[GPUC] GPU Coin | Mandatory Wallet Update

Quote from: wacko on November 02, 2017, 11:14:29 PM

Quote from: illiki23 on November 02, 2017, 10:46:14 PM

We had proof that James only spent a small fraction (some small percentage) of the investment funds to purchase stock even though he claimed he spent all the money on stock.

If he had he could have ridden out that one dip where people got cheap GPUs. Instead he not only took the money and run but never sent out a number of GPUs while not giving refunds.

Yeah, I remember all that, I was around. I think I was the first one though to exploit the sync delay between the gpu coin store prices and the coin's actual exchange rate. Only a few gpus were sold from the store at that point and prices were more or less stable. Then I went playing with the exchange rate, driving it up and down, and ordered quite a few GPUs for 1/3-1/2 of their actual $ price. I think I've had 7 or 8 orders for amd 280x. That James guy only shipped me 3 cards though and ignored all the other orders (while keeping the gpu coins for himself, of course). I still made a profit in the end (sold those 3 cards for a bit more than I payed for all 7-8 of them), but not much - barely broke even. After that, I think, he decided to just quit and get away with all the money/gpus he had left. I wasn't alone ordering cards that day, as soon as other users noticed what was going on with the store and coin prices, they also started putting the orders (there were counters on the gpu coin store site so it was more or less transparent process). But I guess my orders went through first and he was just shipping cards in the order they were bought (until he decided that that's enough), so some of the later buyers didn't get anything.

But yeah, of course the main reason was simply because he sort of scammed everyone and didn't allocate the funds in the way he was supposed to.

Yes the pump and dump market manipulation led to unexpected prices but it is something which could have been adjusted - it was actually an interesting challenge, but the dev was looking for an excuse to bail as he still had the majority of the investors funds.

And yes wacko, that was probably a little shady yourself, but it would have happened eventually. He could have taken the hit, put a stop on the orders, and then begin looking for a solution rather than rob people.

Anyways it is over with. Not sure why this thread came back up other than people trying to get activity scores. Do people have like a bot which goes through threads and posts those types of things? I once crawled bitcointalk (the robots.txt did not forbid it) to update a list of all new coins so see how it would be relatively easy. Wrong thread to resurrect though!