[GPUC] GPU Coin | Mandatory Wallet Update

[jollyriffic]

i dont think we should make any changes till the BTC/LTC markets stabilize for a week or two.
with china rumors and the IRS things are just shook up right now.

[jollyriffic]

I've been saying for a while that 20,000/block at 3 difficulty is just producing too many coins.
Sure it may be psychological, but people would rather buy a gpu with 10,000 coins than 10,000,000.
And they would rather buy or sell gpuc for .0001 btc than .00000010 btc.  I think it is not too
late for a halving of block rewards.  Max coin just did it last week and everything went fine. But
all coins are in a downtrend now.

I saw Maxcoin doing it last week as well. I thought it was a bad idea for them to do it.... I didn't think it went all that bad lol...

I keep voting, telling my friends about the coin, there's at least some marketing with free GPU's etc, but there isn't as much interest. :9

did them doing that make the coin more valuable?

[micryon]

To clarify, the difficult doesn't change the amount of coins produced.. only in it's distribution (instead of 100 people getting it.. it's like 10 guys getting it) ; and the electrical/capital cost to acquire the *same* amount of coins.  If the difficulty is higher, it just means it cost more for people to get coins through mining.. but the exactly same # of coins are created.

The only way to lower coins created, is the hard fork the code and change the function to create less coins per block.


I think that option can be put on the table.. even though yeah it does suck in a way... but doing so would curb inflation.

It would need to be an executive decision from Jaymes (the CEO of this coin), to take that route.

But, I can do the changes as needed...

[illiki23]

I do hope Jaymes does make a decision based on what would benefit the investors rather than just himself.

Jaymes makes money regardless.

Right now though investors have lost a lot of money, those of us who did not dump and held on atleast, and we are the ones who funded this entire thing.

Jaymes, as the CEO, should do everything in his power to address the problems investors are having - including the excessive amount of coins entering the market and low price.  Even if this means making adjustments to the coin.

Ideally investors would end up getting an amount of coins worth at least the wholesale cost of the equipment.

Unfortunately this is not happening, and I have the strong suspicion that Jaymes does not really think much about the investors and is focused on himself and 'his' business.

[Psynthax]

What I think would be the best is not to change block rewards but block time, it will lower inflation and extend mining period of a coin.. coin is too fast..

But hey, I don`t think no one ever tried something like this before.. it is OK to make a mistake, but it needs to be fixed and we can watch the experiment unfold..

I didn`t invest, just mining/buying.. but I think investors need to decide not CEO, without investors there would not be any CEO...

[silverfern]

I've been saying for a while that 20,000/block at 3 difficulty is just producing too many coins.
Sure it may be psychological, but people would rather buy a gpu with 10,000 coins than 10,000,000.
And they would rather buy or sell gpuc for .0001 btc than .00000010 btc.  I think it is not too
late for a halving of block rewards.  Max coin just did it last week and everything went fine. But
all coins are in a downtrend now.

I saw Maxcoin doing it last week as well. I thought it was a bad idea for them to do it.... I didn't think it went all that bad lol...

I keep voting, telling my friends about the coin, there's at least some marketing with free GPU's etc, but there isn't as much interest. :9

did them doing that make the coin more valuable?

I'm pretty sure when they forked it was around the 19th-20th I can't remember the exact time. It has jumped in price since then, I don't know if more people has adopted it or what.

[micryon]

I didn`t invest, just mining/buying.. but I think investors need to decide not CEO, without investors there would not be any CEO...

Not in this case, investors (which i am one of), are not share holders of the company.. we're like the kickstarters of a kickstarter campaign, really..

Director level decisions are CEO and whoever his "real" investors are, owners of the LLC..

They are the ones backing the business model, and without their support.. it's pointless making any changes.  Because ultimately the business model is what drives this coin, and chose what coin it will accept.


However, i think it is in GPUCoin LLC's best interest to NOT let the value of GPUC go to zero... there's no liquidity.. there's very few buy orders even today on any exchange.  Anyone buying with GPUCs goes to GPUCoin LLC, and they have to dump that to someone.. but there's not enough buy pressure.  With a downward spiral.. if this goes down to 1 satoshi, with no buyers.. then we can no longer move volume at all through GPUC...

So there needs to be interest to get to some sort of equilibrium in order to run the sales business so that the coin investors , and the owners of GPUCoin LLC can both benefit...

[scott0577]

I've been saying for a while that 20,000/block at 3 difficulty is just producing too many coins.
Sure it may be psychological, but people would rather buy a gpu with 10,000 coins than 10,000,000.
And they would rather buy or sell gpuc for .0001 btc than .00000010 btc.  I think it is not too
late for a halving of block rewards.  Max coin just did it last week and everything went fine. But
all coins are in a downtrend now.

+1 20,000 is a little high.

[waltsmith]

I didn`t invest, just mining/buying.. but I think investors need to decide not CEO, without investors there would not be any CEO...

