[GPUC] GPU Coin | Mandatory Wallet Update

[djm34]

2. Create new github source that can be updated to be ad up-to-date as possible
3. Release new wallets.

Well as the coin dev.. I'm still around, and have been updating the code with all necessary patches, security or otherwise.. Of course if you guys have some new contributions would always love to have it...

Basically the economy behind the currency failed. You can not fix an economy with software updates, man. Updating wallets and bitcointalk threads wont result in a flow of GPUs to buy with GPUcoins. If you are not going to revive the store (by either investing your own money, IPO or liquid magic) you might aswell just leave this coin to die and focus your efforts somewhere where you can make a difference.

GPUCoin is in a weird situation, not like other coins.. precisely why it interested many of us.. for these other coins, it's 100% about promotion, and generally some statement about using the coin for something or other...

GPUC was something that actually had a business model associated with it.  It's too bad that part of it failed.

I wouldn't count the front-end out though.. hendr1x still around i think..

The bigger problem is that there's no strategy or new business plan.. there's no angle right now for this coin.

So agree I'm not sure how the revive guys can do much with it...

Don't forget to mention that the original owner of the coin must still have some 100's of millions (+ those he got from the GPU sells).
GPUC is just a big time bomb if it gets revived...
I mean you want to work against other scam coins... you should state that clearly before anyone else put some effort in it.

[indijim]

GPU Coin LLC now has no money and owes the bank $1500(should have never signed up for the business credit card).  I originally bought the R9 280X cards for $472 each from a distributor since they were the only people who had any stock of any graphics cards, most likely due to their over inflated prices.  The 270 and 240 were also bought at slightly above market value at the time.  Shipping charges (including materials) averaged $27 for each item sent due to many international orders.  I was selling at a loss thinking that the pre-mined GPUC and the inherent quality that most crypto coins are deflationary would make losses much smaller or negate them entirely.  Then all the gpu prices across the web came crashing down and BTC dropped down real low effectively snubbing the market.  The 8 way splitter I hired a company through e-lance to create cost me $4500 and it still has another 2 months of development before the milestone for delivery is completed.  There were also various lawyer fees and legal documents I had to pay for just to set up the business end.  The grand sum of the endeavour that I now have the 2 R9 270s and 20 R7 240 cards that I saved for the signature contest which I still need to front money to ship and now hundreds of millions of GPUC that there is no way of cashing to buy more stock.  My private mining rigs have been churning away at other coins and dumping BTC to the Mintpal vote in hopes that this business venture could be saved, but with a lack of funds and essentially no stock, there seems like nothing I can think of to bolster this coin.

If there is anyone in the community that can think of anything that may help this coin, please come forth and share.  I currently work two full time jobs to cover my sisters rent and my own so she doesn't have to worry about any more shootings, so my free time is limited, but PM me and I'll try my best to fix this situation.

Wow, that sucks. I was hoping this coin made it big.

[indijim]

GPU Coin LLC now has no money and owes the bank $1500(should have never signed up for the business credit card).  I originally bought the R9 280X cards for $472 each from a distributor since they were the only people who had any stock of any graphics cards, most likely due to their over inflated prices.  The 270 and 240 were also bought at slightly above market value at the time.  Shipping charges (including materials) averaged $27 for each item sent due to many international orders.  I was selling at a loss thinking that the pre-mined GPUC and the inherent quality that most crypto coins are deflationary would make losses much smaller or negate them entirely.  Then all the gpu prices across the web came crashing down and BTC dropped down real low effectively snubbing the market.  The 8 way splitter I hired a company through e-lance to create cost me $4500 and it still has another 2 months of development before the milestone for delivery is completed.  There were also various lawyer fees and legal documents I had to pay for just to set up the business end.  The grand sum of the endeavour that I now have the 2 R9 270s and 20 R7 240 cards that I saved for the signature contest which I still need to front money to ship and now hundreds of millions of GPUC that there is no way of cashing to buy more stock.  My private mining rigs have been churning away at other coins and dumping BTC to the Mintpal vote in hopes that this business venture could be saved, but with a lack of funds and essentially no stock, there seems like nothing I can think of to bolster this coin.

