[GPUC] GPU Coin | Mandatory Wallet Update

[WhiteyZ]

Maybe somebody opens a new exchange, where you can buy GPUC with FIAT? It would be great for CEO, cause than he hasnt the step to exchange in BTC, than in FIAT... The exchange could be very successfull, if the Online-Store is an success....

[trademark]

1. Do you guys realise that if this coin does not go on cryptsy in the next 10 days there is no way this business model to work for the simple reason that the CEO will have to dump around 60K USD in GPU coins after the first batch order so that he can pay for the next one, and this obviously can not happen on the current exchanges without depressing the price to 1 satoshi?

2. What is going on with the marketing intiative? Any volunteers? Marketing video? Bounties for other activities?

That's why I've been saying that the CEO should have the price of the GPU's on his store immediately and just put "estimated price of 750,000GPUC to 1million GPUC" or something like that.  This will stabalize the price of GPUC until the store actually opens. In the meantime, he can start selling off some of his 75 million premines to get ready for the 2nd batch. 2nd batch doesn't even need to be as large as the 1st batch, just as long as it comes in within a week or 2 after the 1st batch hits the store.  He needs to be about 2 orders ahead of the game.  If he waits until he sells out the 1st batch, then sell off the GPUC he received from the 1st batch, then wait until they are all exchanged into BTC, then sell them on Coinbase, then wait for the money to be deposited into his account, then place his 2nd order. That could be at least 1 or 2 months before his 2nd batch arrives!

75 milions bounties are for further development and I am tired to repeat that we need to see how they are spent on it, especially on marketing.
Only IPO money in BTC is intented to be used for buying cards.

Who says you can't borrow from it and return it after the sales.

[SP4RK7]

1. Do you guys realise that if this coin does not go on cryptsy in the next 10 days there is no way this business model to work for the simple reason that the CEO will have to dump around 60K USD in GPU coins after the first batch order so that he can pay for the next one, and this obviously can not happen on the current exchanges without depressing the price to 1 satoshi?

2. What is going on with the marketing intiative? Any volunteers? Marketing video? Bounties for other activities?

That's why I've been saying that the CEO should have the price of the GPU's on his store immediately and just put "estimated price of 750,000GPUC to 1million GPUC" or something like that.  This will stabalize the price of GPUC until the store actually opens. In the meantime, he can start selling off some of his 75 million premines to get ready for the 2nd batch. 2nd batch doesn't even need to be as large as the 1st batch, just as long as it comes in within a week or 2 after the 1st batch hits the store.  He needs to be about 2 orders ahead of the game.  If he waits until he sells out the 1st batch, then sell off the GPUC he received from the 1st batch, then wait until they are all exchanged into BTC, then sell them on Coinbase, then wait for the money to be deposited into his account, then place his 2nd order. That could be at least 1 or 2 months before his 2nd batch arrives!

You can't just pluck a figure out of thin air, otherwise when he comes to cash in his GPUCoins they wont be worth what he has bought the GPU's for he will start off in the negative.

I'm not sure how you are getting 1 to 2 months?

I'm pretty sure I could go from sending my GPUC from my wallet to an exchange to ordering a GPU for £ in about 3 hours if I really wanted to. Granted this is on a slightly bigger scale but the process is the same.  

You do realize that at the current market price it will be like 3million per GPU and multiply that by 80 which is 240 million GPUC.  Have you checked the exchanges Gpucoin are on, look at the volume. Do you really think he can sell them all that quick.  Also, 1 to 2 months is being generous.  If the cards are on backorder, it'll be much longer.  Also, it is not picking a number out of thin air. It should be an amount above IPO pricing but not a figure that is outrageous that miners can't afford them.  And this is all BEFORE the store opens so he can start selling his 75million now.  How can the CEO be in the negative when he started from $0?

I know exactly how much they will be currently in GPUC

Lets go down the route of your suggestion.

The IPO created 71 BTC's to buy GPU's with thats 71 x $630 =  $44,730

Say he can buy 280x at $400 (wholesale price estimate) he sells them for 1,000,000 GPUC (currently worth 0.3 BTC at 0.00000030) that means when he sells back to market he makes 0.3 x $630 = $189 per GPU a loss of $211 on his purchase price.

so from the $44730 he buys 112 GPU's and makes 112 x $189 = $21,168

That's over a 50% loss and it means the second time round he will only be able to buy 53 GPU's

You can see where this is going.

