[GPUC] GPU Coin | Mandatory Wallet Update

[jimlite]

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?

If this coin can survive long enough, the coming of more powerful scrypt Asics will only help this coin, as the buzz around the net is everyone will switch to scrypt-n coins when that happens this summer or fall.

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[illiki23]

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

The problem is not that Jaymes ran out of IPO money, but that the business has not been ran properly from the beginning.  There have been many many many opportunities to take a variety of actions which have not been taken.  Despite strong urging from the community many issues have been blatantly ignored.

If Jaymes has a job and cannot spend time to run the company then he should have delegated that task to someone else a long time ago.  

Overall the plan for this company was very poorly thought out.  It did not help that Jaymes refused to reveal details about the business model for the store and some of the technical details.  Personally I have requested via email as well as in this forum to know more about the business plan Jaymes intended.  It also did now help that none of the advice given by the community was taken.  The people running this really thought they knew what they were doing.  Well, they did not.

At least we have the block reward reduction.  If it is done right it should help raise the price.
Of course if it is not done right it could hurt the coin.  The reward must be reduced gradually or miners will not be able to make money off the coin and will quit.

[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

The problem is not that Jaymes ran out of IPO money, but that the business has not been ran properly from the beginning.  There have been many many many opportunities to take a variety of actions which have not been taken.  Despite strong urging from the community many issues have been blatantly ignored.

If Jaymes has a job and cannot spend time to run the company then he should have delegated that task to someone else a long time ago.  

Overall the plan for this company was very poorly thought out.  It did not help that Jaymes refused to reveal details about the business model for the store and some of the technical details.  Personally I have requested via email as well as in this forum to know more about the business plan Jaymes intended.  It also did now help that none of the advice given by the community was taken.  The people running this really thought they knew what they were doing.  Well, they did not.

At least we have the block reward reduction.  If it is done right it should help raise the price.
Of course if it is not done right it could hurt the coin.  The reward must be reduced gradually or miners will not be able to make money off the coin and will quit.

It is already done, and will be gradual. The new wallet which you must download before about 2 weeks has fixed the heartbleed bug and moved up the halving to 10,000/block.  I think that was a smart move, we have too many coins being produced from too few miners and way too few buyers and major exchanges.  There are not enough buyers and major exchanges because the coin is practically unknown on the internet due to the already stated lack of promoting, marketing, advertising.  But the scarier thing is that there are WAY fewer miners than even our low net hash rate leads people to believe.  I can't tell you the names or the exact math, but I can say that 2 multi-pools account for A LOT of our net hash, and they just dump and convert to btc, they are not going to hold and wait for GPU coin to rise.  That is why we need a lot of regular little mine and holders like me.

[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?

If this coin can survive long enough, the coming of more powerful scrypt Asics will only help this coin, as the buzz around the net is everyone will switch to scrypt-n coins when that happens this summer or fall.

I mean.. I've already talked to OEMs who are working on the ScryptN ASIC as we speak. Like I said a billion pages back.. likely Q3. There's also a multi-algo ASIC being developed.

ASIC is your friend. A failure of a business manager isn't.

[jimlite]

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?

If this coin can survive long enough, the coming of more powerful scrypt Asics will only help this coin, as the buzz around the net is everyone will switch to scrypt-n coins when that happens this summer or fall.

I mean.. I've already talked to OEMs who are working on the ScryptN ASIC as we speak. Like I said a billion pages back.. likely Q3. There's also a multi-algo ASIC being developed.

ASIC is your friend. A failure of a business manager isn't.

Well you should know enough about Asics then to realize the only Scrypt Asic out now is gridseed and it is buggy as well as getting very little hashrate for it's cost. In the current alt market it may never R.O.I.  And "real" or powerful scrypt asics like Alpha Tech or KG Miner are just pre-order vaporware scams until they are actually manufactured, tested, and out to the public, at which time they also will be very expensive and may never R.O.I. in this coin market, as their will be even more miners selling and less buyers around.  And they are going to need a hell of a lot of memory on board for future N factor of scrypt-N, so they ain't gonna be cheap! Now don't get me wrong, I am not 100% against Asics, they save A LOT of power and electricity bills, but by the time they come out they are soon expensive paperweights.  And by the time they come out, Nvidia will have lower power and higher hashrate Maxwell gaming cards, and AMD will have higher hashrate gaming cards, and guess what? I can sell my 280x's, buy whatever is the fastest and most energy efficient new gaming card, and pop em in my rigs and be as fast as Asics, and use the money from my sold 280x's to pay for most of the new cards. You can't do that with Asics.  But the point is mute, because if bitcoin and alt coins don't get more real world use, nobody is going to buy them, and that is what is driving prices down.  When things like Tigerdirect or Overstock.com take bitcoin, it does two things, gets more people buying bitcoin AND A TON OF FREE ADVERTISING AND MARKETING FOR THEIR COMPANIES.  Can you tell I REALLY think this marketing is the most important part of any coin?  Without marketing and real world use, a coin might as well be a tulip bulb or any other ponzi scheme.  Well I should say greater fool theory. The other problem is the oversaturation of coins.  Bitcoin and Litecoin were worth a lot more when they were the only coins people really mined and used, before the world decided they need to release 100 crap clone coins a month.

