From 200 Satoshi to 30 Satoshi... in one night are you serious?
IPO holders would not dump their shit?
Market looks quite different...
Do you really still think it's smart to buy IPO and that it is healthy for a market when millions of coins are spread around in the same hour?
This was somewhat expected. Wait a few days to make an analysis. Of course, anyone who's able just to think one meter far would expect, that it is bad for any market to flood it with supply. Well, anyone but these that bought into IPO. |
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From 200 Satoshi to 30 Satoshi... in one night are you serious?
IPO holders would not dump their shit?
Market looks quite different...
Do you really still think it's smart to buy IPO and that it is healthy for a market when millions of coins are spread around in the same hour?
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And when the price is so hight that it would become profitable to mine them for GPU, I could simply cashout and buy a stack of ASICs to mine litecoin or one of the 1000 altcoins, lowering my electricity cost by factor of 10...
Precisely. Ultimately defeating the purpose of GPUCoin. Until ScryptN comes along in ASIC form later this year. Well wait, that would defeat the purpose as well. (see how that works?) I'd wager I'm one of the few here with more than average ScryptN hash ability, and if you do the math like I have, what benefit for me is there to mine GPUC to buy GPUs, when I can get them for 20% below MSRP shipped next day air, with no quantity limits, using BTC? Which is why I said, it would demand GPUC be worth a bunch, far more than the IPO value. I'm not saying it's impossible or won't become that valuable, just throwing out some real-life math for folks who maybe haven't considered it. And if the talk of an IPO regretting refund is referring to me, I have no regrets, just like none of the other refunded former IPO purchasers. i think there were 10 of us. I bailed because I lacked faith in the owner's capability to run a business, nothing more nothing less. Others bailed for various reasons. I only bought IPO to resell it, just like is being done by some others who hold IPO right now. I absolutely love the idea of the business model, but the lacking availability of the cards will do it in. Just a prediction. I still hope it the best, as the owner can attest, I wished him all the best. You actually don't even need scrypt-n ASICs to be profitable, mining Litecoin with enough ASICs can be already profitable enough, since you can have more than 10 times the hashrate/watt (2 gridseed equals roughly one 280x but with less than 30w). Means, that would bring me 50MH now with same powercost. |
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I'm guessing the GPUCoin price will be pretty close to what it costs to mine. If you have to pay more than the graphics card's price you want to buy - in electricity costs - it doesn't make much sense to mine, right?
You bring up a good point about the power costs. Actually, I had totally forgotten about the power cost to be honest. So let's toss out some data. I can personally ScryptN at around 10Mh, and it will use 7,000w/hr. If I mine for 24 hours, that's 168Kwh. If my Kwh cost is 0.11/usd, then my mining cost was around $18.50 for a day. Speculation: Let's say it takes 7 days to mine enough GPUC for a 270 series card. I spent $130 to pay for the electric. How much is GPUC worth at that point? The longer I have to mine for a card, the less perceived market value the coin may have based on electrical costs, because at some point electric will cost more than just buying the card outright. Perspective: I can get MSI R9 270's on Amazon for $150 fiat (last week's order). This would demand GPUC be worth much, much more than it is now. And when the price is so hight that it would become profitable to mine them for GPU, I could simply cashout and buy a stack of ASICs to mine litecoin or one of the 1000 altcoins, lowering my electricity cost by factor of 10... |
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I think the price for GPUC should remain fairly stable, once the store opens up and we have some idea about how many GPUC it will cost to get one GPU. I think the GPUC should be in some way self-correcting because anyone who buys GPUC to get a GPU is going to check it against the value of BTC and their national currency. The volatility might be more connected to BTC volatility than manipulation of the GPUC market.
The only way I see extreme volatility is if there's a lot of dumping all at once or if the GPUC store is the only place where you can find, for example, 290x GPUs.
Honestly, if you believe anyone mines that coin to buy GPUs you are just naive. Who mines it is planning to dump it as soon as the price is profitable enough. Some of the miners bet on people that are expected buy this coin to get GPUs, but really look at it: You get GPUs quicker and cheaper on big markets than here - especially outside of north america. As said before, the whole model is a flaw, and if the creators are aware of the flaw instead of being totally naive, a scam. That's not true though. If I can get a GPU cheaper using GPUC than using $ then I'll use my GPUC for it. There's no reason for me to dump it on an exchange and convert it to $ just to buy a GPU that's more expensive. >implying majority of miners want GPUs Are you really trying to greentext on a forum ? No, I am trying to ask who they think will buy all the GPUs and why the top miners, these with huge rigs (30+ mH on scrypt-n) mining, wouldn't dump them to get BTC instead of actually buying GPUs |
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I think the price for GPUC should remain fairly stable, once the store opens up and we have some idea about how many GPUC it will cost to get one GPU. I think the GPUC should be in some way self-correcting because anyone who buys GPUC to get a GPU is going to check it against the value of BTC and their national currency. The volatility might be more connected to BTC volatility than manipulation of the GPUC market.
