Announcing GPUMoney, “Monetize Your Gaming!” GPUMoney.com

[BinaryMage]

The bitcoin community is highly intelligent and pretty good at maths. The average gamer is not.

Referring to your target demographic as idiots on a public forum is not a good start PR wise

The chances that a significant amount of customers would read this thread are very low. Plus, remember what Zuckerburg used to call his users...

[mem]

If anyone comes to this thread, learns about bitcoin and uses it, I will be a very happy guy.

Also I'm not calling them idiots but most will not work out the calculations like we all are doing. How many gamers know how many watts their cards use or how much their electric rate is? 1%? Maybe...

Increased awareness of btc is always a good thing

Good luck and be prepared to have your idea ripped off and undercut.

Hopefully you can come up with some incentives for games to stay on your system or offer premium accounts ? Otherwise I cannot see you retaining any users for long.

[RaggedMonk]

We valued the company at 20,000 BTC because [...]

If I am not mistaken, you valued the company at 200,000 BTC, and the IPO is for 10%, 20,000 BTC worth of shares (100,000 x 0.2 BTC).

[Coinabul]

I'm looking at this from a very conventional venture capitalist viewpoint.

One of the biggest questions that ALWAYS gets asked when entrepreneurs pitch an idea is how are you protecting your startup? As others have mentioned, there is nothing here that is proprietary or patented, so others will compete and undercut you.

[P4man]

I'm looking at this from a very conventional venture capitalist viewpoint.

One of the biggest questions that ALWAYS gets asked when entrepreneurs pitch an idea is how are you protecting your startup?

In my experience, the thing VCs look at first and foremost is the management and its ability to execute. 

Its not like I want to piss on Goats idea, it may have merit if executed properly, but honestly, Project 2 was a disaster, his mining company is by his own admission a constant money drain, his arbitrage bot seems to be going nowhere, and last I checked he had serious trouble selling honey because he couldnt get it packaged properly.

From there to valuing a new company at $1M and saying its going to sell its patents to google or the US government (?) seems a bit of a stretch, especially without a very convincing technology demonstration.

[Raoul Duke]

CoinLab was praised, Goat get's slammed with doubt... Way to go!

All in all I must say that Goat's business model makes more sense than CoinLab and I will buy some shares for sure.

[Sukrim]

I believe CoinLab will fail as well if they want to use the hashing power externally. If they just use it for internal things, like a new pig on their own farmville style game that comes at 0 cost to them, any mining activity is a plus for them. If they sell things that are valued in USD however, the mining activity has to have a relatively constant value in USD as well - which it doesn't - or they have to charge hefty fees (like goat wants to) which might drive customers away once they learn they are getting ripped off.

Also, even stupid gamers might not be comfortable with running a password cracker for 1-5 USD/month... and you'd face a LOT of resistance if the client is closed source, including people trying to attack your workers + taking over your "voluntary botnet" for their own work.

[dollartrader]

Years ago, I ran a website that sold Simoleans, the in game currency for The Sims Online. I rarely played the game but had associates who would stay online 24/7 with their character performing some mundane tasks to earn coins. I'd buy and resell. Not once was power usage ever even mentioned. Certainly having the computer powered on and a bot running for The Sims is not as power hungry as mining but I think it is pointless to suggest some warning might be needed reference "power usage".

Sadly, I started on the end of the 'boom' but there were those before me who made a great deal of real world dollars.

The point being: Don't underestimate the gamer when it comes to his/her desire for in game specialty items or lining his character's pockets with currency of choice. I'm not much of a gamer but I do see the potential of this. I'm in.

[terrytibbs]

CoinLab was praised, Goat get's slammed with doubt... Way to go!

All in all I must say that Goat's business model makes more sense than CoinLab and I will buy some shares for sure.

"praised"

[DeathAndTaxes]

Certainly having the computer powered on and a bot running for The Sims is not as power hungry as mining but I think it is pointless to suggest some warning might be needed reference "power usage".

I doubt it.  If you get big enough you will be sued over just about anything.  While warnings, checks, restrictions, etc don't stop the baseless lawsuits they do provide you ammunition in court.