[grbox2001]

Obviously he will set the sell price in GPUC to be profitable. Though this will be tricky with the thin order book. Just looking on NXT-E there are only total bids for 0.4BTC (of course demand for the coin can/will change when the store opens up) But so far there is only order depth to buy 1 GPU! This is of course a problem. I really don't see him being able to sell 80 GPU cards anytime soon with that thin of volume.

[trademark]

1. Do you guys realise that if this coin does not go on cryptsy in the next 10 days there is no way this business model to work for the simple reason that the CEO will have to dump around 60K USD in GPU coins after the first batch order so that he can pay for the next one, and this obviously can not happen on the current exchanges without depressing the price to 1 satoshi?

2. What is going on with the marketing intiative? Any volunteers? Marketing video? Bounties for other activities?

That's why I've been saying that the CEO should have the price of the GPU's on his store immediately and just put "estimated price of 750,000GPUC to 1million GPUC" or something like that.  This will stabalize the price of GPUC until the store actually opens. In the meantime, he can start selling off some of his 75 million premines to get ready for the 2nd batch. 2nd batch doesn't even need to be as large as the 1st batch, just as long as it comes in within a week or 2 after the 1st batch hits the store.  He needs to be about 2 orders ahead of the game.  If he waits until he sells out the 1st batch, then sell off the GPUC he received from the 1st batch, then wait until they are all exchanged into BTC, then sell them on Coinbase, then wait for the money to be deposited into his account, then place his 2nd order. That could be at least 1 or 2 months before his 2nd batch arrives!

You can't just pluck a figure out of thin air, otherwise when he comes to cash in his GPUCoins they wont be worth what he has bought the GPU's for he will start off in the negative.

I'm not sure how you are getting 1 to 2 months?

I'm pretty sure I could go from sending my GPUC from my wallet to an exchange to ordering a GPU for £ in about 3 hours if I really wanted to. Granted this is on a slightly bigger scale but the process is the same.  

You do realize that at the current market price it will be like 3million per GPU and multiply that by 80 which is 240 million GPUC.  Have you checked the exchanges Gpucoin are on, look at the volume. Do you really think he can sell them all that quick.  Also, 1 to 2 months is being generous.  If the cards are on backorder, it'll be much longer.  Also, it is not picking a number out of thin air. It should be an amount above IPO pricing but not a figure that is outrageous that miners can't afford them.  And this is all BEFORE the store opens so he can start selling his 75million now.  How can the CEO be in the negative when he started from $0?

I know exactly how much they will be currently in GPUC

Lets go down the route of your suggestion.

The IPO created 71 BTC's to buy GPU's with thats 71 x $630 =  $44,730

Say he can buy 280x at $400 (wholesale price estimate) he sells them for 1,000,000 GPUC (currently worth 0.3 BTC at 0.00000030) that means when he sells back to market he makes 0.3 x $630 = $189 per GPU a loss of $211 on his purchase price.

so from the $44730 he buys 112 GPU's and makes 112 x $189 = $21,168

That's over a 50% loss and it means the second time round he will only be able to buy 53 GPU's

You can see where this is going.

I mentioned in my earlier post to list the pricing before the store actually opens so that the market stabalizes.  People will see that it will cost 1 million gpuc per 280x, so the price will instantly correct itself.  It's a win win for everyone. GPUcoin will also get a boat load of mining support since it will be profitable now. 

[david4r4]

why im getting only rejected?

What miner are you using?

cgminer 3.7.2

[Radi777]

why im getting only rejected?

What miner are you using?

cgminer 3.7.2

You have to use vertminer not cgminer...It's in the first page

[trademark]

Obviously he will set the sell price in GPUC to be profitable. Though this will be tricky with the thin order book. Just looking on NXT-E there are only total bids for 0.4BTC (of course demand for the coin can/will change when the store opens up) But so far there is only order depth to buy 1 GPU! This is of course a problem. I really don't see him being able to sell 80 GPU cards anytime soon with that thin of volume.

Yeah, that's the problem. The volume is not there yet and if you sell the GPU's at market value, only a few IPOs can afford it.  You can't mine 3 million by the time the store opens (unless you're a big dog, pretty sure they don't need a 280x) and you can't even buy 3million at market value right now either.  It's just going to be too much trouble for people, might as well pay the extra bucks and get it online some where.  

