Again I would like to apologize for this seeming like I'm randomly dropping this out of thin air. I have had morality yanking on one arm and legality yanking on the other for the last 2-3 months. This is not a new development, it is just becoming a finalized one though.
Does Grnbrg know? Yes, now he knows. I think they will not be anymore best friends  And if he knew...well the word "rat" comes into my mind. He knew ~ a week ago and didn't sell his bonds behind the scenes. He understands because he knows me well enough to know I wouldn't do this unless I had to. He didn't sell his bonds because he would have been acting on insider information. Insider trading is illegal. You should know that. Zach, when you make statements like this it just reinforces the sense that, even after all this time, you are still not treating your LRM responsibilities seriously. This isn't a joke. You are not playing with Monopoly money, sitting across the table with paper cutout dummies. Real people have invested real money with you. They are not some anonymous internet avatars; they are real people with real lives and real families with real bills to pay. They gave you their money because you convinced them to trust you. Now you are telling them they can kiss their investment goodbye. It is obvious that your investors will never recover their initial BTC investment. Real people have lost real money and value. What are you going to do about that, if anything? You know that the only person who will make out positively from this mess is you. At the expense of everyone else. But you can change that. Nothing (other than personal greed, perhaps) is stopping you. But I guess that knowledge doesn't keep you up at night. I imagine its kept him up. Regardless of how much sleep Zach does or does not get or how much he really cares, there is always more than one way to solve a problem. One point I need to clarify is that you represented from the outset that LRM's legal counsel advised that its structuring at launch were within statutes. If things have changed, fine. If they have not and you were wrong, you are in a heap of shit and that is truly unfortunate for all of us. I will add my voice to Epoch's to state that the only reasonable course in this process is to wind up the company rather than spending additional resources trying to fight your bondholders or somehow restructure the deal. All existing and inbound equipment needs to be sold and the proceeds distributed to the bondholders accordingly. Simple is as simple does. Do not try to hold on and fight - move on and lesson learned. Make it clean. Just let go. |
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Only Lab_Rat would know the numbers to do the math with, but getting a refund from BFL and piling the money into either more bitfury gear or the 'mysterious ASIC project' would probably make the most sense. The fact that BFL is (willingly? Compelled by law?)offering refunds at all makes me feel we've slipped into an alternate dimension where nothing makes sense anymore.
Absolutely - REFUND! Please. |
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I dunno if this could be any help or not for the next launch, but, ECC launched lastnight and it was absolutely flawless, with close to 3gigahash right at launch and sustained it for about an hour. Network hash is half that right now. They released source and wallets right on time and within minutes everything was synced. Maybe the owner / devs here could talk to the team which launched the coin and get input / suggestions? Link: https://bitcointalk.org/index.php?topic=503236.0Not supporting or endorsing the coin, but it was an example of a professional launch. Coin launched went well but most if not all pools were down in the first 20 minutes of launch. Yeah, because they had to download and compile the source and setup their config files. Nothing, not even coin specs, were released to pool operators prior to launch. Once they released code, I had my pool up within 10 minutes. A delay at launch is not unusual while everyone is compiling the server backend. Flawless launch, and still running smooth. What is your pool vesper? |
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Thanks flaminius, very helpful.
There's something else to consider. Hypothetically: I'm a miner, and I want more GPUs. I don't mine GPUCoin, I'm into WhateverCoin. But I do know that I can buy GPUs for GPUCoin and save some serious cash. So I check the price of the GPUs to see how many GPUCoins I need. I go to Coinbase, buy BTC, go to an exchange, exchange BTC for GPUC, back to GPUCoins.com and buy my cards. A slight hassle, but if I can save $50 a card on 4 cards, totally worth it.
Now, did you see what I didn't have to consider in that process? The going rate for GPUCoins. In this scenario, which if GPUCoin can keep a decent stock, should play out all the time, I don't care if GPU coins are 22 satoshis or 22000. All I care is that I get $435 x 4 worth so I can buy my new cards.
To me, this is huge. All of a sudden you have a coin where people will be placing buy orders regardless of price, because they are going to spend those coins in 15 minutes. I'm pretty sure this is unprecedented in the cryptocoin world.
