[GPUC] GPU Coin | Mandatory Wallet Update

[djm34]

Who's idea was it to make a coin that has no profit. Idiots.. Dev and CEO you haven't thought this through have you again.... It costs me about £3 per day to mine gpu coin,at the current rate i am getting 20k gpu  per day. Now sell those on the exchange for $4 i just about break even.

Whats the point.... Do what everyone else is doing and mine other coins then buy on the exchange if you think there is any point..

cheers

Unlike other coins. GPU pricing sets the price of gpucoin.  If the CEO wants to make his coin profitable. He will set the price of the GPU low. I say 750,000 to 1million per 280x sounds right.  He doesn't even need to have the product in hand yet. Just create a webpage for his store and put "estimated gpuc price will be _________"  The market will immediately correct itself.  That's it. Easy peasy.  Man, I wish I was in control of this coin.  

This exactly.  Surely he knows this and doesn't just use the current exchange avg.  He can heavily influence the pricing using the first batch of GPU's he has already ordered.

This wont work if the GPU price is not linked directly to the exchange price someone only needs to crash the market to pretty much destroy the business.

And the other way around, nobody would want to buy overpriced gpu's

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[trademark]

Who's idea was it to make a coin that has no profit. Idiots.. Dev and CEO you haven't thought this through have you again.... It costs me about £3 per day to mine gpu coin,at the current rate i am getting 20k gpu  per day. Now sell those on the exchange for $4 i just about break even.

Whats the point.... Do what everyone else is doing and mine other coins then buy on the exchange if you think there is any point..

cheers

Unlike other coins. GPU pricing sets the price of gpucoin.  If the CEO wants to make his coin profitable. He will set the price of the GPU low. I say 750,000 to 1million per 280x sounds right.  He doesn't even need to have the product in hand yet. Just create a webpage for his store and put "estimated gpuc price will be _________"  The market will immediately correct itself.  That's it. Easy peasy.  Man, I wish I was in control of this coin.  

This exactly.  Surely he knows this and doesn't just use the current exchange avg.  He can heavily influence the pricing using the first batch of GPU's he has already ordered.

This wont work if the GPU price is not linked directly to the exchange price someone only needs to crash the market to pretty much destroy the business.

The CEO has no risk if he lowers the costs of GPUC it takes to purchase a GPU.  It'll actually make him richer with the 75million or so that he is currently holding. This will also make GPUC mining profitable.  You can't base the price on the crappy exchange it's on now.  Half of the people on this forum has probably never heard of bittrex or whatever it is, let alone be willing to deposit BTC's in there and I don't think it'll make it to a big exchange before the store opens.  But you never know.

[vesperwillow]

On his page he calls himself the CEO.

Then that shows how little he knows Virginia LLC's. He's the owner of the company, the registered agent of the same. And/or he just tosses the acronym to make unsuspecting folk think more highly of him. LLC = Limited Liability Company (not Corporation as some places note it).

You can't base the price on the crappy exchange it's on now.  Half of the people on this forum has probably never heard of bittrex or whatever it is, let alone be willing to deposit BTC's in there and I don't think it'll make it to a big exchange before the store opens.  But you never know.

Actually he would still--eventually--have to cash out his own coin to BTC, in order to gain fiat or purchase supplies with it. So yes, he has to base it on exchange (edit: he can help influence the value by setting price, but he by no means actually controls it). He can hoarde up some coins of course, but in the end he has to exchange it just like the rest of us. This is why the coin is nothing more than a transport mechanism with varying capacity. This will work until the coin hits 1 satoshi, at which point there is no margin.

This isn't a new concept, several coins do this already. Why do people not understand how this works?

[jimlite]

Forget about GPUs for a minute,

when are we gonna list this baby on a decent Exchange?

