Please bear with me for today, it already took longer than I wanted but at least a start is done. Sorry for not posting new things yet but I will proceed.
As everyone know Labcoin ended as a failure. To be specific as a scam. And it was started as a scam from the start.
It was a started as a project similar to Asicminer, an investment with the plan to develop asic chips, which were a pretty new tech for mining at that time. It was planned to develop the chips, build miners and mine with them plus selling them. It worked with Asicminer pretty fine so alot of bitcoiners invested alot of bitcoins.
When problems started with Labcoin a group of labcoin shareholders grouped and tried to help the person behind the account Labcoin out. Helping to find solutions though it did not work. So at the end this group was the one that initiated a lawsuit which virtualspade started.
Iam part of LCSH and we collected alot of evidences that went to the lawyer and the italian police that is searching for the scammer. Unfortunately the case did not proceed in alot of months. I called the lawyer and the only thing we can wait for now is finding the scammer whose identity we know. Since the problem is in this point LCSH-members decided to go out with all the info we have though protecting whistleblowers that asked us to not reveal their name in order to protect them. Of course the details are known to the police.
This thread should serve to shed light on the case and most importantly find the whereabout of the scammer.
I will self-moderate and lock this topic so that in this thread really only the info is posted that we found. The details can be discussed here:
I will not post the usernames of those posting or discussing things on the lcsh-forum though of course these lcsh-members can step forward if they wish.
So far for the introduction of this thread. Now I have to filter a list of all the details that should be known and I will try to bring them in some sort of order.
I'm sorry that I took my time to start this thread but for some reason I have an immense work amount at the moment but I will try to take a half hour everytime I can to proceed with this thread.
I will put posts from lcsh-members in quotes.
The dates are from 2013.
Aug 08 04:41:20 * labcoin_dev (~alberto@host173-29-dynamic.49-82-r.ret ... mitalia.it) has left #labcoin
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Aug 08 07:17:45 * labcoin_dev (~afrotec@acad53216.wireless.uic.edu) has joined #labcoin
Aug 08 11:27:15 * epk (0c979003@gateway/web/freenode/ip.12.151.144.3) has joined #labcoin
Aug 08 11:27:21 * whyman9 (0279bee9@gateway/web/freenode/ip.2.121.190.233) has joined #labcoin
Aug 08 11:28:30 hi there
Aug 08 11:28:53 * poo (d49f584a@gateway/web/freenode/ip.212.159.88.74) has joined #labcoin
Aug 08 11:28:55 * testing (6db626fd@gateway/web/freenode/ip.109.182.38.253) has joined #labcoin
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Aug 08 11:30:05 Have we missed anything?
Aug 08 11:30:09 * HuLaN_ (~matuszed@107-0-44-82-ip-static.hfc.comcastbusiness.net) has joined #labcoin
Aug 08 11:34:14 * topace (~topace@unaffiliated/topace) has joined #labcoin
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Aug 08 11:34:57 Ladies & Gentleman! Get ya popcorn hea! Fresh popcoooooorn!
Aug 08 11:35:09 * CrptQo is now known as Cryptoquo
Aug 08 11:35:42 mmmmmmmmm popcorn
Aug 08 11:35:51 * zefy (~umrysh@204.191.254.70) has joined #labcoin
Aug 08 11:36:31 hello everyone, i am not a troll
Aug 08 11:36:36 * Graet (~Graet@unaffiliated/graet) has joined #labcoin
Aug 08 11:36:42 * ThickAsThieves is now known as Sam_Noi
Aug 08 11:36:44 i will try to do my best to answer your questions
Aug 08 11:36:48 surprise!
Aug 08 11:36:59
Aug 08 11:37:00 * Sam_Noi is now known as ThickAsThieves
Aug 08 11:37:01 woah wot.....Sam Noi is TAT?
Aug 08 11:37:02 lol
Aug 08 11:37:05 * conman (~con@2001:44b8:4101:f000:ea40:f2ff:fed1:dc74) has joined #labcoin
Aug 08 11:37:06 lol
Aug 08 11:37:12 please keep the discussion serious
Aug 08 11:37:20 lead the way
Aug 08 11:37:21 Will Sam be joining us?
Aug 08 11:37:26 * mitty (4a477a9a@gateway/web/freenode/ip.74.71.122.154) has joined #labcoin
Aug 08 11:37:31 * kakobrekla (~kako@unaffiliated/kakobrekla) has joined #labcoin
Aug 08 11:37:38 probably later
Aug 08 11:37:58 Can we ask which dev you are?
Aug 08 11:38:20 * kakobrekla (~kako@unaffiliated/kakobrekla) has left #labcoin
Aug 08 11:38:22 Let's start with the Q/A session. I'm a member of the chinese staff
Aug 08 11:38:29 labcoin_dev: Please give us a detailed specification of the chip and its current status.