See now this is where it changes. For me in the UK, i would be better to sell my coins to BTC and buy direct from the UK with BTC. This is because of import duty and shipping costs. But i would still be using the coins to buy GPUs So exchanges would be good for me personally, but then its how to sell the coins for BTC without dropping the price of the coin because of exchange undercutting. So would it be easier to trade directly with someone? keep the coins off the open market and prevent the price being dropped. But then it comes down to trust also this is where i think the coin forum might come in handy for direct trades between people. obviously not as secure as an exchange however i think as long as the store is connected to an exchanges API and tells us the going rate for the GPU in GPUC (get GPUC/BTC price, then BTC/USD) it will work out great Another point would be the efficiency of GPUCoin creating fulfillment affiliate relationships in Australia and the EU to start with followed by Asia and Latin America. This will allow the concept to scale quickly and unlock greater economic leverage for the buying group. Established independent players in the electronics distribution business will add value to the business model with their expertise and relationships in addition to volume. They will also add value to GPUCoin with greater network effect. For example, bring Culexevilman onto the program https://bitcointalk.org/index.php?topic=393218.0. I would place this as the greatest priorty next to the coin relaunch. It makes absolutely no sense to ship GPU's over a border except perhaps between the USA and Canada initially. There are independent electronics dealers such as http://www.memoryexpress.com/Stores here that might fit the bill in Canada as an affiliate. It would be a huge coup to bring some of these into the GPUCoin family. |
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Sunshine? Ahh your sweet.  Haven't been in many businesses have you? Just a few - and I've valued and sold several. Anyone who projects the cost of their decisions has little or no agency. One who seeks public confirmation of their lack of agency is insecure. 'Nuf said. |
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This is awesome if it is indeed Satoshi, which I am inclined to believe.
Since you might be reading this Satoshi, maybe you can sign something in the future. Send a coin to a new wallet and sign a message with it for us this will help quickly qwell fears.
Clearly the fear is (y)ours - not Satoshi's |
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it is a difficult concept but until a cryptocurrency finds a way to prevent pump and dump, no coin will truly stick around
Pump and dump happens because the products at hand have no real value, and everything just rides on pure speculation. Fiat runs solely because people accept them for goods and services.... Really? I've been mining Nobl for 2 months and buying amazon giftcards directly and buying gpu's with them and getting a 12% discount to boot. No BTC conversion fee's and no fee's for fiat change as well. I'm doing newegg cards there now as the price changed in neweggs favor for what I want. exactly my point... you were able to exchange your NOBL for consumable goods, because someone was ready to take them from you in exchange for a product/service they owned... anything from paying a restaurant bill, offer coupons, a truckload of toilet paper, whatever. That is the only way a coin survives.... and NOBL will stand the test of time as long as more people offer to take the NOBL from you in exchange for something they can give you for consumption.... I was talking about the hundreds of other altcoins that cannot be used to purchase anything in the real world other than the BTC of the greater fool. That is when the coin dies. GPUC cannot die as long as there exists an online store accepting GPUC, and positive testimonials of receiving the products of course I guess I mis-understood you. If you'll note Nobl Market place in my screenies is 100% is a pretty nice customer relation rating to boot. I'm still waiting on the DEV here to explain how he's going to compensate me for the lost time on his failed launches. I could have more In that order If I hadn't wasted my systems on his failure. Absolute juvenile bullshit - suck it up sunshine. You decided to "waste your time". |
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Yeah, we need to constrain the markets and put limits on this new innovative technology.... yeah. Seriously! Can you hear yourselves?
The reason that the fractious freak show of altcoin spew is happening right now is that people are capitalizing on the trend - if it pumps and dumps it is because it has no utility other than lining someone's pockets.
There are notable exceptions in the form of actual innovations within the altcoin 'verse which I will not recount..... other than to say that GPUCoin has the potential to be another first in that a real business is launching its own coin as it launches the company (kickstart by altcoin) and will accept its coin in its store. First movers gain network effect advantage. If they execute well on their business plan then they may just capture the sentiment of the community and scale the concept to be something much more than their initial vision.
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Hate that it has to come to this, but there are too many bills. PM me to discuss fees based on how many shares you want. FTFY - added the leading 0 on the ask |
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I've just woke up and been sending all the refunds to the people who wish it, but a vast majority of the e-mails are still very excited. Sorry to see some of you go, but it's your loss other IPO's gain.
