Oh dear, some Troll has put a reply on the Bloomberg site saying VMC is a scam and listing a host of 'red flags' which are either purely subjective or 100% fiction. Who is the known scammer who acts as company rep?? I flagged the comment, others should too it might get taken down.

Lets say 5% of total Hash and BTC at $250 which I think is more reasonable for around Jan 2014.

360x250=90,000USD per day

Lets say only 50k is pure profit (electric costs etc)
So it would be 20days to make 1Mil USD from mining
Website should also be making approx 1Mill USD every 30 days.
So in that case around 40days to make 3.5Mill USD.

Ofcourse BTC could be higher in Jan and % of total Hashing could be lower or visa versa - and Utility costs could be lower.

Not so. Ken at ACtM saw this coming and has created 2 sites to handle exchange of shares should BF go down. So why didn't these pros see this coming?

Come back in a month and see what he has created. He is a very very experienced businessman with great vision. Every Board member attested to that. They left because they were an Advisory group who's advice wasn't listened to. The CEO is well within his rights to do that and you'll find every business that became huge had early conflict in the Board room. Someone needs to call the shots and if you don't like Ken's approach to business sell your interests in his venture.

Also they quit as they wanted the freedom to get into NeoBee - the stock that has no future IMO.

Great theory, so show us some evidence of it. Do you have any evidence atall that the SEC has not heard of this multi-million dollar exchange?

Good God can you even read? Can you go back like 2 pages? Is that to much effort for you? So the SEC are scamming US investors are they? Muppet.

Yeah I've been here since IPO and I know it's morons with your attitude that kept Ken away from the original thread. Obviously that and his single mindedness to get the business moving. His site is making 90k (in the bank) a month and you are not happy. Much more in the near future. He's covered the exchange issues with his own sites - have you given him any credit for that foresight and work? No. He got a press release from eASIC in a weekend after huge forum pressure - any credit? Not much. He took the mine pic down. He restructured the entire IPO ffs - how is this not listening?

Every single stock has suffered recently yet according to you it's all Kens fault. You sound like a spoilt brat screaming at his mom for stopping him from running out into traffic - no reason, no logic, pure emotion. The only valid argument is lack of PR that's it. But Ken clearly doesn't think a proposition this strong needs the PR bandwaggon that LabCon and Terrahash took money on. To some that is not a failing - it's 100% belief. With his site taking 90k a month maybe he's right?

As for your 'he doesn't listen to ME' argument, he's been on here quite a bit since the news of the btc-tc shutdown (and obviously this is a new thread moderated by him personally) - so there was your opportunity for dialogue. You've pissed all over that chance with your immaturity and if I were him I'd ignore every word your write. You have acted like a total punk and that's how you deserve to be treated. Scream and you'll be heard? I don't think so punk.

OK that might be a valid point. Have you thought about making a grown-up post about it and asking Ken to use the traditional accounting format for clarity? Being silly and immature and trying to ridicule the man at every opportunity just because you are a silly and immature person yourself helps no-body.

But if you are having fun maybe that's the main thing.

Yes. If people don't pay within an agreed time or if there is a chargeback on a credit card purchase, or a cheque is cancelled. etc etc etc.

At some point at the end of the month you need to decide what your sales figures are for the books for that month. Then they are set in stone. Come the first week of the new month if the sales payments for these pre-orders are charged back or cheques don't clear, or cheques don't arrive etc then the actual earned Revenue from these 'declared sales' will obviously be less than the sales figures you put in the books at the end of the previous month.

It's not about people abandoning their shopping carts, it's confirmed orders that the payment just don't arrive for. You can't predict how many people will not pay up after finalising their order and providing a shipping address. It seems there was well over 50% not paying up but this figure should decline hugely when we start shipping actual product and people feel more safe about their purchases.

I had faith after this Q and A that things might be about to happen, that we would see this isn't a scam. That's why I started the NO FUD thread, so we had somewhere to discuss things in peace while LabCoin were sorting out the mess.

Well, NINE days later, no progress and no communication? It's disgusting. If this isn't a scam for sure it's a bloody shambles. Personally I now think this Q and A session was a holding technique. I believe these guys ARE scammers and I think this Q and A was just an attempt at giving themselves more time.

Now if LabCoin thought the Q and A would give them another 10 days then they must have thought they needed that 10 days for something. What would that something be? I would say more time to cover their tracks so they can disappear.

So the sooner investigations are made the hotter the trail will be. If we wait another 2 weeks, or another month then the trail will be that much harder to follow.

No they don't.

Sales would relate to website pre-orders only.
Revenue would be web sales + mining income + whatever else income might be coming in.

Every Canadian I've met (once spent 3 weeks in BC/Vancouver) has been friendly, fair, a decent person. There is always the exception the rule.

But it is exactly what you are saying - you said 'it's not an issue with the ASICs anyway'.

So what are you saying? You don't seem to be sure yourself.


Now, no-one said what you 'quote' above. You are being misleading - that is NOT a direct quote from anyone on here as you make it out to be.

I haven't commented atall on the quality of eASIC chips nor have I suggested that they will be better quality than KnC chips. So why are you putting words into my mouth?

What I will say is that a fledgling company that ships consumables that catch fire on a regular basis is likely to be shut down, or face a huge recall bill, or a huge legal bill, and if unlucky could be facing charges of killing or maiming through supplying dangerous equipment.

I don't think you have examined these exploding boards and I'm sure you cannot say with certainty that a power draw irregularity within the chip is not causing the capacitors to over charge and catch fire. So you are wrong, this could be a problem that can be sourced back to the chip. So if you strive for accuracy you have completely failed. 100% conjecture - you win.

lol that's OK then. If it was anything else exploding and causing fires it would be different but as it's only capacitors exploding and causing fires - well obviously that's fine. I'm sure the orders will be flowing in.

Excellent post radiumsoup.

At this point probablly any major shareholder who thinks they can add a bit of experience into the mix should be eligible for the Board and be immediately assigned. We shouldn't labour the decision - it should be made promptly to give the earliest assistance to the company.

So anyone have the time and some relevant experience?

Marketing, web design, legal, electronics, accounting - all relevant areas.

It would seem logical to begin with a discussion of the IRC Q and A session from yesterday where Sam Noi outlined the current situation regarding the 130nm chips, and made a list of some things he intends to action over the next few days.
Bitcycle has created this excellent summary of the Q and A session:



NOTES FROM THE Q&A

INCLUDING A TO-DO LIST FOR SAMUELE NOI.

Actions for the next 24 hours.

    Skype session with Ukyo regarding Bitfunder listing
    Posting to the forum the amount of BTC left in the company funds.
    Change pool to Eligius
    Make the labcoin portfolio public on BTCT


Other actions to complete ASAP

    Verification of ID.  A good start would be writing "I am Samuele Noi of Labcoin" and the date on a piece paper, and photograph yourself holding it.
    Photos of the hosting facilities as well as the operational boards
    Send a sample board to TheSeven.  This should be done immediately as the sooner he gets the board the sooner he can provide advice. Delays have a direct cost.
    Exact power consumption figures for the chips/boards


Actions for the community to complete ASAP

    Nominate a panel of community representatives to work closely with Samuele. This should be done immediately. We complain about delays from Sam, let's not do what we criticize him for.

THIS LIST WILL BE REPOSTED DAILY WITH ITEMS CHECKED OFF AS THEY ARE COMPLETED