If there is anyone in the community that can think of anything that may help this coin, please come forth and share.  I currently work two full time jobs to cover my sisters rent and my own so she doesn't have to worry about any more shootings, so my free time is limited, but PM me and I'll try my best to fix this situation.

So is the owner now saying that he lied to us about being able to get wholesale GPUs?

I think he is just scamming.  Either way he is lying.

How much did he get during the IPO?

[bananahunter67]

Basically the economy behind the currency failed. You can not fix an economy with software updates, man. Updating wallets and bitcointalk threads wont result in a flow of GPUs to buy with GPUcoins. If you are not going to revive the store (by either investing your own money, IPO or liquid magic) you might aswell just leave this coin to die and focus your efforts somewhere where you can make a difference.

+1.

The coin is alive as a coin. The problem is the business behind it. If the business can not be rebirth the coin will not revive. The only way is a new IPO, however I doubt people will trust again and invest.

[djm34]

Basically the economy behind the currency failed. You can not fix an economy with software updates, man. Updating wallets and bitcointalk threads wont result in a flow of GPUs to buy with GPUcoins. If you are not going to revive the store (by either investing your own money, IPO or liquid magic) you might aswell just leave this coin to die and focus your efforts somewhere where you can make a difference.

+1.

The coin is alive as a coin. The problem is the business behind it. If the business can not be rebirth the coin will not revive. The only way is a new IPO, however I doubt people will trust again and invest.

A new IPO would make it a ponzi scheme (since you need to inject new money to pay the previous IPOer). It would be a schoolbook ponzi scheme

[bananahunter67]

And I doubt this was a planned scam and Jaymes is a lier or scammer in the tight meaning of these words. As far as I came into contact with him my impression is that he is a really honest person, but is extremely incompetent in business, arrogant, not listening to advises, and which is worst, refusing to see and accept his own errors, take notes of them and appologize for them.

[bananahunter67]

Basically the economy behind the currency failed. You can not fix an economy with software updates, man. Updating wallets and bitcointalk threads wont result in a flow of GPUs to buy with GPUcoins. If you are not going to revive the store (by either investing your own money, IPO or liquid magic) you might aswell just leave this coin to die and focus your efforts somewhere where you can make a difference.

+1.

The coin is alive as a coin. The problem is the business behind it. If the business can not be rebirth the coin will not revive. The only way is a new IPO, however I doubt people will trust again and invest.

A new IPO would make it a ponzi scheme (since you need to inject new money to pay the previous IPOer). It would be a schoolbook ponzi scheme

Of course. And as I said I doubt the IPO will succeed.

IMO if there are people willing to revive the coin and idea nehind it, (I see nice tech support in the face of micryon and ambitious and serious people like vesperwillow and waltsmith), if they or anyone is willing not to give up the whole story I am sure they will fail if they try to revive this coin, better then need to start from the begining. Who has better chances to bring nice reputation: a brand new company or let's say MtGOX? Think about it. This coin failed form the begining as there were 4 failed launches and even before it went live more than 50% of the initially excited followers left the thread and were not interested at all even after the shop opened. Vesperwillow was an IPO investor, but he made a very wise decision by withdrawing his shares and stating that he said that he had lost faith in the CEOs abilities to run further the business and he was right and I am sorry I didn't made the same in the begining. And no, versperwillow is not trolling the thread as someone stated as he is very negative to Jaymes, however, in the same time he is 100% neutral, not biased and right in his statements as he was protecting Jaymes as regard to the statement that he is not a scammer and he may be sued for not dislosing business information to IPO holders, which is also true.

But anyway. As I said my opinion is that in order this coin/business/idea to survive all needs to start clear from the begining with new coin and new business. Apart from the ruined reputation I will repeat again that Jaymes is holding maybe 50% of the coins in circulation and leaving them in his hands and revining the coin without him is even not an option to consider therefore.

