[ANN GPUCOIN FAILURE] IPO IMMEDIATE REFUNDS

[vesperwillow]

Mods, please move this to the appropriate section as necessary. Thank you.

05-MAR UPDATE: Full refund confirmed for myself. Others are being informed of theirs as well. Everything below is for historical purposes/reference. Good luck with the relaunch.

Notice: If your post isn't on topic, or if you aren't an IPO, moderation will be requested to remove your posts. Please respect the topic of this thread and move the general chatter elsewhere

Regarding the 2nd failed launch of "GPUC - GPU Coin", by owner/operator "GPU Coin" aka Jaymes Reilly of Norfolk/Chesapeake, Virginia :

As per your written statement in email to IPOs (initial public offering) and throughout your thread, you agreed to IMMEDIATELY REFUND all investments upon a failed launch.

On the launch date, it FAILED. You then admitted failure, and that relaunch would occur. You stated if the re-launch failed, refunds would be IMMEDIATE.

AS of this post, it is the general consensus of the community that the coin has failed to launch. After almost an hour, synchs still were not occuring properly, the coin was forking, and still yet, the block rewards are WRONG. Difficulty is also apparently not working. For a coin to be launched fully and smoothly, BLOCK REWARDS SHOULD MATCH COIN SPECS, and DIFFICULTY SHOULD WORK.

Coin has FAILED 2nd launch.
Coin failed all launch attempts throughout the morning, multiple attempts.

You are now bound under Virginia Statute to immediately issue myself, and ALL other IPO's, full BTC refunds to the amount of 100% of their investment. The list is below.

IMMEDIATE ACTION:

IPOs - Please post up and identify yourself (if you wish) to be heard on this thread. Please post up to announce that you have received refunds.

GPU Coin - You are required to immediately begin refunds. If you would like to dispute this, you have a lot of backtracking to do. All of your posts and emails have been logged for legal reasons. You did, afterall, invite us to pursue this course of action upon a failed launch.

Company Info - LLC Info: https://sccefile.scc.virginia.gov/Business/S490555

SCC ID: S4905552
Entity Type: Limited Liability Company
Jurisdiction of Formation: VA
Date of Formation/Registration: 2/6/2014
Status: Active

913 Woodcott Dr
Chesapeake VA23322

JAYMES REILLY
913 WOODCOTT DR
CHESAPEAKE VA 23322
CHESAPEAKE CITY 236
Status: Active
Effective Date: 2/6/2014

