[GPUC] GPU Coin | Mandatory Wallet Update

[tylerderden]

I think part of the problem here is he probably has spent some or all of the IPO (on gpu's or ?) so he is scrambling. better to do it right once instead of wrong 3 times. just my 2 cents.

[Hazard]

This incompetent twit has no intention of returning anyone's money, I can tell you that. He originally hired me to create the first iteration of GPUCoin (which was scrypt based), and then 12 hours before launch hired me again to change it into scrypt-n, based off a Vertcoin base. Due to the tight timeframe, I didn't have time to set up a proper dns seed, so to make the launch time I just put in a hardcoded node, which he was in control of. At launch time, he failed to have this node running, and the blockchain started forking. This wasn't a huge issue, and would have been pretty easy to fix. All he needed to do was get his node up running properly, or hell, even telling all the pools add each others as nodes. This would have fixed the issues, and the first launch would have fine. But instead of asking me, his developer, what to do about the issues, he decides on his own to abort the first launch. That was his first mistake. His second mistake was hiring some random newbie with 20 posts to do the second launch, which ended up being a 1:1 copy of pandacoin. Pitiful.

This guy has no idea what the hell he is doing, not even the slightest bit. I've reached out to him, asking him to temporarily give control of his bitcointalk account to me so that I could do PROPER launch. He hasn't responded. I'm sorry for all you guys who invested money into this trash. Best of luck with the legal proceedings.

[vesperwillow]

I'm beginning to wonder if part of the reason he immediately stopped talking to me, was when he found out I live up the street from his LLC address. He sure got quiet.

[chip99]

lol and home much you "developers" got ?
makes you kinda part of the scam team.

[Hazard]

lol and home much you "developers" got ?
makes you kinda part of the scam team.

He paid me BTC out of his own pocket before the IPO got underway. So no, I did not benefit from this IPO at all.

[cognos]

No coins, much whining!

Seriously - too much whining here. I got up 5:00 in the morning, had to wait 30-40 minutes until the first pool came up. After a few hours I recognized that there will be another relaunch. So what? Shit happens! I am developer myself and I know how difficult it can be. No reason to cry.

[d4wn0ff473]

I think the most important situation here is that the bag holders who actually have anything invested in this coin will sell the second they get their IPO if they get it, to recoup their investment and get out of this shit storm. And an initial sell off of 325 million coins immediately will tank the price making it worthless. So the end game of this coin is no one makes out well on it, and the coin will be so worthless that gpus will not even be worth attempting to purchase with the coin. This is all assuming that there is eventually a legitimate launch.

[vesperwillow]

No coins, much whining!

Seriously - too much whining here. I got up 5:00 in the morning, had to wait 30-40 minutes until the first pool came up. After a few hours I recognized that there will be another relaunch. So what? Shit happens! I am developer myself and I know how difficult it can be. No reason to cry.

Professional developers don't have to relaunch. It works the first time out the door. It's called "testing", and for crypto it's called "testnet". Amateurs and children relaunch.

[vesperwillow]

I think the most important situation here is that the bag holders who actually have anything invested in this coin will sell the second they get their IPO if they get it, to recoup their investment and get out of this shit storm. And an initial sell off of 325 million coins immediately will tank the price making it worthless. So the end game of this coin is no one makes out well on it, and the coin will be so worthless that gpus will not even be worth attempting to purchase with the coin. This is all assuming that there is eventually a legitimate launch.

This is exactly what myself and others with the most IPO investment began to do after first fail launch.

[kidyubyub]

Remember some hours back someone posted a meme showing the "i don't always" dude? I responded with a "LOL".

It was deleted by a forum moderator.

Now THAT is LOL!

 

[vesperwillow]

It's sad to see all the good memes disappear, we need more.

[nanoprobe]

So relaunch part whatever has moved to Sunday? I wonder what will happen if I hold my breath. *sigh* This coin could have had a bright future IMHO.

[tylerderden]

Things went south right when he decided 12 hours before launch to change it, should have left it alone or pushed the launch. nobody thought changing algo's was a good idea in that time frame. that's just not very well thought out at all.

[vesperwillow]

Better question: Is there going to be a relaunch? Lol..

[tylerderden]

i think there will be. will it be fucked up? that's the real question. better question: can it even recover at this point? people's confidence was the one thing we had going here. now everybody will dump. i think were hosed.

[mpmsvv]

I said this before but I want to do it again. Take the IPO money for shares on the GPU company and not for the premine coins, forget the GPU coin. People can purchase the graphics cards with other coins. And the DEVS have already a good amount of BTC to start the business. Stop making this dark business and be more transparent with all the people. If you continue to do things like this, the  people will lost confidence on crypto currencies.