[vesperwillow]

Well you should know enough about Asics then to realize the only Scrypt Asic out now is gridseed and it is buggy as well as getting very little hashrate for it's cost. In the current alt market it may never R.O.I.

What gridseed are you looking at? For $150 shipped you can get a device which mines at 350-400kh. With a few minutes of adjustment, it'll do 450 which is on par with a 270. For people who are serious about mining, you get pricing as low as $135 shipped. This is full kit pricing, not just the device. Try finding a GPU which will do 450+ kh for $135 shipped which also includes your PSU, motherboard and other essentials. And the price will be $100 pretty soon. First gen rack mining systems are on the way in May, even more hash for less power and cost per kh than right now.

As to ROI.. nothing in this market is profitable right now, but BTC wasn't for 5 years either. It's all about the long term purpose. For GPUC, if he hadn't switched to N, it would still be "affordable" for people to mine and would've provided a buffer for lack of marketing and management.

And "real" or powerful scrypt asics like Alpha Tech or KG Miner are just pre-order vaporware scams until they are actually manufactured, tested, and out to the public, at which time they also will be very expensive and may never R.O.I. in this coin market, as their will be even more miners selling and less buyers around.

KNC will own the Scrypt market by Q1 2015. Their entry level systems will be 300-500mh running off of a simple PSU. I would trust them over others, but, Gridseed's equivalent unit is already being developed as well. Expect those 2 companies to do some great stuff. I realize ROI is important, but BTC/LTC will bounce back strong once we get through this dip. We haven't hit the floor yet, but when it goes up it's going to be pretty strong.

 And they are going to need a hell of a lot of memory on board for future N factor of scrypt-N, so they ain't gonna be cheap!

Yawn. They said the same thing about Scrypt. Considering they've already overcome this for Scrypt AND ScryptN.. it's a moot point.  Especially with the ASIC units costing LESS than similar-hashing GPUs.. which you've apparently failed to consider.

Now don't get me wrong, I am not 100% against Asics, they save A LOT of power and electricity bills, but by the time they come out they are soon expensive paperweights.

This was all said by the Scrypt ASIC detractors months ago.. and most of them are switching over.

 And by the time they come out, Nvidia will have lower power and higher hashrate Maxwell gaming cards, and AMD will have higher hashrate gaming cards, and guess what? I can sell my 280x's, buy whatever is the fastest and most energy efficient new gaming card, and pop em in my rigs and be as fast as Asics, and use the money from my sold 280x's to pay for most of the new cards. You can't do that with Asics.  

Go back and look at the GPU market when BTC went to ASIC. You couldn't sell the cards for anywhere near market price, but you could with ASIC. While I understand the point you're trying to make, and I do agree that you can usually resell GPUs provided they have a market, it doesn't matter if you can't resell an ASIC because it'll ROI far faster than a GPU, and since it uses next to no electricity (1-5w @ 12vdc @ 350-500kh) compared to a similar GPU, it wouldn't make sense to resell them. But, if you did.. you'd find people would be willing to pay a lot to get their hands on them.

To say you can't do that with ASICS is to go against ASIC history in the cryptocurrency movement. It's as if you're ignoring it.

So in summary.. they cost equal to less.. they use exponentially less power.. and provide equal to greater hashrate.. and you're going to say they're the worse choice?

Open up a spreadsheet program and take 5 minutes to run ROI calculations. ASIC will ROI in about half the time on average, and in this market that means a lot.

[DogeBoy]

Is it dead?

[illiki23]

Is it dead?

At the rate it is going it will be dead soon.

The dev is arrogant or just does not care or else he would have made the more attempts to address the legitimate concerns made by people on this board.

The store just lost a lot of money due to a flaw in their system, yet despite the concerns of people on the board we have yet to get an update or hear from the owner about what the store is doing about it. 

Anyone who continues to believe Jaymes is doing a good job is delusional.