IPO LIST

Investor ID   Investor Amount   % of Total   Coins




217   7.5   10.49%   34082365.2282584
285   6   8.39%   27265892.1826067
132   4   5.59%   18177261.4550711
175   3.68   5.15%   16723080.5386654
81   3   4.19%   13632946.0913034
307   2.21   3.09%   10042936.9539268
207   2.2   3.08%   9997493.80028912
53   2   2.80%   9088630.72753557
237   2   2.80%   9088630.72753557
286   2   2.80%   9088630.72753557
254   1.75   2.45%   7952551.88659362
310   1.60106234   2.24%   7275732.190012
189   1.2389365   1.73%   5630118.17168268
223   1.22   1.71%   5544064.7437967
122   1   1.40%   4544315.36376778
179   1   1.40%   4544315.36376778
210   1   1.40%   4544315.36376778
230   1   1.40%   4544315.36376778
263   1   1.40%   4544315.36376778
273   1   1.40%   4544315.36376778
276   1   1.40%   4544315.36376778
282   1   1.40%   4544315.36376778
212   0.79537794   1.11%   3614448.19274397
143   0.6509   0.91%   2957894.87027645
45   0.6   0.84%   2726589.21826067
297   0.555   0.78%   2522095.02689112
87   0.5468   0.76%   2484831.64090822
75   0.5   0.70%   2272157.68188389
82   0.5   0.70%   2272157.68188389
84   0.5   0.70%   2272157.68188389
159   0.5   0.70%   2272157.68188389
208   0.5   0.70%   2272157.68188389
238   0.5   0.70%   2272157.68188389
264   0.5   0.70%   2272157.68188389
288   0.5   0.70%   2272157.68188389
296   0.43   0.60%   1954055.60642015
164   0.4   0.56%   1817726.14550711
18   0.38   0.53%   1726839.83823176
33   0.3788   0.53%   1721386.65979524
74   0.3498   0.49%   1589601.51424597
278   0.344   0.48%   1563244.48513612
231   0.313   0.44%   1422370.70885932
14   0.3094   0.43%   1406011.17354975
158   0.3009   0.42%   1367384.49295773
194   0.3008   0.42%   1366930.06142135
44   0.3   0.42%   1363294.60913034
127   0.3   0.42%   1363294.60913034
133   0.3   0.42%   1363294.60913034
261   0.2998   0.42%   1362385.74605758
70   0.297   0.42%   1349661.66303903
304   0.29213568   0.41%   1327556.65892875
39   0.26   0.36%   1181521.99457962
134   0.251   0.35%   1140623.15630571
30   0.25   0.35%   1136078.84094195
41   0.25   0.35%   1136078.84094195
68   0.25   0.35%   1136078.84094195
91   0.23387769   0.33%   1062813.97990952
295   0.2001   0.28%   909317.504289933
55   0.2   0.28%   908863.072753557
162   0.2   0.28%   908863.072753557
167   0.2   0.28%   908863.072753557
216   0.2   0.28%   908863.072753557
229   0.2   0.28%   908863.072753557
287   0.2   0.28%   908863.072753557
311   0.2   0.28%   908863.072753557
150   0.1999   0.28%   908408.64121718
28   0.19   0.27%   863419.919115879
190   0.19   0.27%   863419.919115879
102   0.18702625   0.26%   849906.261302874
80   0.1818   0.25%   826156.533132983
308   0.175   0.24%   795255.188659362
46   0.167   0.23%   758900.66574922
65   0.152   0.21%   690735.935292703
220   0.15052201   0.21%   684019.482628208
5   0.15   0.21%   681647.304565167
240   0.15   0.21%   681647.304565167
284   0.15   0.21%   681647.304565167
62   0.149   0.21%   677102.9892014
244   0.134   0.19%   608938.258744883
168   0.1277   0.18%   580309.071953146
111   0.12231776   0.17%   555850.47602966
86   0.12   0.17%   545317.843652134
265   0.12   0.17%   545317.843652134
59   0.1152   0.16%   523505.129906049
26   0.1125   0.16%   511235.478423876
58   0.104185   0.15%   473449.496174147
185   0.100089   0.14%   454835.980444154
25   0.1   0.14%   454431.536376778
97   0.1   0.14%   454431.536376778
100   0.1   0.14%   454431.536376778
109   0.1   0.14%   454431.536376778
118   0.1   0.14%   454431.536376778
130   0.1   0.14%   454431.536376778
155   0.1   0.14%   454431.536376778
160   0.1   0.14%   454431.536376778
163   0.1   0.14%   454431.536376778
169   0.1   0.14%   454431.536376778
181   0.1   0.14%   454431.536376778
199   0.1   0.14%   454431.536376778
233   0.1   0.14%   454431.536376778
234   0.1   0.14%   454431.536376778
272   0.1   0.14%   454431.536376778
