[GPUC] GPU Coin | Mandatory Wallet Update

[madbit1000]

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.

Personally i think its not the miners that are the problem. its the amount of coins in circulation, spreading thin the investors cash.. Once the coins become less and less and people think about creating a coin that is worth something instead of a pointless coin, then we will see the prices start to rise again.

Anyone can create a shitcoin, it takes a genius to make a coin that works.

Like someone said before, the only ones who are winning here are the energy suppliers. So invest there.. Fortunately, i have invested large into a company who is about to launch green tech into the power plants to remove all CO2 instantly. And work with the top energy suppliers in the USA. So i am in a win win situation.

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[jollyriffic]

people talking about the dumping of coins must not exchange much.
when GPUC goes to dump their coins, they can just do what the whales on any large exchange do. create a huge up swing in value, lock the price with huge buy/sell walls, pretty much control the market value with all his coins spread over the different exchanges it is on.

many of you are forgetting that all of that IPO is free money for him to buy graphics cards with, then gets free coins given to him to send those cards out. he has a huge stash of coins + getting more from us. you really think shipment 2 would be any smaller? he isn't selling these cards at his cost, so on top of this all he is still making a massive profit.

calm your tits people, i'm sure its crossed his mind how to work the system in his favor.

[d4wn0ff473]

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.

If you want to open the flood gates and allow anyone to purchase as many gpus as they want then you are still handing over control to the miners with the most power unless you have a literal unlimited supply of product. Limiting sales allows for better control of the market giving more people the ability to buy. The math is not a simple linear curve for electricity usage, that would carry the assumption that diff never changes and that there is no variance in price. You cannot produce the same number of coins consistently with the same amount of power. Over time that number grows and shrinks based on a number of factors. 1 GPU at x watts at y diff will produce z coins with n price. It is anything but linear. For me personally my overhead is so tiny it's basically non existent it costs me $4.75 a month to run my rig.

Just to clarify you are correct about coin creation on the network as a whole being linear, the network will always produce 1440 blocks a day of 20,000 coins per block until the halvening; But singularly it is not linear by any means.

[madbit1000]

people talking about the dumping of coins must not exchange much.
when GPUC goes to dump their coins, they can just do what the whales on any large exchange do. create a huge up swing in value, lock the price with huge buy/sell walls, pretty much control the market value with all his coins spread over the different exchanges it is on.

many of you are forgetting that all of that IPO is free money for him to buy graphics cards with, then gets free coins given to him to send those cards out. he has a huge stash of coins + getting more from us. you really think shipment 2 would be any smaller? he isn't selling these cards at his cost, so on top of this all he is still making a massive profit.

calm your tits people, i'm sure its crossed his mind how to work the system in his favor.

Yeah we know that fella, But the only problem that exists is that he will need plenty of liquidity for the next round. And if everyone just dumps coins on the exchange to sell out, which is what will happen once the store front opens for business.

I know i am, i am looking to cash in and buy from the UK As i would have thought its going to be cheaper to buy from here at the present time.. So i will wait and see what develops from gpucoin.. Its certainly going to be interesting.

What price are the gpu's in the USA?

[jollyriffic]

people talking about the dumping of coins must not exchange much.
when GPUC goes to dump their coins, they can just do what the whales on any large exchange do. create a huge up swing in value, lock the price with huge buy/sell walls, pretty much control the market value with all his coins spread over the different exchanges it is on.

many of you are forgetting that all of that IPO is free money for him to buy graphics cards with, then gets free coins given to him to send those cards out. he has a huge stash of coins + getting more from us. you really think shipment 2 would be any smaller? he isn't selling these cards at his cost, so on top of this all he is still making a massive profit.

calm your tits people, i'm sure its crossed his mind how to work the system in his favor.

Yeah we know that fella, But the only problem that exists is that he will need plenty of liquidity for the next round. And if everyone just dumps coins on the exchange to sell out, which is what will happen once the store front opens for business.

I know i am, i am looking to cash in and buy from the UK As i would have thought its going to be cheaper to buy from here at the present time.. So i will wait and see what develops from gpucoin.. Its certainly going to be interesting.

