[GPUC] GPU Coin | Mandatory Wallet Update

[waltsmith]

It was Santa Claus and the good dwarfs  

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

[lemfuture]

It was Santa Claus and the good dwarfs  

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

[illiki23]

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.

[jimlite]

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]

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.

[vesperwillow]

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.

[svenp]

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.

[illiki23]

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.

[lemfuture]

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 

[illiki23]

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.

[bananahunter67]

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?

[waltsmith]

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

[jimlite]

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.

[httpb]

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.

[waltsmith]

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

[vesperwillow]

What was your suggestion?

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.

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.

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.

[illiki23]

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).

[illiki23]

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.

[illiki23]

What was your suggestion?

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.

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.

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.

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.

[jimlite]

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)