The only way I see extreme volatility is if there's a lot of dumping all at once or if the GPUC store is the only place where you can find, for example, 290x GPUs.
Honestly, if you believe anyone mines that coin to buy GPUs you are just naive. Who mines it is planning to dump it as soon as the price is profitable enough. Some of the miners bet on people that are expected buy this coin to get GPUs, but really look at it: You get GPUs quicker and cheaper on big markets than here - especially outside of north america. As said before, the whole model is a flaw, and if the creators are aware of the flaw instead of being totally naive, a scam. You are forgetting one important factor: Good GPUs are freaking HARD to find. And if you find them they are extremely expensive. You might have some inside information or some contact that you can use to get GPUs at a reasonable price, but the average joe doesn't. This gives us one more method to obtain the GPUs we want. IF they have them, you still don't know if that store will work at all and can fill the demand. Also he still has to optain them to the actual market price, without the usual marge of course, but he's already second to last in the chain of guys that gonna earn from the demand. So he has to get them at a much lower price than most of the big fishes to sell them so low. And everyone here is betting on that he can actually make it? That's like betting all savings on the underdog at a race... Furthermore, look at the hashrates, for instance in dedicated pool the no1 has 34,472 kH no1 has 30,154 and so on. That are not potatos that mine there, you need quite fat ass rig to run 30mH on scrypt-n. You really think these do it for cheap GPUs? Seriously... |
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I think the price for GPUC should remain fairly stable, once the store opens up and we have some idea about how many GPUC it will cost to get one GPU. I think the GPUC should be in some way self-correcting because anyone who buys GPUC to get a GPU is going to check it against the value of BTC and their national currency. The volatility might be more connected to BTC volatility than manipulation of the GPUC market.
The only way I see extreme volatility is if there's a lot of dumping all at once or if the GPUC store is the only place where you can find, for example, 290x GPUs.
Honestly, if you believe anyone mines that coin to buy GPUs you are just naive. Who mines it is planning to dump it as soon as the price is profitable enough. Some of the miners bet on people that are expected buy this coin to get GPUs, but really look at it: You get GPUs quicker and cheaper on big markets than here - especially outside of north america. As said before, the whole model is a flaw, and if the creators are aware of the flaw instead of being totally naive, a scam. That's not true though. If I can get a GPU cheaper using GPUC than using $ then I'll use my GPUC for it. There's no reason for me to dump it on an exchange and convert it to $ just to buy a GPU that's more expensive. >implying majority of miners want GPUs |
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I think the price for GPUC should remain fairly stable, once the store opens up and we have some idea about how many GPUC it will cost to get one GPU. I think the GPUC should be in some way self-correcting because anyone who buys GPUC to get a GPU is going to check it against the value of BTC and their national currency. The volatility might be more connected to BTC volatility than manipulation of the GPUC market.
The only way I see extreme volatility is if there's a lot of dumping all at once or if the GPUC store is the only place where you can find, for example, 290x GPUs.
Honestly, if you believe anyone mines that coin to buy GPUs you are just naive. Who mines it is planning to dump it as soon as the price is profitable enough. Some of the miners bet on people that are expected buy this coin to get GPUs, but really look at it: You get GPUs quicker and cheaper on big markets than here - especially outside of north america. As said before, the whole model is a flaw, and if the creators are aware of the flaw instead of being totally naive, a scam. |
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I think this coin still has potential because of the great community and spirit!
