[GPUC] GPU Coin | Mandatory Wallet Update

[madbit1000]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

PR will come, you can not promote a half finished project. wait for the store front then the PR work can begin. Also lets just see what the GPU team have for us. I have a great idea but sitting on it for the time being and looking at creating my own coin that will do away with this problem. What i am amazed about is that i have tried to contact the gpu owner. but he has not replied to one of my emails. So either he is ignorant, which i can not see this being the case Or he is extremely busy or lost interest..

I dont want to poach people from here, thats just not me.. but watching closely on how this coin progresses.

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[madbit1000]

Been away from this forum over the last few days. Does anyone know what happened regarding the store front beta, did this actually complete.

[vesperwillow]

Congrats on hitting a real exchange, Cryptorush. Looks like price is stable around 21satoshi.

You can source MSI 270's for $150USD right now (.22btc depending on rate) straight from manufcaturer reseller, and have it in 5 days. If my math is right, that's 1,047,619 GPUC at 21 satoshi.

Even at a low rate of electric like mine, it's still not 'profitable' to mine though. Hopefully the owner will have better pricing as he's promised. Everyone is anxious to see the store open so that the launch can be considered complete, and we'll see how things go!

[lottohasher]

Been away from this forum over the last few days. Does anyone know what happened regarding the store front beta, did this actually complete.

screenshot of beta store front http://imgur.com/erDcS11

[d4wn0ff473]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

from the website

Technical Specs:
PoW Algorithm: Scrypt-N
Retarget: Every block using KGW
Initial Block Reward: 20,000
Max Supply: 13.5 billion
Block Halving Rate: 250,000

[vesperwillow]

If things continue at the same rate, first halving should occur within 45 days or so it seems.

[d4wn0ff473]

If things continue at the same rate, first halving should occur within 45 days or so it seems.

what?! how do you suppose that we go from block  13032 to 250,000 in 45 days. We only hit 1440-1480 blocks a day. Its 160 days until it halves give or take a couple days.

[jimlite]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

from the website

Technical Specs:
PoW Algorithm: Scrypt-N
Retarget: Every block using KGW
Initial Block Reward: 20,000
Max Supply: 13.5 billion
Block Halving Rate: 250,000

Agreed, the blocks should half much sooner or just be reduced. 10,000/block would produce less coins, make them more valuable,
attract more miners, etc.  Besides, people would rather pay 100,000 gpu coins for a gpu then 2 Million.

[rizardus]

with that huge premine and 1 coins reward on first 2600 block u saying that faster having will be better for miner? omg

[d4wn0ff473]

Has there been any discussion on block halving or increasing block time? I think we have a little problem in that at this rate we are mining approximately 864 million coins per month. Add to that issue there has been very little PR, dumping has caused mining to become unprofitable for most so we have very few miners with big capacity mining nearly all of it.

The way I see it right now, not many coins are moving. By the time this first batch comes out little miners aren't going to stand a chance vs extremely large bagholders compounded with those who mine and dump holding the price down low.

I'm not holding a large bag just earning whatever my 5770 can pull and thinking about buying in, I just feel like if the devs shift over to PR phase and this coin gets added to bigger exchanges, we are going to watch a behemoth dump festival pushing the price even lower unless demand picks up to the point where people are willing to spend big dollars on nearly half a billion coins that could be dumped hard. We all know how hard it is to get out of the pits once a coin gets buried to 1 satoshi.

The way I see it at this point, it's either going to to be 5-10 high capacity miners buying up everything from the store, or exchange dumping to whoever will buy spreading the coin thin to the point where very few people actually have the coin required to make a purchase. I.E. at current rate it will take approximately 4 million GPU coin to afford a 290X, if we end up in the 1 satoshi graveyard, forget it. Even if those big players decide to buy the first shipment, the devs will need to dump the coins back in the market to raise funds for the next batch. Once again if there is not demand for the tens-hundreds of millions of coins being recirculated, prices will crash.

