[GPUC] GPU Coin | Mandatory Wallet Update

[phaddie]

launch time?

Really? It's lunch time already?

nom nom nom

[J_Atomic]

In theory, the initial value of GPUC should be 71.51792382BTC / 325,000,000 coins (the IPO amount and the number of coins issued), for a value of 0.00000022 BTC per GPUC.

There will be  28,800,000 new GPUC mined every day (20,000 GPUC x 60 blocks/hour x 24 hours), meaning that the IPO holders have 11.28 days worth of coins at the outset.  This puts the IPO holders quite firmly in control of the value of this coin... anybody would be a fool to sell at less than cost, and they hold enough of the market share (still 50% of the market after 11 days) to be able to set a good sale price for GPUC.

As to actual value, as it stands right now, it sounds like the CEO was able to order 80 GPUs.  If we assume that he spent the entire IPO on them, that would leave each GPU worth 4,062,500 GPUC (325,000,000 GPUC / 80 GPUs) at most.

What happens to the value of GPUC once it hits market will be anybody's guess, but I would assume that as long as the IPO holders do not dump that the price will remain higher than 22 satoshis and GPUs will hopefully go for a couple hundred thousand GPUC instead of 4 million.

With its unique purpose of being used to buy GPUs, I don't think market cap or any other tool for comparison to other coins is useful in any way. At the end of the day, the only numbers that really mean anything are these:

How many BTC ('y') can CEO get for 'x' GPUC,
How much USD$ ('z') can CEO get for those 'y' BTC
How many GPUs ('g') can CEO get for those 'z' USD$
And fair market price = x/g (plus a bit of markup for the business)

The market will determine what it sees as a fair market price for GPUC, and the cost of a GPU in GPUC will fluctuate according to the exchange rates of GPUC/BTC/USD$, and I don't think there is any way to set a particular price point as long as those currency exchanges need to be made.

Thanks flaminius, very helpful.

There's something else to consider. Hypothetically: I'm a miner, and I want more GPUs. I don't mine GPUCoin, I'm into WhateverCoin. But I do know that I can buy GPUs for GPUCoin and save some serious cash. So I check the price of the GPUs to see how many GPUCoins I need. I go to Coinbase, buy BTC, go to an exchange, exchange BTC for GPUC, back to GPUCoins.com and buy my cards. A slight hassle, but if I can save $50 a card on 4 cards, totally worth it.

Now, did you see what I didn't have to consider in that process? The going rate for GPUCoins. In this scenario, which if GPUCoin can keep a decent stock, should play out all the time, I don't care if GPU coins are 22 satoshis or 22000. All I care is that I get $435 x 4 worth so I can buy my new cards.

To me, this is huge. All of a sudden you have a coin where people will be placing buy orders regardless of price, because they are going to spend those coins in 15 minutes. I'm pretty sure this is unprecedented in the cryptocoin world.

[vesperwillow]

To me, this is huge. All of a sudden you have a coin where people will be placing buy orders regardless of price, because they are going to spend those coins in 15 minutes. I'm pretty sure this is unprecedented in the cryptocoin world.

Depending on how you look at it, TAG Coin is the same thing. It's a coin designed to support a business front end, and whether you mine it or buy it, the owner doesn't care what the value of the coin is, because it's merely a transport vehicle.

[illiki23]

I dunno if this could be any help or not for the next launch, but, ECC launched lastnight and it was absolutely flawless, with close to 3gigahash right at launch and sustained it for about an hour. Network hash is half that right now. They released source and wallets right on time and within minutes everything was synced.

Maybe the owner / devs here could talk to the team which launched the coin and get input / suggestions?

Link: https://asktom.cf/index.php?topic=503236.0

Not supporting or endorsing the coin, but it was an example of a professional launch.

Coin launched went well but most if not all pools were down in the first 20 minutes of launch.

"Coin launch went well"

"All pools were down in the first 20 minutes"

I think you have a problem with your logic, your two statements are incongruous (incompatible).

[bigjme]

Thanks flaminius, very helpful.

There's something else to consider. Hypothetically: I'm a miner, and I want more GPUs. I don't mine GPUCoin, I'm into WhateverCoin. But I do know that I can buy GPUs for GPUCoin and save some serious cash. So I check the price of the GPUs to see how many GPUCoins I need. I go to Coinbase, buy BTC, go to an exchange, exchange BTC for GPUC, back to GPUCoins.com and buy my cards. A slight hassle, but if I can save $50 a card on 4 cards, totally worth it.

Now, did you see what I didn't have to consider in that process? The going rate for GPUCoins. In this scenario, which if GPUCoin can keep a decent stock, should play out all the time, I don't care if GPU coins are 22 satoshis or 22000. All I care is that I get $435 x 4 worth so I can buy my new cards.

To me, this is huge. All of a sudden you have a coin where people will be placing buy orders regardless of price, because they are going to spend those coins in 15 minutes. I'm pretty sure this is unprecedented in the cryptocoin world.

