[GPUC] GPU Coin | Mandatory Wallet Update

[daniel1213]

Interesting coin. Too bad I am new and cannot join.

[wacko]

Thanks for filling us in. This is horrible news to hear, what card did you buy and for how much GPUC?

280x, don't remember the exact price, something around 5-7 mil iirc.

[vesperwillow]

You could contact hendr1x and see if he will pass you Jaymes' phone number, and call him to see what's up.

[sonysasankan]

Elvis has left the building. Fade in Background score. End credits rolling 

[vesperwillow]

While this is purely speculative, it is possible he never intended the business to succeed at all, or more likely, set the business up for him to profit even if it failed. Examine these elements and decide for yourself:

The overall view:

1. Register an LLC, which is 1 sheet of paper sent in the mail, doesn't require insurance or anything professional. This makes it seem safe.
2. Declare you're making a business-based coin
3. The business model: The coin will be used for a high value product
4. Ways to get coin: Buy, Mine or provide BTC for IPO
5. IPO solely for exchange of certain amount of coin, and small overhead (website, etc)
6. Ignore lots of great business advice; explain how you'll make profit regardless of value of coin
7. Emphasize you need more and more BTC for the IPO to stabilize matters
8. Get things running
9. Ship product, people are happy

Seems legit, afterall:

** If business goes well, he makes money, and everyone is happy **

However, if it doesn't go well:

1. If it tanks (due to lack of interest, market shift, BTC drop, or the owner disappearing magically, etc), he still legally owns the stock and the BTC
2. Not liable to provide refunds beyond the IPO phase
3. Can dissolve the LLC and walk away with the 'free' loan of BTC / USD / Equipment

The community is left holding empty bags, essentially through a legal scam. You'd have to prove his intent was nefarious for it to be illegal.

Again, all speculative, but the pieces are there. Nowhere that I can recall did he say he would provide refunds to the IPOs or offer the community the chance to get dirt cheap equipment, in the event he tanks.

What does everyone think?

[kcheel]

I would be more inclined to believe that scenario if I had not gotten my last order (placed on 11th, received on 16th).  I didn't received a order confirmation or shipping confirmation either, so will admit I was little concerned until it showed up.  Hearing there are people who ordered around same time who have not gotten anything though, does make me believe your scenario might be a possibility.

[vesperwillow]

It's actually beneficial for him to keep milking the cow while it slowly dies, IE, sending out products. This keeps diggers away from the truth, and potentially extends the length of the run into another bulk wholesale purchase of equipment. Whether it succeeds, or tanks tomorrow or tanks 3 months from now, he'll make off well.

Unless it tanks at a point where he has no stock, and in fact has absolutely nothing profitable from the venture. Because he's an LLC he's not required to provide any financial documents publically unless subpeaoned to do so in a court.

Glad to hear you got your product. The idea just came to mind when I was thinking about the situation.

[kcheel]

Even if he is not bailing on the business, I agree with you that he has handled it terribly.  His lack of communication here and on the official forums has doomed this coin from the start.  Sucks as I believed it was a good idea and even invested in the IPO. 

[MsCollec]

Any news from the GPUcoin camp apart from bad news 

[blueangel01]

Any news from the GPUcoin camp apart from bad news 

They jump ship already.

[DougB62]

Any news from the GPUcoin camp apart from bad news 

They jump ship already.

Meh... just hoping it gets back to at least 5 sat. Looks like it's time to bail at the first less-than-incredibly-lousy opportunity.

So incredibly sad... 

[jimlite]

I managed to get the new wallet code to Bittrex.
I hope some devs or CEO will make announcements here soon,
because if not coin will be dead. Some consider it dead now,
but it is not since still 50mh on the net.

[DougB62]

I managed to get the new wallet code to Bittrex.
I hope some devs or CEO will make announcements here soon,
because if not coin will be dead. Some consider it dead now,
but it is not since still 50mh on the net.

Yeah... diff is reasonable now too. I scored three blocks yesterday in about four hours, solo mining with 350 kh/s.

[huhliki.k]

Coin Revival Foundation:
https://asktom.cf/index.php?topic=576714.0

[waltsmith]

Coin Revival Foundation:
https://asktom.cf/index.php?topic=576714.0

Interesting, hopefully a bit premature tho.

waltsmith

[Jonesd]

Coin Revival Foundation:
https://asktom.cf/index.php?topic=576714.0

Thanks for spreading the word

[scorpio18]

GPU Coin P2Pool
Wallet update GPUCoin 0.8.7.2

address: stratum+tcp://international.servehttp.com:9404
Username: your GPUCoin address
Passoword:  Does not matter, anything!

Status p2pool:
http://international.servehttp.com:9404/static/

Recommended Settings:

cgminer -o stratum+tcp://international.servehttp.com:9404 -u YourSpaincoinAddress -p x --expiry 1 --scan-time 1 --queue 0
P2Pool shares expire within 10 seconds, this is why you see "stratum requesting work restart" so often

To reduce stales, reduce your intensity. The payouts are higher when keeping intensity below 18 due to more accepted shares.

Manual Share Difficulty


Reccomended Share Difficulty
1 +0.00000116

5 +0.00000582

10 +0.00001164

50 +0.00005821

100 +0.00011641

250 +0.00029103

500 +0.00058207

750 +0.00087310

1000 +0.00116414

Add this number to the end of your username (wallet address)

Example: WalletAddress+0.00116414

[hendr1x]

Hello everyone,
First off I just wanted to make clear that I didn't jump ship.  I have about 4 btc in this project, 80+ hours and the ongoing costs of running the servers.  My reputation is extremely important to me and I want to keep it in good standing.

I will make sure I respond to any emails/PMs sent to me and help with anything I can.  Unfortunately I do not control anything in regards to the actual operation of the store.  I simply built and maintain the website.  All orders and emails go directly to Jaymes.  All payments go directly to a wallet that Jaymes controls.  His primary email is [email protected] and [email protected].  I remember he had a gmail account laying around if anyone still has it.  I recommend emailing him directly about these issues. 

[jimlite]

Hello everyone,
First off I just wanted to make clear that I didn't jump ship.  I have about 4 btc in this project, 80+ hours and the ongoing costs of running the servers.  My reputation is extremely important to me and I want to keep it in good standing.

I will make sure I respond to any emails/PMs sent to me and help with anything I can.  Unfortunately I do not control anything in regards to the actual operation of the store.  I simply built and maintain the website.  All orders and emails go directly to Jaymes.  All payments go directly to a wallet that Jaymes controls.  His primary email is [email protected] and [email protected].  I remember he had a gmail account laying around if anyone still has it.  I recommend emailing him directly about these issues. 

Can you fill us in on whether he is :
1)Still shipping gpus
2)Supporting the coin and contacting Micryon and you
3)Alive?
Thanks

[hendr1x]

1) Sorry, I don't know.
2) Last I heard from him was last Sunday (4/13) when he asked about some details on an order
3) Sorry, I don't know.