115   0.09   0.13%   408988.382739101
139   0.086   0.12%   390811.121284029
197   0.0799   0.11%   363090.797565046
149   0.07743383   0.11%   351883.743344383
21   0.075   0.10%   340823.652282584
156   0.075   0.10%   340823.652282584
153   0.072   0.10%   327190.70619128
235   0.07   0.10%   318102.075463745
279   0.07   0.10%   318102.075463745
144   0.0562   0.08%   255390.523443749
221   0.053   0.07%   240848.714279692
108   0.0501   0.07%   227670.199724766
116   0.05   0.07%   227215.768188389
126   0.05   0.07%   227215.768188389
128   0.05   0.07%   227215.768188389
131   0.05   0.07%   227215.768188389
146   0.05   0.07%   227215.768188389
177   0.05   0.07%   227215.768188389
205   0.05   0.07%   227215.768188389
239   0.05   0.07%   227215.768188389
275   0.05   0.07%   227215.768188389
299   0.05   0.07%   227215.768188389
61   0.04352035   0.06%   197770.195141551
79   0.04191579   0.06%   190478.568481464
17   0.04   0.06%   181772.614550711
213   0.04   0.06%   181772.614550711
256   0.04   0.06%   181772.614550711
312   0.04   0.06%   181772.614550711
271   0.03544066   0.05%   161053.53574007
166   0.03   0.04%   136329.460913033
198   0.03   0.04%   136329.460913033
228   0.03   0.04%   136329.460913033
232   0.03   0.04%   136329.460913033
121   0.026   0.04%   118152.199457962
141   0.02530707   0.04%   115003.307012947
76   0.025   0.03%   113607.884094195
225   0.025   0.03%   113607.884094195
260   0.025   0.03%   113607.884094195
293   0.025   0.03%   113607.884094195
262   0.024   0.03%   109063.568730427
195   0.02357318   0.03%   107123.964046863
222   0.02127231   0.03%   96668.0851558311
192   0.021   0.03%   95430.6226391235
101   0.0209   0.03%   94976.1911027467
176   0.0209   0.03%   94976.1911027467
187   0.0209   0.03%   94976.1911027467
193   0.0209   0.03%   94976.1911027467
10   0.02   0.03%   90886.3072753557
63   0.02   0.03%   90886.3072753557
89   0.02   0.03%   90886.3072753557
92   0.02   0.03%   90886.3072753557
123   0.02   0.03%   90886.3072753557
125   0.02   0.03%   90886.3072753557
157   0.02   0.03%   90886.3072753557
161   0.02   0.03%   90886.3072753557
236   0.02   0.03%   90886.3072753557
250   0.02   0.03%   90886.3072753557
258   0.02   0.03%   90886.3072753557
303   0.02   0.03%   90886.3072753557
281   0.01999175   0.03%   90848.8166736046
57   0.0195   0.03%   88614.1495934718
29   0.01913596   0.03%   86959.8370284458
78   0.019   0.03%   86341.9919115879
252   0.01889464   0.03%   85863.2028448613
224   0.0172   0.02%   78162.2242568059
215   0.0167   0.02%   75890.066574922
218   0.016   0.02%   72709.0458202845
7   0.0156325   0.02%   71039.0099240999
103   0.0154   0.02%   69982.4566020239
83   0.015   0.02%   68164.7304565167
180   0.015   0.02%   68164.7304565167
219   0.015   0.02%   68164.7304565167
283   0.015   0.02%   68164.7304565167
301   0.0141   0.02%   64074.8466291258
266   0.01290819   0.02%   58658.8861354337
204   0.0125   0.02%   56803.9420470973
54   0.012   0.02%   54531.7843652134
142   0.012   0.02%   54531.7843652134
173   0.012   0.02%   54531.7843652134
90   0.01191344   0.02%   54138.4284273257
292   0.01153725   0.02%   52428.9024306299
291   0.011   0.02%   49987.4690014456
117   0.0108   0.02%   49078.6059286921
255   0.01069809   0.01%   48615.4947499705
152   0.0101   0.01%   45897.5851740546
140   0.01002285   0.01%   45546.9912437399
2   0.01   0.01%   45443.1536376778
23   0.01   0.01%   45443.1536376778
47   0.01   0.01%   45443.1536376778
48   0.01   0.01%   45443.1536376778
71   0.01   0.01%   45443.1536376778
88   0.01   0.01%   45443.1536376778
104   0.01   0.01%   45443.1536376778
172   0.01   0.01%   45443.1536376778
200   0.01   0.01%   45443.1536376778
201   0.01   0.01%   45443.1536376778
203   0.01   0.01%   45443.1536376778
253   0.01   0.01%   45443.1536376778
300   0.00169579   0.00%   7706.2045507238