Not in this case, investors (which i am one of), are not share holders of the company.. we're like the kickstarters of a kickstarter campaign, really..

Director level decisions are CEO and whoever his "real" investors are, owners of the LLC..

They are the ones backing the business model, and without their support.. it's pointless making any changes.  Because ultimately the business model is what drives this coin, and chose what coin it will accept.


However, i think it is in GPUCoin LLC's best interest to NOT let the value of GPUC go to zero... there's no liquidity.. there's very few buy orders even today on any exchange.  Anyone buying with GPUCs goes to GPUCoin LLC, and they have to dump that to someone.. but there's not enough buy pressure.  With a downward spiral.. if this goes down to 1 satoshi, with no buyers.. then we can no longer move volume at all through GPUC...

So there needs to be interest to get to some sort of equilibrium in order to run the sales business so that the coin investors , and the owners of GPUCoin LLC can both benefit...

Well spoken.

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

waltsmith

[Psynthax]

I think it is not only CEO and whatever LLC that supports the business model, it is community also, miners that keep solving transactions to keep your business model sustainable.. you seem to keep forgetting that part..

Even tho "coins" are not real shares on which you gain dividend based on gains, they are still very powerful since they hold market cap.. if they decide to start dumping all over the market, who will LLC dump sale coins to then ? It can hurt your business a lot or even make it collapse.. don`t get carried away!!

[illiki23]

And Jaymes does not make money no matter what.

I am not sure how you come to this conclusion.  I doubt James invested enough of his own money to offset the fact that we are paying for this entire thing.  Practically every single unit Jaymes sells is profit.  Even if he put money in of his own there is no way he is losing money because of this operation.  Jaymes has a comfortable buffer in terms of capitol and a decent inventory and at any time if he wanted to quit he could liquidate the remainder and leave us rich.

Also it has been asked multiple times and Jaymes, or anyone from GPUCoin, has refused to answer the question of how much money from the first round will go back into the store and purchasing more GPUs.  This makes me nervous.  Why cannot I get a straight answer as to their business plan.  I have a feeling we are all being ripped off because of the lack on transparency.  We have no idea how much of our investment will go to Jaymes and associate's pocket.

So yes, until we see that Jaymes put in an amount matching that of a significant portion of the investors money then it is pretty much guaranteed that Jaymes will make money out of this no matter what.

I really think in the case that the investors do not make money, and the price does not rise, but GPUCoin continues to make money - in this case GPUCoin should do the ethical thing and pay out a portion of profit to the investors or liquidate the company and pay back the investors.
But I know Jaymes does not think like this.

[imonit]

What exactly does a HardFork do?  Does it force a wallet change?  Does it make coins already mined worthless?  If someone could explain, I'd appreciate it.

[micryon]

A hard fork (at least the way i would implement)

Would require a wallet change after a certain block (block # to be decided).

It does NOT make already mined / issued coins worthless.. all previous transactions are all 100% valid.  So in that sense it's not a restart by any means.

So it just has the effect of:
  - requiring all wallets (including pools, exchanges) updated.
  - slow down the issuance of new coins from mining (to whatever we determine the rate to be).

[micryon]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project. 

Nothing is unfixable.. we just need to determine the best path forward.

[goodluck0319]

https://poloniex.com/exchange/btc_gpuc

now I think it is lowest price for it. 0.00000007

[waltsmith]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project. 

Nothing is unfixable.. we just need to determine the best path forward.

I will certainly pass it along tomorrow, if we could get more input from the community between now and tomorrow afternoon that would be great.

waltsmith

[jimlite]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project.  

Nothing is unfixable.. we just need to determine the best path forward.

I will certainly pass it along tomorrow, if we could get more input from the community between now and tomorrow afternoon that would be great.

waltsmith

Well you know my position on this. As a miner and IPO investor I see two problems.  The ipo value of GPU coin was about 20 satoshi,
and currently it is at 7 satoshi (not good), if it gets much lower it could be game over.  Miners can not mine this coin and sell under
20 satoshi and cover electricity anyways.  The coin needs to have a higher value.  Now obviously it needs more P.R., more miners, more exchanges and traders to thrive.  There currently is way too many coins minted in such a short time, which causes the exchanges to have WAY more sellers than buyers.  20,000 coins/block is just a lot of coins. I really think the block reward needs to be halved, and halved again on a much quicker time frame then originally planned.  Scarcity causes value.  It is very hard to mine a bitcoin, and there will be relatively very few produced (21M), so bitcoin has perceived rarity and value like a diamond.  GPU coin is more like DOGE coin, where there is just a shit load of them being produced because they are so easy to mine. The difference that keeps DOGE coin going is the constant marketing, news articles, promos, and community that just makes it go viral, which GPU coin is lacking.  Even so, I personally don't mine or buy DOGE because I feel that a coin should be worth a reasonable amount of USD.  I can grasp that a bitcoin is worth $468, and a litecoin is worth $13, but I can not grasp (easily) that a GPU coin or Doge coin is worth .000037444 cents!  I would much rather have the block reward be 20 instead of 20,000 and a GPU coin worth 37 cents or 8000 satoshi. With a more realistic alt coin price, people would be more interested in it, it is a vicious circle, but now at 8 satoshi we are heading awfully close to the death spiral of 1 satoshi and graveyard.  I think a hard fork and block reward reduction with an increased halving time would help a lot, and I can't see it upsetting anyone because it is just a wallet update, the ipo holders investment would go up, and new and current miners would be happy since they could mine a coin that is worth more than the electricity they burn.  Plus wouldn't the store rather sell a 280x for 10,000 gpu than 10 Million like it is now? Think about it.  And I know coins are made to still be mineable till like 2040, and that is important for the mainstream coins like bitcoin or litecoin, but do you really think the world is going to be paying for everything in GPU coin in 2030? No, that is not what it is designed for, and that is why speeding up the halving is not a bad idea.  Who cares if all the coins will be mined in 2030 instead of 2040?  CEO shouldn't care, he will either be retired by then, or still selling stuff and re-circulating the coin.  And there will always be traders and miners if there is a fee or reward that is worthwhile.

