[GPUC] GPU Coin | Mandatory Wallet Update

[freeloader1969]

I think the price for GPUC should remain fairly stable,  once the store opens up and we have some idea about how many GPUC it will cost to get one GPU.   I think the GPUC should be in some way self-correcting because anyone who buys GPUC to get a GPU is going to check it against the value of BTC and their national currency. The volatility might be more connected to BTC volatility than manipulation of the GPUC market.

The only way I see extreme volatility is if there's a lot of dumping all at once or if the GPUC store is the only place where you can find, for example, 290x GPUs.

Honestly, if you believe anyone mines that coin to buy GPUs you are just naive.

Who mines it is planning to dump it as soon as the price is profitable enough. Some of the miners bet on people that are expected buy this coin to get GPUs, but really look at it: You get GPUs quicker and cheaper on big markets than here - especially outside of north america. As said before, the whole model is a flaw, and if the creators are aware of the flaw instead of being totally naive, a scam.

That's not true though. If I can get a GPU cheaper using GPUC than using $ then I'll use my GPUC for it. There's no reason for me to dump it on an exchange and convert it to $ just to buy a GPU that's more expensive.

>implying majority of miners want GPUs

Wasn't implying that at all. I am prepared to go out on a limb though and say that there are probably quite a few people here interested in buying GPUs.

+1...I'm solely interested in buying GPUs from the store when it's up and running.

[1713481085]

1713481085

[1713481085]

1713481085

[P2PHash]

Spread hashrate and be safe, go for p2pool!! Lots of block found
Only 0.5% Fee

P2Pool benefits:
* No registration required
* Distributed hashrate
* Immediate payouts after a block is found
* Higher payouts with transaction fees paid to miners
* No account hack possible


Address: p2phash.com:9404
Start mining within seconds! Just point your miner to p2phash.com:9404 and use the GPUcoin address from your wallet for username, the password doesn't matter.

[polarpanda]

Exactly.  If you can buy GPU's cheaper than newegg etc., and he actually has them in stock, it makes perfect sense to use GPUC.  That's the only question though, will he be able to stock the cards and sell them at a reasonable price.  If he comes in at the same price, there's no reason to use GPUC.

That's what I tried explaining to folks early on in this thread, as some folks were confident GPUC would stand up with a defined value. I said no.. it won't. GPUC is merely the transport vehicle; while a static or at least high value is preferred, it doesn't mean that will be the case. The markets will define the value of the coin. This will be based on their confidence and preference of using GPUC, which is based on the business frontend's ability to outperform its Commercial Competition in quantity/volume.

I like the overall idea of the business model, being based on a product which is in demand, but that is its own Achilles heel--it's a product which is in such high demand that the factories cannot keep up with production. Amazon is the highest volume reseller of GPUs in North America to the consumer market, followed up by Newegg, Tiger Direct, etc.

While GPUCoin will surely be able to garner some sort of partnership with a wholesale or reseller/distributor, they will not be able to outdo Amazon or the others in Accessibility and Volume. They will fill a niche for sure--no doubt about it--but they won't come close to being one of the "go to" places. Especially when, right now, you can use BTC directly on TigerDirect, or buy store giftcards with it--and with Amazon, you can go BTC->Giftcard at a 15-20% discount. So if you're a Prime member, you're getting below MSRP on the GPU's already, and then another 15-20% off of that--with next day delivery, and no quantity limits.

I'm not seeing how GPUCoin can compete with that.

I might be wrong, but this is my assessment.

Edit:

In fact, if I were GPU Coin, in addition to partnerships with resellers/wholesale establishments, I would probably be buying from Amazon and then reselling it. Perhaps this is part of his plan, it would certainly open up volume. He could then make a nice net profit on his side of the ledger if he did this and kept the GPU price below Newegg's pricing.

Your writing makes a lot of sense!

I'm guessing the GPUCoin price will be pretty close to what it costs to mine. If you have to pay more than the graphics card's price you want to buy - in electricity costs - it doesn't make much sense to mine, right?

So can we have an estimate how many GPUcoins you can mine with 400usd of electricity in a couple of weeks? I think that would give an estimate of the max value of the coin.

If we in fact get a real market where GPUCoins are actively exchanged for graphics cards, early (lower) mining costs of CPUCoins may give a decent profit. In the long run I still think the CPUCoin price will be what the mining cost is. And that's IF there actually is a functioning store where to spend the coins.

Anyways, an interesting project, and happy to have mined 500 coins today :-)

[phaddie]

GPU.OakPool.com

Today we will begin our first round of bonuses and rewards! We will be picking 3 lucky miners from OakPools to win Battlefied 4 game codes! Come and mine with us for your chance to win!

