Anyone else find this incredibly ironic?  Not really, they are still going to do the project on their own, they are VERY well funded already. Their IPO's main purpose was really marketing for their upcoming hardware sale. |
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You guys really believe this story? Lol! Sounds like it was written by a 9 year old. Im sure the funds will be released any moment now..
+1, this is a really ridiculous story. It doesn't make sense at all. I'm sure the real reason for shutting it down was a buyout or some other even more profitable direction for the company. Interestingly they say they are continuing to develop product...I think that is the evidence we need to logically assume they obtained funding from some other source. they don't have to, they have enough btc their own to support this business, since they are the earliest btc miners in China. this ipo is mainly intended to enlarge their influence, then to speed up their research. so they don't like too much risks on it They stated their IPO purpose on Chinese forum, their main purpose of the IPO is marketing, by having a publicly held security, they hope to spread the word about them and their hardware, so people will know to buy them when their hardware is available. (Actually now that I think about it, I suspect this entire IPO might just be a marketing stunt, since they said multiple times they don't need money). |
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Because people think that 32k bitcoin btcgarden refunds will make the price skyrocket.
So btcgarden made the IPO sale of 32k originally? Last I saw shares were being sold below IPO signalling they were not selling a lot. I don't think they will be refunding that much Bitcoin. I could be wrong. IMPORTANT NOTICE
Due to some unexpected legal risks we met last week, we have to, cancel this IPO and buyback/repurchase entire two million shares of BTCGARDEN we issued at btct.co.
We will buy back all shares with the whole price of 32064btc. I.e,we will pay for commissions to let all shareholders get back their Bitcoin with the price of 0.016btc/share.
I would like to say thank you & sorry to all of our investors/supporters/ potential investors in advance before I explain the whole affair. Thank you for all of your trust and support, sorry for the final decision we have made.
Procedures:
We have already confirmed the whole process with Burnside (manager of btct.co),
1 We will lock the trading of BTCGARDEN at btct immediately.
2 We will then send the whole 32064BTC and submit the repurchase request to Burnside from backstage, he will then run the proper script to execute this request ASAP.
3 All current shareholders will get your BTC back into your account immediately,at which point you can withdraw it freely.
All of above will be finished in 24-48 hours from the time you see this notice.
In 12-36 hours a part of these 32064 BTC will be reinvested in some BTCT assets. I think LC will be one of them, along with AsicMiner & ActiveMining. Not true, I deposited 100 BTC to my btct account only to buy btcgarden, and I will withdraw them after I get them back. I don't have to invest in something else. |
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I highly doubt that LC would follow BTCGarden - they've invested a lot of time and effort into this for the past few months. Plus, they're on a much smaller scale - they raised about $700,000 while BTCGarden raised over $3 Million - this attracts much more attention. Also, LC isn't going to be intimidated by one guy making threats on the internet - hah!  BTCGarden has their own bitcoin exchanger site reputation and other bitcoin services. Labcoin is just written promises. I'm not saying that BTCGarden hasn't done well with their current enterprises - they definitely have. I actually was interested to see what they'd be capable of in the mining space. However, the whole story seems very fishy. I'm glad that all the investors will be getting their money back (for the most part), but it's hard to believe that BTCGarden didn't consider that someone might be angry with them / extort them / etc. This is 30K BTC, worth millions of USD, that we're talking about. The problem with btcgarden is that they are very well funded already, their IPO is simply for future expansion purpose. They do not want to take ANY risk if the IPO cause them trouble. The slightest sign of trouble would cause them to pull out, since they don't really need money urgently. |
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Even if you are not a scammer (which I don't think you are), your IPO is way overvalued, even more expensive than btcgarden. Your IPO should only be 1/4 of btcgarden's value, because you don't have the core technology, and also your reputation isn't really up to btcgarden's level.
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Locked?
yeah, seems to will buyback all shares at IPO price. Such a shame, I invested heavily in this IPO and now I can't be an early adopter  |
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Any good reason why this company deserves a 2x market cap compared to Labcoin?
This company is like the owner of Chinese mtgox+bitcointalk, starting up a mining/hardware selling operation. Labcoin is a bunch of unheard of Italians jumping in to make a quick cash on a hot market, not even remotely comparable. Interesting. That said, what does running a website have to do with designing chips? Obviously I don't know what they're posting in Chinese but the technical data Labcoin has put out is a lot better. oh sure, Italian owned labcoin will produce better hardware, with less than 1/10 of the funds that btcgarden have. |
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Any good reason why this company deserves a 2x market cap compared to Labcoin?
This company is like the owner of Chinese mtgox+bitcointalk, starting up a mining/hardware selling operation. Labcoin is a bunch of unheard of Italians jumping in to make a quick cash on a hot market, not even remotely comparable. |
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I find it quite interesting that the least discussed new security on bitcointalk has the highest trade volume and the most stable price.
The big ask walls keep it were it is now. How do you explain the high trade volume and the low interest on bitcointalk. China? Um it's pretty obvious, majority of btcgarden investors are Chinese |
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are there any updates?
Hey! A spy from the company next door! /kidding  Hehe! There is no cool logo of btcGarden what can i do..? ;-) Are you implying the current logo on http://www.btcgarden.com/ is not cool?  |
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BTCT is far superior than anything else.
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To be fair they claim to be starting to put thei stuff online by September am I correct? That chart a little misleading.
Also, 75% monthly difficulty rise until forever? Yeah because that's sustainable, even though we will run out of all earth's resources by year 5 or so, we'll just have to start mining on Mars. |
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I wish you'd charge something like 3% of the dividend, instead of 1% of the entire asset as a fee.
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presumably it just means they have their own internal bitcoin accounting system, and bitcoins aren't being moved around at all. Its all intra-coinbase.
Exactly, this is a step in the right direction. We need more off chain transactions like this. |
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Guys you are forgetting butterfly labs will ship in two weeks.
How could we forget, we've only been reminded about that for over a year. |
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How many shares have been sold during IPO? And will there be another wave of shares at IPO price?
700,000 shares sold in IPO, I don't think any additional shares are coming. Are you sure they sold all 700,000 shares? That would be 10,500 BTC, but their update from Aug 1st says: Aug. 1, 2013 update: We have successfully collected more than 2000BTC in this IPO. We are going to stop issuing shares very soon.
2,000 BTC would be around 133,000 shares. Ah good catch I guess what they mean is 700,000 is the max, from what I saw, there were only about 100,000 shares available on bter to sell. I guess for this round they will stop at 2000 BTC |
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The best thing about this IPO is it's completely free to trade  no trading fee whatsoever |
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How many shares have been sold during IPO? And will there be another wave of shares at IPO price?
700,000 shares sold in IPO, I don't think any additional shares are coming. |
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Are we still in the English forum?  I support insta-ban for non-english posts, but with the total lack of moderation on these forums, I doubt it'll happen. |
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