NEW UPDATE:
We are working with Ethan Burnside of BTCT.CO on a solution to the overwhelming demand. IF we can find a solution that does not involve resetting the order book and opening the sale at previously announced time (8 PM CENTRAL TIME - US) we will communicate this here in advance (at least a few hours). If the solution is found to be 'good' by a majority of investors we may release share-sale earlier then previously communicated.
The reason for this would be (among many):
- Avoid possible technical malfunction of BTCT.CO
- Release the shares at IPO price and allow fair distribution among investors unable to place their orders at exactly 8 pm Central
- Avoid a situation where a large investor buys a majority of available shares at EXACTLY 8 pm Central
Once again, we are sorry for the situation at hand but had very little options in how to handle the sale as we had no control over the approval process.
PLEASE do NOT place any orders from this time until we have a solution proposed. IF we decide to fill orders in the books as a % of shares booked at IPO price (Or any other of the possible solutions proposed in this thread) we will use server time-stamps from order placement anyway and placing huge orders for purchases in any attempt to 'game' the system will only lead to added confusion, not more shares.
Quoting for posterity. I am not moving my bids as instructed. Otherwise I would have bid higher thus resetting my time stamp. The problem is that others have already moved their bids following Burnside earlier statement. |
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outstanding: 300000/10000000  +1, what is that? Those are the 300000 private shares and I assume they were transfered internally. Hum... or that  |
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outstanding: 300000/10000000 +1, what is that? The first stage of the plan to be announced? |
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In regular stock exchanges there is a reduction mechanism which is a bit unfair to small investors, but it works.
You put much more money to buy the shares and the amount you commited is used to calculate proportion what you get out of the whole pie.
Then the excess/unused money is returned.
Example:
Share price is 0.001
You want to buy 10000 shares. You pay 10000 * 0.001 = 10BTC
But demand is 10 times higher then supply, so what you get is:
1000 shares and return of 9000 * 0.001 = 9 BTC.
I'm with you on that one... this is something Burnside should look at So the one with the biggest pockets get his required number of shares. i.e. I want to buy 10000, put a order @ 100000 just because I have the funds, and get my 10000. Not sure if that's very fair either. |
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I can't really stress enough how bad an idea it is to wipe the order book at this point. Going to sleep? Place a higher bid - you'll probably get some shares. All wiping the order book does is ensure that only people awake when the IPO sale is actually placed (or when the order book is re-opened) will get shares. Let people do their own math and place their bids accordingly - deliver the sale per the terms you've agreed to at the time you've agreed to it. ------------ And an update, When 7,000,000 shares are sold by issuer at 0.001 - All bids in equal to or greater than 0.001011 will be filled
- The first 553,680 shares bid at 0.00101 will be filled
- Any lower bids will NOT be filled.
As of the last time I pulled it (so 13:24 forumtime) I am a bit confused. if I place my bids higher than 0.001 in the order book am I not then guaranteed to get my shares before those who bid lower? That was just a typo. I m sure he meant 0.00110 and not 0.00101 |
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This has been handled very poorly and is bound to end up as a disaster with many unhappy investors.
I don't think they, or as a matter of fact anyone else, could have anticipated such situation. The IPO has yet to begin, so no investors yet. I think the unhappy one might be the non-investors who got their bid left out. |
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When is this IPO set to go live?
The 1M$ question  I think Labcoin team is still sleeping. It's gonna be quite a wake up |
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Yup, so when most folks are waking up you can't even get a bid in despite the IPO opening "during US business hours". All literally happened in the 4.5 hours I was asleep, damn.
[Edit] Yeah, weird, accidentally left autorefreshplus on the page and suddenly Buy opened up for pre-buy. No clue if this is determined by price or by first-in, stuck myself in the middle somewhere.
I don't think Labcoin was aware that interested parties can place buy orders before the IPO begins. I know I wasn't. |
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@tucenaber
There is nothing special about the initial ask an issuer makes in their IPO. Thus the bids will get filled auction style, first by price, then at each price by whomever got their order in soonest.
I understand there are questions around the fairness of this, but I don't have time to rewrite anything special.
It seems to me that this method of filling the ask is in the best interest of the company filling the IPO anyway?
Cheers.
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your missing something. Step-by-step: log in, have funds in your account, enter the correct information including your pin #, press place bid button.
Are you getting an error message?
No, couldn't enter any numbers in buy order - just had to refresh page a few times. Thanks though! |
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Is there a reason why we cannot place any buy order? or am I missing something?
EDIT: I was missing something....
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Quite funny as I decided to have a go at mining an SHA256 altcoin yesterday and chose TRC to play with, interesting lesson learned! ..now what to do with these 10 terracoins I mined Sell them quickly on ebay |
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As mentioned before in the thread, profit is to be made for long term investors and speculators. For the laters, that was today. The formers don't have to worry too much about price fluctuation since they are in for the long hold.
I would rather see a steady increase of price rather than a frenzy buy-in followed by a dump... but hey, not that bothered.
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MHk5qSpy1mWnPAeuzinRF6XL2bbkPQZQnm
Lets try mining this
Sent. Good luck! Thanks! |
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BTCT has an option to re-invest dividends with a maximum cost-per-share you can set. Not sure about BitFunder though.
Same for BitFunder although I think someone mentioned that such option was not working that well. Anyone else can confirm that? |
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I first installed the Mac client or OS X 10.8.4 without any issues.
I have now tried on 10.7.5 but can't get it to sync - any suggestions?
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Million thanks!!!
No worries - good luck mining! |
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@iGotSpots great, thanks for confirming this
@klee in the client, go in Help - Debug window - console
type getmininginfo
To solo mine, type setgenerate true -1 (uses all cores)
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Mac client works, received 1 SPT - cheers
Solo or pool mining? Received 1.00 spt from iGotSpots - otherwise I m solo mining but not sure if it's working 22:52:05  getmininginfo 22:52:05  { "blocks" : 313, "currentblocksize" : 1000, "currentblocktx" : 0, "difficulty" : 0.75857718, "errors" : "", "generate" : true, "genproclimit" : -1, "hashespersec" : 3533, "networkhashps" : 19032601, "pooledtx" : 0, "testnet" : false } |
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Mac client works, received 1 SPT - cheers
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