TOTAL   71.51792382   100.00%   325000000

[chickenliver503]

this launch is fucking terrible, i dont care if this coin launches the devs suck, no communication, no update to the forum post,about 4 relaunches this coin is a joke. i am ipo number 39   

[flipstyle]

LOLOLOL

So the 'dev' jumps ship without a trace, and you guys expect to still have refund recourse if the 'relaunch' fails?

Do you guys even know who has your btc?

Here's a hint: it's most likely the guy who fled the scene.



I can just picture it now:

"Police department, what is your issue?"

"Hi there, I put in an IPO investment for 7.5 bitcoins for an alt currency, which the developer promised everything would go smooth or I could file a claim with the local police department."

"7.5 what?"

"Bitcoins...virtual currency."


*dialtone*

"Hello???"

Love how I posted this the same day the first ipo launch failed.  And yet I was still attacked by some IPO investors saying 'shit happens, I still believe in this IPO and the re-launch.'

When will this forum ever learn? 

ESCROW ESCROW ESCROW.  Damnit.  I feel like a broken record, but people will still ignore the warnings.

[lasciv]

come on.. not another one..

[pandher]

That is what happens when you dont do your homework

I think out of all the altcoins, only Coin2 had the fairest launch.

[jest]

Really? Legal action? Yeah, you wish... You can just hope it will be deployed someday, and then you can start hoping you'll get your share of coins!

I waited for this coin the first time FOR NOTHING, today I wanted to repeat the story, but luckily I decided to rather sleep insted of waiting the FC - FailCoin. And I made the right decision

I do feel sorry for all those IPOs tough...

[strawie]

Did I get this right?

1. Failed launch
2. OP doesnt know shit about coin development asks for help from new dev. Most likely asks if it can be done within x time.
3. Comes to forums and says launch in 24h or w/e thinking that coin will be ready.
4. New dev screws up bigtime (I dont wanna know how much he got for this mess )
5. CW offeres help. Spends endless hours on fixing shit but ppl keep "leaking" wallets as they are finished - dont know if theres any thruth to that.

So basically the community who wanted a relaunch ASAP sabotaged them selfs?
Why didnt anyone from the IPO offer help? Say the 24h relaunch was unrealistic?
Now you wanna sue? Watch out that guy is going to nuke you

[vesperwillow]

We did offer to help. He ignored several of the IPO's communications (can't speak for all). He was offered a dev/launch team with experience, a pool network, a mining farm, the list goes on. He kept ignoring all "legitimate and sane" offers of help, and chose people with hardly any experience and/or marked as "newbies".

Less than a day before launch he decided to change the algo to the coin. This was against the advice of several IPOs, and for good reason. He was instructed that if he feels the algo change is necessary, he should merge it in down the road, not in the twighlight of his launch. As expected, this helped to ruin the launch. The algo change was due to the majority of non-IPO folks crying for the change (most of them not even aware of what they were asking). Rather than think through his change, he just went with majority voice.

He then announced a relaunch, and once again asked the community when it should be. Myself and others expressed the fact he shouldn't consider a launch window until the coin is fully working and has been fully tested. Ignoring this, he announced a window for less than 24 hours away, and that if the launch failed, he would return funds.

This 2nd launch occurred and was also a complete disaster. Throughout the night they've had several more failed launches.

As for legal action, yes we can take it, because he is filed as an LLC and has written contract between the IPOs that upon first failure to launch, he would return all funds. He then said it a second time. He is bound under VA statute by written agreement at this point in time. He even told me (and I believe, others) in email, to take legal action if he doesn't hold up his end of the stick.

This thread is to document those who want a refund. He was officially notified lastnight that he has today to return funds; after today, a claim will be filed in his LLC's city, and by the end of the week a Warrant will be on his doorstep (for court appearance). I know how these work, trust me.

Please keep the thread on topic.

[vesperwillow]

There are statues in Virginia covering commodities with fiat values. I've used them before. I've operated businesses in Virginia and have been involved in some similar cases. The catch-all is the binding agreement, Virginia is pretty anal about those: if you have a written agreement, it has to be upheld. Thanks for your advice though. I didn't invest what I didn't care to lose, fortunately. Not my first investment.

[chip99]

first time i invested in a IPO and already scammed . well was expecting it to be honest.
100% scam rate
dont invest into IPOs kids.

[flounderella]

Wow another Stackcoin. Do noobs ever learn?

[SlidingHorn]

THIS IS WHAT YOU PEOPLE GET FOR IGNORING ALL THE WARNINGS PEOPLE POST ON THESE IPO SCAMS - YOU GOT GREEDY AND DESERVE TO HAVE LOST EVERY PENNY YOU LOST.  QUIT YOUR WHINING

[B2BigAl]

first time i invested in a IPO and already scammed . well was expecting it to be honest.
100% scam rate
dont invest into IPOs kids.

While I agree with your sentiments about IPO's, I really don't think this is a scam (or at least was meant to be).  I think the owner just trusted the wrong people to create his coin for him and got burned.  He does seriously need to start communicating with his investors and the community though.  Failure to do so leads to mistrust and wild speculation...and people threatening legal action.  He's probably sweating bullets right now trying to figure out what to do about this mess.

[spamsrevenge]

+1

I'm also from Virginia and am an IPO investor.

The amount that they said i invested is wrong. I did 2 deposits, one for .5 Bitcoins and they got that right. When I added another .25, they listed my total Bitcoins invested at .075!! That is a lot less than .75

[BulletProof_za]

What did you try overclock to far and melt down ?

 

[BulletProof_za]

@OP

Your original post is as much bull shit as the IPO itself LOL...

There are no Virginia Laws covering any crypto. None, nada, zip, zilch, zero.

