the page needed a link to an information page about where customers could obtain GPUCoin.  Hendr1x played dumb and it took several attempts at communication before he understood what was being asked of him.  He claimed wanted to update the site but just did not know what he can do to make it better, after being told clearly that the page needed information on where to get GPUCoin.

It did not take long at all for people on the board to suggest a number of options.

That is incompetence.  The inability to perform problem solving and think things through.

And there are a lot of ignorant (or maybe just arrogant) people still supporting Jaymes and the development team.  It is confusing since they are doing so poorly.

I know the web developer Hendr1x is very competent, he is working on being able to buy gpuc with fiat, but there are chargeback issues to overcome.  He also can't do anything without Jayme's approval, and that seems to be the problem. Jaymes is not the easiest guy to reach and he really needs to trust his web developer and get a promoter he can trust to market the coin.  A lot of buzz around the net is that Scrypt-N will be the goto coins this summer once Asics destroy scrypt.  We have the right coin with the right algo to become a major coin, but the lack of marketing and the CEO's presence is concerning. The sad thing is it doesn't need to be.  And as far as the price, just a few big buy orders really moves this coin, so IF THE MARKETING TEAM (or ghosts) COULD GET SOME INTERNET BUZZ AND SOME PEOPLE BUYING THE COIN OFF OF EXCHANGES SUCH AS MINTPAL, THE VALUE WOULD GO UP!

I REPEAT, THE ONLY THING THAT IS HINDERING THE GROWTH OF THIS COIN IS THE UTTER LACK OF MARKETING, PROMOTING, AND ADVERTISING OF IT.
F#CK, LOOK AT BLACKCOIN AND MINTCOIN, THEY ARE POS, YOU FREAKIN CAN'T EVEN MINE THEM AND THEY GO UP IN VALUE! WHY???, BECAUSE OF MARKETING, PROMOTING, ADVERTISING, MAKING A HUGE WEB PRESENCE, ARTICLES, TV, ETC. IT IS ALL ABOUT GOING VIRAL LIKE A RETARTED DOGE.

NOW AFTER ALL THESE CAPS, CAN THE CEO AND MARKETING DEPARTMENT GET IT THROUGH THEIR THICK SKULLS WHAT NEEDS TO BE DONE? OR DO I HAVE TO REPEAT MYSELF? USE IPO MONEY FOR THIS, AND THEN WHEN THE PRICE OF THE COIN GOES UP, YOU CAN SELL THE PRE-MINE TO BUY MORE CARDS. BUT REALLY THE ADVERTISING AND PRICE GOING UP NEEDS TO HAPPEN BEFORE MORE CARDS CAN BE ACQUIRED AT A LOW COST FROM THE COMPANIES COIN STASH.

Just like real estate is "Location, Location, Location", Alt coins are, "ADVERTISING, PROMOTING, MARKETING"
SO IS ANY OF THIS GOING TO START BEING DONE, OR ARE WE GOING TO WATCH THE COIN DIE?

P.S. Oh, yeah, did I mention this coin needs a P.R. team that can get the job done?
(And I don't mean a tweet or contest once a week, I mean SERIOUS marketing/advertising strategies)

One thing is a lot of people don't have confidence in Jaymes and the development crew.

I am seriously starting to think that Jaymes and some of the developers are displaying a considerable amount of arrogance.  They really should start listening to some of the problems people have been bringing up.

Almost every problem GPUCoin has come across has been easily fixable within a day.  I am really concerned about their lack of action.  It is like a Dilbert cartoon or something.  You don't need a million meetings and days to fix a small problem.

So...  Did that problem that happened yesterday get fixed?

How about the information page that supposedly was 'already written up'?

I don't understand why it is so hard for Jaymes and the people he hired for development to take action.  I am seriously concerned for their competence.  Either they are incompetent or they don't care.

Any web developer worth anything would have been able to make these updates within the day.

I know because I am a programmer and do web development as a hobby.  These things are not hard at all. (updating the stores algorithm so that someone cannot jack the price up and clean the store out for example.  It would not be hard at all to come up with and implement a solution.)

What is taking so long?  These are serious problems that need immediate attention and all I see is talk every now and then and no action being taken.

I am not trying to just cause trouble.  The people running this coin are seriously incompetent and something needs to be done about it.

It is not just this thing, it takes them days to do the simplest things (if they do them at all rather than just avoiding things).

It's in the GPU forum somewhere.. TLDR: simple permutation of a moving average. Failure to heed good advice is the root of what's killed this venture honestly, not how the price system works on the website.


Interest. More people interested in it than GPUC. Last time I checked (few days ago) nethash on GPUC was less than 300MH. That's deadzone territory for a coin beyond 30 days of age. By this point, you guys should be 1GH stable, at least. It shows some interest but likely not enough.

At this point, they should just price the GPU's based on 1 satoshi value so it couldn't get worse, then see if that life-support mechanism works.

I agree, one thing to note tho.

Off the hip calculations in my head say that at .0002BTC per paid vote on mintpal, your free 5 votes an hour equal to 3 to 4 mh/s scrypt mining on most profitable coins. So, frequent voting by us is still the most economical way to get on the exchange. And, selling another coin to put buy pressure on GPUC is also the easiest way to increase liquidity in the small market we are currently locked into while still increasing your holding in the coin.

I'm planning to send Jaymes a rather large message later today, so that more immediate attention can be given to some of the most pressing concerns that have been listed here in the last couple pages.

waltsmith