[GPUC] GPU Coin | Mandatory Wallet Update

[phaddie]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

Well, dev can easily push the price of the coin up by simply forcing the price conversion (like 50 satoshi, or 100 satoshi) instead of following market value.
That was the whole point of having the store in the first place, wasn't it?

  IT makes sense but I remember reading somewhere that he was going to price the GPUs are current value.  If he prices for 50 or 100 sats there is a risk that he will not be able to sell them for that once the units are sold.  I honestly am not convinced this idea will work.  Or maybe I am just getting impatient

  Phad

[djm34]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now.  

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

[FrankieSaysRelax]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

Well, dev can easily push the price of the coin up by simply forcing the price conversion (like 50 satoshi, or 100 satoshi) instead of following market value.
That was the whole point of having the store in the first place, wasn't it?

  IT makes sense but I remember reading somewhere that he was going to price the GPUs are current value.  If he prices for 50 or 100 sats there is a risk that he will not be able to sell them for that once the units are sold.  I honestly am not convinced this idea will work.  Or maybe I am just getting impatient

  Phad

Wrong. He is pricing the GPUs based on the market rate against USD. The incentive for pumping it is with the miners/IPO investors and traders who got it to bid it up in order to get the GPU for less. I've got 600k so far. These difficulty rates won't last forever. Get em cheap while you can.

[vesperwillow]

If you want to open the flood gates and allow anyone to purchase as many gpus as they want then you are still handing over control to the miners with the most power unless you have a literal unlimited supply of product. Limiting sales allows for better control of the market giving more people the ability to buy.

The other end of that stick is, why would the big power players continue to mine the coin if they can't exercise the purpose of the coin, which is direct exchange for equipment? They could sell it for BTC who folks who want to buy, but that's still a dead end because those folks are also limited. It's a self-denying cycle at that point, and the hashrate will drop/fluctuate wildly.

Yes, it does call for a hella supply. This is why I warned the owner to ensure he can flow GPU's by the truckload first. I suggested ways for him to increase volume.. and I was ignored.

He jumped in feet first without making sure he could swim--on every aspect of this venture. The best thing he brought to the table was simply the idea, to be honest.

The math is not a simple linear curve for electricity usage, that would carry the assumption that diff never changes and that there is no variance in price. You cannot produce the same number of coins consistently with the same amount of power. Over time that number grows and shrinks based on a number of factors. 1 GPU at x watts at y diff will produce z coins with n price. It is anything but linear. For me personally my overhead is so tiny it's basically non existent it costs me $4.75 a month to run my rig.
Just to clarify you are correct about coin creation on the network as a whole being linear, the network will always produce 1440 blocks a day of 20,000 coins per block until the halvening; But singularly it is not linear by any means.

This is where the law of averages kicks in. Yes, diff will vary. If you're on a coin which is in fact profitable (you make more than it costs to mine), typically those coins increase in value over time with diff, or shortly after positive swings. In 8 months being in the crypto world, I've yet to find a profitable coin which has failed this equation. I'm not saying that for every cycle of hash you produce, you make the exact same coin, and cashout the exact same earning. I'm saying that within a high level of confidence if you're mining a profitable coin, your earnings will be pretty much linear to your hashrate.

This is why a lot of senior members only mine the founding coins, or certain altcoins, and don't pool hop. It's also why some people will only mine if it's profitable.

For this particular coin, the people who don't see it as paying the electric are the ones who would've just mined it to sell anyhow--and the folks who are here for the GPUs are concerned because the owner hasn't truly provided any proof of capability he can provide flow.

I would love a $5 electric bill, I won't lie. Haha. But my electric is paid for in mining, so it's not a bad trade.

[phaddie]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now.  

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

Not sure what you mean? 

[djm34]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

Not sure what you mean? 

I meant, that asking someone to pump (buying coins) would increase (artificially since he would be buying all the coins) the value of the coin making the gpu cheaper for everyone in the sense that you would have less coin to mine to get a gpu.
Technically he would be buying the gpu's for those who have small amount of coins.

[phaddie]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

Not sure what you mean? 