[pearstar20]

And Jaymes does not make money no matter what. He has to be able to dump the coins he collects to the market, just like anyone else, and thats not happening right now. Personally, much as I hate the idea of a hardfork, changing the block time to 2 1/2 minutes would solve a lot of problems right now. There are enough coins on the market for the business to run efficiently and it would stop the mine-n-dumpers right in their tracks. Plus it would raise the difficulty level, psychological only I know, but most miners see a higher difficulty, and they see more value along with it.

Anyways, walt maybe you can talk to Jaymes about this next time you see him (I'm not on IRC enough).

I'm ready to make any code changes to the coin as necessary for this project. 

Nothing is unfixable.. we just need to determine the best path forward.

I will certainly pass it along tomorrow, if we could get more input from the community between now and tomorrow afternoon that would be great.

waltsmith

Well you know my position on this. As a miner and IPO investor I see two problems.  The ipo value of GPU coin was about 20 satoshi,
and currently it is at 7 satoshi (not good), if it gets much lower it could be game over.  Miners can not mine this coin and sell under
20 satoshi and cover electricity anyways.  The coin needs to have a higher value.  Now obviously it needs more P.R., more miners, more exchanges and traders to thrive.  There currently is way too many coins minted in such a short time, which causes the exchanges to have WAY more sellers than buyers.  20,000 coins/block is just a lot of coins. I really think the block reward needs to be halved, and halved again on a much quicker time frame then originally planned.  Scarcity causes value.  It is very hard to mine a bitcoin, and there will be relatively very few produced (21M), so bitcoin has perceived rarity and value like a diamond.  GPU coin is more like DOGE coin, where there is just a shit load of them being produced because they are so easy to mine. The difference that keeps DOGE coin going is the constant marketing, news articles, promos, and community that just makes it go viral, which GPU coin is lacking.  Even so, I personally don't mine or buy DOGE because I feel that a coin should be worth a reasonable amount of USD.  I can grasp that a bitcoin is worth $468, and a litecoin is worth $13, but I can not grasp (easily) that a GPU coin or Doge coin is worth .000037444 cents!  I would much rather have the block reward be 20 instead of 20,000 and a GPU coin worth 37 cents or 8000 satoshi. With a more realistic alt coin price, people would be more interested in it, it is a vicious circle, but now at 8 satoshi we are heading awfully close to the death spiral of 1 satoshi and graveyard.  I think a hard fork and block reward reduction with an increased halving time would help a lot, and I can't see it upsetting anyone because it is just a wallet update, the ipo holders investment would go up, and new and current miners would be happy since they could mine a coin that is worth more than the electricity they burn.  Plus wouldn't the store rather sell a 280x for 10,000 gpu than 10 Million like it is now? Think about it.  And I know coins are made to still be mineable till like 2040, and that is important for the mainstream coins like bitcoin or litecoin, but do you really think the world is going to be paying for everything in GPU coin in 2030? No, that is not what it is designed for, and that is why speeding up the halving is not a bad idea.  Who cares if all the coins will be mined in 2030 instead of 2040?  CEO shouldn't care, he will either be retired by then, or still selling stuff and re-circulating the coin.  And there will always be traders and miners if there is a fee or reward that is worthwhile.

Have you seen what happened to the coins which were halved prematurely? Rapid deciline in price. Idea is simple that if we supply shortens, then price will go up, ofcourse if demand is constant. But history have shown that, its not the case.

[WhiteyZ]

https://poloniex.com/exchange/btc_gpuc

now I think it is lowest price for it. 0.00000007

Thats a lot to low now... Has to go over 50 satoshis....

[httpb]

Looking at http://coinmarketcap.com/ the GPUC has for column "volume (24h)" less than $800.

Can someone explain to me what does Volume (24h) column represent and how is it calculated?