[GPUC] GPU Coin | Mandatory Wallet Update - page 34.

httpb

sr. member

Activity: 644

Merit: 272

Quote from: waltsmith on April 12, 2014, 09:48:00 AM

what we need is a larger exchange for the store to base its prices from, keep voting at mintpal. We are now up into the coins that only move up the list by paying, except for us, who are still moving at a pretty good clip. Vote ourselves onto mintpal and a lot(not all) of our problems will be fixed right there.

(posted from the reservation lol)

waltsmith

Well apparently there is still a way to go up without paying, just look at METH coin. That coin had the same number of votes as GPUC two or three days ago and now they have 4000 votes more than GPUC and if you look at donation address, GPUC received twice as more in donations.

The question is why are they more successful. Only thing that comes to my mind is that they promote the voting on Mintpal with big letters on the first post, so maybe its due to that and we could try the same.

jimlite

legendary

Activity: 1848

Merit: 1018

Quote from: waltsmith on April 12, 2014, 09:48:00 AM

what we need is a larger exchange for the store to base its prices from, keep voting at mintpal. We are now up into the coins that only move up the list by paying, except for us, who are still moving at a pretty good clip. Vote ourselves onto mintpal and a lot(not all) of our problems will be fixed right there.

(posted from the reservation lol)

waltsmith

Whoever said you were on the reservation probably doesn't have a job. You and I post a lot here,
now Jaymes on the other hand, is on the reservation, when his job should be on here and marketing
his new business.

waltsmith

full member

Activity: 196

Merit: 100

what we need is a larger exchange for the store to base its prices from, keep voting at mintpal. We are now up into the coins that only move up the list by paying, except for us, who are still moving at a pretty good clip. Vote ourselves onto mintpal and a lot(not all) of our problems will be fixed right there.

(posted from the reservation lol)

waltsmith

bananahunter67

sr. member

Activity: 392

Merit: 265

Quote from: vesperwillow on April 11, 2014, 07:29:17 PM

Quote from: illiki23 on April 11, 2014, 05:39:02 PM

Yeah, that is one problem with this system.

Anyone can stock up for awhile, jack the price up, and clean the store out.

There is not enough liquidity to prevent this. Right now Toxics are going for 6 million and there are only 4 left.

You can prevent this by putting in a safeguard where the price cannot change more than so much every day. This way if the price is pumped up it will take a few days before the price climbs to meet this level.

The pricing algorithm I suggested to the team included a simple method do protect against this exact situation.

As usual, whomever is in charge seemed to ignore the suggestion. The developers are far more dedicated to this than the owner, at least based on the fruits of everything so far. To ignore lots of good input from many people is just beyond suicide.

What was your suggestion?

illiki23

sr. member

Activity: 602

Merit: 295

Hail Eris!

At least the store has stock left and made something off the gpus sold today. While it may be a loss overall it pointed out a weakness in the store's business model that needs to be corrected. It is a valuable lesson.

It definitely should not be so susceptible to noise and local variation, maybe it could be based on a moving average for the past several days.

lemfuture

hero member

Activity: 686

Merit: 500

Quote from: illiki23 on April 11, 2014, 10:30:55 PM

I am curious as to how hard GPUCoin was hit today.

They had 15 280x units for sale and within a very short time that dropped to 4. I am assuming that whoever jacked the price up had been saving up coins for awhile and bought most of those.

who wouldnt. i was thinking of the samething but someone else was one step ahead of me Tongue

illiki23

sr. member

Activity: 602

Merit: 295

Hail Eris!

I am curious as to how hard GPUCoin was hit today.

They had 15 280x units for sale and within a very short time that dropped to 4. I am assuming that whoever jacked the price up had been saving up coins for awhile and bought most of those.

svenp

full member

Activity: 122

Merit: 100

There's also the little matter of using the ask instead of the bid which makes this inevitable. Pretty dumb...

I can't imagine what the business plan is here. Burn up all the IPO money and then say 'sorry guys' seems most likely.

vesperwillow

hero member

Activity: 616

Merit: 500

Quote from: illiki23 on April 11, 2014, 05:39:02 PM

Yeah, that is one problem with this system.

