[GPUC] GPU Coin | Mandatory Wallet Update

[cryos75]

I really don't understand all of the worry here. If it's a scam, it's a scam and everyone supporting (time, electricity, money, etc) any coin is taking risk in any crypto-currency. Each of us has to make our on evaluations and decisions as to which ones to pursue. That being said, I see no need to worry about only IPO investors, whales, or big miners reaping the rewards or being the only individuals able to obtain or purchase GPU's.

The market will auto correct as soon as the store sets the GPUC price per video card. As soon as that happens, the early adopters may (hopefully) will get a good deal if they see the price early and a buy the GPU coins already for sale on the market at a low rate (sucks for those sellers who already have sell orders sitting on the exchanges). This would also reward those who have supported the GPUCOIN early as well. But, the sellers will quickly increase their asking price as soon as they see the demand driven by the graphics cards prices. After the market normalizes around this initial set value, the storefront owners (CEO) can pull real-time coin market values and set the prices from this. I hope that the initial store prices are set to some easy to interpret value (e.g. 5,000 or 500,000 per card) and not some obscure price of millions of GPU coins for a video card (e.g. 38,756,321 GPUC per card).

So, for an extreme example, let's assume the store opens up and the price for an R9 280x is 400 GPUC (~.0017 BTC or $1) and there is a limit 1 per customer (just for kick-off purposes until the market and 280x supply normalizes). What happens? Well, first, those who took the most risk in the beginning (IPO investors, miners, coin buyers, etc.) will be immediately rewarded because they can purchase hundreds of 280x's or sell on the exchanges for nice profits. Second, those who see the 280x GPUC price on the store front can quickly capitalize on the idiots that have GPUC market sell orders sitting on the exchanges and buy them extremely cheap. This will quickly drive the GPUC price up to a comparable fiat value.

The only thing preventing this extreme example is the current block rewards and halving. So, I doubt it will open at 400 GPUC per video card, but still could be possible if the store could supply that demand. Like others have said on here, that's the one piece we don't know about yet. What kind of supply can the store keep up with? I hope a lot, and can guarantee that the first order or two that they default on or don't ship, will kill the market price.

Anyway, it's exciting to speculate..... Good luck to all!

[1714652111]

1714652111

[1714652111]

1714652111

[jollyriffic]

I really don't understand all of the worry here. If it's a scam, it's a scam and everyone supporting (time, electricity, money, etc) any coin is taking risk in any crypto-currency. Each of us has to make our on evaluations and decisions as to which ones to pursue. That being said, I see no need to worry about only IPO investors, whales, or big miners reaping the rewards or being the only individuals able to obtain or purchase GPU's.

The market will auto correct as soon as the store sets the GPUC price per video card. As soon as that happens, the early adopters may (hopefully) will get a good deal if they see the price early and a buy the GPU coins already for sale on the market at a low rate (sucks for those sellers who already have sell orders sitting on the exchanges). This would also reward those who have supported the GPUCOIN early as well. But, the sellers will quickly increase their asking price as soon as they see the demand driven by the graphics cards prices. After the market normalizes around this initial set value, the storefront owners (CEO) can pull real-time coin market values and set the prices from this. I hope that the initial store prices are set to some easy to interpret value (e.g. 5,000 or 500,000 per card) and not some obscure price of millions of GPU coins for a video card (e.g. 38,756,321 GPUC per card).

So, for an extreme example, let's assume the store opens up and the price for an R9 280x is 400 GPUC (~.0017 BTC or $1) and there is a limit 1 per customer (just for kick-off purposes until the market and 280x supply normalizes). What happens? Well, first, those who took the most risk in the beginning (IPO investors, miners, coin buyers, etc.) will be immediately rewarded because they can purchase hundreds of 280x's or sell on the exchanges for nice profits. Second, those who see the 280x GPUC price on the store front can quickly capitalize on the idiots that have GPUC market sell orders sitting on the exchanges and buy them extremely cheap. This will quickly drive the GPUC price up to a comparable fiat value.

The only thing preventing this extreme example is the current block rewards and halving. So, I doubt it will open at 400 GPUC per video card, but still could be possible if the store could supply that demand. Like others have said on here, that's the one piece we don't know about yet. What kind of supply can the store keep up with? I hope a lot, and can guarantee that the first order or two that they default on or don't ship, will kill the market price.

