Topic: [GPUC] GPU Coin | Mandatory Wallet Update - page 98. (Read 421398 times)

 

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In other news, Cryptorush underwent a severe DDOS today, on twitter the site did its usual, very professional job of attempting to keep its customers up to date on happenings. Unfortunately, it was able to offer no opinion on what may have prompted the attack. Several coins had shown higher than usual levels of trading on the exchange before the attack, one of which was GPUC. Which had happened to be in the middle of one of its strongest rallys to date. Speculation about the reason behind the DDOS runs rampant but no clear answer is forthcoming at this time. As always in DDOS attacks however, it is assumed that a strong supporter of one coin is concerned that another may take investor interests from itself.
Also, a new block explorer has gone on line, while not updated in the OP as of yet, here is its link http://explorer3.sancrypto.info/chain/GPUCoin
Coinmarketcap has updated its link and GPUC is now listed in its place on the sites first page of high volume coins. In a very respectful position for such a young coin, with a strong potential to move up the rankings several spots in the coming days in my opinion.

waltsmith

BTW, anyone that hasn't been to the mainforum lately, you should check this out http://gpucoinforum.com/viewtopic.php?f=21&t=2746

waltsmith

No worries, you carry on fella. Thanks to the dev and other team members for the update from all of you at the same time. This is all people ask for not a long conversation.

Amen to that brother!!

waltsmith

The block explorer has been fixed, I already sent Gliss a PM with the updated link for total GPUC supply.

Sorry to everyone who wants more input from myself into the thread, but between meeting with lawyers, my CPA, dealing with stocking cards in a market that is completely sold out and other miscellaneous items, my hands are pretty full on this end.  I do plenty of cards that were shipped out today so they will arrive just in time.  I will post a nice picture once they all arrive.

I'm just elated that there is such a forgiving community that saw this coin through the rough start and continue to offer support, I can't say thanks enough.  Here's looking forward to Sunday~

Thank you all for this great discussion.  I just wanted to chime in and say yes we are working hard, yes everything is on schedule and yes we are interested in what you are saying.  At this point I actually have a couple roll out plans coded and ready to be swapped in/out as needed....nothing is finalized...if you have suggestions please share....it is not to late for them to be implemented. 

Waltsmith, thank you so much for your help and everyone, please don't hesitate to PM me anytime 

While this post is not for everyone, a lot of users here understand, not just crypto, but market type trading concepts and principles, as well as sound business practice. However, some haven't given it much thought, as is evidenced by the multitude of posts in this thread hollering for price fixing, market manipulation, and various other things of this sort.  This coin will be traded on the open market, and will be subject to the same market pressures as any other crypto. So called innovative, and crap coins alike. The only thing setting this one apart is the guarantee of an outlet, other than a BTC exchange, for miners to spend their coin at. Being accepted for real world items and services is the eventual goal of any successful crypto, which we all know is what gives this coin its almost guarantee of being valuable long-term. But, lets get on to the point of this post.

Hendr1x would have had the store front finished a week ago if all he had to do was list a couple cards with pics and a price based off of an exchange ticker. There are online tools that are basically fill in the blank for new .com businesses to use and many merchants open sites this way everyday. He has to custom code this store however, putting protections in place to keep things from happening like buying up low volume sell orders and artificially making an exchange ticker read higher than the true current value of the coin in order to "buy a card cheap". A few extra API pulls from the exchanges the coin is traded at basing the price of a card on outstanding buy orders and not the ticker price takes care of that one. But, this is uncharted territory folks. He has to come up with new ideas and then code them into reality to get this store going.

Example problem: It has already been stated that it will be 1 card per person/per day at first. How to enforce this? Tie a purchase to a wallet, a name, an IP address, and a shipping address are just some of the obvious ways. While these measures can be circumvented by any buyer that is motivated enough, just these should suffice to deter most from cheating. Cheater Beware! They may send you a refund and not any cards if you are caught trying to cheat the system. Who knows? I know I would.

Example problem: Imagine this. Store front opens with 100 cards in stock. Immediately, the site is slammed with 100 buy orders from 100 different individuals. Obviously, the exchange markets are not going to be able to absorb this sell pressure all at once. How to avoid this problem? One idea I see is to have the site only sell 1 card at a time. Say, 10 minute minimum between sales, to allow market buy pressure to absorb the coins between sales, avoiding immediately crashing the coin upon store launch. Is this how they are going to do it? Beats me. I'm sure they are trying several ideas on how to do things successfully.

