If you have the block reward and pool hash rate and you know the percentage that Labcoin received from that block reward then you can estimate the hash rate. I don't have the equation in front of me because I'm not a math nerd but I'm sure someone here can explain it to you.
That is correct. However to apply the equation you need access to those numbers you mentioned. Do you know the block reward, pool rate and Labcoin percentage at this moment? At one point I saw it posted somewhere on this forum. They are at BTC Guild. That is all I know at the moment. |
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But why would anyone do this if its a scam? Scams aren't supposed to lose money.
People would do this if its to save face but not out of greed.
Scam cost ~4 btc. Buy 15K shares at .0022 yesterday: 33 btc. Sell 15K shares around .0029 yesterday: 43.5 btc profit: 6.5 btc ON JUST ONE MOVE Yeah so they'll do all that for 43.5 BTC when they could have had more if they posted fake pictures? If they are scammers they are stupid. Missing deadlines makes your shares worth a lot less. All they had to do to run a scam is post a video of some box mining away, with fake pictures, and elaborate fake technical specifications and the share prices would have already been over 0.004. |
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Someone or something has been hashing over the last 24 hr and significant amounts of coin has been generated. No. someone is sending coins to that address. You have no evidence it is Labcoin sending those coins. It's enough coin generated that it does seem like someone is hashing with around 0.5-1TH but I'm not a math pro.
post your math on how you came to that conclusion. If you have the block reward and pool hash rate and you know the percentage that Labcoin received from that block reward then you can estimate the hash rate. I don't have the equation in front of me because I'm not a math nerd but I'm sure someone here can explain it to you more thoroughly. |
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why are people quoting something from july?
People forget easily and jump to conclusions hastily. Some people must remind the others that proof of hashing by regular transactions can be spoofed and is indistinguishable from real pool payments. The cost of spoofing is around 5-10% of the spoofed sum. For example, I can post an address here, and claim to mine at 2TH, and tomorrow find some "volunteers" that I pay from my funds, and they will deposit their pool funds directly to my address while I send on the side the same bitcoins back to them, plus a commission. According to this topic, some people would believe me I hash with 2TH and buy my mining shares and give me 90.000$ a day. All I need to spend is the first funds transaction to the address, and the fee to my partner for each subsequent payment. But why would anyone do this if its a scam? Scams aren't supposed to lose money. People would do this if its to save face but not out of greed. |
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It's obvious they are hashing with something
it is? can you please share your information on how you came to that conclusion? Someone or something has been hashing over the last 24 hr and significant amounts of coin has been generated. It's enough coin generated that it does seem like someone is hashing with around 0.5-1TH but I'm not a math pro. So LABCOIN is now hashing at about 250 GH/s (= 1.12 BTC / day currently, at 100% PPS), new rumors seem to indicate that they are mining with Avalons (but that could be FUD).
There is no way I'm back in under such conditions. Besides, 250 GH/s is ridicule compared to the 6 TH/s that were promised two weeks ago: it's about 12 times lower than what was announced earlier.
My advice: stay out if you're not it....
I doubt you'd even get as much as they generated in the time they did with only 250GH/s but sure, it's something which you can take under consideration. How long do you think that will last? Not much longer than through the weekend. If it's a scam why wouldn't they just use the 250GH/s all for themselves? Why would they bother putting on a show? Give a reason why the most complicated and elaborate conspiracy theory must be true over simple incompetence. |
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here we go...........  batch 1 and 2 batch 2 devices running at 350 Mhz.  So these arent the LC chips they are using? They are using their avalons? Can't you see the date? That is not todays date. Look at the pathetic hashrates on those Avalons. |
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Just posting this because it's hilarious in retrospect.  That's what he's trying to infer
no, this is CEO of labcoin, not TheSwede75 Well that doesn't bring confidence if the LC CEO says that you should buy rice because it is cheaper than bread! Sometimes its good to have a nice laugh. And he said this during the peak of the Labcoin IPO when BTCGarden had just started their IPO. |
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Another payment: 0.37057639
From: 1NRoUN57beH6ZgC7Em2CPbSKSx2cW3FC47
If they give dividends next week will you be satisfied? It's obvious they are hashing with something and it's beginning to add up. Of course they could do all this hashing and then come next week miss the dividend deadline and when the price crashes tell everyone to buy cheap shares. |
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It's pretty clear they missed another self-imposed deadline and didn't finish mining pool integration in even their pessimistic 12 hours.