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH (Big breath in) HAHAHAHAHAHAHAHAHAHAHAHAHA

Did you want about 5 kagillion game codes to add to your giveway?

[Anthropolis]

Prices are starting to go up again on Atomic-Trade! Click here if anyone want's to go check it out. It will still be a couple days before we know what the price/value will get up to. But You can go watch it easily and chat in the chatbox at Atomic Trade.

[freeloader1969]

Spread hashrate and be safe, go for p2pool!! Lots of block found
Only 0.5% Fee

P2Pool benefits:
* No registration required
* Distributed hashrate
* Immediate payouts after a block is found
* Higher payouts with transaction fees paid to miners
* No account hack possible


Address: p2phash.com:9404
Start mining within seconds! Just point your miner to p2phash.com:9404 and use the GPUcoin address from your wallet for username, the password doesn't matter.

Getting a lot of "Stratum from pool 0 request work restart" from the pool.

[Jherek]

I think the price for GPUC should remain fairly stable,  once the store opens up and we have some idea about how many GPUC it will cost to get one GPU.   I think the GPUC should be in some way self-correcting because anyone who buys GPUC to get a GPU is going to check it against the value of BTC and their national currency. The volatility might be more connected to BTC volatility than manipulation of the GPUC market.

The only way I see extreme volatility is if there's a lot of dumping all at once or if the GPUC store is the only place where you can find, for example, 290x GPUs.

Honestly, if you believe anyone mines that coin to buy GPUs you are just naive.

Who mines it is planning to dump it as soon as the price is profitable enough. Some of the miners bet on people that are expected buy this coin to get GPUs, but really look at it: You get GPUs quicker and cheaper on big markets than here - especially outside of north america. As said before, the whole model is a flaw, and if the creators are aware of the flaw instead of being totally naive, a scam.

That's not true though. If I can get a GPU cheaper using GPUC than using $ then I'll use my GPUC for it. There's no reason for me to dump it on an exchange and convert it to $ just to buy a GPU that's more expensive.

>implying majority of miners want GPUs

Are you really trying to greentext on a forum ?

No, I am trying to ask who they think will buy all the GPUs and why the top miners, these with huge rigs (30+ mH on scrypt-n) mining, wouldn't dump them to get BTC instead of actually buying GPUs

[goodluck0319]

Spread hashrate and be safe, go for p2pool!! Lots of block found
Only 0.5% Fee

P2Pool benefits:
* No registration required
* Distributed hashrate
* Immediate payouts after a block is found
* Higher payouts with transaction fees paid to miners
* No account hack possible


Address: p2phash.com:9404
Start mining within seconds! Just point your miner to p2phash.com:9404 and use the GPUcoin address from your wallet for username, the password doesn't matter.

Getting a lot of "Stratum from pool 0 request work restart" from the pool.

me too why?

[djm34]

what I find good with this coin is that it makes other coins easier to mine since now all the whales are coming here

[nanoprobe]

Anyone else here mining at leetpools? I've had no confirmed or unconfirmed shares for almost 6 hours. No deposits to my wallets either. Something ain't right.

[vesperwillow]

I'm guessing the GPUCoin price will be pretty close to what it costs to mine. If you have to pay more than the graphics card's price you want to buy - in electricity costs - it doesn't make much sense to mine, right?

You bring up a good point about the power costs. Actually, I had totally forgotten about the power cost to be honest. So let's toss out some data. I can personally ScryptN at around 10Mh, and it will use 7,000w/hr. If I mine for 24 hours, that's 168Kwh. If my Kwh cost is 0.11/usd, then my mining cost was around $18.50 for a day.

Speculation:

Let's say it takes 7 days to mine enough GPUC for a 270 series card. I spent $130 to pay for the electric. How much is GPUC worth at that point? The longer I have to mine for a card, the less perceived market value the coin may have based on electrical costs, because at some point electric will cost more than just buying the card outright.

Perspective:

I can get MSI R9 270's on Amazon for $150 fiat (last week's order).

This would demand GPUC be worth much, much more than it is now.

[scott0577]

I love the fact that former IPO investors are telling us how the coin is going to fail and trying to convince everybody it's worthless. It's like getting dating advice from an ex-girlfriend  

[illiki23]

Is anyone else having problems with the wallet on XP?

Running the client does not generate anything in the AppData folder.

It gives the genesis block error.

Tried quitting and opening again.

[SP4RK7]

I think the price for GPUC should remain fairly stable,  once the store opens up and we have some idea about how many GPUC it will cost to get one GPU.   I think the GPUC should be in some way self-correcting because anyone who buys GPUC to get a GPU is going to check it against the value of BTC and their national currency. The volatility might be more connected to BTC volatility than manipulation of the GPUC market.