What price are the gpu in the USA?

he could be mining something else on his own generating more profit, he also has a day job. i don't forsee too much hitting the market driving that much cost down. most IPO holders will either continue to hold "like myself" or buy gpus with it if they feel its worth spending right now.
personally i'm waiting till gpuc is more known and the buzz has been curculated before i really start planning what to do with my coins.
max roi is my main goal, not quickly turning a profit.

[madbit1000]

people talking about the dumping of coins must not exchange much.
when GPUC goes to dump their coins, they can just do what the whales on any large exchange do. create a huge up swing in value, lock the price with huge buy/sell walls, pretty much control the market value with all his coins spread over the different exchanges it is on.

many of you are forgetting that all of that IPO is free money for him to buy graphics cards with, then gets free coins given to him to send those cards out. he has a huge stash of coins + getting more from us. you really think shipment 2 would be any smaller? he isn't selling these cards at his cost, so on top of this all he is still making a massive profit.

calm your tits people, i'm sure its crossed his mind how to work the system in his favor.

Yeah we know that fella, But the only problem that exists is that he will need plenty of liquidity for the next round. And if everyone just dumps coins on the exchange to sell out, which is what will happen once the store front opens for business.

I know i am, i am looking to cash in and buy from the UK As i would have thought its going to be cheaper to buy from here at the present time.. So i will wait and see what develops from gpucoin.. Its certainly going to be interesting.

What price are the gpu in the USA?

he could be mining something else on his own generating more profit, he also has a day job. i don't forsee too much hitting the market driving that much cost down. most IPO holders will either continue to hold "like myself" or buy gpus with it if they feel its worth spending right now.
personally i'm waiting till gpuc is more known and the buzz has been curculated before i really start planning what to do with my coins.
max roi is my main goal, not quickly turning a profit.

I am with you on the ROI. But we have seen in the past that the price of coins can just nose dive and rarely recover. Some have, but after a month or so. There seems to always be a patern with the coins. GPU coin might be different. Hopefully giving everyone a chance to make a few quid.

i am relatively new to mining, i have 5 gpus in total from my first second hand 5930, then onto xfx7970 and shortly after with 3 more r9 290's But i haven't managed to pay for the them back at let along buy more with them, so for me i might just cash in..

like i said i will wait and see what happens.

[jollyriffic]

people talking about the dumping of coins must not exchange much.
when GPUC goes to dump their coins, they can just do what the whales on any large exchange do. create a huge up swing in value, lock the price with huge buy/sell walls, pretty much control the market value with all his coins spread over the different exchanges it is on.

many of you are forgetting that all of that IPO is free money for him to buy graphics cards with, then gets free coins given to him to send those cards out. he has a huge stash of coins + getting more from us. you really think shipment 2 would be any smaller? he isn't selling these cards at his cost, so on top of this all he is still making a massive profit.

calm your tits people, i'm sure its crossed his mind how to work the system in his favor.

Yeah we know that fella, But the only problem that exists is that he will need plenty of liquidity for the next round. And if everyone just dumps coins on the exchange to sell out, which is what will happen once the store front opens for business.

I know i am, i am looking to cash in and buy from the UK As i would have thought its going to be cheaper to buy from here at the present time.. So i will wait and see what develops from gpucoin.. Its certainly going to be interesting.

What price are the gpu in the USA?

he could be mining something else on his own generating more profit, he also has a day job. i don't forsee too much hitting the market driving that much cost down. most IPO holders will either continue to hold "like myself" or buy gpus with it if they feel its worth spending right now.
personally i'm waiting till gpuc is more known and the buzz has been curculated before i really start planning what to do with my coins.
max roi is my main goal, not quickly turning a profit.