What I'm trying to say is we're going to need serious demand to hold this coin up if we put out a billion a month and ultimately the goal for both holders and the devs is for the price to go up. Higher market cap = larger shipments for the devs.. No demand for billions of coins, selling will drop the price, and things cascade. I think we can alleviate some of this stress by reducing the amount of coin entering the market on a daily basis (at least until demand rises up to meet it)

Just wondering what thoughts are on the matter

from the website

Technical Specs:
PoW Algorithm: Scrypt-N
Retarget: Every block using KGW
Initial Block Reward: 20,000
Max Supply: 13.5 billion
Block Halving Rate: 250,000

Agreed, the blocks should half much sooner or just be reduced. 10,000/block would produce less coins, make them more valuable,
attract more miners, etc.  Besides, people would rather pay 100,000 gpu coins for a gpu then 2 Million.

I was not making a point, I was merely pointing out the fact that it was already mentioned on the website. I find the halving rate to be perfectly fine. All your comment really pushes is that you want the early adopters to have a better chance at scooping up all the gpus then the people who pick up mining later. Having a halving rate like that would make the coin undesirable, plus the cap amount of the coin would be impossible to hit.

[d4wn0ff473]

Thank you for gigantic red posting of block halving. That did not answer the question of discussing whether or not we are flooding the market. This isn't about early adopters, it's about having too many coins in circulation. Early adopters also aren't the ones who are going to profit from anything, its only the top 5 miners who are consistently pulling in a million or more a day.

You're welcome. I think that patience is in order, you are already complaining about profitability when the coin has been out for 2 weeks. The store is not even open yet, and the profit is driven by nothing but pure greed. Crypto offers an amazing opportunity that the financial sector cannot typically offer, practically instant profits. But it creates a community of impatient whiners who bitch and moan when something doesn't instantly meet their expectations. I suggest you wait and give it a moment to breath or dump your coins and get the fuck out.

Also if you have an idea for a coin or how to "fix" a coin, make your own. That way you can be in control of it instead of someone else. Because after all, it's not your coin to make decisions with.

[vesperwillow]

SeriousCouns14 makes an excellent point, one I noted awhile back, that the top select miners are the ones who will truly be able to 'mine for GPUs', not just due to hashrate, but due to the volume of product on hand in the store. Right now, if you presume less than 100GPUs per month, only the top miners will have enough coin to get them. If there's much more, then the top miners will be able to get the most, but at least the "majority" of miners would be able to get something for their coin.

Remember, time is also a factor in people's minds (going back to electrical costs / overall profitability). This is why the top producers are the only winners in a low volume closed loop system like this coin. It leaves the small-to-midrange miners left to either hope, or simply dumping the coin to pay their bill. Few people in this entire thread understand this point.

It's also worth noting, as d4wn04ff473 pointed out, that the store is yet open. The full "launch" of this coin isn't wholly complete without it; until the store is in place and you are moving onto GPU batch order #2, it won't be complete.

[jimlite]

Hendr1x or CEO

Cryptorush (your biggest exchange) is still NOT listed on first page with exchanges.
It only takes a minute and newbies and buyers need to know we are on a medium
sized decent exchange.  And Hendr1x, I have tomorrow off work and can help you
with the testing in afternoon/evening, just check your messages and PM me.

[XScrypt]

Thank you for gigantic red posting of block halving. That did not answer the question of discussing whether or not we are flooding the market. This isn't about early adopters, it's about having too many coins in circulation. Early adopters also aren't the ones who are going to profit from anything, its only the top 5 miners who are consistently pulling in a million or more a day.

You're welcome. I think that patience is in order, you are already complaining about profitability when the coin has been out for 2 weeks. The store is not even open yet, and the profit is driven by nothing but pure greed. Crypto offers an amazing opportunity that the financial sector cannot typically offer, practically instant profits. But it creates a community of impatient whiners who bitch and moan when something doesn't instantly meet their expectations. I suggest you wait and give it a moment to breath or dump your coins and get the fuck out.

Also if you have an idea for a coin or how to "fix" a coin, make your own. That way you can be in control of it instead of someone else. Because after all, it's not your coin to make decisions with.

It's not whining when someone is bringing up legitimate economic concerns. If this paradigm is going to thrive then there has to be an economic incentive to mine and use GPUCoin vs. some other coin. Otherwise people aren't going to waste their time when there are other more profitable ways to spend their resources.

