Bitcoin Forum
December 05, 2016, 02:52:05 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Poll
Question: I would purchase mining time with...
BTC - 231 (57.6%)
MTGOXUSD Codes - 31 (7.7%)
Credit Card - 112 (27.9%)
Other e-currency (ie. Dwolla, Paxum) - 27 (6.7%)
Total Voters: 399

Pages: « 1 ... 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 [130] 131 »
  Print  
Author Topic: GPUMAX | The Bitcoin Mining Marketplace  (Read 200156 times)
Raoul Duke
aka psy
Legendary
*
Offline Offline

Activity: 1442



View Profile
October 21, 2012, 06:04:21 PM
 #2581

I'm sure people who use this got the email last night, but since it wasn't mentioned on here,

Quote
Dear User,

We regret to inform you that GPUMAX will be permanently closing on
October 31st, 2012.

While we strongly believe in Bitcoin's continued success, our vision
has always been to provide our users with the greatest opportunities
to utilize their GPU processing power. Creating a mining marketplace
was meant to be the first of many such opportunities, however, due to
the events of recent months, we feel that the best course of action is
to cease all operations.

Thank you for participating in our beta.

Regards,

The GPUMAX Team

That email came from gpumax.co, not gpumax.com lol
I would say it's a fake to try and get people to ditch gpumax and join that hashpower.com site.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480949525
Hero Member
*
Offline Offline

Posts: 1480949525

View Profile Personal Message (Offline)

Ignore
1480949525
Reply with quote  #2

1480949525
Report to moderator
1480949525
Hero Member
*
Offline Offline

Posts: 1480949525

View Profile Personal Message (Offline)

Ignore
1480949525
Reply with quote  #2

1480949525
Report to moderator
abracadabra
Hero Member
*****
Offline Offline

Activity: 946



View Profile
October 21, 2012, 07:05:48 PM
 #2582

I'm sure people who use this got the email last night, but since it wasn't mentioned on here,

Quote
Dear User,

We regret to inform you that GPUMAX will be permanently closing on
October 31st, 2012.

While we strongly believe in Bitcoin's continued success, our vision
has always been to provide our users with the greatest opportunities
to utilize their GPU processing power. Creating a mining marketplace
was meant to be the first of many such opportunities, however, due to
the events of recent months, we feel that the best course of action is
to cease all operations.

Thank you for participating in our beta.

Regards,

The GPUMAX Team

[21:59] <@[\\\]> how come they say they are from support@gpumax.co ?
[21:59] <@zux0r> it's the domain I actually have complete control over

That email came from gpumax.co, not gpumax.com lol
I would say it's a fake to try and get people to ditch gpumax and join that hashpower.com site.

Gladamas
Sr. Member
****
Offline Offline

Activity: 294


Bitcoin today is what the internet was in 1998.


View Profile
October 22, 2012, 12:34:36 AM
 #2583

I'm sure people who use this got the email last night, but since it wasn't mentioned on here,

Quote
Dear User,

We regret to inform you that GPUMAX will be permanently closing on
October 31st, 2012.

While we strongly believe in Bitcoin's continued success, our vision
has always been to provide our users with the greatest opportunities
to utilize their GPU processing power. Creating a mining marketplace
was meant to be the first of many such opportunities, however, due to
the events of recent months, we feel that the best course of action is
to cease all operations.

Thank you for participating in our beta.

Regards,

The GPUMAX Team

That email came from gpumax.co, not gpumax.com lol
I would say it's a fake to try and get people to ditch gpumax and join that hashpower.com site.

Heh. Even if this email is a fake, Zux0r confirmed on IRC that GPUMax would be shutting down.

1GLADMZ5tL4HkS6BAWPfJLeZJCDHAd9Fr3 - LQ6Zx8v7fHVBiDX5Lmhbp6oEDB7dUFjANu
GPG 0xF219D5BB3C467E12 - Litecoin Forum
Brunic
Hero Member
*****
Offline Offline

Activity: 633



View Profile
October 25, 2012, 04:26:43 AM
 #2584

A while ago, I've posted that I understood what GPUMax was all about. GPUMax was the main reason why I've put money into BTCST, because without that project, there was no way BTCST would have seen any of my coins.