Anyone can stock up for awhile, jack the price up, and clean the store out.

There is not enough liquidity to prevent this. Right now Toxics are going for 6 million and there are only 4 left.

You can prevent this by putting in a safeguard where the price cannot change more than so much every day. This way if the price is pumped up it will take a few days before the price climbs to meet this level.

The pricing algorithm I suggested to the team included a simple method do protect against this exact situation.

As usual, whomever is in charge seemed to ignore the suggestion. The developers are far more dedicated to this than the owner, at least based on the fruits of everything so far. To ignore lots of good input from many people is just beyond suicide.

illiki23

sr. member

Activity: 602

Merit: 295

Hail Eris!

Quote from: jimlite on April 11, 2014, 06:02:17 PM

Well it is really not a bad thing. It is a free market, and if miners want to dump their coins on the cheap at 5 satoshi, well yeah, someone could buy them all up and get a gpu at 1/2 price, BUT then all the low sell orders will be gone and the next person would need to pay the "real" price of 18 satoshi to buy gpu coin. So in conclusion if a miner wants to dump his coins at below his electricity cost, yes, a buyer will get lucky, but that is how things work and 10 minutes ago CEO could only sell gpuc at 5 satoshi, now he can sell them at 18 satoshi, so did he really lose anything? NO, but he NEEDS to market this coin like crazy to get the price and volume higher, then the problem will go away.

There is a risk though.

What if someone saved up enough coins, buying low over a long period of time?

If they pump the price on bittrexx up they can clean out the store. Most of the 280x units were sold today so this might have been what happened. If this happens then there will be no units for the next people to by, or not enough to make up for the discount the one person received.

And it is clear the price will not stay up there, it has already dropped down to right above its average price lately.

jimlite

legendary

Activity: 1848

Merit: 1018

Well it is really not a bad thing. It is a free market, and if miners want to dump their coins on the cheap at 5 satoshi, well yeah, someone could buy them all up and get a gpu at 1/2 price, BUT then all the low sell orders will be gone and the next person would need to pay the "real" price of 18 satoshi to buy gpu coin. So in conclusion if a miner wants to dump his coins at below his electricity cost, yes, a buyer will get lucky, but that is how things work and 10 minutes ago CEO could only sell gpuc at 5 satoshi, now he can sell them at 18 satoshi, so did he really lose anything? NO, but he NEEDS to market this coin like crazy to get the price and volume higher, then the problem will go away.

illiki23

sr. member

Activity: 602

Merit: 295

Hail Eris!

Yeah, that is one problem with this system.

Anyone can stock up for awhile, jack the price up, and clean the store out.

There is not enough liquidity to prevent this. Right now Toxics are going for 6 million and there are only 4 left.

You can prevent this by putting in a safeguard where the price cannot change more than so much every day. This way if the price is pumped up it will take a few days before the price climbs to meet this level.

lemfuture

hero member

Activity: 686

Merit: 500

Quote from: waltsmith on April 11, 2014, 05:21:44 PM

Quote from: bananahunter67 on April 11, 2014, 04:57:37 PM

It was Santa Claus and the good dwarfs Cheesy

Evidently it was someone that wanted a cheap GPU at the store, and that API pull from bittrex needs to be fixed ASAP. To easy to manipulate the price there and get a card for just a few dollars.

waltsmith

dumpers lost

waltsmith

full member

Activity: 196

Merit: 100

Quote from: bananahunter67 on April 11, 2014, 04:57:37 PM

It was Santa Claus and the good dwarfs Cheesy

Evidently it was someone that wanted a cheap GPU at the store, and that API pull from bittrex needs to be fixed ASAP. To easy to manipulate the price there and get a card for just a few dollars.

waltsmith

bananahunter67

sr. member

Activity: 392

Merit: 265

It was Santa Claus and the good dwarfs Cheesy

kcheel

full member

Activity: 188

Merit: 104

Just wanted to say thanks to whoever just went on the big GPUC buying spree.

benedictlol

full member

Activity: 147

Merit: 100

Quote from: jimlite on April 11, 2014, 03:08:35 PM

Quote from: micryon on April 11, 2014, 02:09:46 PM

It's very important that all sites gets updated asap with links, else we will have a serious hardfork problem in 2 weeks.

