[GPUC] GPU Coin | Mandatory Wallet Update

[scott0577]

Yeah, thats great news that everything is on track. I've been stashing GPUC's like a squirrel getting ready for winter.
Oh, and it looks like the pools heard the news too lol

waltsmith

which pool are you talking about? really.

lol, the coin should be on coinmarketcap soon. Then the pool spam will really start back up in force.

waltsmith

Walt is it getting added?

[waltsmith]

Yeah, thats great news that everything is on track. I've been stashing GPUC's like a squirrel getting ready for winter.
Oh, and it looks like the pools heard the news too lol

waltsmith

which pool are you talking about? really.

lol, the coin should be on coinmarketcap soon. Then the pool spam will really start back up in force.

waltsmith

Walt is it getting added?

Yeah, application is in, just waiting on em to get the coding done i suppose. You know, set up API pulls from the exchanges and block explorer.

waltsmith

[glockjs]

i think after the store gets up and running it will be important to focus on a fiat to gpuc exchange. if somebody wants to buy something from the store you want to make it as easy as possible.

[unhooked]

Why Fiat? The whole point was to accept GPUC ONLY.

[tylerderden]

so how about some motheboards and other miner shit?

[tavirosu]

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

Well if they are smart bagholders they will try to keep the price low now, let's say under 20 sat, do microtrades and buy as much as they can while mining it then when the store openes up push the exchange price to a very high value, let's say 200 sat, so they can purchase more items for their coins. Repeat that each time, at least the first few times, then the store could counter it with microtransactions from the coins they got for the items. Just my logical view on what will happen.

[sonysasankan]

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

Well if they are smart bagholders they will try to keep the price low now, let's say under 20 sat, do microtrades and buy as much as they can while mining it then when the store openes up push the exchange price to a very high value, let's say 200 sat, so they can purchase more items for their coins. Repeat that each time, at least the first few times, then the store could counter it with microtransactions from the coins they got for the items. Just my logical view on what will happen.

Might have missed the point there. I think what he's trying to point out is that its going to implode like a ponzi once the devs cash in the GPU coins to purchase their second round of cards. The dollar value is going to be so low that the proceeds of the sale of 40 cards (including profit) might enable them to purchase maybe 10 cards for the second batch, and maybe another 1-2 more if there is a third batch. The ones who get in on the first batch will get the most profitable deal, especially the IPO holders who did not dump.

[polarpanda]

Well if they are smart bagholders they will try to keep the price low now, let's say under 20 sat, do microtrades and buy as much as they can while mining it then when the store openes up push the exchange price to a very high value, let's say 200 sat, so they can purchase more items for their coins. Repeat that each time, at least the first few times, then the store could counter it with microtransactions from the coins they got for the items. Just my logical view on what will happen.

Would you like to explain why someone would pay substantially more for the coin compared to what it costs to mine it? I understand things might change once all the coins have been mined but that's little further out. A few posts back we heard that it's profitable to mine at 20 sat so there you have the market value of GPUCoin?

At the current price of 20sat one would have to dump 325m coins back to market to buy 100 new display cards at 400usd each.

The interesting part of this equation is where the 100K USD per month comes from. It does not directly come from people mining the coins since they just want to change to coins to GPUs and have already given their payment to the electricity company. It has to come from people buying into cryptocoins to create the monthly 100K that then exits to the display card manufacturer.

In other words, it's like people would be allowed to print their money at a small cost for a certain time. As long as it's possible to print money people won't pay much more than the cost of printing. It all changes when you can't print the money (GPUCoin) anymore.  The GPU factory/wholesaler won't take this printed money (GPUcoins) so the storekeeper has to exchange it somewhere for real money. The only way to do this is to sell the printed money back to the people who printed it while they keep on printing more - and they for one won't be paying a premium on the self printed money returning to them.

Interesting times we live :-)

[tavirosu]

Would you like to explain why someone would pay substantially more for the coin compared to what it costs to mine it? I understand things might change once all the coins have been mined but that's little further out. A few posts back we heard that it's profitable to mine at 20 sat so there you have the market value of GPUCoin?

At the current price of 20sat one would have to dump 325m coins back to market to buy 100 new display cards at 400usd each.

Didn't said they will pay more for the coin compared to mining cost, just that once the initial sales gets going its up to the company to distribute the coins into the market. If they play a safe game and not just dump but slowlly sale, they can get the money back and since to make a profit they will have to not dump but rather make sure the price they sell the coins is over the initial GPUC/card ratio this means after the sales the price will have to go up.