Anyway, it's exciting to speculate..... Good luck to all!

the price in the store will be linked directly to the current value of the coin. meaning w/e the exchange price is on opening day is what the cards will cost.
it may be different had they chosen to flip it to where they set a price for it, because then people would change their sell order price to reflect the value based on the card retail price.
so out of the gate, first day buyers are going to spend a lot more than the following week buyers (most likely)

[jimlite]

I really don't understand all of the worry here. If it's a scam, it's a scam and everyone supporting (time, electricity, money, etc) any coin is taking risk in any crypto-currency. Each of us has to make our on evaluations and decisions as to which ones to pursue. That being said, I see no need to worry about only IPO investors, whales, or big miners reaping the rewards or being the only individuals able to obtain or purchase GPU's.

The market will auto correct as soon as the store sets the GPUC price per video card. As soon as that happens, the early adopters may (hopefully) will get a good deal if they see the price early and a buy the GPU coins already for sale on the market at a low rate (sucks for those sellers who already have sell orders sitting on the exchanges). This would also reward those who have supported the GPUCOIN early as well. But, the sellers will quickly increase their asking price as soon as they see the demand driven by the graphics cards prices. After the market normalizes around this initial set value, the storefront owners (CEO) can pull real-time coin market values and set the prices from this. I hope that the initial store prices are set to some easy to interpret value (e.g. 5,000 or 500,000 per card) and not some obscure price of millions of GPU coins for a video card (e.g. 38,756,321 GPUC per card).

So, for an extreme example, let's assume the store opens up and the price for an R9 280x is 400 GPUC (~.0017 BTC or $1) and there is a limit 1 per customer (just for kick-off purposes until the market and 280x supply normalizes). What happens? Well, first, those who took the most risk in the beginning (IPO investors, miners, coin buyers, etc.) will be immediately rewarded because they can purchase hundreds of 280x's or sell on the exchanges for nice profits. Second, those who see the 280x GPUC price on the store front can quickly capitalize on the idiots that have GPUC market sell orders sitting on the exchanges and buy them extremely cheap. This will quickly drive the GPUC price up to a comparable fiat value.

The only thing preventing this extreme example is the current block rewards and halving. So, I doubt it will open at 400 GPUC per video card, but still could be possible if the store could supply that demand. Like others have said on here, that's the one piece we don't know about yet. What kind of supply can the store keep up with? I hope a lot, and can guarantee that the first order or two that they default on or don't ship, will kill the market price.

Anyway, it's exciting to speculate..... Good luck to all!

Don't be ridiculous.
1)R280x won't be 400 gpuc. You can mine 400 gpu in like 1 minute.
2)Check cryptorush price and you will see 1 gpuc is currently .00000020 bitcoins
3)Let's say a R280x is $400 which is .645 bitcoins, then you would need 3,225,000 gpu coins.
   Of course with the store, gpuc will go higher than .00000020, maybe to around .00000067,
   which would make a R280x 1 million gpu coins.  And sure maybe it can go to .0000020 and
   make it 325,000 gpuc.  But GPUC is not going to .0017, there is simply too many coins being
   produced.
4)The CEO already said first shipment is 80 cards. He will not be getting HUNDREDS of cards,
   that would take a while and depend on the success and increase in price of the coin as well
   as having the volume of buyers to get the best pricing and deal direct with the manufacturer
   will take time.
If you want to get a R280x cheap, then either get mining now and save up your coins, or buy them
at Cryptorush now while there are millions and they are cheap.

[glockjs]

walt or somebody jump on this: https://bitcointalk.org/index.php?topic=519658.0

vault of satoshi is looking for a new coin to add. would be a good way in the future for people to get there fiat to gpuc to buy from the store.

[tavirosu]

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?

Once the initial sales get's going the company will prob have the majority of coins out there, or if not, still a large portion of them and they could stabilize the market and make it go up little by little. In order for them to make a profit after they accept your coins for their cards, they need to exchange the coins at a much higher rate then the one prior to the trade. Hence why in theory the price will go slowly up and by each sale the possibility of others dumping get's smaller and smaller.

So the difference comes from a more controlled market and not that much flucuation price once the shop get's working.