See now this is where it changes. For me in the UK, i would be better to sell my coins to BTC and buy direct from the UK with BTC. This is because of import duty and shipping costs. But i would still be using the coins to buy GPUs

So exchanges would be good for me personally, but then its how to sell the coins for BTC without dropping the price of the coin because of exchange undercutting. So would it be easier to trade directly with someone? keep the coins off the open market and prevent the price being dropped. But then it comes down to trust also

this is where i think the coin forum might come in handy for direct trades between people. obviously not as secure as an exchange however

i think as long as the store is connected to an exchanges API and tells us the going rate for the GPU in GPUC (get GPUC/BTC price, then BTC/USD) it will work out great

[vertoe]

how can a coin with 2 failed launches have more than 200 pages? :-)

marketing? 

[blueangel01]

how can a coin with 2 failed launches have more than 200 pages? :-)

marketing? 

Because it is a good coin and the community appreciate its distinct features of the coin. It is not just for pump and dump coin. It actually has a business behind it.

Future coins should have business + dev team not just dev, worse dev + scammer.

[ocminer]

So...  Get ready for the next launch..

Test and Prepare Your miners  @ https://gpu.suprnova.cc
Mine Vertcoin until the switch will be done automatically like two times before already.


If you rather like to Mine Pandacoin until the launch, look at https://panda.suprnova.cc

Jump in,  lets get this thing finally Rolling!

[vesperwillow]

how can a coin with 2 failed launches have more than 200 pages? :-)

marketing? 

Because it is a good coin and the community appreciate its distinct features of the coin. It is not just for pump and dump coin. It actually has a business behind it.

Future coins should have business + dev team not just dev, worse dev + scammer.

It has 200+  pages because about 50 of them are broken pools spamming the thread about how awesome they are, 10 of them are people spamming/advertising other coins, and 130 of them are about how ceisure-inducing-mind-blowingly-fail the launch was. The remainder are on topic.

[lemfuture]

how can a coin with 2 failed launches have more than 200 pages? :-)

marketing? 

Because it is a good coin and the community appreciate its distinct features of the coin. It is not just for pump and dump coin. It actually has a business behind it.

Future coins should have business + dev team not just dev, worse dev + scammer.

It has 200+  pages because about 50 of them are broken pools spamming the thread about how awesome they are, 10 of them are people spamming/advertising other coins, and 130 of them are about how ceisure-inducing-mind-blowingly-fail the launch was. The remainder are on topic.

some coins are worth whining for. look at other alt coins barely made 20 pages

[trademark]

how can a coin with 2 failed launches have more than 200 pages? :-)

marketing? 

Because it is a good coin and the community appreciate its distinct features of the coin. It is not just for pump and dump coin. It actually has a business behind it.

Future coins should have business + dev team not just dev, worse dev + scammer.

It has 200+  pages because about 50 of them are broken pools spamming the thread about how awesome they are, 10 of them are people spamming/advertising other coins, and 130 of them are about how ceisure-inducing-mind-blowingly-fail the launch was. The remainder are on topic.

Didn't you get your refund already?  Why are you still here?  Thanks for allowing me to up my IPO.

[SP4RK7]

From Twitter.

GPUC wallet will be available Saturday, but the first 2600 blocks will only give 1 coin so that Sunday the blocks will start popping

[GPU Coin]

I took micryons suggestion and wish to put the wallet out Saturday to allow the network to ramp instead of hitting a wall of traffic.  This should alleviate all prior issues and provide the proper launch.  I will be updating the OP with block countdowns to inform everyone when the 20,000 GPUC blocks will start.

[SlidingHorn]

I took micryons suggestion and wish to put the wallet out Saturday to allow the network to ramp instead of hitting a wall of traffic.  This should alleviate all prior issues and provide the proper launch.  I will be updating the OP with block countdowns to inform everyone when the 20,000 GPUC blocks will start.

Sent you a PM a couple days ago.  Could you please take a look and respond? 

Thanks!

[jimlite]

I took micryons suggestion and wish to put the wallet out Saturday to allow the network to ramp instead of hitting a wall of traffic.  This should alleviate all prior issues and provide the proper launch.  I will be updating the OP with block countdowns to inform everyone when the 20,000 GPUC blocks will start.

Sounds like a good plan, but PLEASE
make sure the 20,000 GPUC blocks will
start as planned on SUNDAY BETWEEN
3PM and 5PM Eastern.  No one wants to
be up at 4 am again Monday morning
seeing if everything is OK when the
real 20,000 coin launch is. And we also
don't want it to accidentally kick in
Sunday at 4 am!

[precrime3]

So if the GPUC wallet release Saturday, coin launch is Sunday still? Or the 20,000 coin blocks start Sunday? Clarification please

[BKM]

Thanks flaminius, very helpful.