EXACTLY.  DEV/CEO HAVE TO GET THIS ONTO DECENT EXCHANGES
AND CRYPTO CHARTS

[svenp]

The owner has to step in and provide the initial liquidity and stabilize prices.  Right now if you were to price a GPU in GPUC, you'd need perhaps 1.3M @ 50sat for a 280x.  BUT there's so little liquidity, you'd drive the price up to 75sat at least just to buy that much coin (for ONE...).  At which time the buyer has overpaid.  And... the owner can't sell that 1.3M @75sat either...

So, he either needs to do some Bernanke shit and push the price up and close the spread or he needs to price the first GPUs at much less than the ~1.3M to make it a good deal for buyers.  He might eat it a bit in the beginning to do either option but he'll make up for it IF IF IF he can sell GPUs competitively in volume.  Hopefully he has some cash to spend or he won't be able to do either option.

[trademark]

On his page he calls himself the CEO.

Then that shows how little he knows Virginia LLC's. He's the owner of the company, the registered agent of the same. And/or he just tosses the acronym to make unsuspecting folk think more highly of him. LLC = Limited Liability Company (not Corporation as some places note it).

You can't base the price on the crappy exchange it's on now.  Half of the people on this forum has probably never heard of bittrex or whatever it is, let alone be willing to deposit BTC's in there and I don't think it'll make it to a big exchange before the store opens.  But you never know.

Actually he would still--eventually--have to cash out his own coin to BTC, in order to gain fiat or purchase supplies with it. So yes, he has to base it on exchange (edit: he can help influence the value by setting price, but he by no means actually controls it). He can hoarde up some coins of course, but in the end he has to exchange it just like the rest of us. This is why the coin is nothing more than a transport mechanism with varying capacity. This will work until the coin hits 1 satoshi, at which point there is no margin.

This isn't a new concept, several coins do this already. Why do people not understand how this works?

Well, he can call himself anything he wants. CEO could stand for Chief Entertainment Officer. lol.  

Yes, he has to exchange it for BTC regardless but GPUC needs to be on a large exchange otherwise, he'll never get enough buys.  At least if he lowered the GPUC per GPU, it would make his coin more profitable and it would get the support it needs to land on the big exchanges.  

[trademark]

The owner has to step in and provide the initial liquidity and stabilize prices.  Right now if you were to price a GPU in GPUC, you'd need perhaps 1.3M @ 50sat for a 280x.  BUT there's so little liquidity, you'd drive the price up to 75sat at least just to buy that much coin (for ONE...).  At which time the buyer has overpaid.  And... the owner can't sell that 1.3M @75sat either...

So, he either needs to do some Bernanke shit and push the price up and close the spread or he needs to price the first GPUs at much less than the ~1.3M to make it a good deal for buyers.  He might eat it a bit in the beginning to do either option but he'll make up for it IF IF IF he can sell GPUs competitively in volume.  Hopefully he has some cash to spend or he won't be able to do either option.

I agree. However, he won't be eating anything. He started with $0.  It's all IPO money.  It's like gambling with winning money. No fear!

[madbit1000]

Anyone know any websites that accurately determine profitablilty

[tomewok]

Anyone know any websites that accurately determine profitablilty

Your wallet, type " getinfo" in the console.

[SP4RK7]

Anyone know any websites that accurately determine profitablilty

coinwarz.com is ok but doesn't always have newer coins on it

[jimlite]

I just hope the CEO is working on getting the coin on
Coins-E, Cryptsy, Cryptorush, etc. So people can dump
their crap (flappy, doge, etc.) coins and BUY GPUC.
If that happens, then the value of GPU coin will go up.
Also I sure hope he is currently promoting, or hires
some one to promote the coin.  We need a community,
more buzz, and to be listed on all the Crypto currency
charts, so people will see it is 1) A REAL coin and
2)A coin you can buy/sell like any other as well as
buy video cards or other merchandise with it. I agree with
other posters that lower priced items like powered usb
risers might be nice to have at the store because it wouldn't
take 1 million gpu coins to buy those.  The more real
world purchases that can be made with coin, the more success,
look at btc or litecoin.  Maxcoin started out over valued
and now has no value because you can't buy anything with
it (yet).  GPU coin will hopefully solve that problem by
letting miners buy whatever they may need with GPU coin.