Here's a clue.

High risk investments mean high risk of losing.

Guess what?.... you lost.

Shit happens.


~BCX~

i love reading your responses lol 

[mpmsvv]

What we need to do for a refund?
I have 4 IPO ids and and don´t receive any of my investment.

I want a refund!!

[SlidingHorn]

What we need to do for a refund?
I have 4 IPO ids and and don´t receive any of my investment.

I want a refund!!

...and people in hell want ice water.

Neither of you are getting what you want.

[Ncultimate]

i have 3 IPO's. Please if its not launching give a freaking refund!

[mpmsvv]

What we need to do for a refund?
I have 4 IPO ids and and don´t receive any of my investment.

I want a refund!!

...and people in hell want ice water.

Neither of you are getting what you want.

I think after the stackCoin this will not happen again.
I only invest a small amount as a experiment. This is a lesson and I will learn with this...
We need to work only with professional teams with a good tracking record.....

[anyone4u]

i have 3 IPO's. Please if its not launching give a freaking refund!

"Ncultimate
Newbie
*
Online Online
Activity: 27
View Profile  Personal Message (Online)
Trust: -4: -1 / +0(0)
Warning: Trade with extreme caution!
Ignore"


Ahh, yes, I think your profile says alot about you. It basically says "don't trust me, I'm a scammer". Maybe you should fix that before you say someone owes you money.

Anyways, I am ipo 195 and did not get any coins or refunds. So far no email either since originally invested and deposited funds.

[flipstyle]

I think after the stackCoin this will not happen again.

I think you greatly overestimate the collective IQ of the crypto community, as well as their short term memory span.

[MisO69]

The big problem is these guys are not talking to anyone. Which leads me to believe this was just another scam. Perhaps by the same guy that did StackCoin. So far he has made 140BTC for posting on this forum.

Anyone who gives their money to an unknown entity is just dumb and deserves what they get.

[SlidingHorn]

I think after the stackCoin this will not happen again.

I think you greatly overestimate the collective IQ of the crypto community, as well as their short term memory span.

+1

There have been at least a dozen new IPOs since StackCoin and there are idiots sending money to every one of them, despite multiple, large, bold, red warnings not to.

I'm essentially giving up.  If these people are too stupid to research something before sending their money away, they deserve to lose it.

I'll still tag the new IPO accounts with negative trust, but that's as far as I'm going.

[mpmsvv]

I think after the stackCoin this will not happen again.

I think you greatly overestimate the collective IQ of the crypto community, as well as their short term memory span.

+1

There have been at least a dozen new IPOs since StackCoin and there are idiots sending money to every one of them, despite multiple, large, bold, red warnings not to.

I'm essentially giving up.  If these people are too stupid to research something before sending their money away, they deserve to lose it.

I'll still tag the new IPO accounts with negative trust, but that's as far as I'm going.

I only invested an amount that I'm afford to loose.
Until people continue scaming more and more the crypto coins will never go to the mainstream.
Every day come out news about hacking and SCAM.
Where are the trust people with willingness to work and make money with there work?
Everybody wants to get rich quickly but nobody wants to create, develop and implement trust service for the people.

[Ncultimate]

i have 3 IPO's. Please if its not launching give a freaking refund!

"Ncultimate
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Ahh, yes, I think your profile says alot about you. It basically says "don't trust me, I'm a scammer". Maybe you should fix that before you say someone owes you money.

Anyways, I am ipo 195 and did not get any coins or refunds. So far no email either since originally invested and deposited funds.

the DEV has proof. My account got hacked.. Not making a new one. its pointless.

[vesperwillow]

I only invested an amount that I'm afford to loose.

Exactly, and that's the best thing to do. I only invested what I was willing to gamble with, and only because they are a registered entity within my state. I have no doubts my refund will come, can't say the same for folks outside of this state.

[Revelations86]

The reason why I invested as well is because he was registered as an LLC.  He posted on the main GPUCoin thread that he is going to contact the investors with an update including a refund today.  Let's see if he follows through on that. 

I also did a PropertyShark search on 913 Woodcott Drive and it shows the above property is owned by a "Galle John L Jr".  I'm not sure what the relation is between Jaymes Reilly and this person, but now, I'm beginning to question his legitimacy.

[Alohaboy?!]

The reason why I invested as well is because he was registered as an LLC.  He posted on the main GPUCoin thread that he is going to contact the investors with an update including a refund today.  Let's see if he follows through on that. 