During the summer, I was trying to fit GPUMax in the market and determine all the actors around it. Shortly after BTCST ceased its operations, I was finally able to fit the whole picture of GPUMax. I've shared privately what GPUMax was about (or my theory of it), and I've decided that since the project is closing, I would share it publicly.

First of all, I have to admit that if BTCST and Trendon Shavers was a scam all along, well, he's a pretty stupid guy. I don't know how much money he left on the floor, especially since he had an enormous advantage over its competitors, but the first victim of his scam was himself.

So, what could have been GPUMax?

If you consider the quantity of GPU dedicated to BTC mining, you have a pretty good calculation power. GPU have an advantage over ASIC in that they can be used for many things. Right now, we're using GPUs to calculate SHA-256(SHA-256). But hey, you can calculate vectors, integers, protein folding, gaming rendering, whatever. You simply need to use the right instructions, and your GPU is ready to go. Right now, we're using CGMiner or Phoenix to calculate some encryption. If you can access all these GPU, I don't know the calculation power you can get, but I think it's pretty high for the cost.

The cost is important because using the power of these GPU doesn't cost a lot (if you compare to making ASIC or super-computers dedicated to a task). Sure, if you're the NASA, I don't think it's that important, but if you're a small organization, small university, small school, small whatever, and you need calculation power instantly for a short while, where do you go?

That's where I think that GPUMax was in a golden position. Here's how GPUMax worked:
Mining pool -> GPUMax server -> You

Pools are in a fierce competition to gain new miners and new hashpower. You can see it with all their "features" to attract people. But GPUMax was over the melee, it didn't even had to fight. Everybody who had the possibility to use GPUMax would do it, because it was the sane thing to do. I don't know how mush hashpower GPUMax had access, but I'm pretty sure that on the flick of a switch (we got leased shares!), GPUMax could get more hashpower than Deepbit. Pools couldn't do anything for the lost hashpower, except block GPUMax, or wait for the leased shares to end.

My belief was that, during the Beta, GPUMax was tested with BTC mining only, simply because of the Beta. It was simple enough to test the servers and continue develop without pressure the GPUMax miner.

GPUMax miner?

Yeah, like CGMiner or Phoenix, but made for different types of calculations. You need to instruct your GPU what to do and if you make different types of calculations, you need a miner to support it. In theory, it's simple. You make a miner that can switch the algorithm on the fly, with a central server telling him which algorithm to use for the incoming data. Mining rigs are always connected to the Internet, so this is not a problem. It's probably a lot harder to develop in practice, but I'm sure it can be done. In the event where GPUMax 1.0 would have been released, convincing currents GPUMax users to download and use the GPUMax miner instead would have been an easy task.

The private pricing on GPUMax also was a genius idea. A good way to keep the price higher, so different miners in different countries would have mine only at profit. The customer looking to buy some calculation power would have to pay the price indicated, and if he wants more, he pay more. Little miners in high-cost country would have been able to stay in the game, instead of getting crushed like it happens whenever the price/difficulty ratio gets too high. Those little miners would mine a lot less often, but they still do it at profit.

GPUMax was already in a great market position to control the usage of all those basement GPU all around the world, especially with the ASICs coming. These GPU are not going to disappear, and it was the perfect timing to get them.

But hey, seems that Trendon Shavers is a pretty shitty businessman after all and a blind scammer too. He couldn't see the fuckin gold mine he built himself, and he tries to make a ponzi to steal what? 100k BTC + SEC + a whole community after - his reputation = not that much IMHO.

So hey, that's why I've put money into BTCST. I couldn't believe somebody was so dumb to ruin GPUMax this way. Now the window of opportunity has passed on BTC with the ASIC coming, and I don't know if it can be done again. A bunch of them are going to be sold and get out of the market. Maybe if LTC can grow enough, it could be done again, but it's a long-shot. Or somebody could buy right now GPUMax before it closes. But who's going to buy from the scammer?