Quote from: drakoin on April 11, 2014, 05:19:46 AM

Quote from: micryon on April 10, 2014, 12:28:10 AM

Okay guys GPUCoin 0.8.7.2 released.
- OpenSSL heartbleed fix
https://mega.co.nz/#!rgJxnIrb!kb2IroSBkaT2kwjvQGz4da2E9vqbspdY64tGGDc0Q9g

The download from http://gpucoin.net/ is still 0.8.6.2

The media fire download says "Uploaded: 2014-03-08 16:29:28"

The OP link www.gpucoin.net/GPUCoin.zip gives a 404.

EVERYONE DOWNLOAD THE GPUCoin 0.8.7.2 WALLET IN THE ABOVE LINK.
AND JAYMES, BETWEEN DODGING BULLETS, CAN YOU DO WHAT MICRYON
ASKS AND UPDATE THE FIRST PAGE OF THIS FORUM TO HAVE THE CORRECT
AND WORKING DOWNLOAD LINKS FOR THE NEW WALLET, AND GET RID OF THE
OLD WALLET? IF EVERYONE DOESN'T DOWLOAD AND SWITCH TO THE 0.8.7.2
WALLET, WE ARE GOING TO HAVE SERIOUS PROBLEMS WITH 2 GPU COINS!

Any heroes about to create mac? Cheesy

jimlite

legendary

Activity: 1848

Merit: 1018

Quote from: micryon on April 11, 2014, 02:09:46 PM

It's very important that all sites gets updated asap with links, else we will have a serious hardfork problem in 2 weeks.

Quote from: drakoin on April 11, 2014, 05:19:46 AM

Quote from: micryon on April 10, 2014, 12:28:10 AM

Okay guys GPUCoin 0.8.7.2 released.
- OpenSSL heartbleed fix
https://mega.co.nz/#!rgJxnIrb!kb2IroSBkaT2kwjvQGz4da2E9vqbspdY64tGGDc0Q9g

The download from http://gpucoin.net/ is still 0.8.6.2

The media fire download says "Uploaded: 2014-03-08 16:29:28"

The OP link www.gpucoin.net/GPUCoin.zip gives a 404.

EVERYONE DOWNLOAD THE GPUCoin 0.8.7.2 WALLET IN THE ABOVE LINK.
AND JAYMES, BETWEEN DODGING BULLETS, CAN YOU DO WHAT MICRYON
ASKS AND UPDATE THE FIRST PAGE OF THIS FORUM TO HAVE THE CORRECT
AND WORKING DOWNLOAD LINKS FOR THE NEW WALLET, AND GET RID OF THE
OLD WALLET? IF EVERYONE DOESN'T DOWLOAD AND SWITCH TO THE 0.8.7.2
WALLET, WE ARE GOING TO HAVE SERIOUS PROBLEMS WITH 2 GPU COINS!

micryon

full member

Activity: 154

Merit: 100

It's very important that all sites gets updated asap with links, else we will have a serious hardfork problem in 2 weeks.

Quote from: drakoin on April 11, 2014, 05:19:46 AM

Quote from: micryon on April 10, 2014, 12:28:10 AM

Okay guys GPUCoin 0.8.7.2 released.
- OpenSSL heartbleed fix
https://mega.co.nz/#!rgJxnIrb!kb2IroSBkaT2kwjvQGz4da2E9vqbspdY64tGGDc0Q9g

The download from http://gpucoin.net/ is still 0.8.6.2

The media fire download says "Uploaded: 2014-03-08 16:29:28"

The OP link www.gpucoin.net/GPUCoin.zip gives a 404.

jimlite

legendary

Activity: 1848

Merit: 1018

This may help Hendr1x and it is an easy way to by bitcoin with Paypal or Credit Cards,
though at a limit and price. Then people can convert btc to gpuc at an exchange.

http://www.bitcoininsanity.com/

Topic: [GPUC] GPU Coin | Mandatory Wallet Update - page 34. (Read 421398 times)