[GPUC] GPU Coin | Mandatory Wallet Update

[lemfuture]

I am curious as to how hard GPUCoin was hit today.

They had 15 280x units for sale and within a very short time that dropped to 4.  I am assuming that whoever jacked the price up had been saving up coins for awhile and bought most of those.

who wouldnt. i was thinking of the samething but someone else was one step ahead of me 

[illiki23]

At least the store has stock left and made something off the gpus sold today. While it may be a loss overall it pointed out a weakness in the store's business model that needs to be corrected.  It is a valuable lesson.

It definitely should not be so susceptible to noise and local variation, maybe it could be based on a moving average for the past several days.

[pastet89]

Yeah, that is one problem with this system.

Anyone can stock up for awhile, jack the price up, and clean the store out.

There is not enough liquidity to prevent this.  Right now Toxics are going for 6 million and there are only 4 left.

You can prevent this by putting in a safeguard where the price cannot change more than so much every day.  This way if the price is pumped up it will take a few days before the price climbs to meet this level.

The pricing algorithm I suggested to the team included a simple method do protect against this exact situation.

As usual, whomever is in charge seemed to ignore the suggestion. The developers are far more dedicated to this than the owner, at least based on the fruits of everything so far. To ignore lots of good input from many people is just beyond suicide.

What was your suggestion?

[waltsmith]

what we need is a larger exchange for the store to base its prices from, keep voting at mintpal. We are now up into the coins that only move up the list by paying, except for us, who are still moving at a pretty good clip. Vote ourselves onto mintpal and a lot(not all) of our problems will be fixed right there.

(posted from the reservation lol)

waltsmith

[jimlite]

what we need is a larger exchange for the store to base its prices from, keep voting at mintpal. We are now up into the coins that only move up the list by paying, except for us, who are still moving at a pretty good clip. Vote ourselves onto mintpal and a lot(not all) of our problems will be fixed right there.

(posted from the reservation lol)

waltsmith

Whoever said you were on the reservation probably doesn't have a job. You and I post a lot here,
now Jaymes on the other hand, is on the reservation, when his job should be on here and marketing
his new business.

[httpb]

what we need is a larger exchange for the store to base its prices from, keep voting at mintpal. We are now up into the coins that only move up the list by paying, except for us, who are still moving at a pretty good clip. Vote ourselves onto mintpal and a lot(not all) of our problems will be fixed right there.

(posted from the reservation lol)

waltsmith

Well apparently there is still a way to go up without paying, just look at METH coin. That coin had the same number of votes as GPUC two or three days ago and now they have 4000 votes more than GPUC and if you look at donation address, GPUC received twice as more in donations.

The question is why are they more successful. Only thing that comes to my mind is that they promote the voting on Mintpal with big letters on the first post, so maybe its due to that and we could try the same.

[waltsmith]

I agree, one thing to note tho.

Off the hip calculations in my head say that at .0002BTC per paid vote on mintpal, your free 5 votes an hour equal to 3 to 4 mh/s scrypt mining on most profitable coins. So, frequent voting by us is still the most economical way to get on the exchange. And, selling another coin to put buy pressure on GPUC is also the easiest way to increase liquidity in the small market we are currently locked into while still increasing your holding in the coin.

I'm planning to send Jaymes a rather large message later today, so that more immediate attention can be given to some of the most pressing concerns that have been listed here in the last couple pages.

waltsmith

[vesperwillow]

What was your suggestion?

It's in the GPU forum somewhere.. TLDR: simple permutation of a moving average. Failure to heed good advice is the root of what's killed this venture honestly, not how the price system works on the website.

The question is why are they more successful. Only thing that comes to my mind is that they promote the voting on Mintpal with big letters on the first post, so maybe its due to that and we could try the same.

Interest. More people interested in it than GPUC. Last time I checked (few days ago) nethash on GPUC was less than 300MH. That's deadzone territory for a coin beyond 30 days of age. By this point, you guys should be 1GH stable, at least. It shows some interest but likely not enough.

At this point, they should just price the GPU's based on 1 satoshi value so it couldn't get worse, then see if that life-support mechanism works.

[illiki23]

So...  Did that problem that happened yesterday get fixed?

How about the information page that supposedly was 'already written up'?

I don't understand why it is so hard for Jaymes and the people he hired for development to take action.  I am seriously concerned for their competence.  Either they are incompetent or they don't care.

Any web developer worth anything would have been able to make these updates within the day.

I know because I am a programmer and do web development as a hobby.  These things are not hard at all. (updating the stores algorithm so that someone cannot jack the price up and clean the store out for example.  It would not be hard at all to come up with and implement a solution.)

What is taking so long?  These are serious problems that need immediate attention and all I see is talk every now and then and no action being taken.