I meant, that asking someone to pump (buying coins) would increase (artificially since he would be buying all the coins) the value of the coin making the gpu cheaper for everyone in the sense that you would have less coin to mine to get a gpu.
Technically he would be buying the gpu's for those who have small amount of coins.

Maybe that would happen you are correct.

[imonit]

How is this different than mining any other alt coin, trading for BTC and then buying your GPUs from someone such as Tiger Direct?  Last I checked they have RAM, Mother Boards, PSU's, complete rigs.... Etc.

Not being trying to be a "Debbie Downer" here - especially when I am currently mining this coin, but..... am I missing something?

[XScrypt]

It is whining when the coin is not completely launched and we are still waiting on the single most important economic piece of the puzzle to be added to the equation. The coin has been out for 2 weeks. Regardless of whether or not you bought into the "IPO" you are not owners of the company you are holders of the coins. The coins are not stock and do not give you a voice in the company ideas regardless of what you may think. The best way to look at the "IPO" coins is as non voting shares. And if you have lost faith in the concept of what is going on then dump the coins. You have options, bitching and moaning because you didn't get a million dollars from the initial mining phase is not one of them.

Well unfortunately markets aren't powered on faith. I'm not bitching or moaning.  I'm stating the obvious. Wave your rage all you want, you're not going to win against basic economics. You have a "currency" backed by a depreciating asset with the vast majority of coins in the hands of initial "investors" and early large miners. Worse, you have a single store that's placing artificial limitations on purchases that ensures only the largest players will be able to buy anything, a rapidly increasing currency base, and no discernible or efficient method for re-circulation.

There's another word to describe this kind of a setup, and it isn't currency.

But believe whatever you want. I'll just enjoy the show.

[cryos75]

I really don't understand all of the worry here. If it's a scam, it's a scam and everyone supporting (time, electricity, money, etc) any coin is taking risk in any crypto-currency. Each of us has to make our on evaluations and decisions as to which ones to pursue. That being said, I see no need to worry about only IPO investors, whales, or big miners reaping the rewards or being the only individuals able to obtain or purchase GPU's.

The market will auto correct as soon as the store sets the GPUC price per video card. As soon as that happens, the early adopters may (hopefully) will get a good deal if they see the price early and a buy the GPU coins already for sale on the market at a low rate (sucks for those sellers who already have sell orders sitting on the exchanges). This would also reward those who have supported the GPUCOIN early as well. But, the sellers will quickly increase their asking price as soon as they see the demand driven by the graphics cards prices. After the market normalizes around this initial set value, the storefront owners (CEO) can pull real-time coin market values and set the prices from this. I hope that the initial store prices are set to some easy to interpret value (e.g. 5,000 or 500,000 per card) and not some obscure price of millions of GPU coins for a video card (e.g. 38,756,321 GPUC per card).

So, for an extreme example, let's assume the store opens up and the price for an R9 280x is 400 GPUC (~.0017 BTC or $1) and there is a limit 1 per customer (just for kick-off purposes until the market and 280x supply normalizes). What happens? Well, first, those who took the most risk in the beginning (IPO investors, miners, coin buyers, etc.) will be immediately rewarded because they can purchase hundreds of 280x's or sell on the exchanges for nice profits. Second, those who see the 280x GPUC price on the store front can quickly capitalize on the idiots that have GPUC market sell orders sitting on the exchanges and buy them extremely cheap. This will quickly drive the GPUC price up to a comparable fiat value.

The only thing preventing this extreme example is the current block rewards and halving. So, I doubt it will open at 400 GPUC per video card, but still could be possible if the store could supply that demand. Like others have said on here, that's the one piece we don't know about yet. What kind of supply can the store keep up with? I hope a lot, and can guarantee that the first order or two that they default on or don't ship, will kill the market price.

Anyway, it's exciting to speculate..... Good luck to all!

[jollyriffic]

I really don't understand all of the worry here. If it's a scam, it's a scam and everyone supporting (time, electricity, money, etc) any coin is taking risk in any crypto-currency. Each of us has to make our on evaluations and decisions as to which ones to pursue. That being said, I see no need to worry about only IPO investors, whales, or big miners reaping the rewards or being the only individuals able to obtain or purchase GPU's.

