[GPUC] GPU Coin | Mandatory Wallet Update

[blueangel01]

It would have been better if this is just a store that sells GPU for BTC/LTC.

But... even though it is, he could still runaway with the money.

[djm34]

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.

You must be related to Madoff somehow  
And how do you buy that much cards... you don't need an economist, you need a billionaire ready to lose lots of money.
(and actually, nobody will sell you gpu if you resell them too low... you will just get banned at some point, there is an mrsp, if you sell too low you won't get anything at all... canon for example is about to enforce mrsp on their cameras)

[general_heat]

Why is Polonix have a 'GPUC Frozen' tag ?

[sonysasankan]

Why is Polonix have a 'GPUC Frozen' tag ?

Maybe they're getting rid of it.... or maybe giving it the LTC treatment

[jimlite]

NO. Poloniex was hacked a few days ago and froze a lot of wallets.

[micryon]

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 think vesperwillow is a smart investor.. he saw the badness coming and withdrew..  At the same time he's stuck around more so than Jaymes even.. and has contributed to the community.  So to me.. he's just a smart guy that was into the concept of GPUC, wanted to support it, but didn't believe in the execution... which ended up to be the right call..

[ny2cafuse]

I think vesperwillow is a smart investor.. he saw the badness coming and withdrew..  At the same time he's stuck around more so than Jaymes even.. and has contributed to the community.  So to me.. he's just a smart guy that was into the concept of GPUC, wanted to support it, but didn't believe in the execution... which ended up to be the right call..

I've known Vesper for a while now, and I talk with him in chat daily.  If he says something, listen.  Dude is right about things like 90% of the time.  The other 10% of the time he's listening to my hair-brained ideas and theories.

Seriously though, follow his advice if you can... he won't steer you wrong.

-Fuse

[busoni]

NO. Poloniex was hacked a few days ago and froze a lot of wallets.

Now now -- Poloniex repelled a hack attempt and froze a lot of wallets.

Is there a new thread? I vaguely recall the coin had been taken over and the current source is on a different git repository than the one in the ANN post.

[chiguireitor]

You must be related to Madoff somehow  

Lol! Didn't know about that guy!

And how do you buy that much cards... you don't need an economist, you need a billionaire ready to lose lots of money.

Not a billionare, but if you want to create a business, you must risk something... These guys risked nothing and lost it all, an idea like that one backed by a good dough of money (say, 300-400 R9 290x) would have been able to maintain floating the coin.

(and actually, nobody will sell you gpu if you resell them too low... you will just get banned at some point, there is an mrsp, if you sell too low you won't get anything at all... canon for example is about to enforce mrsp on their cameras)

mrsp isn't mandatory in some goods. Also, having the supposedly low prices would have created lots of hoarders selling at high prices all their coveted GPUC. Too bad, really...

[micryon]

Not a billionare, but if you want to create a business, you must risk something... These guys risked nothing and lost it all, an idea like that one backed by a good dough of money (say, 300-400 R9 290x) would have been able to maintain floating the coin.

Naw you don't have to risk your own money to make billions.. Look at oculus .. funded through kickstarter pledges.. got some VC money.. then bam.. 2 billion..

All you need to risk is your time.  But time is money.  And people did burn time on this.  

[hendr1x]

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

Yep.  Still around, trying to keep up to date on this thread every day or so.  Interesting that we were voted for the revival project. I would guess if everyone emailed Jaymes, he would send his entire stash of gpucoin to someone.  Not sure exactly what we would do with it but we could use it for marketing.  I assume he has a ton.

[polarpanda]

micryon thanks for sticking along...hoping you will stay for longer time.

I'm still around

James started this coin with a good motive but I feel as he didnt fix number of GPU coins required per GPU so the coin had no backing to maintain its value.

I think you hit the nail on the head here... the problem is , it's a huge risk, esp with the PoW generating more coins.  I think that could work for a PoS-only coin.  Good news is while trying to help the AC project i've started working on the PoS code base...

I would still suggest that the GPUCoin price of any item in the store should be set by selling that amount of GPUCoins _before_ completing the GPUcoins for hardware transaction.
This way the store keeper will always have funds to restock the store and the prices for items sold are real.

[chiguireitor]

Not a billionare, but if you want to create a business, you must risk something... These guys risked nothing and lost it all, an idea like that one backed by a good dough of money (say, 300-400 R9 290x) would have been able to maintain floating the coin.

Naw you don't have to risk your own money to make billions.. Look at oculus .. funded through kickstarter pledges.. got some VC money.. then bam.. 2 billion..

All you need to risk is your time.  But time is money.  And people did burn time on this.  

Exactly... that's why i said "risk something".... the store seemed half assed to me, and they didn't study correctly the market and put bid pressure. That was a death sentence to the coin.

[vesperwillow]

Coin isn't dead. The death of the project was its owner up and disappearing, and then failing to ship products or return email. He either was running a scam the whole time, or doesn't have the maturity/mental capability to face up to the issues and handle them. Life issues arise, which is why you delegate responsibilities, even if you're a sole proprietor you pass it off to someone if you really want to see it succeed.

Consider this: The IPO people basically gave him what, 40 or 70 GPU's. How many were verified as being sold and shipped? Less than 10? How much of this was out of his pocket? $0.

He's claiming losses on his end, and I'm sure it's true he spent some of his own money.. but the reality is that by not being the majority risk holder, he had no pressure to really make the deal work.

[so142001]

Hacked again? :/

NO. Poloniex was hacked a few days ago and froze a lot of wallets.

[Forexperiments]

Hacked again? :/

Hacked but no damage was done
For safety they changed most wallet addresses

[waltsmith]

I can say one ting for sure about the last few pages in this thread. The discussion has really started to turn towards what it needs to be. How to do something with our coin. Personally, I got a 280x and 3 340's out of this coin so, even if that's it, it wasn't a total loss.

waltsmith

[jollyriffic]

any of the winners from the "win a video card" thing https://asktom.cf/index.php?topic=550206
get their cards yet?
been a week and i've not received anything yet.

or maybe a better question, those that bought cards, how long till you got it from date of purchase?

[general_heat]

Hi guys,
Now that Poloniex has frozen its wallet(I guess they forgot to update the wallet..as who will steal the GPU coins )
We are left with no tier 1 exchange trading gpucoin. Maybe the revival guys should focus on this.
As if the money comes to the coin the coin will be revived quite fast.
I suggest go for less ambitious exchanges like coinedup...than mintpal

BR
General

[kahir]

isn't cryptowest is one of the coin team .... i would vote for him being the new CEO ... that guy is really trusty