One thing I do know for sure. I don't hear from the coin's team very often, I only bug em if its important, and when I do hear from them, its at all hours of the night and day. Means they are not sleeping much, cause they are working their asses off, trying to meet the deadline for the store opening. So, I haven't bugged them trying to get details about things that may change between now and then anyways. Still, with opening of the store imminent, difficulty is rising, price is rising, and interest is rising. All without a working block explorer at the moment, keeping the coin from its true place on coinmarketcap.com.

This is the way I see it anyways. Any comments?

waltsmith

I wouldn't be too concerned. It this doesn't work there is always a backup plan. Me... lol.. I will assist and get this moving, i have ideas that will move the coin in the upward direction. I am sure the CEO has already thought of it, but i will wait and see. There are lots of combinations to evolve this business.

-----------------For initial GPU stock------------
Current condition:
1) The initial stock, regardless of the model, is about 100-150 GPUs max (based on the IPO amount)
2) The CEO is limiting 1 GPU/person initially.
3) Not too much GPUC in circulation
4) Existing GPUC are concentrated(to the IPO investors & large miners).
5) At current GPUC & GPU prices it will take millions of GPUC to buy a GPU.
7) CEO will adjust the GPUC amount required to a GPU dynamically based on the market price (here I assume nearly instant adjustment).
6) The CEO may list the prices higher than other major retailers based the main page, although has not updated for some time.


If we ignore 6) and ASSUME: The price on the initial stock will be cheaper than other major retailers by enough amount to neglect better return/customer support/authorized distributor status.
Then I give the following analysis:
Despite of 2 & 3, there should be enough GPUC-millionaris, who also looking for GPUs, to exhaust the initial stock.
But this will not happen immediately because they will not just spend millions of GPUC to buy the GPU without waiting a bit and see what this just-opened-store-with-cheaper-GPU can do to the GPUC market price (since many people here believe the GPU prices will grow once the store opens).
Because the GPUs here is cheaper(assumption), people will want to buy it here. But don't have enough GPUC, so they buy it, so the GPUC prices go up, unto a point when this initial stock is exhausted(I don't think CEO can refill the stock before the initial stock is exhausted).

HOWEVER, this is based on the above ASSUMPTION, but I doubt it because of 6).
Now, if 6) is true:
People won't pay higher prices for something they can get cheaper from elsewhere, and with better return/CS/Authorized distributor status, simple as that (of course there maybe a few people will simply trying to be supportive of the coin, but vast majority won't.)
So CEO can't move the stock quick enough and is forced to lower the prices(he's stupid not to because the current GPU demand is falling the GPU prices are volatile).
But he is not getting the stock at bulk price, as he has pointed out, so the question is: Can he still beat other retailers' price without lowering below his actual cost??
If he can, still I doubt it, we can go back to the first paragraph.
If he can't, well, he is gonna have to, assuming he still wants to keep evolving his business.
Or after some effort, but not working, he just quit but keep the store open with the GPU as before, so not to be called a scammer. Remember, he got 70BTC IPO, which is enough for not to invest a dime himself to start this and getting the initial stock, which worth a lot and nobody is buying.

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Oh come on!! That's not sad. This is kind of exciting! Those of us holding these coins (the ones having not nearly enough to purchase a GPU with through the storefront), are chewing at the bit to see where this will go! And those who do have enough to get a GPU or two, are hoping the price skyrockets as well - the higher the coin's worth, the less coin it takes to get a GPU! (This is the only way I'd be able to get one with my paltry ~130,000).

It's exciting. It's very exciting! (Or... I'm pathe... No I'm not! It's exciting!!!!!)    

I an looking forward it,and I will surpport you.

BTW, wasn't they supposed to receive video cards yesterday? I remember reading something like that in this thread. Waiting for picture like this but with video cards

Its all rumours at the moment, once Sunday comes, we will finally see how they plan on selling the Gpus. Looking forward to it, thats how sad my life is getting. lol..

False, it will be whatever the market (public) sets it at. If flooders hit the market super low, that'll dive the price.

Did some math, according to my calculations:

So technically, GPUCoin value will never be lower than 22 satoshi, as this is the amount backed up by IPO BTC donations?
Please someone confirm that this is correct.

I guess they're hoping the price could be artificially stabilized. True if there weren't exchanges.

said that.  but some people are thinking that the store will set their own price separate from the market value.