I am not trying to just cause trouble.  The people running this coin are seriously incompetent and something needs to be done about it.

It is not just this thing, it takes them days to do the simplest things (if they do them at all rather than just avoiding things).

[illiki23]

Almost every problem GPUCoin has come across has been easily fixable within a day.  I am really concerned about their lack of action.  It is like a Dilbert cartoon or something.  You don't need a million meetings and days to fix a small problem.

[illiki23]

What was your suggestion?

It's in the GPU forum somewhere.. TLDR: simple permutation of a moving average. Failure to heed good advice is the root of what's killed this venture honestly, not how the price system works on the website.

The question is why are they more successful. Only thing that comes to my mind is that they promote the voting on Mintpal with big letters on the first post, so maybe its due to that and we could try the same.

Interest. More people interested in it than GPUC. Last time I checked (few days ago) nethash on GPUC was less than 300MH. That's deadzone territory for a coin beyond 30 days of age. By this point, you guys should be 1GH stable, at least. It shows some interest but likely not enough.

At this point, they should just price the GPU's based on 1 satoshi value so it couldn't get worse, then see if that life-support mechanism works.

One thing is a lot of people don't have confidence in Jaymes and the development crew.

I am seriously starting to think that Jaymes and some of the developers are displaying a considerable amount of arrogance.  They really should start listening to some of the problems people have been bringing up.

[jimlite]

I know the web developer Hendr1x is very competent, he is working on being able to buy gpuc with fiat, but there are chargeback issues to overcome.  He also can't do anything without Jayme's approval, and that seems to be the problem. Jaymes is not the easiest guy to reach and he really needs to trust his web developer and get a promoter he can trust to market the coin.  A lot of buzz around the net is that Scrypt-N will be the goto coins this summer once Asics destroy scrypt.  We have the right coin with the right algo to become a major coin, but the lack of marketing and the CEO's presence is concerning. The sad thing is it doesn't need to be.  And as far as the price, just a few big buy orders really moves this coin, so IF THE MARKETING TEAM (or ghosts) COULD GET SOME INTERNET BUZZ AND SOME PEOPLE BUYING THE COIN OFF OF EXCHANGES SUCH AS MINTPAL, THE VALUE WOULD GO UP!

I REPEAT, THE ONLY THING THAT IS HINDERING THE GROWTH OF THIS COIN IS THE UTTER LACK OF MARKETING, PROMOTING, AND ADVERTISING OF IT.
F#CK, LOOK AT BLACKCOIN AND MINTCOIN, THEY ARE POS, YOU FREAKIN CAN'T EVEN MINE THEM AND THEY GO UP IN VALUE! WHY???, BECAUSE OF MARKETING, PROMOTING, ADVERTISING, MAKING A HUGE WEB PRESENCE, ARTICLES, TV, ETC. IT IS ALL ABOUT GOING VIRAL LIKE A RETARTED DOGE.

NOW AFTER ALL THESE CAPS, CAN THE CEO AND MARKETING DEPARTMENT GET IT THROUGH THEIR THICK SKULLS WHAT NEEDS TO BE DONE? OR DO I HAVE TO REPEAT MYSELF? USE IPO MONEY FOR THIS, AND THEN WHEN THE PRICE OF THE COIN GOES UP, YOU CAN SELL THE PRE-MINE TO BUY MORE CARDS. BUT REALLY THE ADVERTISING AND PRICE GOING UP NEEDS TO HAPPEN BEFORE MORE CARDS CAN BE ACQUIRED AT A LOW COST FROM THE COMPANIES COIN STASH.

Just like real estate is "Location, Location, Location", Alt coins are, "ADVERTISING, PROMOTING, MARKETING"
SO IS ANY OF THIS GOING TO START BEING DONE, OR ARE WE GOING TO WATCH THE COIN DIE?

P.S. Oh, yeah, did I mention this coin needs a P.R. team that can get the job done?
(And I don't mean a tweet or contest once a week, I mean SERIOUS marketing/advertising strategies)

[illiki23]

I know the web developer Hendr1x is very competent

So why has the web site not been updated with this 'information page' if it has already been written up?

Why is it taking so long to fix problems that can be fixed within the day?

It does not matter how many great things that Hendr1x may be doing with fiat, but there are more pressing issues.

Competence involves a lot more than just programming skill, but also the ability to take action.

And actually the web site is very amateur based on what developers are doing these days.

If the developers had any shred of competence then they would never have set the system up the way it was set up.

Just to illustrate the incompetence, several weeks ago I brought up that the page needed a link to an information page about where customers could obtain GPUCoin.  Hendr1x played dumb and it took several attempts at communication before he understood what was being asked of him.  He claimed wanted to update the site but just did not know what he can do to make it better, after being told clearly that the page needed information on where to get GPUCoin.