I also did a PropertyShark search on 913 Woodcott Drive and it shows the above property is owned by a "Galle John L Jr".  I'm not sure what the relation is between Jaymes Reilly and this person, but now, I'm beginning to question his legitimacy.

good to know .. but doesn´t sounds good

[vesperwillow]

The reason why I invested as well is because he was registered as an LLC.  He posted on the main GPUCoin thread that he is going to contact the investors with an update including a refund today.  Let's see if he follows through on that. 

I also did a PropertyShark search on 913 Woodcott Drive and it shows the above property is owned by a "Galle John L Jr".  I'm not sure what the relation is between Jaymes Reilly and this person, but now, I'm beginning to question his legitimacy.

good to know .. but doesn´t sounds good

Could be his "partner", with the "sister company" he refused to name. The guy who has a "degree in business".

[Gravity]

The Crypto community is getting smarter, so the Devs have had to improvise ... AUR and MAZA is the improved scam coins and it's working great.

Then you look at coins like iCoin and Noble coin quietly getting on, those are the type coins that are going to make it in the long run.

[Revelations86]

The reason why I invested as well is because he was registered as an LLC.  He posted on the main GPUCoin thread that he is going to contact the investors with an update including a refund today.  Let's see if he follows through on that.  

I also did a PropertyShark search on 913 Woodcott Drive and it shows the above property is owned by a "Galle John L Jr".  I'm not sure what the relation is between Jaymes Reilly and this person, but now, I'm beginning to question his legitimacy.

good to know .. but doesn´t sounds good

Could be his "partner", with the "sister company" he refused to name. The guy who has a "degree in business".

http://www.peoplefinders.com/search/searchpreview.aspx?searchtype=people-name&fn=John&ln=Galle&city=Harrisonburg&state=VA&utm_source=wp3&utm_campaign=detailepdyn&utm_content=address

The John Galle the property belongs to is the first one listed (60 years old).  It's very possible that this "James Reilly" used a stolen identity (with a stolen SSN) to form the LLC.  I have a feeling that if we knocked on this guy's door today and asked him about his involvement with this coin, he would probably have no clue what we're talking about.

The only thing that has me thinking that this isn't a scam is the fact that he tried to re-launch the coin multiple times after he collected the IPO. I also invested what I was willing to lose (ID# 276- 1 BTC) but I still don't want to see my investment disappear.

[flipstyle]

The reason why I invested as well is because he was registered as an LLC.  He posted on the main GPUCoin thread that he is going to contact the investors with an update including a refund today.  Let's see if he follows through on that.  

I also did a PropertyShark search on 913 Woodcott Drive and it shows the above property is owned by a "Galle John L Jr".  I'm not sure what the relation is between Jaymes Reilly and this person, but now, I'm beginning to question his legitimacy.

Lol.  Did you guys HONESTLY think the name and picture he posted on the website was his true identity?  Let alone the LLC registered in his name or even belongs to him?

Proof yet again that the crypto community will read and believe anything they read. Literally anything.

Sheesh, man.  I really think I could create a Jesuscoin right now and make 100 btc's in less than a week.


The IPO BTC's are long gone.  They were gone the day of the first launch when the dev stopped posting.

Let it go.  You wouldn't even get it back in court even if you did somehow locate the scammer.  Just move on and learn your lesson (which, most probably won't).

[loicatraile]

im investor number 41.. i send an email to GPUcoin yesterday requesting a refund but i didnt get anything back..
i hope we all dind´t just lose our money..

[gorgorom]

I agree. A man is only as good as his word.

[hendr1x]

He recorded a video on youtube of the drawing for the free GPU.  He counted out all the numbers of the IPO entries (random) and picked one out.  That is the guy 100%.

Edit : here it is @ https://www.youtube.com/watch?v=VZ9rYW6pZn4

[BitOffer]

If he "used a stolen identity (with a stolen SSN) to form the LLC" the (three letter gov acronym) will want on this. They have facial recognition technology. The BTC's alone may not warrant their involvement, but identity fraud will.

Why i invested what i could lose...
Many people have good business ideals but cant get funding or secondary skills to get up and running. Businesses on top of coins is a great one. This could create jobs all from within the crypto economy. These coins don't have to all be scams. As the Crypto-Currency community grows this is the obvious path to follow.

note..
the btc ipo has already gone up in value nicely.

[scott0577]

Just received this email.