[Ritual]

Been trying to get a handle on this...

So it goes something like this:

1) CEO does an IPO and uses funds from this to buy 80 GPUs.
2) He puts these up for sale on his store for GPUCoin only
3) He then ends up with 80 GPUs worth of GPUCoin
4) He now needs to buy new stock, but has no money and no BTC so...
5) He cashes in his GPUC to BTC/cash on an exchange to get cash for new stock
6) GOTO 2

The balance appears to be:

Driving prices down: Owner HAS to dump periodically (and in a lump) to buy in more stock.
Driving prices up: Faith in the coin, IF the store prices are reasonable, and people can mine it quickly enough to make it worth it.

I am missing something here. I just know I am. I can't quite see what's propping the price of this coin up in a few weeks time :/

Could someone expand on my take and educate me please? I am but a n00blet.

Rit.

[djm34]

Been trying to get a handle on this...

So it goes something like this:

1) CEO does an IPO and uses funds from this to buy 80 GPUs.
2) He puts these up for sale on his store for GPUCoin only
3) He then ends up with 80 GPUs worth of GPUCoin
4) He now needs to buy new stock, but has no money and no BTC so...
5) He cashes in his GPUC to BTC/cash on an exchange to get cash for new stock
6) GOTO 2

The balance appears to be:

Driving prices down: Owner HAS to dump periodically (and in a lump) to buy in more stock.
Driving prices up: Faith in the coin, IF the store prices are reasonable, and people can mine it quickly enough to make it worth it.

I am missing something here. I just know I am. I can't quite see what's propping the price of this coin up in a few weeks time :/

Yes big dump of 80-100Millions will kill the coin (forgot already about wolong ? )

[vesperwillow]

I think you  have a good foundation, but you're seeing the value of the coin as a big part of the puzzle when it's not so much. This is because he should adjust the cost to purchase based on some sort of average of BTC/GPUC value, preferably with some salt of volume added in for precision. As to frequency of adjustment I'd imagine based on trade volume.

Then to make sure things flow smoothly, he'd have to dump the coin for BTC at or just 1 satoshi below market value, almost immediately. Plenty of APIs to do this. This keeps the 2 key points of the coin in play and balance: Storefront, Exchange. Edit: So essentially many of the important features can be fully automated by servers and some code, allowing him to simply manage and make purchases/handle shipments.

Miners keep the network alive, and earn points toward GPUs. They can't get a discount by crashing the value of the coin, because if they did that it would mean they need to buy more or mine more. They can't do the inverse either because if the value of the coin was stupid high, there would be an oversupply of coins and an undersupply of cards, so a natural deflation should take place.

Hence, the value of the coin isn't as important as people think. As long as it's 2satoshi or more, it's fine. So whether GPUC = 5BTC or 2 Satoshi, you're fine.. Dumping won't hurt it as long as it doesn't stabalize at 1 satoshi. What's important is keeping the flow of coins AND cards in balance, and that's up to the owner, not the market.

Also don't forget, the owner has a portion of premine himself. He's not without coins, he can help stand-up the market when he is ready.

[illiki23]

The owner has to step in and provide the initial liquidity and stabilize prices.  Right now if you were to price a GPU in GPUC, you'd need perhaps 1.3M @ 50sat for a 280x.  BUT there's so little liquidity, you'd drive the price up to 75sat at least just to buy that much coin (for ONE...).  At which time the buyer has overpaid.  And... the owner can't sell that 1.3M @75sat either...

So, he either needs to do some Bernanke shit and push the price up and close the spread or he needs to price the first GPUs at much less than the ~1.3M to make it a good deal for buyers.  He might eat it a bit in the beginning to do either option but he'll make up for it IF IF IF he can sell GPUs competitively in volume.  Hopefully he has some cash to spend or he won't be able to do either option.

I agree. However, he won't be eating anything. He started with $0.  It's all IPO money.  It's like gambling with winning money. No fear!