[nogueixp]

yesterday the ipo amount was about ~21Btc, 24 hours later: ~71,5Btc... I think this coin will be going well

[d4wn0ff473]

SeriousCouns14 makes an excellent point, one I noted awhile back, that the top select miners are the ones who will truly be able to 'mine for GPUs', not just due to hashrate, but due to the volume of product on hand in the store. Right now, if you presume less than 100GPUs per month, only the top miners will have enough coin to get them. If there's much more, then the top miners will be able to get the most, but at least the "majority" of miners would be able to get something for their coin.

Remember, time is also a factor in people's minds (going back to electrical costs / overall profitability). This is why the top producers are the only winners in a low volume closed loop system like this coin. It leaves the small-to-midrange miners left to either hope, or simply dumping the coin to pay their bill. Few people in this entire thread understand this point.

It's also worth noting, as d4wn04ff473 pointed out, that the store is yet open. The full "launch" of this coin isn't wholly complete without it; until the store is in place and you are moving onto GPU batch order #2, it won't be complete.

The top miners will always be in control regardless of how the block reward is halved or manipulated. The only way to stop that is to do what the store is doing and limiting gpu purchases to 1 per person. Nothing is to say that people wont fake idents to get more than one, but that's a different story.  The electricity thing is a completely different argument, small to mid range mining rigs have little to no overhead to begin with. And this depends on what you consider small to mid range but for me it fits between 250w to 1.5kw/h and in most cases even the further end of the spectrum at 3kw/h still does not have that much overhead. This comes down to a couple seriously old sayings if its too good to be true then it probably is, and you have to spend money to make money. Both sum up mining crypto really well.

Thank you for gigantic red posting of block halving. That did not answer the question of discussing whether or not we are flooding the market. This isn't about early adopters, it's about having too many coins in circulation. Early adopters also aren't the ones who are going to profit from anything, its only the top 5 miners who are consistently pulling in a million or more a day.

You're welcome. I think that patience is in order, you are already complaining about profitability when the coin has been out for 2 weeks. The store is not even open yet, and the profit is driven by nothing but pure greed. Crypto offers an amazing opportunity that the financial sector cannot typically offer, practically instant profits. But it creates a community of impatient whiners who bitch and moan when something doesn't instantly meet their expectations. I suggest you wait and give it a moment to breath or dump your coins and get the fuck out.

Also if you have an idea for a coin or how to "fix" a coin, make your own. That way you can be in control of it instead of someone else. Because after all, it's not your coin to make decisions with.

It's not whining when someone is bringing up legitimate economic concerns. If this paradigm is going to thrive then there has to be an economic incentive to mine and use GPUCoin vs. some other coin. Otherwise people aren't going to waste their time when there are other more profitable ways to spend their resources.

It is whining when the coin is not completely launched and we are still waiting on the single most important economic piece of the puzzle to be added to the equation. The coin has been out for 2 weeks. Regardless of whether or not you bought into the "IPO" you are not owners of the company you are holders of the coins. The coins are not stock and do not give you a voice in the company ideas regardless of what you may think. The best way to look at the "IPO" coins is as non voting shares. And if you have lost faith in the concept of what is going on then dump the coins. You have options, bitching and moaning because you didn't get a million dollars from the initial mining phase is not one of them.

Thank you for gigantic red posting of block halving. That did not answer the question of discussing whether or not we are flooding the market. This isn't about early adopters, it's about having too many coins in circulation. Early adopters also aren't the ones who are going to profit from anything, its only the top 5 miners who are consistently pulling in a million or more a day.

You're welcome. I think that patience is in order, you are already complaining about profitability when the coin has been out for 2 weeks. The store is not even open yet, and the profit is driven by nothing but pure greed. Crypto offers an amazing opportunity that the financial sector cannot typically offer, practically instant profits. But it creates a community of impatient whiners who bitch and moan when something doesn't instantly meet their expectations. I suggest you wait and give it a moment to breath or dump your coins and get the fuck out.

Also if you have an idea for a coin or how to "fix" a coin, make your own. That way you can be in control of it instead of someone else. Because after all, it's not your coin to make decisions with.

It's not whining when someone is bringing up legitimate economic concerns. If this paradigm is going to thrive then there has to be an economic incentive to mine and use GPUCoin vs. some other coin. Otherwise people aren't going to waste their time when there are other more profitable ways to spend their resources.