The market will auto correct as soon as the store sets the GPUC price per video card. As soon as that happens, the early adopters may (hopefully) will get a good deal if they see the price early and a buy the GPU coins already for sale on the market at a low rate (sucks for those sellers who already have sell orders sitting on the exchanges). This would also reward those who have supported the GPUCOIN early as well. But, the sellers will quickly increase their asking price as soon as they see the demand driven by the graphics cards prices. After the market normalizes around this initial set value, the storefront owners (CEO) can pull real-time coin market values and set the prices from this. I hope that the initial store prices are set to some easy to interpret value (e.g. 5,000 or 500,000 per card) and not some obscure price of millions of GPU coins for a video card (e.g. 38,756,321 GPUC per card).

So, for an extreme example, let's assume the store opens up and the price for an R9 280x is 400 GPUC (~.0017 BTC or $1) and there is a limit 1 per customer (just for kick-off purposes until the market and 280x supply normalizes). What happens? Well, first, those who took the most risk in the beginning (IPO investors, miners, coin buyers, etc.) will be immediately rewarded because they can purchase hundreds of 280x's or sell on the exchanges for nice profits. Second, those who see the 280x GPUC price on the store front can quickly capitalize on the idiots that have GPUC market sell orders sitting on the exchanges and buy them extremely cheap. This will quickly drive the GPUC price up to a comparable fiat value.

The only thing preventing this extreme example is the current block rewards and halving. So, I doubt it will open at 400 GPUC per video card, but still could be possible if the store could supply that demand. Like others have said on here, that's the one piece we don't know about yet. What kind of supply can the store keep up with? I hope a lot, and can guarantee that the first order or two that they default on or don't ship, will kill the market price.

Anyway, it's exciting to speculate..... Good luck to all!

the price in the store will be linked directly to the current value of the coin. meaning w/e the exchange price is on opening day is what the cards will cost.
it may be different had they chosen to flip it to where they set a price for it, because then people would change their sell order price to reflect the value based on the card retail price.
so out of the gate, first day buyers are going to spend a lot more than the following week buyers (most likely)

[jimlite]

I really don't understand all of the worry here. If it's a scam, it's a scam and everyone supporting (time, electricity, money, etc) any coin is taking risk in any crypto-currency. Each of us has to make our on evaluations and decisions as to which ones to pursue. That being said, I see no need to worry about only IPO investors, whales, or big miners reaping the rewards or being the only individuals able to obtain or purchase GPU's.

The market will auto correct as soon as the store sets the GPUC price per video card. As soon as that happens, the early adopters may (hopefully) will get a good deal if they see the price early and a buy the GPU coins already for sale on the market at a low rate (sucks for those sellers who already have sell orders sitting on the exchanges). This would also reward those who have supported the GPUCOIN early as well. But, the sellers will quickly increase their asking price as soon as they see the demand driven by the graphics cards prices. After the market normalizes around this initial set value, the storefront owners (CEO) can pull real-time coin market values and set the prices from this. I hope that the initial store prices are set to some easy to interpret value (e.g. 5,000 or 500,000 per card) and not some obscure price of millions of GPU coins for a video card (e.g. 38,756,321 GPUC per card).

So, for an extreme example, let's assume the store opens up and the price for an R9 280x is 400 GPUC (~.0017 BTC or $1) and there is a limit 1 per customer (just for kick-off purposes until the market and 280x supply normalizes). What happens? Well, first, those who took the most risk in the beginning (IPO investors, miners, coin buyers, etc.) will be immediately rewarded because they can purchase hundreds of 280x's or sell on the exchanges for nice profits. Second, those who see the 280x GPUC price on the store front can quickly capitalize on the idiots that have GPUC market sell orders sitting on the exchanges and buy them extremely cheap. This will quickly drive the GPUC price up to a comparable fiat value.

The only thing preventing this extreme example is the current block rewards and halving. So, I doubt it will open at 400 GPUC per video card, but still could be possible if the store could supply that demand. Like others have said on here, that's the one piece we don't know about yet. What kind of supply can the store keep up with? I hope a lot, and can guarantee that the first order or two that they default on or don't ship, will kill the market price.