GPUMax was a treasure that pirate himself dump overboard into the bottom of the ocean.
Shadow383
Sr. Member
****
Offline Offline

Activity: 336


View Profile
October 25, 2012, 04:36:56 PM
 #2585

GPUMax was a treasure that pirate himself dump overboard into the bottom of the ocean.
GPUMax was an amazing coin laundry  Wink

GPUMax was the main reason why I've put money into BTCST
Honestly why?
At the point of the collapse, BTCST needed ~5000BTC or ~$75000 per day to legitimately meet the interest burden.
If they actually were ever running a legit business, they wouldn't need to borrow money at those rates.

Looking at the timings, it was either a straight ponzi, or a zeek rewards (ponzi) passthrough. Nothing more, nothing less.
Brunic
Hero Member
*****
Offline Offline

Activity: 633



View Profile
October 25, 2012, 06:35:13 PM
 #2586

GPUMax was an amazing coin laundry  Wink

Yeah, it could also be used for that, but it had the potential to be a lot more.



Honestly why?

Because I taught that GPUMax was worth a LOT more than BTCST. It's hard to say how things were executed behind the scenes of GPUMax, but on the outside, GPUMax was in an awesome position. There is currently around 50 000 high-end GPU mining for BTC right now, and GPUMax had access to a good chunk of them without any competition. GPUMax had a monopoly on these GPU, and on the flick of a switch, could have make them calculate whatever the customer asked for. For me, GPUMax was the golden goose and BTCST was a sideline. Usually, you don't kill the golden goose by running a scam.

My error was to overestimate GPUMax, who seems that it wasn't more than a coin laundry. But man...I still can't believe how somebody can be so stupid to waste potential like that. I lost money, but I'll recover, I didn't invest more than I was willing to lose. The biggest loser is pirate, who cannot seize that business opportunity again. The scammer scammed himself first.

And I'm not the only one who saw that opportunity, I've talked to a couple of other members, and some of them saw a similar business opportunity. Thinking that the founder of GPUMax couldn't see that gold mine he built himself because his head was deep down into scam dimension is an epic fail.

*EDIT*
I just want to say that I have confirmation that the goal of GPUMax wasn't to make a coin laundry. It seems that my call on GPUMax is pretty spot-on and that Trendon Shavers is one of the dumbest guy on earth. He effectively killed the golden goose.
yochdog
Legendary
*
Offline Offline

Activity: 1666



View Profile
October 31, 2012, 09:20:18 PM
 #2587

R.I.P.

Site is now down......it was a fun ride. 


My final stats:  over 150,000,000 shares managed through the service. 


I am disappointed it is over. 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
dlasher
Sr. Member
****
Offline Offline

Activity: 468



View Profile WWW
December 07, 2012, 04:23:05 PM
 #2588


Well written and well said Brunic. I think there were quite a few of us who thought/felt the same way about GPUMax, IE "He wouldn't be stupid enough to run his superior position by running off with the btc.." What ultimately suckered me into moving beyond just mining there to investing with BTCS&T was GPUMax, and the length of time they both survived.

It will be interesting to hear, at some point, the 'real' story about what happened and why it went south, because, imho, it could still be around and making money if not for greed.

Brunic
Hero Member
*****
Offline Offline

Activity: 633



View Profile
December 07, 2012, 07:48:23 PM
 #2589


Well written and well said Brunic. I think there were quite a few of us who thought/felt the same way about GPUMax, IE "He wouldn't be stupid enough to run his superior position by running off with the btc.." What ultimately suckered me into moving beyond just mining there to investing with BTCS&T was GPUMax, and the length of time they both survived.

It will be interesting to hear, at some point, the 'real' story about what happened and why it went south, because, imho, it could still be around and making money if not for greed.

From what I've learned, Shavers started getting less and less involved with GPUMax the more BTCST went up, around the time when PPT started to appear. Still, I'm completely mindfucked as to why he started a legit business where he probably invested a chunk and start a complete scam at the same time. Starting a real business is already hard and risky, I really don't see the logic there. Yeah, he "made money" with BTCST, but the cashflow is dead now and there's no assets. Government agencies are investigating and all his business relations are dead. All this for a pile of money?