Guys. I doubt they'll be a 2nd round of IPOs. Read the CEO's message above. I am assuming "other" means us, not new IPOs. lol. Confirmed by email just now that there will not be a second round to IPO - the current IPO investors will however be able to buy in for the amounts that will be refunded. I would not be surprised if that get snapped up pretty fast. Apparently around 5 BTC is being refunded so far. |
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I did not think there was any mention by the CEO of reopening the IPO. Did I miss that?
No you did not - someone raised it as a potential issue - when in fact it is a non-issue. IPO is closed and nothing has been said about reopening it. |
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As a GPUcoin IPO investor here are my concerns...
1. CEO. I do believe the CEO is honest, which is a big plus. I think his business goals are plausible... but I don't like how he as performed under pressure so far. Now this may be a learning experience for him and not a show of what is going to happen the next time things get tough.
2. Dev Team. 1st Dev team failed, 2nd Dev team was rushed... will we be successful this time? Well there are enough days to get it right. What I would like to here though is daily status updates from the CEO saying the redevelopment / launch is on schedule, etc... More communication = happier community = win.
3. IPO Investment. As an investor I think there is more upside potential for this coin then risk... however this is assuming that my share of GPUcoin will increase based on those investors that pulled out. If the CEO does NOT open up GPUcoin for a 2nd round of investment I will keep my BTC in GPUcoin... however, if he does open it to another round then I would probably pull out, though I will still mine the coin at launch for a few hours / days.
Again with communication being key a statement and update to the community by the CEO addressing my concerns and other valid concerns would be helpful.
Failure to provide adequate communication and manage expectations within 24 hours will result in my request (and perhaps others) to withdraw IPO funds.
Thanks and I look forward to the response.
Nailed it. The dude talking about "maybe getting around to asking for a refund" seems to forget that they guy who started this coin is no different than any of us. Other than he decided to take some initiative and move forward on his idea. And kudos to him for it. The fact that illiki32 wants to screw him due to him not mentioning something in his email is a dick move, and talking about how a business this size should not be doing this or that is silly. This dude is trying to start a business he is learning as he goes, and some people seem to want to punish him for that?? This guy seems to be trying hard and I think it is a good idea. He is making a tonne of mistakes and also seems to be trying to do what is right. I email him and said he should lean on the community and the IPO investors to promote the coin, and that he NEEDS to communicate constantly. The fact that only a few people knew he was getting delays from coinbase is really bad, we ALL need to know that. anyway rant over. I hope this coin does well. I only have .2 BTC invested so I am ok either way. Phad. Irrespective of the launch failures and IPO refunds, the IPO has been closed. Reopening the IPO would be a material change to the terms and would require sufficient notice to the participants in order to chose to increase participation or withdraw. [EDIT] Typo |
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I am under the assumption GPUCoin must issue refunds even if they are requested after the Sunday launch. There is no window where an investor must request the refund - some of us are busy and will not be able to get to it for a little while. They cannot argue that the offer of refunds is no longer valid because they succeeded in actually launching it.
I for one am busy and will be out of town and in the case I want a refund will not be able to file for it for a few days.
Sooooooo - you have access to a computer to post here but cannot send an email with the refund request. Da Fuq? Yup. I am a busy man. I am really just pointing out a technicality which is there is no immediate time limit on getting a refund. A refund was offered and I have time before I sit down and request my refund along with a lengthy letter explaining the reasons for doing so. (if I decide on a refund, there is no stipulation that a refund must be decided on or requested immediately) This seems pretty selfish dude. At least write him a letter explaining that you plan to get a refund so he can distribute the coins assigned to you amongst the other IPO members. Just because he did not say you have to request your refund before the launch it kind of makes sense that it should be. I would say once he sends out the coins any IPO members who want and refund should not expect much. Just my thoughts. He's just trying to make a point - but his logic is flawed. Until GPUcoins are issued to the IPO participants there is the possibility of a refund in BTC. Once the GPUcoins are issued then the deal is done and the coins will be available for him to pick up. Just because he elects not to provide a wallet address and collect his funds means nothing. He could request a refund in BTC if the value of GPU are not to his favor, but basic accounting requires that a conversion of GPU to BTC be completed the going rate at the time of the refund. This is basic accounting. It is also the only way for the IPO distribution to be apportioned correctly. In fact, nothing prevents the CEO from placing a market order with his coins at the time a refund is requested and issuing a refund based on the proceeds thereof. You may wish to reconsider your strategy in light of the foregoing illicki23. |
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Perhaps it's not a home pc and he doesn't carry his bit coin address round with him? ;-)
AFAIK GPUCoin is not requesting a signed message from the wallet address that the coins were sent from - just that you provide the address.... whatever - seems a bit odd to me that he can post here but not just send his BTC address. Rather than bitch here he should send an email stating the issue and that he will send the information when he returns. Pretty sure Jaymes will accept it as long as it is plausible |
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I am under the assumption GPUCoin must issue refunds even if they are requested after the Sunday launch. There is no window where an investor must request the refund - some of us are busy and will not be able to get to it for a little while. They cannot argue that the offer of refunds is no longer valid because they succeeded in actually launching it.