So unless they seriously turn things around this coin is going to die.

GPUCoin:  Please give us a status update with regards to the amount of inventory left, the approximate value of the GPUCoins the store has accumulated, and what the store is planning on doing next to ensure success.

And I really hope that problem with the market manipulation gets fixed.  In terms of programming it is a one-day fix.  I know because I am a programmer.  It is like with the information page for the website.  It should be done by now.

[tylerderden]

marketing is everything, there needs to be a reason to use this coin which means the price on cards needs to beat tigerdirect and newegg by a decent amount otherwise people have no reason to even consider gpuc. look at blackcoin, marketing paid off HUGE. that coin wasn't worth shit not too long ago now it's 30000 satoshi. no magic voodoo here just good marketing and a community hellbent on success.

[illiki23]

What can we do to ensure the survival of this coin?

People are giving up on the coin.

GPUCoin:  What are your plans now?  The news that you have not been selling the coins back to the market and now cannot purchase a new batch of GPUs is somewhat concerning.  What are you going to do?

This coin can be saved.  Something must be done.
Approach, do not avoid.

[illiki23]

marketing is everything, there needs to be a reason to use this coin which means the price on cards needs to beat tigerdirect and newegg by a decent amount otherwise people have no reason to even consider gpuc. look at blackcoin, marketing paid off HUGE. that coin wasn't worth shit not too long ago now it's 30000 satoshi. no magic voodoo here just good marketing and a community hellbent on success.

Marketing would be nice.

Their excuse now is that they do not have the money for advertising.

If they need liquidity to sell the coins they have stocked up they should sell at a discount rather than letting the company die.

It would mean taking a loss, but I would buy several million coins from them at a discount.

At least they would then have bitcoin which could be used to purchase more equipment.

I really hope they are thinking things through rather than operating blindly and randomly.

And really, the whole thing that happened the other day with market manipulation should have never happened.  I was aware of the problem but just assumed GPUCoin had implemented some safeguard to prevent the price from rising too fast.  (really easy to implement)

[jdebunt]

if we at CryptoArticles.com can do anything to help out GPU coin, please send me a PM.

Do note that we are not planning to change the truth though; if you want us to make stuff up to promote GPUCoin, you should look for a different outlet.

Even if the community wants to do a sponsored article, which is all fine & dandy, there will be no lies in the text

GPUCoin needs help, and we are willing to offer it, but only the truth should be told & nothing else.

[tylerderden]

I really don't know what to think at this point. No money for advertising now? ok. there have been several people on here for a month offering to help in any way they can and lot's of good ideas as well with zero response from GPUC. I don't see money as the main issue, you have people willing to devote their time and effort, a pile of coins and pages and pages of this forum filled with people who can help get this ship back on track but nothing from the bossman. From my point of view it seems like excuses and abandonment are in the near future. oh well, nobody can say that we as a community didn't try. People have stuck it out through failed launches, single digits and apparently a self-imposed gag order..why you wouldn't use this type of commitment and positive intentions to benefit the coin and ultimately the business bank account is puzzling.

[illiki23]

Anyone else wonder why GPUCoin refused to disclose any financial details related to their site?

Despite several people insisting on it they refused to disclose any details about the first GPU bulk purchase.

They also refused, despite being asked multiple times, to disclose how much money they were taking for themselves and how much was going towards the second batch.  Their refusal to discuss these details is suspicious.

I don't see any reason for not cooperating.

I doubt that we are being scammed, but it does not really look good for them. 

They claimed they would spend the entirety of the IPO money to buy a bulk batch of GPUs. I think we should be entitled to a refund because they have not demonstrated that this happened.  I have looked it up and there are several cases were people were granted refunds based on a company failing to practice disclosure when people asked for them to prove they did what they claimed they would.

Yes, it has been shown in court that a company needs to disclose information proving they met their end of an agreement or a refund may be entitled.  We bought GPUCoins from the developer based on a number of guarantees which so far to my knowledge have not been carried out.

I have asked many times for them to prove that they spent the IPO funds on GPUs.  They adamantly refuse to do so.

And someone might want to take a look at the size of the IPO and the total amount it would cost to purchase the equipment that was first listed in the store.   (I did and it does not add up)

[illiki23]

Does anyone remember how many of each type of item was originally stocked in the GPUCoin store?

I am adding up the cost and from what I can tell it is no-where near the amount of money raised in the IPO.

I don't remember how many units there were exactly so I wanted to double check with someone.

It does not really add up, and GPUCoin refuses to disclose information about how much they have been spending of the IPO money and on what.