There's something else to consider. Hypothetically: I'm a miner, and I want more GPUs. I don't mine GPUCoin, I'm into WhateverCoin. But I do know that I can buy GPUs for GPUCoin and save some serious cash. So I check the price of the GPUs to see how many GPUCoins I need. I go to Coinbase, buy BTC, go to an exchange, exchange BTC for GPUC, back to GPUCoins.com and buy my cards. A slight hassle, but if I can save $50 a card on 4 cards, totally worth it.

Now, did you see what I didn't have to consider in that process? The going rate for GPUCoins. In this scenario, which if GPUCoin can keep a decent stock, should play out all the time, I don't care if GPU coins are 22 satoshis or 22000. All I care is that I get $435 x 4 worth so I can buy my new cards.

To me, this is huge. All of a sudden you have a coin where people will be placing buy orders regardless of price, because they are going to spend those coins in 15 minutes. I'm pretty sure this is unprecedented in the cryptocoin world.

See now this is where it changes. For me in the UK, i would be better to sell my coins to BTC and buy direct from the UK with BTC. This is because of import duty and shipping costs. But i would still be using the coins to buy GPUs

So exchanges would be good for me personally, but then its how to sell the coins for BTC without dropping the price of the coin because of exchange undercutting. So would it be easier to trade directly with someone? keep the coins off the open market and prevent the price being dropped. But then it comes down to trust also

this is where i think the coin forum might come in handy for direct trades between people. obviously not as secure as an exchange however

i think as long as the store is connected to an exchanges API and tells us the going rate for the GPU in GPUC (get GPUC/BTC price, then BTC/USD) it will work out great

Another point would be the efficiency of GPUCoin creating fulfillment affiliate relationships in Australia and the EU to start with followed by Asia and Latin America. This will allow the concept to scale quickly and unlock greater economic leverage for the buying group. Established independent players in the electronics distribution business will add value to the business model with their expertise and relationships in addition to volume. They will also add value to GPUCoin with greater network effect. For example, bring Culexevilman onto the program https://asktom.cf/index.php?topic=393218.0. I would place this as the greatest priorty next to the coin relaunch. It makes absolutely no sense to ship GPU's over a border except perhaps between the USA and Canada initially. There are independent electronics dealers such as http://www.memoryexpress.com/Stores here that might fit the bill in Canada as an affiliate. It would be a huge coup to bring some of these into the GPUCoin family.

[bigjme]

Aria.co.uk accepts payments directly in BTC.
I'm sure they wouldn't mind sending gpus if the ceo traded the gpuc to btc,  then paid the store

Would mean direct shipping in the UK

[micryon]

One thing to note about this launch option:

It will not be 100% predictable leading up to the start of mining rewards on when mining will start.  KGW is currently non deterministic enough in that when large amounts of hash power gets added/accelerated, blocks do get generated a little bit faster during large gaps. 

Even with a -1 day look ahead, we're looking at an error margin of at least +/- 8 hours.

Obviously as we get closer to block 2600.. we start approaching 99.99% predictability.. So if we launch wallets on saturday (starting at block 200 or so).. expect it to be anything between That time +8 hrs, to that time +24 hrs.. with more zeroing in as we approach closer...

So it has drawbacks.. But ultimately it's fair in that everyone will know and be able to see which block we are on, and they make their own judgement on when they apply their miners .. pools will be up and ready to go.. so you can start hashing saturday , and just leave it on.. if you are afraid of missing the boat...  At somepoint whenever the switch over happens, your miner on pool will be earning.

I took micryons suggestion and wish to put the wallet out Saturday to allow the network to ramp instead of hitting a wall of traffic.  This should alleviate all prior issues and provide the proper launch.  I will be updating the OP with block countdowns to inform everyone when the 20,000 GPUC blocks will start.

Sounds like a good plan, but PLEASE
make sure the 20,000 GPUC blocks will
start as planned on SUNDAY BETWEEN
3PM and 5PM Eastern.  No one wants to
be up at 4 am again Monday morning
seeing if everything is OK when the
real 20,000 coin launch is. And we also
don't want it to accidentally kick in
Sunday at 4 am!

[BKM]

I dunno if this could be any help or not for the next launch, but, ECC launched lastnight and it was absolutely flawless, with close to 3gigahash right at launch and sustained it for about an hour. Network hash is half that right now. They released source and wallets right on time and within minutes everything was synced.

Maybe the owner / devs here could talk to the team which launched the coin and get input / suggestions?

Link: https://asktom.cf/index.php?topic=503236.0

Not supporting or endorsing the coin, but it was an example of a professional launch.

Coin launched went well but most if not all pools were down in the first 20 minutes of launch.

Yeah, because they had to download and compile the source and setup their config files. Nothing, not even coin specs, were released to pool operators prior to launch. Once they released code, I had my pool up within 10 minutes. A delay at launch is not unusual while everyone is compiling the server backend.

Flawless launch, and still running smooth.

What is your pool vesper?