They think the way to fix it with their investors is to not talk about it and pretend it didn't happen.
So we'll wait.
The only reason they give out dates and times is to make people speculate even more. Someone will come and put a clock up, and people will do linguistic analysis on every word Labcoin says. People will grow impatient and start going crazy and right before everyone dumps all their shares Labcoin almost as if psychic appears and says the next comment always with some comical meme like "Buy cheap shares" at the end of it. What about that confusing comment made weeks ago in private chat about the rice or something or other? Shares almost tumbled on that phrase alone. Now onto the technical. I have some experience with mining and one of the main causes of instability of this sort could be that the chip overheats or has some heating problem. That kind of problem would cause horrible instability and make the chips absolutely worthless for sale to customers. This would explain why they wont be selling chips to customers and also explain why they are having a difficult time hashing with the chips. The bad news is that it would take a lot longer to deploy the chips and a lot more expensive. The good news is that even a chip that has heating problems can eventually be deployed. This is just my best guess, I'm not an engineer. |
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so, you're saying we should had over a few $million to some kids to let them build experience running a company?  What do you know about running a company? Why don't you start one and find out if you can do better. Yes that is how finance and investment works. Most startups fail and if you don't know that then you invested more than you were prepared to lose. You have to weigh the upside against the downside to calculate the potential. it takes no experience to post proof of hashing. that would silence 90% of the moaners around here, if LC actually posted some real proof.
it takes no experience to lock the shares. that takes a simple PM to burnside.
Labcoin is an international company, they probably speak all different languages from different time zones and can't communicate well amongst each other or with the Bitcoin community. But they probably had to be spread out like that for security reasons so that they don't get extorted or harassed like BTCGarden and Avalon. If they don't have enough business experience to know the value of communication, then they have no business running a company of this size. They should gain experience on someone else's time, not ours.
There is no way to have business experience in Bitcoin mining companies. This is an industry which has never existed before with profit potential and crowd funding mechanisms which never existed before and which are not regulated yet. That means the issuer takes on a lot of risk along with the investor. It also means that these chips and the software associated with them is new, remember Labcoin isn't being asked to just buy some rigs and put it to work selling the hash at fixed rate. They are actually giving people equity in their virtual operation and virtual company. It may take them weeks or months to get it right but if they manage to get their chips to work then they never have to worry about money again. They'll make millions or potentially billions of dollars depending on the price of Bitcoins, so honestly to scam for 10,000 Bitcoins is stupid when you can have a Bitcoin stream which never ends even while the price of Bitcoins could go up into the $10,000 a Bitcoin. If it's a scam then they were short sighted and probably will never get to spend the money. If it's not a scam then they are incompetent but that competence can be earned over time and yeah, they are like children but thats how it always is in a new industry. BFL had people waiting for years and Bitinstant? What happened to them? If they were a scam just after the money wouldn't they have let the IPO become a bidding war and profit as much as possible? They could have had way more than 7000BTC. They could have had over 10,000+! How could they have foreseen that? Anyway, all of you seem to think the "scam" has to be malicious and premeditated. It doesn't have to. Actually, a lot of scams start that way: something went wrong, but you don't want to tell. You hope you can fix it. It's actually what happened in many financial scandals; just people trying to hide the truth for a while. They could have seen the bidding war by looking at the bids prior to the IPO. Burnside saw the bidding war, they saw it and decided to "do the right thing". They could have got 10,000 Bitcoins for sure. The shares would have been 0.003+ at the IPO due to the bidding war which was driving the price to those levels before it even made it to the IPO time. They learned something about how to do certain things from that experience which is why you have Labcoin giving exact times and dates which drives everyone into a psychotic frenzy of speculation. Under the right circumstances if the chips were hashing and working perfectly that kind of stuff is what will drive share prices over 0.01. Unfortunately "Buy cheap shares" has become the newest meme to replace "Amazing company". But I really do think the shares are cheap if they are a success. If they are a success 0.01 will be the price of the shares even if it takes 3-6 months from now to reach that and I don't think it will take that long but just sayin. |
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Now it’s proven that their not a scam.