I am with you on the ROI. But we have seen in the past that the price of coins can just nose dive and rarely recover. Some have, but after a month or so. There seems to always be a patern with the coins. GPU coin might be different. Hopefully giving everyone a chance to make a few quid.

i am relatively new to mining, i have 5 gpus in total from my first second hand 5930, then onto xfx7970 and shortly after with 3 more r9 290's But i haven't managed to pay for the them back at let along buy more with them, so for me i might just cash in..

like i said i will wait and see what happens.

if you'd like to sit on them, i'd suggest spending as much time as you want mining them but then switch over to something like www.wemineall.com
they auto switch to the most profitable coin, exchange for you, then payout in btc. the only fee you have to pay is the fee for the exchange since theres no way to get around that.
Having that all automated for you is a breeze. i'll be heading back to wemineall either around the time halving starts or i'm really starting to hurt for coins.
also right now i'm playing the exchange game. started with $100 and i'm up to $160.44 now. you dont need to buy and sell on every dip, just set a low buy order then set a 20 - 40% higher sales rate.
with btc i try to buy in at 580 and sell at 640 - 650, depending on the market. these are relatively normal figures when the markets swinging around.

[madbit1000]

Having that all automated for you is a breeze. i'll be heading back to wemineall either around the time halving starts or i'm really starting to hurt for coins.
also right now i'm playing the exchange game. started with $100 and i'm up to $160.44 now. you dont need to buy and sell on every dip, just set a low buy order then set a 20 - 40% higher sales rate.
with btc i try to buy in at 580 and sell at 640 - 650, depending on the market. these are relatively normal figures when the markets swinging around.

So what timescale did you make that money in.

[jollyriffic]

Having that all automated for you is a breeze. i'll be heading back to wemineall either around the time halving starts or i'm really starting to hurt for coins.
also right now i'm playing the exchange game. started with $100 and i'm up to $160.44 now. you dont need to buy and sell on every dip, just set a low buy order then set a 20 - 40% higher sales rate.
with btc i try to buy in at 580 and sell at 640 - 650, depending on the market. these are relatively normal figures when the markets swinging around.

So what timescale did you make that money in.

pretty short time frame. was trading for about 2 weeks.
had i known more about trading, i would have a lot more money right now. started panic selling and buying.. didn't watch the market long enough. hell i'm only in month 2 of mining.
btc has been pretty stagnint lately with a massive amount of buy/sell walls. so i haven't been doing any trading.
another thing is to keep an eye out on other exchanges. i bought in too high once on btc-e, market dropped but a slow exchange still had high buy orders. moved my btc over to that exchange and sold, then cashed out and pumped the fiat back into btc-e to buy in.
its a pain to swap exchanges back and forth, have to account for fees, hope the sell or buy order is still up once you're moved over.. but if all goes well you can sometimes get back out while holding an expensive bag.

i've been sitting in Fiat right now for about 2 weeks, but btc hasn't been moving that much. buying and selling for a buck here or there just isn't worth the risk to me with the tiny bit of money i have invested.. so i'm sticking to the large swings.

[phaddie]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

[kache]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

Well, dev can easily push the price of the coin up by simply forcing the price conversion (like 50 satoshi, or 100 satoshi) instead of following market value.
That was the whole point of having the store in the first place, wasn't it?

[phaddie]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

Well, dev can easily push the price of the coin up by simply forcing the price conversion (like 50 satoshi, or 100 satoshi) instead of following market value.
That was the whole point of having the store in the first place, wasn't it?

  IT makes sense but I remember reading somewhere that he was going to price the GPUs are current value.  If he prices for 50 or 100 sats there is a risk that he will not be able to sell them for that once the units are sold.  I honestly am not convinced this idea will work.  Or maybe I am just getting impatient

  Phad

[djm34]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now.  

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

[FrankieSaysRelax]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

 

Well, dev can easily push the price of the coin up by simply forcing the price conversion (like 50 satoshi, or 100 satoshi) instead of following market value.
That was the whole point of having the store in the first place, wasn't it?

  IT makes sense but I remember reading somewhere that he was going to price the GPUs are current value.  If he prices for 50 or 100 sats there is a risk that he will not be able to sell them for that once the units are sold.  I honestly am not convinced this idea will work.  Or maybe I am just getting impatient

  Phad

Wrong. He is pricing the GPUs based on the market rate against USD. The incentive for pumping it is with the miners/IPO investors and traders who got it to bid it up in order to get the GPU for less. I've got 600k so far. These difficulty rates won't last forever. Get em cheap while you can.