Dear IPO investors,

        First of all I share your frustration and concerns, and extend my utmost apologies regarding the failures associated with the initial launch of GPU Coin.  While I have plenty of experience in small business management and logistics, I am still finding that the tech industry, where software is the driving force behind the entire business, is quite different.  I originally found a developer that offered his services to build a bullet proof coin.  After looking over his web site, where he explicitly brought to light scam coins and highlighted other deterring details of other coin launches, I made the decision to hire him.  At that point I began the thread and started soliciting IPO investors to allow for GPU Coin LLC to raise the funding required for stocking the store front.

        After the thread started, I was informed by the community that scrypt coins would soon be outdated once the ASICs started hitting shelves in large quantities.  I have seen only Gridseeds that are expensive and put out small amounts of hash, albeit at a much lower wattage.  At this point I took a poll and asked the IPO investors to make a decision.  Should GPU Coin be maintained as a scrypt and possibly be hammered, or switch up to scrypt-n to deter not only the current and future ASICs, but to alleviate the multipool hash rates that would no doubt ensue once the coin maintained any sort of intrinsic value.  The GPU Coin community was loud and clear, and the decision was made to change to scrypt-n.  After I informed the developer of the intended change, what was given was a wallet that was missing libraries and only had one node, which was my own computer. The lack of a github, where others could grab the source for their own uses only added to the confusion.  The fact that there were 1,400 people sitting in the IRC chat room at launch, making this launch extremely traffic heavy, only made things worse since GPU Coin was not ready for that volume of users.  It was obvious that there were many people that wanted in on GPU Coin, due to the business plan associated with it.

          The first launch ended in complete failure with the block chain forking all over the place.  Recognizing the situation I called off the launch, citing that it was FUBAR.  I started looking for someone to fix the problems and make GPU Coin launch properly.  I was contacted by micryon who offered his services to help GPU Coin launch.  I was also contacted by the owner of OakPool, who stated they had already formulated a  fix for the source code with their team of developers and were ready to get it out in the open.  I made the decision to go with this new team of developers who had already fixed the source and had successful launches in the past.

        We pushed for an extremely quick launch, since we already had the source code fixed, and wanted to make sure that people who prepared for the GPU Coin launch wouldn't have to wait an entire week.  The team helped me through setting up nodes and making sure the coin wouldn't fork. We launched what we thought was the right coin.  Although the forking was alleviated, it turned out that the programmer had accidentally pushed the wrong source code forward, releasing an exact copy of Pandacoin, not GPU Coin.  To preserve the integrity of GPU Coin and our IPO investors I decided that giving the IPO investors something completely different than what we initially agreed upon without consent was not the way to go. I was forced to abort the launch again.  A single mistake, was made under stress, had halted everyone's hard work.

        We now have a team consisting of micryon, cryptowest, and their associates. To ensure a successful launch, the new launch date is Sunday March 9th to allow for additional testing and debugging. This will enable our development team to push out GPU Coin with no errors. The nodes and source code will be ready and GPU Coin will be launched successfully. Although we have suffered some bumps in the road our plan is sound and I am confident in GPU Coin's imminent successful launch.

        As for the the business side, I have a prototype modular mining case being delivered this weekend that is made from aluminum, has holding space for up to 8 GPUs, slots for two PSUs and, of course, room for the motherboard.  The prototype will have round stock pillars that thread together to allow for stacking. Everything is made of aluminum that is rigid and supportive.  I have also contacted TMSI Industries, Inc. in Canada, to design and prototype an 8 way PCIe 16x USB splitter/riser.  It is comprise of a PCB that plugs into the 16x PCIe slot on the motherboard and a secondary PCB that attaches to the GPUs.  The splitter has 8 female USB 3.0 connector and the secondary PCB that attaches to the GPUs is SATA powered and has another female USB 3.0 connector.  This will allow for any motherboard with a single 16x slot to have the maximum amount of GPUs supported by the OS in service, without having to purchase an extremely expensive motherboard.  I was going to green light the project a few days ago, but the initial launch failure was a much more pressing issue.

        In summary, I again wish to apologize to you, our IPO investors, for the lack of contact as I was dealing with the situation in real time working with the development team. We will supply miners their GPUs without the hassle of transferring into fiat currency, at prices cheaper than the main competitors.  GPU Coin LLC will further the mining community by developing hardware that will push GPU mining to a more efficient platform. I am firm in my belief that GPU Coin LLC will live up to our original plan as we solve our technical issues.  I will stand by my offer to allow any IPO investor to back out if they think GPU Coin and the supporting business plan hold no intrinsic value. I am confident that we now have a team that can solve our technical issues.  I remain dedicated to launching a quality coin worthy of your investment and support.