Anyway, the door is now wide open for Coinlab and they couldn't ask better.
420
Hero Member
*****
Offline Offline

Activity: 742



View Profile
January 21, 2013, 11:21:11 PM
 #2590

are GPU's going to switch to LTC mining when BTC difficulty makes btc mining unprofitable?

EDIT: if it survives I guess

Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
Fuzzy
Hero Member
*****
Offline Offline

Activity: 560



View Profile
January 21, 2013, 11:26:10 PM
 #2591

are GPU's going to switch to LTC mining when BTC difficulty makes btc mining unprofitable?

EDIT: if it survives I guess

Are you high? Posting this question in here?
420
Hero Member
*****
Offline Offline

Activity: 742



View Profile
January 22, 2013, 06:38:47 AM
 #2592

are GPU's going to switch to LTC mining when BTC difficulty makes btc mining unprofitable?

EDIT: if it survives I guess

Are you high? Posting this question in here?

wait pirate ran it?

he logged in jan 13

Donations: 1JVhKjUKSjBd7fPXQJsBs5P3Yphk38AqPr - TIPS
the hacks, the hacks, secure your bits!
ErebusBat
Hero Member
*****
Offline Offline

Activity: 560

I am the one who knocks


View Profile
January 22, 2013, 12:47:39 PM
 #2593

Read the OP? It isn't like it was a secret.  Many people think that is how he laundered the coins.

░▒▓█ Coinroll.it - 1% House Edge Dice Game █▓▒░ • Coinroll Thread • *FREE* 100 BTC Raffle

Signup for CEX.io BitFury exchange and get GHS Instantly!  Don't wait for shipping, mine NOW!
Gladamas
Sr. Member
****
Offline Offline

Activity: 294


Bitcoin today is what the internet was in 1998.


View Profile
January 22, 2013, 04:46:24 PM
 #2594

Yes, Pirate logged in on the 17th of January this year...

1GLADMZ5tL4HkS6BAWPfJLeZJCDHAd9Fr3 - LQ6Zx8v7fHVBiDX5Lmhbp6oEDB7dUFjANu
GPG 0xF219D5BB3C467E12 - Litecoin Forum
grubles
Full Member
***
Offline Offline

Activity: 181


mistaken for gribble since 2011


View Profile
January 27, 2013, 11:41:18 PM
 #2595

Have the admin's still not posted his IP address'?

BM-NBi5PcH8BBqDVp7WSJe2pNgqEVvTjd6T
pirateat4O
Jr. Member
*
Offline Offline

Activity: 40


"Yes I am a pirate, 200 years too late."


View Profile WWW
June 01, 2013, 04:52:50 PM
 #2596

Yes, Pirate logged in on the 17th of January this year...
witnessed

BurtW
Legendary
*
Offline Offline

Activity: 1778

All paid signature campaigns should be banned.


View Profile WWW
June 02, 2013, 07:16:43 PM
 #2597

Yes, Pirate logged in on the 17th of January this year...
witnessed
What have you been up to?  Did the IRS or SEC ever contact you?

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
starsoccer9
Legendary
*
Offline Offline

Activity: 1568



View Profile WWW
June 02, 2013, 07:33:16 PM
 #2598

Yes, Pirate logged in on the 17th of January this year...
witnessed
What have you been up to?  Did the IRS or SEC ever contact you?
thats a differnt pirate moron

wachtwoord
Legendary
*
Offline Offline

Activity: 1484



View Profile WWW
June 02, 2013, 07:54:45 PM
 #2599

Come on, is the name calling necessary?

But yes, it is an obvious troll and he's not funny.

pirateat4O
Jr. Member
*
Offline Offline

Activity: 40


"Yes I am a pirate, 200 years too late."


View Profile WWW
June 02, 2013, 08:44:17 PM
 #2600

Yes, Pirate logged in on the 17th of January this year...
witnessed
What have you been up to?  Did the IRS or SEC ever contact you?
Nobody did... I hope.

Pages: « 1 ... 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 [130] 131 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!