Anyway, it's exciting to speculate..... Good luck to all!

Don't be ridiculous.
1)R280x won't be 400 gpuc. You can mine 400 gpu in like 1 minute.
2)Check cryptorush price and you will see 1 gpuc is currently .00000020 bitcoins
3)Let's say a R280x is $400 which is .645 bitcoins, then you would need 3,225,000 gpu coins.
   Of course with the store, gpuc will go higher than .00000020, maybe to around .00000067,
   which would make a R280x 1 million gpu coins.  And sure maybe it can go to .0000020 and
   make it 325,000 gpuc.  But GPUC is not going to .0017, there is simply too many coins being
   produced.
4)The CEO already said first shipment is 80 cards. He will not be getting HUNDREDS of cards,
   that would take a while and depend on the success and increase in price of the coin as well
   as having the volume of buyers to get the best pricing and deal direct with the manufacturer
   will take time.
If you want to get a R280x cheap, then either get mining now and save up your coins, or buy them
at Cryptorush now while there are millions and they are cheap.

[glockjs]

walt or somebody jump on this: https://asktom.cf/index.php?topic=519658.0

vault of satoshi is looking for a new coin to add. would be a good way in the future for people to get there fiat to gpuc to buy from the store.

[tavirosu]

How is this different than mining any other alt coin, trading for BTC and then buying your GPUs from someone such as Tiger Direct?  Last I checked they have RAM, Mother Boards, PSU's, complete rigs.... Etc.

Not being trying to be a "Debbie Downer" here - especially when I am currently mining this coin, but..... am I missing something?

Once the initial sales get's going the company will prob have the majority of coins out there, or if not, still a large portion of them and they could stabilize the market and make it go up little by little. In order for them to make a profit after they accept your coins for their cards, they need to exchange the coins at a much higher rate then the one prior to the trade. Hence why in theory the price will go slowly up and by each sale the possibility of others dumping get's smaller and smaller.

So the difference comes from a more controlled market and not that much flucuation price once the shop get's working.

[luco]

yeah its on http://coinmarketcap.com/

lets see how it goes 

[flaminius]

The only thing that we as miners should be concerning ourselves with is each making our own personal decisions whether or not to mine GPUC, for whatever reasons are relevant to our personal circumstances. How the store owner handles pricing of GPU's, selling of GPUC's earned from sales, and inventory management is quite frankly none of our business and none of our concern... those are all his problems to deal with. As a business owner myself, I completely understand the owner ignoring other people's "suggestions" on how he should run HIS business, no matter how good the people making the suggestions think their ideas are. If your ideas are so good, go into business for yourself and implement your own ideas instead of acting like petulant children and whining about your grand ideas being ignored. As a business owner, of course you want the business to succeed and be profitable, but you also want to run your own business the way YOU want to. This also has the effect of placing 100% of the responsibility for the success or failure of the venture squarely upon the owner's shoulders, which is exactly where it should be. If the owner wanted to run his business by committee, then he'd appoint a board of directors or hire consultants.

That being said, here's my two cents on some of the issues being brought up:

- Pricing in the store will always need to be based upon current (as in, current as of the time of sale, not at this point in time) market prices. Creating an artificial price that is above market price and expecting the market to follow suit is just pure folly.

- GPUC earned by the store should always be immediately sold on market upon each GPU sale. The store cannot quote a price for a GPU based on current market prices, sell said GPU, and expect to be able to sell the GPUC back into the market hours later at the same value. This also means that GPUC gets sold back to the market in a smaller, more steady stream instead of having the store accumulate, for example, and entire day's worth of sales in GPUC and having to dump vast quantities, driving the price down.