WTF are you talking about? They took what, 7,000BTC from IPO investors and what evidence have they shown?  If they were a scam just after the money wouldn't they have let the IPO become a bidding war and profit as much as possible? They could have had way more than 7000BTC. They could have had over 10,000+! Explain why a scam would do that? So whatever their motivation is, it's not to scam people out of money and get rich quick because they had the chance. This is a chance to buy cheap shares. Not if they plan to run this scam for a while. If they were planning to disappear immediately after the IPO, then yes they would do a bidding war style IPO. But looks like they are doing a BTCST style scam, the time span is going to be at least a year. If they can boost share price to high level, say 0.008, then they sell their 3M insider shares, they can get much more money than from the IPO. Therefore, they have to give the impression of actually mining. That would have been the safest way for them to get away with it. The longer a scam goes on with this many people and this much money at stake, the less likely it is they could get away with it. BTCGarden probably was a scam but they got away with it because it only lasted for a period of weeks and the money was sent back so there was no incentive for the community to care. Labcoin on the other hand has had 7000 Bitcoins for months now. If they wanted 10,000 Bitcoins they could have had it from day one so I don't understand why they would take so much risk just to get what gains they could have got from an IPO bidding war. It's more likely to be incompetence than a scam. They don't seem to care about share prices at all. If it were a scam they could have done a lot better job boosting share prices to beyond 0.005. |
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Now it’s proven that their not a scam.
WTF are you talking about? They took what, 7,000BTC from IPO investors and what evidence have they shown? If they were a scam just after the money wouldn't they have let the IPO become a bidding war and profit as much as possible? They could have had way more than 7000BTC. They could have had over 10,000+! Explain why a scam would do that? So whatever their motivation is, it's not to scam people out of money and get rich quick because they had the chance. This is a chance to buy cheap shares. |
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With the IPO being open until the end of November, it is very likely that a price war might break out.
Those that have submitted valid bids at the IPO selling price should not be penalized by being forced to go above 0.003 in order to get the shares requested.
Is there a mechanism that can secure this?
Huh? 9,000,000 shares will be dropped on the exchanges tomorrow. Those shares have until November to sell out. You should expect those shares to sell out in the same day, probably within a few hours. |
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With the IPO being open until the end of November, it is very likely that a price war might break out.
Those that have submitted valid bids at the IPO selling price should not be penalized by being forced to go above 0.003 in order to get the shares requested.
Is there a mechanism that can secure this?
Bidding wars are common and should be considered the new normal. Labcoin had a bidding war which almost took down BTC.CO. Neo Bee is going to be far worse, but honestly Neo Bee is a different kind of investment. A bidding war in this scenario is beneficial to both Neo Bee and investors because it could mean that Neo Bee can build more branches and do more marketing. Unlike mining, it's not a matter of getting to the market first with Neo Bee. Neo Bee wants to make a profit and that profit will become dividends anyway up to 0.0035 I believe? So that means you can make a guaranteed profit in a bidding war up to around 0.0035 but anything over 0.004 would be risky for investors. The point is, Neo Bee is for long term investment. If you're willing to wait for a couple years then these shares could be worth a fortune but if you're in it for the short term dividends then go somewhere else. Neo Bee is the type of thing to raise the price of Bitcoins to $5000-10,000 and that would make the shares extremely lucrative. |
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Sounds reasonable. Should hopefully take less than the $300,000+ of venture capital some other propoals raked in to try it out, too.
How many hops are to be pre-mined? Or does that depend on venture capital, like X amount per bitcoin of capital ventured?
-MarkM-
Thanks. The number of pre-mined hops is just a scaling factor. Maybe a million. The hops inflates at 5% a year in any case. (i.e. it is just 21 million bitcoins vs. 21 billion milibits) Pre-mining is just to facilitate funding, by offering some virtual assets the project can sell. What I would like to see is some kind of open source kickstarter-like project. Some pre-mined hops could be given to developers and others could be sold to people who advance BTC to feed the developers. I could contribute up to 50 BTC to feed developers, but it isn't enough in and of itself. Moreover, since I am not a developer myself (or even in the tech industry), I feel that I would need someone else to lead or co-lead the project. Realistically, that would have to be based primarily on enthusiasm rather than upfront monetary incentives. If it turns out that there is no broader interest in this. I will just leave it out there and hope it influences future innovators at some point (I'm certain it will, question is how long I have to wait). Why don't you crowdfund it? Have an IPO on BTC.CO or Litecoinglobal? Offer up some sort of value to investors who get in early? If you provide the right incentives they will come. |
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Just got a confirmation email for the pre-IPVO
Your redemption exchange request for XBOND to NEOBEE is confirmed as submitted.