[jimlite]

As a poster said, this need to go viral.
It is a good idea, mining diff is low, they
NEED a PR person whose sole job is getting
this to go viral and on Mintpal first then
Cryptsy.  Use some of that pre-mine money
for it's purpose.

[jollyriffic]

mintpal and some of the other suggested places are sort of bum exchanges.. all the cheap crap is there.
why not just go full bore and pay to have it put on btc-e.com

if you were going to invest in building/make something wouldnt you rather do it right the first time?

[lorenzz]

Hi guys, i'm mining with vertcoin miner, 4gb RAM and 2x 280x, my setup is:
-v 1 -w 256 -g 2 -I 13 --lookup-gap 2,2 --thread-concurrency 8192,8192 --gpu-engine 1000,1000 --gpu-memclock 1497,1497 --gpu-powertune -20,-20 --auto-fan --temp-target 72,72 --temp-overheat 82,82 --temp-cutoff 90,90  

my hash power is 359 each graphic (tot 720) card but my WU is 528 is it normal or there are possibility to improve it?
Thanks!

[SP4RK7]

Obviously he will set the sell price in GPUC to be profitable. Though this will be tricky with the thin order book. Just looking on NXT-E there are only total bids for 0.4BTC (of course demand for the coin can/will change when the store opens up) But so far there is only order depth to buy 1 GPU! This is of course a problem. I really don't see him being able to sell 80 GPU cards anytime soon with that thin of volume.

Yeah, that's the problem. The volume is not there yet and if you sell the GPU's at market value, only a few IPOs can afford it.  You can't mine 3 million by the time the store opens (unless you're a big dog, pretty sure they don't need a 280x) and you can't even buy 3million at market value right now either.  It's just going to be too much trouble for people, might as well pay the extra bucks and get it online some where.  

This is an example of how I see it working I sent a PM to Hendr1x and he has posted it in the pricing discussion on the official forum. There isn't much activity there so I thought I'd re-post here.

I'm not saying this is perfect, the whole point of putting it on the forum I guess was to pick holes in it and see where it may fall down.

Current BTC price is $628
The price of a 280x according to the front page is $435
Current GPUC price is about 0.00000033 BTC

So if I wanted to buy a 280x now it would cost me 0.69 BTC or 2,090,090 GPUC (0.69/0.00000033=2090090)

As the price of GPUC rises the amount of GPUC I would need to purchase a 280x would fall.

As the majority of miners may for example only be able to mine 500,000 GPUC over the course of say a month they would then need a further 1.5 million GPUC to be able to purchase the card. They could mine for 3 more months or they could go on an exchange and buy some more GPUC.

The advantage to buying the remaining coins instead of mining them is that as they buy up the coins from 0.00000033 to say 0.00000044 the price on the shop front as it is directly linked would fall, so instead of needing to mine a further 1.5 million coins they would only need a further 1,068,181 GPUC

0.69 BTC / 0.00000044 = 1,568,181 GPUC (the 500,000 they have mined + 1.068,181 bought on the exchange.

You can see how this would constantly create the need to purchase GPUC as well as mining it. It also has the advantage of you would be getting you GPU's at a lot less $ than if you bought them directly with fiat.

[Cyber_Punk]

mintpal and some of the other suggested places are sort of bum exchanges.. all the cheap crap is there.
why not just go full bore and pay to have it put on btc-e.com

if you were going to invest in building/make something wouldnt you rather do it right the first time?

I have heard some bad things about btc-e.  To be honest I don't see why everyone is wanted to push for another exchange so fast.  The major exchanges used just turn coins into pump and dumps and eventually just kill them.  I have been using Atomic-Trade for the last few days and I love this trading site.  Everything is fast the layout is neat and I can buy or cash out in Fiat.  Yes you have to be verified or fiat but thats only so they can comply with U.S laws on exchanges.  I can see this exchange over taking the major ones in a couple of months time (if not sooner).  So why in the world does everyone want this coin on cryptsy so fast?  Do you not realize that this will just drive the price to 1 satoshi??  Until the market is up and running I would not worry about any other exchanges unless you just want to pump and dump this coin (which will kill the value before the market opens).