- Limiting initial sales to one GPU per customer per day is a good way to let things ramp up slowly and build value. The store is starting out with limited stock, and allowing large orders only invites the possibility of selling out too quickly to be able to restock in a timely fashion. While the few people that were able to afford those large orders may be happy, the store ends up with a much greater number of potential customers who end up pissed off and disappointed because they can't get the GPU that they've been mining/trading/buying GPUC for. It is far better to end up with 80 happy customers that are each able to get 1 GPU than 10 happy customers who were able to get 8 GPUs each and 70 pissed off potential customers that are now more likely to take their money elsewhere. Every business wants to be successful, but it'll have little chance to if it is slammed by too much demand right out of the gate. I would also assume that the store's order for a second, third, fourth, etc. batch of GPUs would be placed part way through the sales of previous batches so as to ensure as consistent of an inventory as possible, and that succeeding orders after the first batch will slowly ramp up in volume, allowing the store owner to eventually remove the one GPU per customer per day restriction. It would be pure stupidity to wait until stock is sold out before ordering more.

- As some people have mentioned but so few seem to understand, GPUC itself is only one part of this whole equation. Right now, GPUC is only just over a week old, is basically just another cryptocurrency, and is being treated as such. The current market price is a reflection of this, as is the low difficulty and low network hash rate. Once the store opens and the other half of the equation is fulfilled, interest in the coin will increase, difficulty and hash rates will increase, and market prices will also increase, because miners will no longer be willing to sell at such low prices.

- PR and marketing is not needed at this time, and would probably be undesirable, for the same basic reasons as limiting initial sales. Right now, people who read these forums and mine GPUC know about it (the store), and even if that is only 100 people, it is a sufficient potential customer base for a startup business with a limited starting inventory. As the first sales are made, news will naturally spread, interest and demand will naturally rise, and the customer base will naturally expand. The only reason I can see to bother spending any time or effort on PR or marketing is if the store finds itself lacking in customers and needs to call attention to itself to attract new customers. Since the store is not yet open, there is nothing to market, and creating too much hype and demand before the store even opens would most likely be detrimental to its success.

- As long as the owner, or CEO, or whatever you want to call him fulfills his end of the bargain (using IPO funds to buy GPUs and sell them through his store), he owes none of us anything and is under no obligation to tell anybody anything about the way he runs his business. If a retail store or new restaurant is opening up down the street, do you go in and demand to know the details of how those businesses are going to be run and how much profit they are making and how they are going to handle their inventory and who their suppliers are and what kind of pricing they get? No. So how is this any different? As potential customers, the only say we have in relation to the business is whether we spend our money there or somewhere else. Wanting a certain degree of transparency is all fine and dandy where publicly traded corporations and government agencies are concerned, but the inner workings of a private business is nobody's business but the owner's.    

- The quantity of coins per block, the block rate, and the halving times do not matter nearly as much interest and demand, and if you doubt that, look at something like Doge as an example... there are currently, on average, 360,000,000 coins per day (average 250,000/block times 60 blocks per hour times 24 hours in a day) being mined and added to the however many billions there are already in circulation, and yet they are worth more than 100 satoshis each. Why? Because there is interest and demand, as evidenced by its very high network hashrate and difficulty to mine. The only reason for GPUC to be so low in value right now is because of lack of interest, and the only reason there is lack of interest is because the store is not yet open.

Okay, maybe that was more like a quarter than two cents... my apologies for the length, but I hope I've made some valid and logical points. I don't speak up often, but when I do, I like to think my ideas are well thought out and reasonable.

[tylerderden]

great points all around man. I think the store will do fine especially considering the first batch will probably take quite a few GPUC's to purchase. Well if the price of the coins goes up when word gets out, they will already be making a nice profit. plus the ipo/premine he started with. He has more going for him than most start-ups. If everybody isn't buying up all the coins you can right now I think you will be sorry later.

[madbit1000]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

Easy solution to this, the CEO should do another offer what ever the price is x 2 coins

[micryon]

- Pricing in the store will always need to be based upon current (as in, current as of the time of sale, not at this point in time) market prices. Creating an artificial price that is above market price and expecting the market to follow suit is just pure folly.

Obviously, unless its for one-off promotional purposes...

[vsniko]

Can anyone tell me why I can`t start the wallet for Win?
https://www.dropbox.com/s/23nztd2yfvy4u1a/error.jpg

I did all as here - http://www.gpucoinforum.com/viewtopic.php?f=22&t=50
No result. Please help the newbie