        GPU Coin LLC, CEO
        Jaymes Reilly

[vesperwillow]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

[SlidingHorn]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

[pastet89]

Anyone dissapoined from all that project and willing to get refund from the IPO, if interested into me buying his share, contact me on PM please.

[vesperwillow]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

If you followed the situation you'd know he changed this stuff AFTER he closed the IPO buyin. But thanks for your armchair commentary.

[SlidingHorn]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

If you followed the situation you'd know he changed this stuff AFTER he closed the IPO buyin. But thanks for your armchair commentary.

I think the larger point here is that you gave your money to a brand new account based on nothing but a few words on a screen and fancy promises.  You're perfectly within your rights to do such a thing, but to then come back and whine that you feel you were ripped off is asinine. 

Just my humble opinion...like they say, everyone's got one.

[vesperwillow]

I don't feel ripped off. I do feel bad for all involved and for those who had high hopes.

He told me in email if he failed to launch, that I could ask for refunds and he would process them, and if he doesn't, that I (or anyone) could file claim against his LLC. That's better protection than just sending some random avatar BTC on this forum, so yeah there were definitely more warm and fuzzies about this venture. Plus, it was a great idea, at least before he crashed it into the ground.

I don't think he's a scammer, I just think he lacks business competence and IT sense.

[vesperwillow]

Updates - I will provide updates to the OP soon. The owner has acquiesced and issued me a refund; other IPOs have also put in for refunds and are awaiting theirs.

[vesperwillow]

Full refund confirmed. OP updated.

As I said; Easy as cake.

[mek300]

Jews are always trying to outsmart other people.

[kalus]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

If you followed the situation you'd know he changed this stuff AFTER he closed the IPO buyin. But thanks for your armchair commentary.

typically IPOs are public offerings of private companies i.e. profit turning companies.  the net worth of the company is how people value an IPO.  nothing in GPUcoin justifies its IPO valuation.

only invest in an IPO if you know something about their business model, cash flow, and integrity of the person responsible.  If you invested in GPUcoin, you just gave someone money on the internet because of a story in a thread.  

[vesperwillow]

only invest in an IPO if you know something about their business model, cash flow, and integrity of the person responsible.  If you invested in GPUcoin, you just gave someone money on the internet because of a story in a thread.  

This is good advice for many people. I had investigated the company and its paperwork, which is one of the reasons why I was willing to buy in. It wasn't a true IPO, it was more of a buy-in for premined coins, as VA LLC's can't have shares.

[kalus]

only invest in an IPO if you know something about their business model, cash flow, and integrity of the person responsible.  If you invested in GPUcoin, you just gave someone money on the internet because of a story in a thread.  

This is good advice for many people. I had investigated the company and its paperwork, which is one of the reasons why I was willing to buy in. It wasn't a true IPO, it was more of a buy-in for premined coins, as VA LLC's can't have shares.

as you mentioned, LLC's are based on state laws, and most states make it impossible to do an initial public offering of LLC.  some states require an LLC to dissolve when a member dies.  some states require an LLC to dissolve after a set time (e.g. 20 years).  some states don't even allow free exchange of LLC interests. most LLC terms in most states make IPO impossible.  

even by some chance an LLC was formed in an LLC IPO friendly state, the LLC will still still find it impossible to IPO because underwriters will balk at any LLC offering.  Underwriters will only back a company with strong fundamentals:  cash flow, business model, paperwork.  anything that may be concerning to trigger a prospective investor's bullshit detector will be passed over by underwriters.  If anybody tries to IPO in today's market with an exotic equity like LLC membership won't even get off the launchpad:  it's already risky (i.e. startup), and it's made worse by being a tech startup.  add crypto to this mix, and there is no way to get an underwriter to support an LLC.

if an underwriter cannot guarantee an IPO, then stay the fuck away.  

I just see people proposing LLCs and attempting to raise venture capital as trying to ice skate uphill.  why create an entity (LLC) that will make it more difficult to raise funding from the beginning?  there are already enough challenges in the crypto market.  If someone is actually looking for VC and eventually an IPO, why not just incorporate instead?  

anybody that invests in an LLC in such a manner is not even looking at the basic mechanics of an IPO.  it's like people use the term IPO but do not actually know what it meanns.