Gcoin Keeps Rolling Onward and Upward + Developer’s Comments

Cryptolix has been keeping an eye on a (so far) little known alt coin named Gcoin.  We’ve published several articles on the coin since November 2014.  You can find them all HERE.

Gcoin is one of those lower priced coins with a large total amount (currently around 90 billion available with an expected maximum amount of 200 billion), but the developer felt that with all of his plans to integrate the coin into games and gaming apps that a large amount would be necessary, and so far that seems to be the case.

Gcoin Developer’s Commentary

Once again we hit up the main Gcoin developer (Greg Geoghegan) for his thoughts about the current state of this coin and he did not disappoint.

See below for what he had to say.

“GCoin has now been running for well over 500 days. We have had over 16,000 users having a direct involvement downloading games / wallets etc.

There has been near 70,000 unique visitors to www.gcoin.us. We have paid out over G18billion of a G31billion prize fund which users won on our games.

World of Electronics has shipped out 100’s of electronic items with no complaints, all paid with GCoin.

One question that people have asked me is how can World of Electronics make a profit from these transactions ? In truth they don’t. They recover most of their costs by selling GCoin. They are left with about 20% of the GCoin which they are keeping on the long term.

Once we are down to under G7billion in prize funds (early next year) we will start to reduce the payouts to avoid running out.

At this point I expect the price will push up as the only real supply will be the miners.

GCoin as a coin is making enough money to cover costs. We expect to make a profit when the supply starts to dry up.

With any project we feel here you have to  take a very long term view.

We feel this is a weak point for a lot of coins. They expect something to happen overnight.  We expect something to happen over the next ten years as we add new ideas and add new facilities to make things more
and more interesting 🙂

I can only guess the recent price hikes (late October 2015) are because I pointed out that the prize fund
is starting to run low.

I expect a long term price rise is more likely  when the prizes have actually halved and halved again.”

All the Best,
Greg G.

UPDATE JUNE 2017

Gcoin (now called GCN) used to trade on the Bleutrade exchange with daily volumes ranging (in USD equivalent) from $50 – $300 (or so).  Most of the action was in the Dogecoin market.

These days (June 2017) GCN is traded on the Cryptopia Exchange.  You can read our most recently updated article about GCN by Clicking Here.

Cryptolix is glad to hear that the Gcoin developers are taking a very long term view with this coin and we look forward to seeing it establish itself as it matures into a coin that is well known, used extensively, and traded abundantly.

You can visit Gcoin at the following links:

December 2016 Update:  See GCN on Facebook for all the latest updates.

Main Website: (changing December 2016 – See: https://bitcointalk.org/index.php?topic=665858.1960 )

Facebook: https://www.facebook.com/infogcoin/

Youtube: https://www.youtube.com/user/gregpgeoghegan  (Gcoin Tutorials)

 

commentary, developer, Gcoin, video