Just recently:
http://gamasutra.com/view/news/168967/New_Facebook_lawsuit_highlights_trouble_with_kids_and_virtual_currency.php

Summarized version:
kid wanted to buy some facebook credits
kid has $20 cash
kid gave $20 cash to mom
mom unlock parental controls and gave kid her credit card (note here mom could have just bought the credits herself) to buy the $20 in credits
kid buys not $20 but $500 worth of credits.
Mom sues facebook for $5M.  

It looks like it has survived at least the first round of motions.  It "could" be certified as a class action by the judge (at which point facebook is look at hundreds of thousands in legal costs even IF they win).  Should mom win?  Hell to the no!  Still it has already cost Facebook thousands with the potential of costing hundreds of thousands and the small but real possibility of them losing the full $5M.

Now even a full loss wouldn't materially hurt facebook but it would bankrupt a startup.

[DeathAndTaxes]

CoinLab was praised, Goat get's slammed with doubt... Way to go!

I don't recall CoinLab business model being praised by most.  The praise was more that a Bitcoin venture (any Bitcoin venture) was able to raise $500K in venture capital.  I am pretty sure that is a first.  If Goat raises $1M well that will be equally impressed no matter how profitable or unprofitable the venture is.

Actually I recall some talk about Coinlab's venture being a missed opportunity.  For example imagine if developers were paid in cash but a small amount of Bitcoins (say 10% of what is generated) were added to a user account.  If user never claims them they get returned to company but if they are it may introduce thousands to Bitcoin.  Kinda like an "earned" Bitcoin faucet.

[likuidxd]

Within a year we expect to have at least 100,000 active members and thus bring in $10,000 USD a day at current rates. Approximately half of this will be used for upkeep. Working in this range, an estimation of $1,000,000 USD after costs in a year is very reasonable. Keep in mind, this is only targeting steam users and assumes we are limited to only bitcoin. There are 100’s of millions of gamers out there and many alternatives for work other than bitcoin. We have developed our code to take advantage of these alternatives and are not solely relying on the continued success of bitcoin.

very reasonable

I loled, but hey good luck raising it! I wish you good luck on this one. I don't agree with your projections but I'm interested in watching this and seeing were it goes.

[P4man]

@P4man 

Project #2 was not a disaster.

A potential investor would disagree. Didnt you state you lost over a $1000 on the venture? In the end thats what really matters. Its fine and dandy if you pay miners profits that dont exist or investors dividends based on non existing profits, but its not sustainable and sustainability is the first thing an investor should look at. The saga about the server is something I wont hold against you, but the rest of the execution was not exactly stellar, nor were the financial results - either for you or your users. 

My mining company is a "drain" because I choose to pay out full PPS at full capacity. I do care about the investors and they should not be hurt because I would rather spend time working on other projects than setting up mining rigs. Also stuff breaks that is a normal part of mining. TyGrr Tech was an experiment in running a bitcoin GLBSE 1.0 business and it worked. I learned a lot.

Maybe you learned a lot, but again you claim to be losing money and funding dividends from your own pocket. Its not exactly good evidence you can build and manage a profitable enterprise.

The arb bot is being held up by the real world banking system..

Execution.

I sold honey in a package I should not have.

Execution.

Who knows, maybe the 4th or 5th time will be the charm?
Anyway, I do wish you the best, and your investors. I also see a compelling opportunity, Ill be looking for ways to short your stock .

[P4man]

Our patents will be used to licenses our technologies to the likes of Facebook, Google and national governments once they adapt to digital currency.

I thought its about time someone resurrect this thread. Is this still on track to become a $1M dollar bitcoin company?
Did anyone actually invest in this?

[ianspain]

Interesting venture, would be interested in investing if you can provide more business info, i.e. a business plan and budget.

[WhatsBitcoin]

Ah yes another one of Goat's scams. I hope this never took off.

[MrWDunne]

Ah yes another one of Goat's scams. I hope this never took off.

Way to gravedig