[phaddie]

Obviously he will set the sell price in GPUC to be profitable. Though this will be tricky with the thin order book. Just looking on NXT-E there are only total bids for 0.4BTC (of course demand for the coin can/will change when the store opens up) But so far there is only order depth to buy 1 GPU! This is of course a problem. I really don't see him being able to sell 80 GPU cards anytime soon with that thin of volume.

Yeah, that's the problem. The volume is not there yet and if you sell the GPU's at market value, only a few IPOs can afford it.  You can't mine 3 million by the time the store opens (unless you're a big dog, pretty sure they don't need a 280x) and you can't even buy 3million at market value right now either.  It's just going to be too much trouble for people, might as well pay the extra bucks and get it online some where.  

This is an example of how I see it working I sent a PM to Hendr1x and he has posted it in the pricing discussion on the official forum. There isn't much activity there so I thought I'd re-post here.

I'm not saying this is perfect, the whole point of putting it on the forum I guess was to pick holes in it and see where it may fall down.

Current BTC price is $628
The price of a 280x according to the front page is $435
Current GPUC price is about 0.00000033 BTC

So if I wanted to buy a 280x now it would cost me 0.69 BTC or 2,090,090 GPUC (0.69/0.00000033=2090090)

As the price of GPUC rises the amount of GPUC I would need to purchase a 280x would fall.

As the majority of miners may for example only be able to mine 500,000 GPUC over the course of say a month they would then need a further 1.5 million GPUC to be able to purchase the card. They could mine for 3 more months or they could go on an exchange and buy some more GPUC.

The advantage to buying the remaining coins instead of mining them is that as they buy up the coins from 0.00000033 to say 0.00000044 the price on the shop front as it is directly linked would fall, so instead of needing to mine a further 1.5 million coins they would only need a further 1,068,181 GPUC

You can see how this would constantly create the need to purchase GPUC as well as mining it. It also has the advantage of you would be getting you GPU's at a lot less $ than if you bought them directly with fiat.

I think I like this Idea.  But does the price change realtime or does it change twice a day?  I think if it was realtime there would be problem with people placing a buy order for a few GPUCoin at a crazy high price just before they purchase with GPU.

Whereas if it changes twice a day to be the average of the last 12 hours or some such thing, this could make for some interesting market movement.

[jollyriffic]

Hi guys, i'm mining with vertcoin miner, 4gb RAM and 2x 280x, my setup is:
-v 1 -w 256 -g 2 -I 13 --lookup-gap 2,2 --thread-concurrency 8192,8192 --gpu-engine 1000,1000 --gpu-memclock 1497,1497 --gpu-powertune -20,-20 --auto-fan --temp-target 72,72 --temp-overheat 82,82 --temp-cutoff 90,90  

my hash power is 359 each graphic (tot 720) card but my WU is 528 is it normal or there are possibility to improve it?
Thanks!

if you use linux add this to the top of your config
setx GPU_MAX_ALLOC_PERCENT 200
setx GPU_USE_SYNC_OBJECTS 1
del *.bin

if you use windows add this to the top of your config
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_USE_SYNC_OBJECTS 1
del *.bin

i'd try to get your core speed up to 1100 if you can.
with -n you get a better hash with more core, ram seems to be a bit less important.

[SP4RK7]

Obviously he will set the sell price in GPUC to be profitable. Though this will be tricky with the thin order book. Just looking on NXT-E there are only total bids for 0.4BTC (of course demand for the coin can/will change when the store opens up) But so far there is only order depth to buy 1 GPU! This is of course a problem. I really don't see him being able to sell 80 GPU cards anytime soon with that thin of volume.

Yeah, that's the problem. The volume is not there yet and if you sell the GPU's at market value, only a few IPOs can afford it.  You can't mine 3 million by the time the store opens (unless you're a big dog, pretty sure they don't need a 280x) and you can't even buy 3million at market value right now either.  It's just going to be too much trouble for people, might as well pay the extra bucks and get it online some where.  

This is an example of how I see it working I sent a PM to Hendr1x and he has posted it in the pricing discussion on the official forum. There isn't much activity there so I thought I'd re-post here.

I'm not saying this is perfect, the whole point of putting it on the forum I guess was to pick holes in it and see where it may fall down.

Current BTC price is $628
The price of a 280x according to the front page is $435
Current GPUC price is about 0.00000033 BTC

So if I wanted to buy a 280x now it would cost me 0.69 BTC or 2,090,090 GPUC (0.69/0.00000033=2090090)

As the price of GPUC rises the amount of GPUC I would need to purchase a 280x would fall.