It did not take long at all for people on the board to suggest a number of options.

That is incompetence.  The inability to perform problem solving and think things through.

And there are a lot of ignorant (or maybe just arrogant) people still supporting Jaymes and the development team.  It is confusing since they are doing so poorly.

[jimlite]

I know the web developer Hendr1x is very competent

Hendr1x can't do anything without Jayme's approval, and that is where the store front problems lie.
Bigger problem is no marketing/P.R. team.

[illiki23]

Hendr1x can't do anything without Jayme's approval, and that is where the store front problems lie.
Bigger problem is no marketing/P.R. team.

Well then, all roads lead back to Jaymes.

I do agree and believe he is the bottleneck for this company.  He just does not have the business skills to run a business.  Although he likes to play "businessman" he really has no clue about what he is doing.

[jollyriffic]

Instead of throwing slander at a person, maybe the two of you should rally around him.
you've got ideas, email, chat on irc, or find another method of contacting him and give helpful info.

these forums are not a proper form of communication as there are over 400 pages of random info.
he has a day job, is shipping orders out, in communication with people to buy graphic cards from, and has a life outside of this all to live.
a business should not be your 100% focus or else you'll end up too stressed out.
I know first hand, i ran a business for 3yrs as the only person doing pretty much all of the work from the site design down to building the products, at the first sign things are getting rough people come out with the pitchforks. that in no way helps, you need a supportive community.

[jimlite]

I realize that and totally support him.  He works for a nuclear company, he is not dumb.  The problem is you can't start a business and do everything yourself, like you said. As CEO you must realize what important things need to be done, and delegate it to competent people.  The only thing I see that he hasn't been able to do is get this coin some visibility.  He needs to know that he MUST advertise, promote, and market his coin, and the best way to let him know that is not to bombard him via email. It is to post here, which I assume he does read eventually, and more importantly some of his team like Micryon, Hendr1x, and Waltsmith DO read all of this, and they are the only ones that can get thru to Jaymes IMHO.

[waltsmith]

Well, the rant train is in full swing today!! lol Don't let me miss out on this action!!

First off guys, the simple fact of the matter is, and Jaymes has posted this several times in this thread. There is no more IPO money. There is no more IPO money for marketing. There is no more IPO money for advertising. There is no more IPO money to buy cards. There is no more IPO money to pay anyone to do anything. One more time in case that is not clear. There is no more IPO MONEY! Also, he has been sitting on pre-mine and almost all of the coins collected by the store because there is no buy pressure on any of the rinky dink exchanges to liquidate any of it. Damn cryptorush anyways. We were taking off pretty good on there, until they went belly up on BTC.
Next, I swear some of you think you can just wave a magic wand and in mere moments all of the worlds problems would be fixed, if you were in charge it would all be done and you would be sitting there counting your coins with nothing else to do, right? Have you ever tried to do any of these things? With an entire team of highly paid, skilled, full-time employees in each division, then yes, it would all be taken care of promptly. Not the case here guys. I paid out the contest thread winnings over at the main forum about a month ago in order to take some of the pressure off of hendr1x as he was busy trying to get the store online. It took me ALL DAY. Just to send out a few coins. And I felt like a wrung out old dishrag afterwards. Just from sending out a few coins. Every single thing that needs done is an incredible amount of legwork. Maybe these other coins have millionaires behind them. Maybe they are just incredibly skilled with awesome organizational skills, a ton of money to blow, and no other job. Or maybe, just maybe, some in the community help out. If you have awesome ideas, then follow through, and get er done!!! It's true that some things need to be cleared with Jaymes as long as he has the reins on development, and the store is his of course. But we are not gonna get on TV unless we pay for it, set up getting a video made, and then following thru to the end. Since we are simple people of simple means, we are not getting on TV. But each of us that own even one coin, mine to a pool, or just have a wallet synched up, are owners of this coin. We have a great community, lets continue to prove it.

waltsmith

[jimlite]

Well, the rant train is in full swing today!! lol Don't let me miss out on this action!!