[luco]

yeah its on http://coinmarketcap.com/

lets see how it goes 

[flaminius]

The only thing that we as miners should be concerning ourselves with is each making our own personal decisions whether or not to mine GPUC, for whatever reasons are relevant to our personal circumstances. How the store owner handles pricing of GPU's, selling of GPUC's earned from sales, and inventory management is quite frankly none of our business and none of our concern... those are all his problems to deal with. As a business owner myself, I completely understand the owner ignoring other people's "suggestions" on how he should run HIS business, no matter how good the people making the suggestions think their ideas are. If your ideas are so good, go into business for yourself and implement your own ideas instead of acting like petulant children and whining about your grand ideas being ignored. As a business owner, of course you want the business to succeed and be profitable, but you also want to run your own business the way YOU want to. This also has the effect of placing 100% of the responsibility for the success or failure of the venture squarely upon the owner's shoulders, which is exactly where it should be. If the owner wanted to run his business by committee, then he'd appoint a board of directors or hire consultants.

That being said, here's my two cents on some of the issues being brought up:

- Pricing in the store will always need to be based upon current (as in, current as of the time of sale, not at this point in time) market prices. Creating an artificial price that is above market price and expecting the market to follow suit is just pure folly.

- GPUC earned by the store should always be immediately sold on market upon each GPU sale. The store cannot quote a price for a GPU based on current market prices, sell said GPU, and expect to be able to sell the GPUC back into the market hours later at the same value. This also means that GPUC gets sold back to the market in a smaller, more steady stream instead of having the store accumulate, for example, and entire day's worth of sales in GPUC and having to dump vast quantities, driving the price down.

- Limiting initial sales to one GPU per customer per day is a good way to let things ramp up slowly and build value. The store is starting out with limited stock, and allowing large orders only invites the possibility of selling out too quickly to be able to restock in a timely fashion. While the few people that were able to afford those large orders may be happy, the store ends up with a much greater number of potential customers who end up pissed off and disappointed because they can't get the GPU that they've been mining/trading/buying GPUC for. It is far better to end up with 80 happy customers that are each able to get 1 GPU than 10 happy customers who were able to get 8 GPUs each and 70 pissed off potential customers that are now more likely to take their money elsewhere. Every business wants to be successful, but it'll have little chance to if it is slammed by too much demand right out of the gate. I would also assume that the store's order for a second, third, fourth, etc. batch of GPUs would be placed part way through the sales of previous batches so as to ensure as consistent of an inventory as possible, and that succeeding orders after the first batch will slowly ramp up in volume, allowing the store owner to eventually remove the one GPU per customer per day restriction. It would be pure stupidity to wait until stock is sold out before ordering more.

- As some people have mentioned but so few seem to understand, GPUC itself is only one part of this whole equation. Right now, GPUC is only just over a week old, is basically just another cryptocurrency, and is being treated as such. The current market price is a reflection of this, as is the low difficulty and low network hash rate. Once the store opens and the other half of the equation is fulfilled, interest in the coin will increase, difficulty and hash rates will increase, and market prices will also increase, because miners will no longer be willing to sell at such low prices.

- PR and marketing is not needed at this time, and would probably be undesirable, for the same basic reasons as limiting initial sales. Right now, people who read these forums and mine GPUC know about it (the store), and even if that is only 100 people, it is a sufficient potential customer base for a startup business with a limited starting inventory. As the first sales are made, news will naturally spread, interest and demand will naturally rise, and the customer base will naturally expand. The only reason I can see to bother spending any time or effort on PR or marketing is if the store finds itself lacking in customers and needs to call attention to itself to attract new customers. Since the store is not yet open, there is nothing to market, and creating too much hype and demand before the store even opens would most likely be detrimental to its success.

- As long as the owner, or CEO, or whatever you want to call him fulfills his end of the bargain (using IPO funds to buy GPUs and sell them through his store), he owes none of us anything and is under no obligation to tell anybody anything about the way he runs his business. If a retail store or new restaurant is opening up down the street, do you go in and demand to know the details of how those businesses are going to be run and how much profit they are making and how they are going to handle their inventory and who their suppliers are and what kind of pricing they get? No. So how is this any different? As potential customers, the only say we have in relation to the business is whether we spend our money there or somewhere else. Wanting a certain degree of transparency is all fine and dandy where publicly traded corporations and government agencies are concerned, but the inner workings of a private business is nobody's business but the owner's.    

- The quantity of coins per block, the block rate, and the halving times do not matter nearly as much interest and demand, and if you doubt that, look at something like Doge as an example... there are currently, on average, 360,000,000 coins per day (average 250,000/block times 60 blocks per hour times 24 hours in a day) being mined and added to the however many billions there are already in circulation, and yet they are worth more than 100 satoshis each. Why? Because there is interest and demand, as evidenced by its very high network hashrate and difficulty to mine. The only reason for GPUC to be so low in value right now is because of lack of interest, and the only reason there is lack of interest is because the store is not yet open.