Also here is the moment to ask the question how is this idea still applicable in the reality and was the idea to blame for the failure as well apart from Jaymes and me. To be more strict, the time of the implementation of the idea. As lots of people stated and I share their opinion that if this coin and business were running just 6 months in the past they would have been running really hot. However, currently, the GPU demand is going lower and lower and the GPU mining is decreasing its volume. At least for now. Until ASICs for scrypt arrive and the X11 coins explode in difficulty, demand and price as LTC did last year as opposed to BTC. Maybe it is wise to consider all that points and judge out the final plan for what, when and if to sell - ASICs, risers, GPUs, etc...

[vesperwillow]

Imo, jumping on R9 280x was one of the first mistakes in this coin.
If you open up a car shop, you dont start selling Feraris and Mazerratis right away, you start with the cheap crap and expand from there.
Now, if only those werent IPO money... perhaps then the creator of the coin wouldnt have been so quick to jump on the expensive stuff...

Jaymes held votes to determine what the customer base wanted to purchase from the store, and stocked the store accordingly. He didn't just arbitrarily chose cards which were too expensive.

[cnerd]

Jaymes held votes to determine what the customer base wanted to purchase from the store, and stocked the store accordingly. He didn't just arbitrarily chose cards which were too expensive.

But then again, unless you are China, mixing economic models is a no go.
If Jaymes wanted a democracy, he should have made a real IPO, where shareholders get a % of the profit and a % of the votes. 

[djm34]

Basically the economy behind the currency failed. You can not fix an economy with software updates, man. Updating wallets and bitcointalk threads wont result in a flow of GPUs to buy with GPUcoins. If you are not going to revive the store (by either investing your own money, IPO or liquid magic) you might aswell just leave this coin to die and focus your efforts somewhere where you can make a difference.

+1.

The coin is alive as a coin. The problem is the business behind it. If the business can not be rebirth the coin will not revive. The only way is a new IPO, however I doubt people will trust again and invest.

A new IPO would make it a ponzi scheme (since you need to inject new money to pay the previous IPOer). It would be a schoolbook ponzi scheme

Of course. And as I said I doubt the IPO will succeed.

IMO if there are people willing to revive the coin and idea nehind it, (I see nice tech support in the face of micryon and ambitious and serious people like vesperwillow and waltsmith), if they or anyone is willing not to give up the whole story I am sure they will fail if they try to revive this coin, better then need to start from the begining. Who has better chances to bring nice reputation: a brand new company or let's say MtGOX? Think about it. This coin failed form the begining as there were 4 failed launches and even before it went live more than 50% of the initially excited followers left the thread and were not interested at all even after the shop opened. Vesperwillow was an IPO investor, but he made a very wise decision by withdrawing his shares and stating that he said that he had lost faith in the CEOs abilities to run further the business and he was right and I am sorry I didn't made the same in the begining. And no, versperwillow is not trolling the thread as someone stated as he is very negative to Jaymes, however, in the same time he is 100% neutral, not biased and right in his statements as he was protecting Jaymes as regard to the statement that he is not a scammer and he may be sued for not dislosing business information to IPO holders, which is also true.

But anyway. As I said my opinion is that in order this coin/business/idea to survive all needs to start clear from the begining with new coin and new business. Apart from the ruined reputation I will repeat again that Jaymes is holding maybe 50% of the coins in circulation and leaving them in his hands and revining the coin without him is even not an option to consider therefore.

Also here is the moment to ask the question how is this idea still applicable in the reality and was the idea to blame for the failure as well apart from Jaymes and me. To be more strict, the time of the implementation of the idea. As lots of people stated and I share their opinion that if this coin and business were running just 6 months in the past they would have been running really hot. However, currently, the GPU demand is going lower and lower and the GPU mining is decreasing its volume. At least for now. Until ASICs for scrypt arrive and the X11 coins explode in difficulty, demand and price as LTC did last year as opposed to BTC. Maybe it is wise to consider all that points and judge out the final plan for what, when and if to sell - ASICs, risers, GPUs, etc...