First off guys, the simple fact of the matter is, and Jaymes has posted this several times in this thread. There is no more IPO money. There is no more IPO money for marketing. There is no more IPO money for advertising. There is no more IPO money to buy cards. There is no more IPO money to pay anyone to do anything. One more time in case that is not clear. There is no more IPO MONEY! Also, he has been sitting on pre-mine and almost all of the coins collected by the store because there is no buy pressure on any of the rinky dink exchanges to liquidate any of it. Damn cryptorush anyways. We were taking off pretty good on there, until they went belly up on BTC.
Next, I swear some of you think you can just wave a magic wand and in mere moments all of the worlds problems would be fixed, if you were in charge it would all be done and you would be sitting there counting your coins with nothing else to do, right? Have you ever tried to do any of these things? With an entire team of highly paid, skilled, full-time employees in each division, then yes, it would all be taken care of promptly. Not the case here guys. I paid out the contest thread winnings over at the main forum about a month ago in order to take some of the pressure off of hendr1x as he was busy trying to get the store online. It took me ALL DAY. Just to send out a few coins. And I felt like a wrung out old dishrag afterwards. Just from sending out a few coins. Every single thing that needs done is an incredible amount of legwork. Maybe these other coins have millionaires behind them. Maybe they are just incredibly skilled with awesome organizational skills, a ton of money to blow, and no other job. Or maybe, just maybe, some in the community help out. If you have awesome ideas, then follow through, and get er done!!! It's true that some things need to be cleared with Jaymes as long as he has the reins on development, and the store is his of course. But we are not gonna get on TV unless we pay for it, set up getting a video made, and then following thru to the end. Since we are simple people of simple means, we are not getting on TV. But each of us that own even one coin, mine to a pool, or just have a wallet synched up, are owners of this coin. We have a great community, lets continue to prove it.

waltsmith

Well if there is no more IPO money, then that is quite a pickle. But there are options for Jaymes.
1)Give enough of the hundreds of millions of GPU coin he is sitting on to Mintpal to get listed, while it is worth 5 satoshi.
2)Give enough of the hundreds of millions of GPU coin to competent people who will market the coin, and will accept it while it is worth 5 satoshi.
3)CEO gets a loan (like any new business), and pays for what needs to be done as above.
Or option 4
4)Jaymes will be sitting on hundreds of millions of GPU coin worth 1 satoshi, or 1/5 th of the current net worth.
Then the coin will die, and his pre-mine will be gone anyways.
It would be wise to spend millions of GPU coin to save and grow the other hundreds of millions he has.

And this is honest advice from a guy who has been in crypto and the stock market for a long time. A guy who has been mining non stop from day one. A guy who has been promoting the coin on forums, IRC, and exchange trollboxes.  A guy who helped debug/test the storefront for Hendr1x. A guy who spent some btc on the IPO, but more importantly spent $500 on electricity to get 2 Million coins.  Since GPU coin was a great idea, I expected all my mining to pay off, and us being in the 1000s satoshi range. My fallback plan was if GPU coin didn't rise a lot, at least I could buy a GPU, but mining 2M coins cost $500 in electricity and can't even buy a $300 GPU from the store.  So you can call it a rant, I call it constructive criticism or business advice.  It just infuriates me that 16 year olds can make crap clone coins like SpainCoin, Aurora, CryptoMeth, Israelcoin, and 100 other no use pre-mined pump and dump coins and they all are doing better than our coin.  It is mind blowing, but I guess a bunch of teenagers know how to get internet buzz and we don't, and that is all that matters in this game.  And the Cryptorush scandal was bad for our coin, but also every other coin.  And I was the one who found out a week before anyone on the team knew that Cryptorush had no BTC, and I explained it to Hendr1x and Micryon, as well as emailing Jaymes.  I told him to get all his GPU coin and BTC out of Cryptorush well before anyone knew about their insolvency.  And I know that that advice saved Jaymes a ton of BTC and GPU coin that he otherwise would have lost to Cryptorush. So I have helped more than anyone knows with this coin, and I want to see it succeed.  I have also owned a business and know there is a big difference in mindset, drive and motivation depending on where funding comes from.  If I had 100 random anonymous people give me $200,000 to open a pizza place, if it worked out great, if it fails, I have no skin in the game so no big stress.  If I put up my own $200,000 or took out a loan to start my pizza place, if it was failing and NOBODY knew about my pizza place, so they all kept getting pizzas from Domino's, Little Ceasers, Hungry Howies, and Papa John's, YOU'D BETTER BELIEVE I WOULD MAKE PEOPLE START KNOWING ABOUT MY PIZZA PLACE! If I was out of cheese, you'd better believe I would get cheese. If I was out of sauce, you better believe I would get sauce.  There can be many problems in a business, but this one really only has one now, and we all know it is the lack of advertising, marketing, and promoting to get us known, mined, used, increased in price, and exchanged. The former funded ownership is the situation Jaymes is in, and he really needs to be in the latter.  Even on Shark Tank, the sharks constantly tell people "They are out", because the owners are treating there company as a hobby, and not a company.  The sharks say that your business will never go anywhere if you have a demanding day job and treat your business as a hobby. At this point I'm not saying Jaymes should quit his job, but I wish he could have.  With his own money and more of his own time in this game, it could have been a lot different.

[vesperwillow]

It certainly doesn't help that the focus right now is on ASIC conversion, BTC is down, the owner virtually disappeared for almost a month, needed changes never happened.. I mean with so many issues cascading.. is it any wonder other coins are doing better right now?