Your shares will be provided to you on September 23, 2013.
Thank you!
Just wondering will I get any kind of legal document that states that I am a stock holder of NeoBee?
I know that I will have to "lock" my shares somehow outside the stock exchanges
(so I won't be able to sell them and still claim they are mine)
but is it possible?
I am considering this a long term investment
Thank you
The "legality" of these stock exchanges is yet to be determined. Actually it can be legal under the Obama JOBs Act crowdfunding legislation. http://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_ActThe entirety of that act has not been passed by the SEC yet unfortunately. You still can't crowdsource equity from non-accredited investors, which is where most of the Bitcoin securities land. SEC is really dragging its feet, claiming they want to protect consumer interests blah blah blah but really they are just stifling innovation from the little guys. If you want to crowdsource equity it is best (if you are in the United States) to operate under Regulation S (safe harbor) and ban US customers from investing. Outside the US just don't let US investors invest. Unfortunately as far as I know none of the btc stock exchanges have a way of blocking specific IP ranges from investing in your stock. That is why when my company goes public on here we will have to do it ourselves, in sort of a colored coin manner, because we will have to make sure US citizens don't get a piece of our pie. Only the US has an SEC institution trying to do this? I'm not sure any of this would work. US citizens would just change their IP making it pointless to try and filter by IP. Anyone determined enough to invest will invest even if by pass-through entities that invest on behalf of US citizens. As far as I know the JOBs Act is actually working in the US on a state by state basis. Individuals in certain states can start businesses and rely on their state laws to do equity crowd funding prior to a decision by the SEC. I don't think it's a big deal but I do think the US likes to over regulate to protect the unsophisticated investor which actually will hurt the economic growth of the US. If you don't launch your business in the US because of this then that is case in point. The information http://www.hollywoodreporter.com/news/forget-kickstarter-how-obamas-new-600233http://rules.sos.state.ga.us/docs/590/4/2/08.pdfhttps://www.sterlingfunder.com/ |
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Just FYI, 2TH/s should generate about 9BTC per 24 hours at current difficulty (anyone can easily check this with any of the various online bitcoin calculators). Labcoin has generated about 3.5 BTC so far (in about 8 to 9 hours since first payment arrived in that address).
So I think so far it's pretty consistent with 2TH/s. Not sure why there was a guy saying they don't have 2TH/s...
We don't know what that 3.5 BTC represented. Could have been any length of time. The payments since then are at a much, much lower rate. They didn't have 2TH online when those blocks were solved. Could be teething issues, we don't know because they won't tell us. The real question is will you accept the dividends or not when its dividend time next week? |
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The important thing here is that they are hashing.
We know it is getting scaled up. Obviously priorities went into getting a miner working in a stable way before continuing to assemble more units.
Exciting stuff. Rocky start but the delay it took for them to get online is monumentally less than the other ASIC builders...
if only they had their own miners, eh? How dont they have their own miners? They bought themselves some time. I don't think people will care what miners they are using as long as they keep hashing. I think a few weeks from now pressure will build if their hash rate doesn't continue to increase. |
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Just got a confirmation email for the pre-IPVO
Your redemption exchange request for XBOND to NEOBEE is confirmed as submitted.
Your shares will be provided to you on September 23, 2013.
Thank you!
Just wondering will I get any kind of legal document that states that I am a stock holder of NeoBee?
I know that I will have to "lock" my shares somehow outside the stock exchanges
(so I won't be able to sell them and still claim they are mine)
but is it possible?
I am considering this a long term investment
Thank you
The "legality" of these stock exchanges is yet to be determined. Actually it can be legal under the Obama JOBs Act crowdfunding legislation. http://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act |
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Update:
Just a small update with the address signed so that there is less confusion and fud when pool mining is running.
Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm
$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"} The sig seems to be malformed. Can you please post the correct signature? Take away the space and add an "="  Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA= rest stays Edit: It keeps adding the space. dont know why... That kind of mistake would have crashed the price to 0. |
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