For me the business model, in the way it has been implemented, is just not sustainable, because crypto market is too volatile.
This would have to be entirely rethought, gpuc should just be an incentive to buy stuff (eg: an extra discount) over something you pay in "real" money (fiat or btc). Otherwise the store just end up without any cash (like it did... )

Stockpiling GPU and selling all of them at once (or over a small period) was a very bad idea:
* It costs too much to the shop at once
* It needs to sell all its stock before being able to buy new merchandises (and since it also depends on selling gpuc... it is even worst,
I had predicted that in a post many many pages away... )
* It can't operate smoothly all year long since it needs to replenish its stock... meaning the store is just closed to business most of the time

I don't think a small business could do it because it doesn't generate enough cash flow (and a small doesn't have enough cash to keep up) to keep the business afloat. Amazon could (may-be, it isn't even sure) do something like that (they can get cheap products, they have enough money to react to problem... provided a benefit can be made at some point)

The consumer target (?) was not well defined. I mean only big farm (coin dumper) could get the coin, however those who were really interested in getting GPU and using that system were small miner who can't get enough gpuc to buy anything. (It is a comment I already made several time, which just usually gets ignored... so it will certainly be ignored once more  )
I must admit I didn't like at all micryon approaches of the coin which was against small miner from the start and which leitmotiv was only "protect the IPO holders"... I think, ignoring (small) miner is a pretty shitty way to design a coin (especially when you want to sell gpu).
 
Last point, I don't think versperwillow is unbiaised (or like foxnews  ) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.

Now, I must admit I never understood why the forum crowd was so much against the ceo. Sure he is not a big communicator, but micryon was present, Hendr1x and some others too... But even then it was never enough to satisfy everybody.
Seriously, when you buy stuff on Amazon, you don't try to contact Amazon CEO and make a scene because it doesn't answer (or try to propose idea to Amazon CEO...) You buy your stuff and that's it. Why it should be different here ?

[djm34]

Jaymes held votes to determine what the customer base wanted to purchase from the store, and stocked the store accordingly. He didn't just arbitrarily chose cards which were too expensive.

But then again, unless you are China, mixing economic models is a no go.
If Jaymes wanted a democracy, he should have made a real IPO, where shareholders get a % of the profit and a % of the votes.  

It is a small business, not a major corporation... he wanted investors (well... donators) not business partner... (and the deal was pretty clear from the start... only some IPOer didn't understand it and thought they were business partner and had a say in the business decision)

[cnerd]

It is a small business, not a major corporation... he wanted investors (well... donators) not business partner... (and the deal was pretty clear from the start... only some IPOer didn't understand it and thought they were business partner and had a say in the business decision)

How is that an argument at all? Who does not want money? And who wants to split the profits of his business?

[djm34]

It is a small business, not a major corporation... he wanted investors (well... donators) not business partner... (and the deal was pretty clear from the start... only some IPOer didn't understand it and thought they were business partner and had a say in the business decision)

How is that an argument at all? Who does not want money? And who wants to split the profits of his business?

Try to go to your neighbourhood grocery store and propose the manager/owner money in exchange of partnership and you'll see what I mean...
You ignore the fact that some people still wants to own their business (meaning he never wanted a democracy...  )

[vesperwillow]

Last point, I don't think versperwillow is unbiaised (or like foxnews  ) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.

I have nothing to gain or lose from any of it. I pulled out of the coin entirely before it launched. What bias would I have? My opinion of his mismanagement hasn't changed, nor has my support or advice to those trying to make something of it.

I offered to help him if he wanted it--I didn't want to be a business partner, I just wanted to see the idea take off. I asked for no additional benefit for my help, I was going to provide services and support out of my own pocket just to see the coin take off.

I also offered more than just a farm. Everyone here complained about his lack of presence, the lack of products shipping (which still haven't shipped for some customers), nobody helping them out, nobody talking on the forum in an official manner, etc. I had offered to be that guy. Jaymes refused to talk to me. I don't hold a grudge against that because I had nothing to gain anyhow.

