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

3.5k BTC is cloase to half a million US dollars. I think with that sort of readily available cash that Fabrizio could begin work on the 65nm chip while the 130 is being salvaged. If he can get the 65nm into production by the end of the year LabCoin could still be a big big player in the mining community.

No-one is doubting he has the 3.5k BTC. So maybe we can start making suggestions as to how he goes forward with these funds from here.

you guys are being stupid -- maybe because you have bailed? you need to give them a chance now that the issues are clear and in the open. if they get the heat issues sorted this should be a big success.

Fair post but 'no buyers' means there is no buying pressure. Those buying from the sellers right now are are buying into a lower and lower market and loosing money each time they buy and price goes even lower. There is no demand for the stock and prices are falling = 'no one is buying'.

As for the big Bids they can be withdrawn at any time they are not a reliable sign of demand and no one knows how many sellers will come onto the market when price hits those lows - so there is no guarantee that one of these walls will hold.

Well it would be illegal for him to do that so I think he would have to.

Also they could be selling the shares under multiple accounts after transfering them around btc-tc so he might not know whose BTC he is clearing.

Maybe you are right and they have abandoned their 2Mill shares and are happy with what they have. But I think spending a few hours a day clicking a mouse for 150btc is worth anyones time.

Ofcourse the statement about the Q and A could have been their last desperate attempt at a pump to hike price so that they could off load the 2Mill at a better price - maybe they hoped for 0.001. That would have made them 2000 Btc.


btw Just because someone has a different point of view to you does not make them delusional.

No one is buying! Look at the order book.

They have sold 1Mill of what they were not supposed to already and are probablly onto the other 2Mill by now. They are selling in small batches to maximise take home pay. Right now they have about 400btc worth of LC they are trying to dump. There are not enough buyers and price is plummeting so they might only make 150btc on selling it all. That is still worth fighting for, 150btc in a few years will be a small fortune.

That would get them locked up in prison for stock manipulation and end their reputation forever. It is in no way a feasable plan, the court cases would shut them down. It is illegal full stop.

That's a real shame. And I thought you guys lived in the 'Land of the Free'?

Are you unable to read up for yourself then? The US authorities did not shut down LR, Costa Rican authorities applied the pressure. If an exchange is operating legally in another country the US can do bugger all about it. The US do not rule the world.


Liberty Reserve was denied a business license in Costa Rica, according to state prosecutor José Pablo González, due to lack of transparency about how the business was funded.

http://en.wikipedia.org/wiki/Liberty_Reserve

You have that the wrong way round. The licenced alcohol seller has to put in safe-guards to ensure they only sell to adults - ID check. So the exchange needs a similar safe-guard to meet the letter of the law. Blocking US ISP is the 'ID check'.

The US cannot dictate to every other citizen of the world how they must operate their exchanges. If US citizens decide to commit fraud and pretend to an exchange they are non-US that is their call. But the US cannot close down business in other countries just because US citizens are acting illegally by using them. That would be absurd. It would be like trying to close down Amsterdam cafes for selling Marijunana to US holiday makers.

Simple question - why didn't burnside simply register as an exchange with relevant authorities rather than close?

Your ownership (actually every trade ever executed) is recorded in the exchange log. This log will be used to give you an identical number of shares in any new exchange.

The double bottom held firm so that disproves your statement.  Big players take note of support levels.  It doesn't matter what the security is,  a level that has attracted buyers before will do so again, and for logical reasons.

Personally I wouldn't bet on that. This triple bottom is a very strong sign. It is more likely to recover from here than to break down through this level. A lot of buyers here, a lot of support.

All things being equal 0.0003 is a decent price to get in at just for the gamble.  I would say don't get in too deep but you can't deny that is a bargain price.  Again don't risk your life savings here but there is a lot of upside potential now. This is a triple bottom - a very bullish sign - so you are more likely than not to make money here rather than lose it.

Ofcourse should LabCoin sort this mess out and start some serious hashing then a buy here could make you a nicely wealthy man. Good luck everyone.

What we really need is an SEC investigation countdown timer.

Once that has reached zero and the investigation begins we can have a legal proceedings countdown timer counting down to the first day in court.

The final countdown timer can show when the Swede gets released from prison. That one will need years, months, weeks, as well as hours.

Pure manipulation. Big sellers are creating artificial buying interest to attract new buyers before dumping their large holdings onto them.  Its a classic move, do not be hooked in, keep your money safe.