Okay, maybe that was more like a quarter than two cents... my apologies for the length, but I hope I've made some valid and logical points. I don't speak up often, but when I do, I like to think my ideas are well thought out and reasonable.

[tylerderden]

great points all around man. I think the store will do fine especially considering the first batch will probably take quite a few GPUC's to purchase. Well if the price of the coins goes up when word gets out, they will already be making a nice profit. plus the ipo/premine he started with. He has more going for him than most start-ups. If everybody isn't buying up all the coins you can right now I think you will be sorry later.

[madbit1000]

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?

 

Easy solution to this, the CEO should do another offer what ever the price is x 2 coins

[micryon]

- Pricing in the store will always need to be based upon current (as in, current as of the time of sale, not at this point in time) market prices. Creating an artificial price that is above market price and expecting the market to follow suit is just pure folly.

Obviously, unless its for one-off promotional purposes...

[vsniko]

Can anyone tell me why I can`t start the wallet for Win?
https://www.dropbox.com/s/23nztd2yfvy4u1a/error.jpg

I did all as here - http://www.gpucoinforum.com/viewtopic.php?f=22&t=50
No result. Please help the newbie  

[flaminius]

Can anyone tell me why I can`t start the wallet for Win?
https://www.dropbox.com/s/23nztd2yfvy4u1a/error.jpg

I did all as here - http://www.gpucoinforum.com/viewtopic.php?f=22&t=50
No result. Please help the newbie  

If I recall correctly, you no longer need a config file, as Micryon hardcoded the nodes into the client. Just download the wallet from the link on the first page of this thread, start it up, let it sync, and you should be good to go. I know I have no config file in my  appdata\roaming\gpucoin folder and everything works fine...

[vsniko]

Can anyone tell me why I can`t start the wallet for Win?
https://www.dropbox.com/s/23nztd2yfvy4u1a/error.jpg

I did all as here - http://www.gpucoinforum.com/viewtopic.php?f=22&t=50
No result. Please help the newbie  

If I recall correctly, you no longer need a config file, as Micryon hardcoded the nodes into the client. Just download the wallet from the link on the first page of this thread, start it up, let it sync, and you should be good to go. I know I have no config file in my  appdata\roaming\gpucoin folder and everything works fine...

It is the first thing I did. Not working. Then googled and used the conf file. Doesn`t work too

[Reverb]

Can anyone tell me why I can`t start the wallet for Win?
https://www.dropbox.com/s/23nztd2yfvy4u1a/error.jpg

I did all as here - http://www.gpucoinforum.com/viewtopic.php?f=22&t=50
No result. Please help the newbie  

If I recall correctly, you no longer need a config file, as Micryon hardcoded the nodes into the client. Just download the wallet from the link on the first page of this thread, start it up, let it sync, and you should be good to go. I know I have no config file in my  appdata\roaming\gpucoin folder and everything works fine...

It is the first thing I did. Not working. Then googled and used the conf file. Doesn`t work too

Hey bud, I think it is because you still have the blockchain from the first launch. Please try these steps:
1. Go to AppData/Roaming/
2. Remove the GPUCoin folder.
3. Create a new GPUCoin folder. (I know, you can also empty the GPUCoin folder, idc)
4. Create a new config file in that folder called gpucoin.conf
5. Copy this in the config file.

rpcuser=anyuser
rpcpassword=yoursupersecretpassword
addnode=188.226.166.12
addnode=107.170.227.7
addnode=188.226.169.204
addnode=128.199.220.62
addnode=107.170.36.126
addnode=173.195.56.63
addnode=162.221.184.173

6. Start the wallet.

Also make sure you've downloaded the newest wallet version, not the one from the first launch.

[vsniko]

Reverb, thanks it`s working!

[waltsmith]

For those that haven't noticed, GPUCoin is now listed on coinmarketcap.com. The API pulls aren't working yet, so its at the bottom of the low volume list. But, I'm sure it'll be fixed soon.

waltsmith

[loicatraile]

Hi..
 when will the online store be released?

[waltsmith]

Hi..
 when will the online store be released?

Supposed to be this coming Sunday.

waltsmith

[loicatraile]

thanks!

[marscrypto]

i finally saw GPU on market cap!
but it's placed at the bottom of the list in the low volume section..WHY?
it's not a good sign..i think, what about