I for one am busy and will be out of town and in the case I want a refund will not be able to file for it for a few days.
Sooooooo - you have access to a computer to post here but cannot send an email with the refund request. Da Fuq? |
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And the best part? We are nearing 200 pages on this thread before the actual launch of the coin  Can I get an amen? mebbe someone could edit all the pool spam out and that would get us back - say 40 pages or so  yes- this coin attracted a lot of attention and will continue to do so..... Props to Jaymes for the well written email..... next time don't wait to just jump on here to say "I'm writing you all an email and will be in touch soon - thanks for all your input - we are listening but cannot possibly reply to the volume of inbound PM's, messages and emails individually at this time." |
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If you want to be in the big boy games, you play hard. You reinvest your coins and get more equipment. I started out with a GPU which mined at 40kh/s, and now I have a small growing farm. And that is PRECISELY what this coin is supposed to help with!! Now is your chance to turn your one GPU into a farm!! The hardest thing about mining is obtaining GPUs, and that is what this coin was designed to fix. It's the reason I was excited about it anyway. I was excited as well, trust me. Aside from the failed coin launch, he never could explain to me why his system was truly better than the system I use right now: Mine coins -> BTC -> Amazon -> 15%/20% Amazon discount -> My doorstep next day. It comes down to distribution. Amazon can provide me with cheaper GPUs than him, and I have contacts in Europe and Asia to get cards from at or below MSRP if Amazon can't get it. yep my thoughts to, what does he care though. once he's up and running if the coin fails he can just start taking btc. then we just gave him his startup costs and he's sitting good while we are screwed. The second start fails so, they have to refund the IPO investors...They have promised this. With another launch date they are only get more time and also give hope to the investors. Then the relaunch fails again? It is as simple as this: the CEO stated on the first fail that if there was second fail the BTC would be refunded. We don't need an email or a phone call - its is trivial to resend the BTC back to the addresses it was received from. Each IPO participant received a unique address to send funds to. I sent three transactions and all three were credited correctly to my IPO Number. IF there is another launch then they always have the option of reissuing the IPO. The only suitable alternative would be to send an email to confirm if the IPO participant wants their funds back and reopen the IPO for the participation of the marketplace after those funds were sent back to those that wanted them. They were doing an OK job of communicating right up until the second fail. Its not too late to conserve goodwill and start communicating again. No communications is always negatively perceived. At this point the CEO has everything to gain (if he indeed intends to run a business kickstarted by altcoin) by stepping up NOW and dealing with the issues at hand. That is leadership and now is the time to lead. |
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Can anyone offer up a plausible reason for his behaviour?
Yes. You've been enabling an incompetent fuckwit for nearly a year, and he'd have no reason to believe you're worth any more time or effort than he'd care to piss away at any given moment. Stop ending up in positions where you find yourself asking what's going on and why you're getting fucked. If you can't put in the work to perform due diligence and if you can't muster the discipline to refuse to fund incompetence, it means investing is not for you. Thanks so much for dropping by and gracing us with your wonderful, self referencing wisdom. |
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Strange, it could have been a succesful coin imo... Since the source is open someone can fork it?  Why? I don't see anything remotely original in HelixCoin... did I miss something?? Mebbe you missed the compelling Pokemon reference? Perhaps as useful as Pokemon? |
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