As the majority of miners may for example only be able to mine 500,000 GPUC over the course of say a month they would then need a further 1.5 million GPUC to be able to purchase the card. They could mine for 3 more months or they could go on an exchange and buy some more GPUC.

The advantage to buying the remaining coins instead of mining them is that as they buy up the coins from 0.00000033 to say 0.00000044 the price on the shop front as it is directly linked would fall, so instead of needing to mine a further 1.5 million coins they would only need a further 1,068,181 GPUC

You can see how this would constantly create the need to purchase GPUC as well as mining it. It also has the advantage of you would be getting you GPU's at a lot less $ than if you bought them directly with fiat.

I think I like this Idea.  But does the price change realtime or does it change twice a day?  I think if it was realtime there would be problem with people placing a buy order for a few GPUCoin at a crazy high price just before they purchase with GPU.

Whereas if it changes twice a day to be the average of the last 12 hours or some such thing, this could make for some interesting market movement.

I think it would need to be real-time, I'm not sure what you mean by people placing buy orders at crazy high prices? Can you explain more?

I think you would need safe guards in place to stop intentional market manipulation so if there was suddenly a 50% drop or increase in the price of GPUC the shop front would stop taking orders until it could be checked out.

[jollyriffic]

mintpal and some of the other suggested places are sort of bum exchanges.. all the cheap crap is there.
why not just go full bore and pay to have it put on btc-e.com

if you were going to invest in building/make something wouldnt you rather do it right the first time?

I have heard some bad things about btc-e.  To be honest I don't see why everyone is wanted to push for another exchange so fast.  The major exchanges used just turn coins into pump and dumps and eventually just kill them.  I have been using Atomic-Trade for the last few days and I love this trading site.  Everything is fast the layout is neat and I can buy or cash out in Fiat.  Yes you have to be verified or fiat but thats only so they can comply with U.S laws on exchanges.  I can see this exchange over taking the major ones in a couple of months time (if not sooner).  So why in the world does everyone want this coin on cryptsy so fast?  Do you not realize that this will just drive the price to 1 satoshi??  Until the market is up and running I would not worry about any other exchanges unless you just want to pump and dump this coin (which will kill the value before the market opens).

btc-e is fantastic!
since coins are a commodity and not currency, you do not need to submit any type of ID/verification to meet US exchange laws.
On btc-e i can cash out to anything i want all the way down to paypal, and i dont need any sort of "Verification".
I'm not looking to have this coin on a bunch of exchanges, just ones that matter.
I personally will never trade on a site that requires me to submit personal details about myself. just look how that turned out for gox members, right now you can download everyones id, passport, etc thanks to the hacker group that did a full sweep/download of gox after they shut their doors.

[phaddie]

So lets say the realime exchange rate is based on nxt and the price of a 280x is 600 GPUand a BTC is $600.  The current price on nxt is 30 so I would need 3333333 gpu coin to buy the 280.  However is just before I was to purchse the 280 x I placed a buy order for 10 GPU at 60 satoshi then the realtime price trakker would report a price of 60 satoshi and let me buy the 280x for half the amount of GPU.

  This would be bad.

  Phad.

[jimlite]

Well, here is my problem, and I have been mining this since the start (each one).
I usually mine a coin 24/7 and sell just enough of it to cover my electric bill,
holding the rest (for gpus!). Now I can't do this anymore since the price on the
small exchanges is so low  and no buyers.  So I mine GPU coin a little and spend
the rest of the day at clevermining, wafflepool, hashcows, or middlecoin.  You
guys need to promote and get the value up, and at least a medium volume
exchange is needed so people can buy GPU coin by selling their other mined coins.

[SP4RK7]

So lets say the realime exchange rate is based on nxt and the price of a 280x is 600 GPUand a BTC is $600.  The current price on nxt is 30 so I would need 3333333 gpu coin to buy the 280.  However is just before I was to purchse the 280 x I placed a buy order for 10 GPU at 60 satoshi then the realtime price trakker would report a price of 60 satoshi and let me buy the 280x for half the amount of GPU.

  This would be bad.

  Phad.

I think I understand what your saying.

Maybe it would have to work from on an average from multiple exchanges over the past hour, possibly also taking volume into account in some way.

I'm not sure how easy this would be to do though.