And when you have a business coin, you want to ensure no forks occur and that transactions are always being processed, regardless of anyone else mining the coin. This is why you have a dedicated mining network. Other business related coins have them. He didn't see the benefit.

And here we are today.

Now, I must admit I never understood why the forum crowd was so much against the ceo. Sure he is not a big communicator, but micryon was present, Hendr1x and some others too... But even then it was never enough to satisfy everybody.
Seriously, when you buy stuff on Amazon, you don't try to contact Amazon CEO and make a scene because it doesn't answer (or try to propose idea to Amazon CEO...) You buy your stuff and that's it. Why it should be different here ?

The coders were present always, but that doesn't help with the frontend issues which Jaymes held sole control over. He should've had someone helping him.

[djm34]

Last point, I don't think versperwillow is unbiaised (or like foxnews  ) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.

I have nothing to gain or lose from any of it. I pulled out of the coin entirely before it launched. What bias would I have? My opinion of his mismanagement hasn't changed, nor has my support or advice to those trying to make something of it.

I offered to help him if he wanted it--I didn't want to be a business partner, I just wanted to see the idea take off. I asked for no additional benefit for my help, I was going to provide services and support out of my own pocket just to see the coin take off.

I also offered more than just a farm. Everyone here complained about his lack of presence, the lack of products shipping (which still haven't shipped for some customers), nobody helping them out, nobody talking on the forum in an official manner, etc. I had offered to be that guy. Jaymes refused to talk to me. I don't hold a grudge against that because I had nothing to gain anyhow.

And when you have a business coin, you want to ensure no forks occur and that transactions are always being processed, regardless of anyone else mining the coin. This is why you have a dedicated mining network. Other business related coins have them. He didn't see the benefit.

And here we are today.

Now, I must admit I never understood why the forum crowd was so much against the ceo. Sure he is not a big communicator, but micryon was present, Hendr1x and some others too... But even then it was never enough to satisfy everybody.
Seriously, when you buy stuff on Amazon, you don't try to contact Amazon CEO and make a scene because it doesn't answer (or try to propose idea to Amazon CEO...) You buy your stuff and that's it. Why it should be different here ?

The coders were present always, but that doesn't help with the frontend issues which Jaymes held sole control over. He should've had someone helping him.

May-be you are just living to close to him (dealing with someone on internet and in real life is totally different...)
Ok if he didn't send the product to everybody yet, this is clearly unacceptable.
Regarding someone to help him with the frontend, it is always the same problem, it means he would have had to spend more money to hire someone (this would have required the store to be already profitable).
Actually hiring someone would certainly have been more useful than spending 5000$ on having a company working on new splitter design... (the business was too young for that, as it wasn't its main goal)

edit: obviously I assume what he said is true...

[vesperwillow]

May-be you are just living to close to him (dealing with someone on internet and in real life is totally different...)
Ok if he didn't send the product to everybody yet, this is clearly unacceptable.
Regarding someone to help him with the frontend, it is always the same problem, it means he would have had to spend more money to hire someone (this would have required the store to be already profitable).
Actually hiring someone would certainly have been more useful than spending 5000$ on having a company working on new splitter design... (the business was too young for that, as it wasn't its main goal)

edit: obviously I assume what he said is true...

There are a couple of folks who verified that weeks after paying, they never received a product, and he refused to respond to their inquiries. I'm not sure if it's changed in the past week, but that's status as of back then.

He wouldn't have had to spend money with someone volunteering to help, and I totally agree he blew money on some odd splitting thing. Products already exist, why was he spending thousands of dollars to polish a wheel? Makes no sense.

[jollyriffic]

with my idea, there doesn't need to be anyone backing the store, no ipo, no other crap. everything is in place.. the people that would stock the store are miners!
we've got a ground breaking ability here to rock the world of crypto with the right advertising.

here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.