At least its good for experiments with coin services and gambling. You can get a load of them easily and wasting them is not much of a loss. if you are a coin dev you might want to use test coins and test network, it's even better they are free  But I can not test it public then |
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If they can sell hardware cheaper than other online stores and still make a profit or even cover the expenses, why are they not doing it on USD already? If they can, why can't someone else and how come there isn't some store selling cheap gpu's and having them in stock all the time? If they can't, well, then there will be no business. It doesn't matter if they sell cheaper or at store price or at a bit over the regular store price. It's still worth it because you will have to exchange one currency for a physical item and not GPU to BTC and then to USD and then purchase. You lose/win on each stage, but mostly you lose. And if the coin is backed by a physical item it gives it a value, so in turn in can drive the exchange rate for BTC and not the other way arround. Overall if they will get the shop online and working then this coin will go a long way! Totally agree, and i have an idea that will put this coin above bitcoin.. But i am not telling it here.. lol.. Above BTC??? You mean a market cap of above 12 billions?? All i can say is that its a possibility, But wont happen instantly. But the value will certainly increase well above litecoins in a very short time. Depends how strong willed the CEO is. I have now sent an email to the CEO, but not divulged any info, yet.. Would you mind sharing your idea with me personaly on PM? We are intending to make some similar model with GDB (Goldbar). LoL next scam wave approaching  |
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If they can sell hardware cheaper than other online stores and still make a profit or even cover the expenses, why are they not doing it on USD already? If they can, why can't someone else and how come there isn't some store selling cheap gpu's and having them in stock all the time? If they can't, well, then there will be no business. It doesn't matter if they sell cheaper or at store price or at a bit over the regular store price. It's still worth it because you will have to exchange one currency for a physical item and not GPU to BTC and then to USD and then purchase. You lose/win on each stage, but mostly you lose. And if the coin is backed by a physical item it gives it a value, so in turn in can drive the exchange rate for BTC and not the other way arround. Overall if they will get the shop online and working then this coin will go a long way! Totally agree, and i have an idea that will put this coin above bitcoin.. But i am not telling it here.. lol.. Above BTC??? You mean a market cap of above 12 billions?? To buy into an IPO coin, one needs that much faith in their dreams  |
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It's a very risky business model. The main person stands to lose a lot of money if things don't go as planed.
You mean the CEO ? For him it's a win-win situation (unless he does some stupid things like fixed rate gpucoin/gpu, he really has nothing to lose) The guy was able to start a small business without any fund or loan thanks to the IPO (and without even giving any shares) I would suggest him to get in touch with alcurex, may-be they could have some idea for designing an API for online payment in gpucoin (or else) All the guy was able to do was scam a few morons. |
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To be honest the cards aren't really that much cheaper. By the time people have waited for their GPUs to arrive from what will be an over subscribed list of people, you could have purchased one possibly slightly more expensive and mined earlier to make up you money lost and more..
So basically this coin is to make the dev's and owner rich and that's it and GREED... Should have sold some shares in the company at least to create some security..
Sorry guys this is my thoughts. But will keep a close eye on it and continue mining for the time being. Really need to see what happens when the store front opens.
Aww.. don't scare them with reason! |
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So you saying only morons mining this? I mean, with this price its not even reaching ROI with powercosts.
Well.. blockchain doesn't lie... at least if it isn't on a fork.. I just remember the sound of "this can not be dumped and is multipool resistant". And now regular miners do just the same as multipools. |
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what the hell miners are doing, selling at price cannot cover electricity cost
I wouldnt be suprised, if the IPO-holders and the premine is already getting dumped. That is not happening, it's all miners dumping. The premine hasn't moved at all yet (check blockchain) So you saying only morons mining this? I mean, with this price its not even reaching ROI with powercosts. |
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what the hell miners are doing, selling at price cannot cover electricity cost
I wouldnt be suprised, if the IPO and the premine is already getting dumped. |
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So the coin has only been truly launched since 6 hours ago and people are already:
-quitting because it's too hard
-bitching about price not good enough
-calling it a scam
?
Come on, seriously....
tell me what is the point to mine a new coin with such high difficulty? Tell me what other coin was already on big exchanges and had a nice price 6 hours after launch? Pandacoin (PND) Pandacoin (Wolong's scam) Credits (2h after launch) Probably more I didnt even notice. |
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Small miners stop mining I think!!! Huge GPUs coin selling lowest price ...30 satoshi/coin and can lower... no way to dig anymore...
cmon. there are no huge and small. there are devs sitting at bambillion of coins trying to dump at least something before ships sunks entirely And at the next IPO-coin all the morons will flood in again, then even defend the "CEO" and his devs, getting scammed and left naked again, like it already happened a thousand times. Stupidity never extincts. Want BTC quick? Just clone a coin with random features, announce them big, premine and sell that shit for "IPO", as soon as the thing starts and people really mine it, go to a market, sell the remains of your premine and gtfo with your BTC from premine and IPO. People are so easy to get scammed. |
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What business you gonna walk into and they pop open their books and give you a tour?
waltsmith
Uhm, any business that wants you as their investor? |
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I think this coin still has potential because of the great community and spirit!
At least its good for experiments with coin services and gambling. You can get a load of them easily and wasting them is not much of a loss. |
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