[vesperwillow]

If you want to open the flood gates and allow anyone to purchase as many gpus as they want then you are still handing over control to the miners with the most power unless you have a literal unlimited supply of product. Limiting sales allows for better control of the market giving more people the ability to buy.

The other end of that stick is, why would the big power players continue to mine the coin if they can't exercise the purpose of the coin, which is direct exchange for equipment? They could sell it for BTC who folks who want to buy, but that's still a dead end because those folks are also limited. It's a self-denying cycle at that point, and the hashrate will drop/fluctuate wildly.

Yes, it does call for a hella supply. This is why I warned the owner to ensure he can flow GPU's by the truckload first. I suggested ways for him to increase volume.. and I was ignored.

He jumped in feet first without making sure he could swim--on every aspect of this venture. The best thing he brought to the table was simply the idea, to be honest.

The math is not a simple linear curve for electricity usage, that would carry the assumption that diff never changes and that there is no variance in price. You cannot produce the same number of coins consistently with the same amount of power. Over time that number grows and shrinks based on a number of factors. 1 GPU at x watts at y diff will produce z coins with n price. It is anything but linear. For me personally my overhead is so tiny it's basically non existent it costs me $4.75 a month to run my rig.
Just to clarify you are correct about coin creation on the network as a whole being linear, the network will always produce 1440 blocks a day of 20,000 coins per block until the halvening; But singularly it is not linear by any means.

This is where the law of averages kicks in. Yes, diff will vary. If you're on a coin which is in fact profitable (you make more than it costs to mine), typically those coins increase in value over time with diff, or shortly after positive swings. In 8 months being in the crypto world, I've yet to find a profitable coin which has failed this equation. I'm not saying that for every cycle of hash you produce, you make the exact same coin, and cashout the exact same earning. I'm saying that within a high level of confidence if you're mining a profitable coin, your earnings will be pretty much linear to your hashrate.

This is why a lot of senior members only mine the founding coins, or certain altcoins, and don't pool hop. It's also why some people will only mine if it's profitable.

For this particular coin, the people who don't see it as paying the electric are the ones who would've just mined it to sell anyhow--and the folks who are here for the GPUs are concerned because the owner hasn't truly provided any proof of capability he can provide flow.

I would love a $5 electric bill, I won't lie. Haha. But my electric is paid for in mining, so it's not a bad trade.

[phaddie]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now.  

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

Not sure what you mean? 

[djm34]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

Not sure what you mean? 

I meant, that asking someone to pump (buying coins) would increase (artificially since he would be buying all the coins) the value of the coin making the gpu cheaper for everyone in the sense that you would have less coin to mine to get a gpu.
Technically he would be buying the gpu's for those who have small amount of coins.

[phaddie]

I hope someone with deep pockets can pump up the price just before the store opens so that the store is not pricing on the 20 sats this coins is selling for now. 

 If that happens there will be no incentive for the price to raise because it will not be a discount to be had.

  Thoughts?

Basically you are asking someone to buy gpu's for everyone...

Not sure what you mean? 

I meant, that asking someone to pump (buying coins) would increase (artificially since he would be buying all the coins) the value of the coin making the gpu cheaper for everyone in the sense that you would have less coin to mine to get a gpu.
Technically he would be buying the gpu's for those who have small amount of coins.

Maybe that would happen you are correct.

[imonit]

How is this different than mining any other alt coin, trading for BTC and then buying your GPUs from someone such as Tiger Direct?  Last I checked they have RAM, Mother Boards, PSU's, complete rigs.... Etc.

Not being trying to be a "Debbie Downer" here - especially when I am currently mining this coin, but..... am I missing something?

[XScrypt]

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.

Well unfortunately markets aren't powered on faith. I'm not bitching or moaning.  I'm stating the obvious. Wave your rage all you want, you're not going to win against basic economics. You have a "currency" backed by a depreciating asset with the vast majority of coins in the hands of initial "investors" and early large miners. Worse, you have a single store that's placing artificial limitations on purchases that ensures only the largest players will be able to buy anything, a rapidly increasing currency base, and no discernible or efficient method for re-circulation.

There's another word to describe this kind of a setup, and it isn't currency.

But believe whatever you want. I'll just enjoy the show.