Hendrix already had an escrow, store, and method to charge based on the current market value.
if he would set the market value to the average over the past month, switch to accepting a few coins, and then also sell gpuc directly from said store, we could have a sort of amazon.com site.

would be a good deal of work on his end, but why not?
it has the potential to be as big as amazon. i'd say even go full on copy and paste of how amazon looks and feels.
this way people are already used to the layout.

the sellers could post their coins directly in que to be sold from the site itself, or opt to cash out to their wallet.
why are we waiting for some huge corporation to adapt when we can do it ourselves.
the store doesn't have to be called gpucoinstore.

pretty sure i've said this all before in this thread. while it would be nice for someone else to get the heart beating on gpuc, what's stopping those involved already to get cracking on this?

i haven't had anyone respond to my idea, am i brain damaged and just don't see a flaw?
if he is still holding a boat load of coins, what does it matter? spite?
i personally sunk all my money into gpuc, so i would like to get this coin up off the ground.

[chiguireitor]

The main problem i see with the store is that they sell the cards at GPUC BID price.... Creating pressure on the bid side always lowers the value of a coin, to a point where the coin reaches 1 SAT with no buyers (basic economics) due to market saturation, because they had no strong backing of fiat and they had the pressure to exchange their GPUC to buy cards.

The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.

These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.

[vesperwillow]

with my idea, there doesn't need to be anyone backing the store, no ipo, no other crap. everything is in place.. the people that would stock the store are miners!
we've got a ground breaking ability here to rock the world of crypto with the right advertising.

here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.

The points of your idea were brought up in general by several people throughout the life of this thread, and it never gained support. My thought is: Why use GPUC and not Bitcoin or another firmly established coin?

The main problem i see with the store is that they sell the cards at GPUC BID price.... Creating pressure on the bid side always lowers the value of a coin, to a point where the coin reaches 1 SAT with no buyers (basic economics) due to market saturation, because they had no strong backing of fiat and they had the pressure to exchange their GPUC to buy cards.

The only solution, and i tought this was their initial idea, is to have a HUGE inventory and sell the cards at a loss for some time at the target GPUC price, e.g. if i want the coin to reach 0.05 BTC i should sell 1 R9 290 close to 21 GPUC and wait for the GPUC price to catch up with the price target, creating buy pressure on the OFFER side by scarcity.

These guys should contract an economist to help them on that, they're clueless and are doing it wrong. Too bad, this coin promised a lot.

Before the store was designed, I gave them this same general speech and provided them with a basic equation and a couple of variations on how to work the price calculation. Many of us brought this up.

Best of luck to you guys wanting to make something of this.

[djm34]

with my idea, there doesn't need to be anyone backing the store, no ipo, no other crap. everything is in place.. the people that would stock the store are miners!
we've got a ground breaking ability here to rock the world of crypto with the right advertising.

here is what i've said a few times now. take it, chew it up, swish it around in your mouth, and add or subtract to it.

Hendrix already had an escrow, store, and method to charge based on the current market value.
if he would set the market value to the average over the past month, switch to accepting a few coins, and then also sell gpuc directly from said store, we could have a sort of amazon.com site.

would be a good deal of work on his end, but why not?
it has the potential to be as big as amazon. i'd say even go full on copy and paste of how amazon looks and feels.
this way people are already used to the layout.

the sellers could post their coins directly in que to be sold from the site itself, or opt to cash out to their wallet.
why are we waiting for some huge corporation to adapt when we can do it ourselves.
the store doesn't have to be called gpucoinstore.

pretty sure i've said this all before in this thread. while it would be nice for someone else to get the heart beating on gpuc, what's stopping those involved already to get cracking on this?

i haven't had anyone respond to my idea, am i brain damaged and just don't see a flaw?
if he is still holding a boat load of coins, what does it matter? spite?
i personally sunk all my money into gpuc, so i would like to get this coin up off the ground.

Your idea is good if your pocket is as deep as the one of Amazon...
Unless you have some of the stolen MtGox BTC, it isn't achievable.  
(best thing actually would be to make a deal with amazon, not to compete with them)