[jollyriffic]

illiki23 you've got to let it go.
the money collected was to help get the entire business off the ground from graphics cards, domain names, site work, programmers for the coin and w/e they needed to spend money on.
why do you, as only a customer, need a itemized list of his spending?

if in almost every page, if not every other page, you're going to keep going on about this, why not dump your coins and move on? seriously sit back and think about doing so. i'm IPO and so are a lot of others, however i dont see a single person asking these questions. sure some people have asked when more stock would be in, or how many cards there will be, but not in the relation that you're asking about it.

and before you try to make a point about the ipo, lets define it.

IPO
An initial public offering, or IPO, is the first sale of stock by a company to the public. A company can raise money by issuing either debt or equity. If the company has never issued equity to the public, it's known as an IPO.

as such the equity (or value of shares) is directly related to coins. we got them, case closed.
nothing to do with shares in his company or his finances.

[waltsmith]

illiki23 you've got to let it go.
the money collected was to help get the entire business off the ground from graphics cards, domain names, site work, programmers for the coin and w/e they needed to spend money on.
why do you, as only a customer, need a itemized list of his spending?

if in almost every page, if not every other page, you're going to keep going on about this, why not dump your coins and move on? seriously sit back and think about doing so. i'm IPO and so are a lot of others, however i dont see a single person asking these questions. sure some people have asked when more stock would be in, or how many cards there will be, but not in the relation that you're asking about it.

and before you try to make a point about the ipo, lets define it.

IPO
An initial public offering, or IPO, is the first sale of stock by a company to the public. A company can raise money by issuing either debt or equity. If the company has never issued equity to the public, it's known as an IPO.

as such the equity (or value of shares) is directly related to coins. we got them, case closed.
nothing to do with shares in his company or his finances.

+1 THIS

Let's move on and see what we can do from hear on in. I don't have the skills or connections to get any marketing or advertising done. Nor too get any coding done. Or any graphics design. But, i'm willing to work. You idea guys out there with know how in these areas, utilize us, the community to help with these things. Might be unskilled labor, but its still labor.

waltsmith

[illiki23]

why do you, as only a customer, need a itemized list of his spending?

Because we were literally guaranteed that 100% of the IPO funds would be used to purchase a bulk batch of GPUs.

I have demanded over and over that they disclose some information which indicates that this happened.

They refuse to prove that they did what I paid for them to do.

Otherwise I obviously want a refund.

You Jaymes supporters are delusional.  This is a trainwreck of a business.

And since I did give up items of value as part of the deal I expect a little in return.

Why can't they just confirm that 100% of the IPO was used to purchase the first batch of GPUs?

Why is it so hard to simply list the equipment that was purchased in the first batch, and a total spent, showing that the IPO money is not being skimmed by the owner?

It should not be hard unless the owner is either stealing from us or messed up real bad somehow.

[illiki23]

IPO
An initial public offering, or IPO, is the first sale of stock by a company to the public. A company can raise money by issuing either debt or equity. If the company has never issued equity to the public, it's known as an IPO.

as such the equity (or value of shares) is directly related to coins. we got them, case closed.
nothing to do with shares in his company or his finances.

Ok.  Forget about the IPO.

I am no longer arguing about whether Jaymes is required to follow the rules set in place to regulate IPOs.

Right now I am arguing that Jaymes has not fulfilled his end of the transaction.  I am waiting for him to disclose some evidence that his part of the deal was carried out. 

He has not, so I want my coins back.

(and I will take this to court if I need to, it is a valid complaint and not frivolous, I have found two similar cases where a judge ordered a refund based on a company failing to show it carried out its end of an arrangement.  The first one was involving an IPO, the second one was not.)

[Shintax]

IPO
An initial public offering, or IPO, is the first sale of stock by a company to the public. A company can raise money by issuing either debt or equity. If the company has never issued equity to the public, it's known as an IPO.

as such the equity (or value of shares) is directly related to coins. we got them, case closed.
nothing to do with shares in his company or his finances.

Ok.  Forget about the IPO.

I am no longer arguing about whether Jaymes is required to follow the rules set in place to regulate IPOs.

Right now I am arguing that Jaymes has not fulfilled his end of the transaction.  I am waiting for him to disclose some evidence that his part of the deal was carried out. 

He has not, so I want my coins back.

(and I will take this to court if I need to, it is a valid complaint and not frivolous, I have found two similar cases where a judge ordered a refund based on a company failing to show it carried out its end of an arrangement.  The first one was involving an IPO, the second one was not.)

Hes not gonna let go