Only way it can go down is if the whales/players/big investors want to buy cheaper coins for the next round of sales, this means they would have to try to dump while the company is trying to pump.

Also on the mining side, once sales gets going and people get their cards the hashrate will go up since people will know the coin is backed up by something, as in it's trustworthy and has a goal/reason.

[madbit1000]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

PR will come, you can not promote a half finished project. wait for the store front then the PR work can begin. Also lets just see what the GPU team have for us. I have a great idea but sitting on it for the time being and looking at creating my own coin that will do away with this problem. What i am amazed about is that i have tried to contact the gpu owner. but he has not replied to one of my emails. So either he is ignorant, which i can not see this being the case Or he is extremely busy or lost interest..

I dont want to poach people from here, thats just not me.. but watching closely on how this coin progresses.

[madbit1000]

Been away from this forum over the last few days. Does anyone know what happened regarding the store front beta, did this actually complete.

[vesperwillow]

Congrats on hitting a real exchange, Cryptorush. Looks like price is stable around 21satoshi.

You can source MSI 270's for $150USD right now (.22btc depending on rate) straight from manufcaturer reseller, and have it in 5 days. If my math is right, that's 1,047,619 GPUC at 21 satoshi.

Even at a low rate of electric like mine, it's still not 'profitable' to mine though. Hopefully the owner will have better pricing as he's promised. Everyone is anxious to see the store open so that the launch can be considered complete, and we'll see how things go!

[lottohasher]

Been away from this forum over the last few days. Does anyone know what happened regarding the store front beta, did this actually complete.

screenshot of beta store front http://imgur.com/erDcS11

[d4wn0ff473]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

from the website

Technical Specs:
PoW Algorithm: Scrypt-N
Retarget: Every block using KGW
Initial Block Reward: 20,000
Max Supply: 13.5 billion
Block Halving Rate: 250,000

[vesperwillow]

If things continue at the same rate, first halving should occur within 45 days or so it seems.

[d4wn0ff473]

If things continue at the same rate, first halving should occur within 45 days or so it seems.

what?! how do you suppose that we go from block  13032 to 250,000 in 45 days. We only hit 1440-1480 blocks a day. Its 160 days until it halves give or take a couple days.

[jimlite]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

from the website

Technical Specs:
PoW Algorithm: Scrypt-N
Retarget: Every block using KGW
Initial Block Reward: 20,000
Max Supply: 13.5 billion
Block Halving Rate: 250,000

Agreed, the blocks should half much sooner or just be reduced. 10,000/block would produce less coins, make them more valuable,
attract more miners, etc.  Besides, people would rather pay 100,000 gpu coins for a gpu then 2 Million.

[rizardus]

with that huge premine and 1 coins reward on first 2600 block u saying that faster having will be better for miner? omg

[d4wn0ff473]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

from the website

Technical Specs:
PoW Algorithm: Scrypt-N
Retarget: Every block using KGW
Initial Block Reward: 20,000
Max Supply: 13.5 billion
Block Halving Rate: 250,000

Agreed, the blocks should half much sooner or just be reduced. 10,000/block would produce less coins, make them more valuable,
attract more miners, etc.  Besides, people would rather pay 100,000 gpu coins for a gpu then 2 Million.

I was not making a point, I was merely pointing out the fact that it was already mentioned on the website. I find the halving rate to be perfectly fine. All your comment really pushes is that you want the early adopters to have a better chance at scooping up all the gpus then the people who pick up mining later. Having a halving rate like that would make the coin undesirable, plus the cap amount of the coin would be impossible to hit.

[d4wn0ff473]

Thank you for gigantic red posting of block halving. That did not answer the question of discussing whether or not we are flooding the market. This isn't about early adopters, it's about having too many coins in circulation. Early adopters also aren't the ones who are going to profit from anything, its only the top 5 miners who are consistently pulling in a million or more a day.

You're welcome. I think that patience is in order, you are already complaining about profitability when the coin has been out for 2 weeks. The store is not even open yet, and the profit is driven by nothing but pure greed. Crypto offers an amazing opportunity that the financial sector cannot typically offer, practically instant profits. But it creates a community of impatient whiners who bitch and moan when something doesn't instantly meet their expectations. I suggest you wait and give it a moment to breath or dump your coins and get the fuck out.

Also if you have an idea for a coin or how to "fix" a coin, make your own. That way you can be in control of it instead of someone else. Because after all, it's not your coin to make decisions with.