Start the business and distribute profits with all of the IPO investors....

[trademark]

I originally voted for scrypt N. If it takes going back to scrypt to make the next launch successful. I am down with it.  This coin HAD a lot of support last night. The difficulty jumped up quick.  I think this could still work but launch date should be on Saturday since Sunday here in the USA is Monday in other countries and people need to work. 

P.S. Who thinks IPOs should get a little more for all the troubles in the last 2 launches?  I say, it wouldn't hurt to premine an extra 100M and spread it out evenly to all the IPOs.  Still a lot less than 50% premine that Auroracoin had. Just a thought.

[madbit1000]

I decided to leave this launch thread and come back a few hours. I was confident nothing would be launched. Looks like I was right. It also looks like more of my fellow IPOs are starting to wake up and smell the burnt coffee. This coin wreaked of failure the moment he (the owner) started talking about last minute changes. He claims the majority of IPOs supported all of his last minute changes--I would hope not, because that doesn't speak well of the other IPOs.

Upon 2nd failure to launch I officially sent him notice requesting my refund. I also setup a thread (in my sig) for other IPOs in case they need a place to coordinate. The "owner" isn't communicating with IPOs or anyone else. He should've appointed folks to communicate on his behalf if he was going to be busy. Of course, there's lots of "he should've" stuff here..

Great concept in thought. It's about all you can say positive for any of this. Good luck to anyone willing to stick by this guy. Maybe there's a reason he's no longer in the NAVY ...

Why don't people read at least a few comments above. You would see that a relaunch is happening on Sunday 9th March 2014

Thanks for your time..

[Snard]

The biggest issue with this coin's failed launches is the lack of organization and the lack of communication.

• This coin should not be rushed out. We would rather you take your time on the relaunch and only launch when ready. None of this delaying for an hour while you make a genesis block. Push it off a day instead so people don't have to sit around like idiots.
• The source should be on github prior to launch. Just make the repo private and on launch make it public.
  
• All Windows/Linux (do people really use linux precompiled?/Mac wallets should be available and password protected before launch.
• Wallets should have their version numbers incremented so people know they are on the right one prior to relaunch. There are too many launches on this coin already and will just confuse those who were here for each one.
• MORE COMMUNICATION.  There should be more communication from the devs. You are building a company around this coin. Therefore show respect and treat your miners as clients.  Most of the anger directed at these failed launches is complete lack of communication from the devs.  Anyone who is part of the dev team and not doing the actual programming should be there to offer updates every couple of minutes. If you had provided more communication you would not have had that chaos on the channel last night.
  
• Your DEV was hired by your company whether it be through bounty or other currency.  They should be showing professionalism. This is not a game for those who invested in the IPO.  This is real money we are talking about.

Something like this should not happen regardless of how stressed the dev is:

[00:35] * drmosh1 is now known as drmosh_kryptocha
[00:35] * New_wallet_sourc is now known as PW_prtc_walletpl
[00:35] * REFUND_BTC_PLZ is now known as NEED_NEW_WALLET
[00:35] * PW_prtc_walletpl is now known as newwallet
[00:36] <@cryptowest> yeah stfu

[illiki23]

I said this before but I want to do it again. Take the IPO money for shares on the GPU company and not for the premine coins, forget the GPU coin. People can purchase the graphics cards with other coins. And the DEVS have already a good amount of BTC to start the business. Stop making this dark business and be more transparent with all the people. If you continue to do things like this, the  people will lost confidence on crypto currencies.

Start the business and distribute profits with all of the IPO investors....

Ideally a nice business model could be made out of GPUCoin, not how they are doing it though.

In this model investors would buy into the company (including the CEO who would get a stake just like everyone else), which would be used to purchase wholesale equipment, which is then sold online for a set price of GPUCoin.

The proceeds, including a percentage of the profits would be used to purchase more GPUs, which in turn would be sold for more GPUCoin and so on.

There is a lot of competition for GPUs so customers would push the price up to around what other people are charging, customer competition would keep the price reasonable. If the price of GPUCoin per bitcoin fell then customers would push it back up.  We should see it end up near EBay levels or comparable to other online auctions.

It would also create one of the few coins where money is repeatedly injected into the coin.  In order to get good deals on GPUs customers would have to buy GPU coin.

Now, ideally the investors (including CEO) would get an initial lump sum of coins equal to the wholesale cost, which the can sell to people.  People can also mine.  Also a percentage of the profit (something small) would be split up and sent to investors whenever an order for more GPUs is made.  Investors would have special 'stake' function activated on their wallet and would receive GPU coins.

It would be huge.