The only way I see extreme volatility is if there's a lot of dumping all at once or if the GPUC store is the only place where you can find, for example, 290x GPUs.

Honestly, if you believe anyone mines that coin to buy GPUs you are just naive.

Who mines it is planning to dump it as soon as the price is profitable enough. Some of the miners bet on people that are expected buy this coin to get GPUs, but really look at it: You get GPUs quicker and cheaper on big markets than here - especially outside of north america. As said before, the whole model is a flaw, and if the creators are aware of the flaw instead of being totally naive, a scam.

That's not true though. If I can get a GPU cheaper using GPUC than using $ then I'll use my GPUC for it. There's no reason for me to dump it on an exchange and convert it to $ just to buy a GPU that's more expensive.

>implying majority of miners want GPUs

Are you really trying to greentext on a forum ?

No, I am trying to ask who they think will buy all the GPUs and why the top miners, these with huge rigs (30+ mH on scrypt-n) mining, wouldn't dump them to get BTC instead of actually buying GPUs

Maybe because the reason they have 30MH's rig in the first place is that they have always reinvested profits back into there mining set up.

GPUC gives them an easier/cheaper way of doing it, so that next time they will have a 40MH's rig

[freeloader1969]

Spread hashrate and be safe, go for p2pool!! Lots of block found
Only 0.5% Fee

P2Pool benefits:
* No registration required
* Distributed hashrate
* Immediate payouts after a block is found
* Higher payouts with transaction fees paid to miners
* No account hack possible


Address: p2phash.com:9404
Start mining within seconds! Just point your miner to p2phash.com:9404 and use the GPUcoin address from your wallet for username, the password doesn't matter.

Getting a lot of "Stratum from pool 0 request work restart" from the pool.

me too why?

I know why it happens, I just can't believe that blocks are being found that fast on the network!  Could also be a bad ping rate.  Will try different node.

[trademark]

I love the fact that former IPO investors are telling us how the coin is going to fail and trying to convince everybody it's worthless. It's like getting dating advice from an ex-girlfriend  

Yeah, the guy regrets getting a refund. Thanks for the extra shares.

[freeloader1969]

I love the fact that former IPO investors are telling us how the coin is going to fail and trying to convince everybody it's worthless. It's like getting dating advice from an ex-girlfriend  

Yeah, the guy regrets getting a refund. Thanks for the extra shares.

+1.  I was able to scoop up an additional 130K due to refunds.

[djm34]

30MH/s so it is more than 60gpu's. I think he is the guy we should contact to get cheap gpu's. 

[Jherek]

I'm guessing the GPUCoin price will be pretty close to what it costs to mine. If you have to pay more than the graphics card's price you want to buy - in electricity costs - it doesn't make much sense to mine, right?

You bring up a good point about the power costs. Actually, I had totally forgotten about the power cost to be honest. So let's toss out some data. I can personally ScryptN at around 10Mh, and it will use 7,000w/hr. If I mine for 24 hours, that's 168Kwh. If my Kwh cost is 0.11/usd, then my mining cost was around $18.50 for a day.

Speculation:

Let's say it takes 7 days to mine enough GPUC for a 270 series card. I spent $130 to pay for the electric. How much is GPUC worth at that point? The longer I have to mine for a card, the less perceived market value the coin may have based on electrical costs, because at some point electric will cost more than just buying the card outright.

Perspective:

I can get MSI R9 270's on Amazon for $150 fiat (last week's order).

This would demand GPUC be worth much, much more than it is now.

And when the price is so hight that it would become profitable to mine them for GPU, I could simply cashout and buy a stack of ASICs to mine litecoin or one of the 1000 altcoins, lowering my electricity cost by factor of 10...

[P2PHash]

Spread hashrate and be safe, go for p2pool!! Lots of block found
Only 0.5% Fee

P2Pool benefits:
* No registration required
* Distributed hashrate
* Immediate payouts after a block is found
* Higher payouts with transaction fees paid to miners
* No account hack possible


Address: p2phash.com:9404
Start mining within seconds! Just point your miner to p2phash.com:9404 and use the GPUcoin address from your wallet for username, the password doesn't matter.

Getting a lot of "Stratum from pool 0 request work restart" from the pool.

me too why?

I know why it happens, I just can't believe that blocks are being found that fast on the network!  Could also be a bad ping rate.  Will try different node.

It's perfectly normal with p2pool, doa rate on the node is low (<5%), your mining hashrate is as usual isn't it? It happens every time a share is found and encoded to the sharechain not for every block.