Since the CEO has not released a business plan that included information about how much proceeds from the GPU sales will be used to purchase more inventory I honestly believe that they have no real plan other than raking in money.

Unfortunately people invested and no one answered such questions and we are left completely in the dark as to how this thing is going to play out.

I had no choice, I took a risk and invested - ideally a good business owner would lay out a comprehensive business plan that is transparent so the investors can see what they are getting into.

Some people keep standing up for the CEO but this really has been an awful performance and quite a mess.

I just believe that despite the lack of a competent business team this is still a good gamble.  But seriously, D for effort for the CEO.  If this were a normal corporation he would have been replaced a very long time ago.

I am still somewhat flabbergasted that the CEO refuses to answer a large handful of investor questions.  The way he deals with investors is very unprofessional.

[vesperwillow]

I just believe that despite the lack of a competent business team this is still a good gamble.  But seriously, D for effort for the CEO.  If this were a normal corporation he would have been replaced a very long time ago.

I am still somewhat flabbergasted that the CEO refuses to answer a large handful of investor questions.  The way he deals with investors is very unprofessional.

While I agree largely with how he has handled things, if you're not capable of discerning how the system works, don't knock the guy. I don't personally agree with how he's done things, nor did I want to stay in the IPO--but the model and how the system works is easily understood. It's also not new, it's just new in being based on GPUs.

[d4wn0ff473]

Been trying to get a handle on this...

So it goes something like this:

1) CEO does an IPO and uses funds from this to buy 80 GPUs.
2) He puts these up for sale on his store for GPUCoin only
3) He then ends up with 80 GPUs worth of GPUCoin
4) He now needs to buy new stock, but has no money and no BTC so...
5) He cashes in his GPUC to BTC/cash on an exchange to get cash for new stock
6) GOTO 2

The balance appears to be:

Driving prices down: Owner HAS to dump periodically (and in a lump) to buy in more stock.
Driving prices up: Faith in the coin, IF the store prices are reasonable, and people can mine it quickly enough to make it worth it.

I am missing something here. I just know I am. I can't quite see what's propping the price of this coin up in a few weeks time :/

Could someone expand on my take and educate me please? I am but a n00blet.

Rit.

I think the thought process behind it is that a gpu cannot cost more than the electricity would cost to mine for coins to buy the card, IE if a card is $400 then $400 worth of electricity used to mine should produce enough coins to buy a $400 graphics card . So there is a theoretical floor to the coin that cannot be surpassed because otherwise no one will participate in the online store aspect of the coin. If this model holds true then effectively the coins would be worth holding onto. Now if the price tanks completely and you need 20 million gpuc to get a mid grade gpu then the model falls apart because the electricity to get the coins is more costly. But some of this can also be alter by exchanges and how it trades against other coins. I'm still on the fence about this coin because the cyclical nature doesn't make any sense to me. If this model holds true then there is no profit driven model to the business which effectively destroys the point of having a business in the first place.

[illiki23]

I just believe that despite the lack of a competent business team this is still a good gamble.  But seriously, D for effort for the CEO.  If this were a normal corporation he would have been replaced a very long time ago.

I am still somewhat flabbergasted that the CEO refuses to answer a large handful of investor questions.  The way he deals with investors is very unprofessional.

While I agree largely with how he has handled things, if you're not capable of discerning how the system works, don't knock the guy. I don't personally agree with how he's done things, nor did I want to stay in the IPO--but the model and how the system works is easily understood. It's also not new, it's just new in being based on GPUs.

What model?

How much of the profits will be used to purchase new GPUs then?  Did I miss something?

What is the business plan for the GPUCoin store?

They are treating us not as investors in a company but rather just as a means to get their business running - we may or may not make profit off of it.

edit:  I have been asking for days, and I am sorry if I missed it, but this information is not too hard to give to investors.  Unless they just don't want to.

[illiki23]

if you're not capable of discerning how the system works

There is no system to discern, the technical details remain vague and hidden.  I am not talking about the general idea, but what exactly will be done with the IPO funds in the long term.