Ok. So about a week ago I messaged TheSeven regarding Labcoin and his involvement and thoughts on this topic. I am going to post what he said because it seems the "Scam" accusations are at fever pitch right now. I even thought that Labcoin was a scam for a while. It is important to note that TheSeven does not have any insider info on how Labcoin is being run and is not directly involved in any of the engineering or planning regarding the Gen 1 chips. So do not take anything in this message as investment advice or otherwise - it is what it is: his "standard reply" to everything Labcoin related. He did not ask me to keep this private so I am posting it for everyone's consideration.
Hi,
please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.
First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.
I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.
From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.
From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.
Please understand that I can't give you more detailed information right now.
All the best,
TheSeven
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