Don't mind the rage troll, he clearly missed the point by 50 miles. I'm a member of this community speculating about coins vs. demand and the ability for this to work. I think this topic should be at the least be a conversation to be had, we're dealing with a market where coins are going straight down and dying which is fed monstrously by an overabundance of coin and zero demand for coins that trend straight down due to selling pressure created by the few.

People invested real money in this coin, theres a difference between a concern and bitching.

Correction. People invested in an idea, an idea that was present from the beginning. There has not been a point where these numbers (with the exception of scrypt vs scrypt-n) have become "new" they had been present on the website for a good amount of time before the launches. If you invested money in the "IPO" that is not anyone's fault except your own. And all investments are gambles, you chose to trust an idea by buying into the premine. You dont own stake in the company, you can drop out at any time. But the idea has not changed, so if you have lost faith in the idea you can easily back out.

[jimlite]

I believe that IPO investors could still sell at 20 satoshi and be even getting out of their investment if they so choose.  But this coin has potential to go much higher.  And Thank G*D the devs went with scrypt-n instead of scrypt, because all of the 300 scrypt coin crap clones are dying and going to zero. And it will only get worse with asics.  At least this coin has a chance being asic resistant and with a real value of the store.

[goodluck0319]

I believe that IPO investors could still sell at 20 satoshi and be even getting out of their investment if they so choose.  But this coin has potential to go much higher.  And Thank G*D the devs went with scrypt-n instead of scrypt, because all of the 300 scrypt coin crap clones are dying and going to zero. And it will only get worse with asics.  At least this coin has a chance being asic resistant and with a real value of the store.

asics mean bitcoin resistant. is that correct? what is asics mean?

[vesperwillow]

yesterday the ipo amount was about ~21Btc, 24 hours later: ~71,5Btc... I think this coin will be going well

What are you talking about? IPO amount hasn't changed.

The top miners will always be in control regardless of how the block reward is halved or manipulated.

The difference I was pointing out is, with limited supply only the top miners can actually purchase in a worthwhile fashion. With a greater supply, everyone can purchase. The math on this was done early on. Either way, it's roughly linear.

The only way to stop that is to do what the store is doing and limiting gpu purchases to 1 per person.

Except they can't limit it without shooting themselves in the foot. The mathematical model was already explored. Limitation will cause a downward spiral, which could cause the coin to crash to it's death (1 satoshi). For this full launch to occur successfully, the owner needs flowing volume with nothing stopping it. Whether it's low, mid or high volume.. the most important part is that there are no limitations. This is also based on current business models using coin as the transport mechanism.

The electricity thing is a completely different argument, small to mid range mining rigs have little to no overhead to begin with. And this depends on what you consider small to mid range but for me it fits between 250w to 1.5kw/h and in most cases even the further end of the spectrum at 3kw/h still does not have that much overhead. This comes down to a couple seriously old sayings if its too good to be true then it probably is, and you have to spend money to make money. Both sum up mining crypto really well.

It's all linear. 1 GPU at X watts will cost the same rate as 10 of the same GPUS at X*10. Overhead is the same. Not sure how you're doing your math. I run a very small farm, closing in on 9,000 watts/hour. Whether I run 900 watts or 9,000 watts using the same technology, the output of coins is linear, so my electrical rate is effectively the same as long as the coin is profitable. Again, not sure what you're talking about saying overhead is little-to-none. You always have overhead.

At least this coin has a chance being asic resistant and with a real value of the store.

No better or worse than Scrypt did. ScryptN ASIC is already under development. What i've been hearing is 8 months timeframe based on current models.

If it can be calculated, it can be done by ASIC. Throw enough money at something and it'll happen.

[jollyriffic]

I believe that IPO investors could still sell at 20 satoshi and be even getting out of their investment if they so choose.  But this coin has potential to go much higher.  And Thank G*D the devs went with scrypt-n instead of scrypt, because all of the 300 scrypt coin crap clones are dying and going to zero. And it will only get worse with asics.  At least this coin has a chance being asic resistant and with a real value of the store.

asics mean bitcoin resistant. is that correct? what is asics mean?

asic miners are devices with a single purpose, to mine.
they use almost no power, smaller, generate less heat.. all around a miners wet dream for return on investment.