Basically the economy behind the currency failed. You can not fix an economy with software updates, man. Updating wallets and bitcointalk threads wont result in a flow of GPUs to buy with GPUcoins. If you are not going to revive the store (by either investing your own money, IPO or liquid magic) you might aswell just leave this coin to die and focus your efforts somewhere where you can make a difference.
+1.
The coin is alive as a coin. The problem is the business behind it. If the business can not be rebirth the coin will not revive. The only way is a new IPO, however I doubt people will trust again and invest.
A new IPO would make it a ponzi scheme (since you need to inject new money to pay the previous IPOer). It would be a schoolbook ponzi scheme
Of course. And as I said I doubt the IPO will succeed.
IMO if there are people willing to revive the coin and idea nehind it, (I see nice tech support in the face of micryon and ambitious and serious people like vesperwillow and waltsmith), if they or anyone is willing not to give up the whole story I am sure they will fail if they try to revive this coin, better then need to start from the begining. Who has better chances to bring nice reputation: a brand new company or let's say MtGOX? Think about it. This coin failed form the begining as there were 4 failed launches and even before it went live more than 50% of the initially excited followers left the thread and were not interested at all even after the shop opened. Vesperwillow was an IPO investor, but he made a very wise decision by withdrawing his shares and stating that he said that he had lost faith in the CEOs abilities to run further the business and he was right and I am sorry I didn't made the same in the begining. And no, versperwillow is not trolling the thread as someone stated as he is very negative to Jaymes, however, in the same time he is 100% neutral, not biased and right in his statements as he was protecting Jaymes as regard to the statement that he is not a scammer and he may be sued for not dislosing business information to IPO holders, which is also true.
But anyway. As I said my opinion is that in order this coin/business/idea to survive all needs to start clear from the begining with new coin and new business. Apart from the ruined reputation I will repeat again that Jaymes is holding maybe 50% of the coins in circulation and leaving them in his hands and revining the coin without him is even not an option to consider therefore.
Also here is the moment to ask the question how is this idea still applicable in the reality and was the idea to blame for the failure as well apart from Jaymes and me. To be more strict, the time of the implementation of the idea. As lots of people stated and I share their opinion that if this coin and business were running just 6 months in the past they would have been running really hot. However, currently, the GPU demand is going lower and lower and the GPU mining is decreasing its volume. At least for now. Until ASICs for scrypt arrive and the X11 coins explode in difficulty, demand and price as LTC did last year as opposed to BTC. Maybe it is wise to consider all that points and judge out the final plan for
what,
when and
if to sell - ASICs, risers, GPUs, etc...
For me the business model, in the way it has been implemented, is just not sustainable, because crypto market is too volatile.
This would have to be entirely rethought, gpuc should just be an incentive to buy stuff (eg: an extra discount) over something you pay in "real" money (fiat or btc). Otherwise the store just end up without any cash (like it did... )
Stockpiling GPU and selling all of them at once (or over a small period) was a very bad idea:
* It costs too much to the shop at once
* It needs to sell all its stock before being able to buy new merchandises (and since it also depends on selling gpuc... it is even worst,
I had predicted that in a post many many pages away... )
* It can't operate smoothly all year long since it needs to replenish its stock... meaning the store is just closed to business most of the time
I don't think a small business could do it because it doesn't generate enough cash flow (and a small doesn't have enough cash to keep up) to keep the business afloat. Amazon could (may-be, it isn't even sure) do something like that (they can get cheap products, they have enough money to react to problem... provided a benefit can be made at some point)
The consumer target (?) was not well defined. I mean only big farm (coin dumper) could get the coin, however those who were really interested in getting GPU and using that system were small miner who can't get enough gpuc to buy anything. (It is a comment I already made several time, which just usually gets ignored... so it will certainly be ignored once more
)
I must admit I didn't like at all micryon approaches of the coin which was against small miner from the start and which leitmotiv was only "protect the IPO holders"... I think, ignoring (small) miner is a pretty shitty way to design a coin (especially when you want to sell gpu).
Last point, I don't think versperwillow is unbiaised (or like foxnews
) from what he wrote lately, I think he wanted to do a business partnership with Jaymes and got turned down, however I don't see how more mining farm would have helped.
Now, I must admit I never understood why the forum crowd was so much against the ceo. Sure he is not a big communicator, but micryon was present, Hendr1x and some others too... But even then it was never enough to satisfy everybody.
Seriously, when you buy stuff on Amazon, you don't try to contact Amazon CEO and make a scene because it doesn't answer (or try to propose idea to Amazon CEO...) You buy your stuff and that's it. Why it should be different here ?