Aug 08 11:38:34 * [labcoin_dev] (~cheeseDoo@47.54.79.11) has joined #labcoin
Aug 08 11:40:48 1. Please give us a detailed specification of the chip and its current status.
Aug 08 11:40:49 2. How will you show transparency with the 75% retained shares.
Aug 08 11:41:27 3. Are your first run ASICs in production?
Aug 08 11:41:31 4. How many wafers?
Aug 08 11:41:40 noted
Aug 08 11:41:48 5. How many chips do you expect to get out of the first batch?
Aug 08 11:42:02 anyone else?
Aug 08 11:42:17 1. Software used for mining, protocol development 3. Hardware sales or company mining 4. TH deployment, amount
Aug 08 11:42:31 lol
Aug 08 11:42:51 Holly arent some of those answered already?
Aug 08 11:43:01 * EnussioWillian (bc6b5439@gateway/web/freenode/ip.188.107.84.57) has joined #labcoin
Aug 08 11:43:07 I already wrote them, and nothing is answered yet
Aug 08 11:43:22 Alright,the 130nm IC is designed to work at about 200 Mhz for core, with a total consumption of 0.8W per core, hashing performances of about 200 mhash per core, total speed will depend on the overall output grade
Aug 08 11:44:06 do we have any chip guys here?
Aug 08 11:44:10 where's Vbs?
Aug 08 11:44:21 * peter123_ (8b12f360@gateway/web/freenode/ip.139.18.243.96) has joined #labcoin
Aug 08 11:44:30 c&p his questions from the forum
Aug 08 11:44:47 the IC covers an area of 6.5mm x 6.5mm and it has been designed following ideas similar to those employed in the bitfury ASIC
Aug 08 11:44:55 * Kushedout (9f53a8fe@gateway/web/freenode/ip.159.83.168.254) has joined #labcoin
Aug 08 11:45:08 I think what everyone would ideally want something that looks like the Avalon Detailed Spec
Aug 08 11:45:10 * tucenaber (~tucenaber@unaffiliated/tucenaber) has joined #labcoin
Aug 08 11:45:16 * grilledplatypus (
dexX7@dslb-188-107-084-057.pools.arcor-ip.net) has joined #labcoin
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Aug 08 11:47:36 any estimates when u will receive the sample chips?
Aug 08 11:47:40 hi
Aug 08 11:48:07 * aristodemus (4094f1e7@gateway/web/freenode/ip.64.148.241.231) has joined #labcoin
Aug 08 11:48:33 * eleet (~znello@ip51ccd38c.adsl-surfen.hetnet.nl) has joined #labcoin
Aug 08 11:50:35 * VanCleef (~cino@unaffiliated/bithub) has left #labcoin
Aug 08 11:51:20 were there already some questions about power efficiency? How to expect staying positive on income vs the electricity bill? (wasn't here for the first part)
Aug 08 11:51:35 nope
Aug 08 11:51:47 this a question vbs asked more or less, too
Aug 08 11:52:03 130nm chip, 200mhz core, 0.8w pre core
Aug 08 11:52:06 200mhash
Aug 08 11:52:07 how is it possible to create chips with a such much better performance than the competitors
Aug 08 11:52:27 curious of that too
Aug 08 11:52:30 * aristodemus has quit (Client Quit)
Aug 08 11:52:49 I'd like to view labcoin_dev's estimation on dificulty vs electricity
Aug 08 11:52:58 Chip frequency : 300Mhz, Process : 130nm CMOS, Die size: 4160,0000um2, VDD : 1.2-1.5 V adjustable
Aug 08 11:53:03
??
Aug 08 11:53:14 grilledplatypus: English please!
Aug 08 11:53:32 I will post a current question list momentarily
Aug 08 11:53:55 * rlight (dede9602@gateway/web/freenode/ip.222.222.150.2) has joined #labcoin
Aug 08 11:53:56 magic unicorn
Aug 08 11:53:58 ??ASICS?
??
Aug 08 11:54:04 close..
Aug 08 11:54:23 * virtuals (~mirek@216.191.broadband10.iol.cz) has joined #labcoin
Aug 08 11:56:32 I'm assuming 1 week from now
Aug 08 11:56:34 as it's using a different library,different logic blocks layout
Aug 08 11:56:40 how can you fit 16 cores on 6.5x6.5 ?
Aug 08 11:56:50 labcoin_dev: After this Q&A is completed, can you take a couple of photos from your lab environment / screen shots on chips software and upload to bitcointalk thread or for one of us to upload if you dont have permission yet?
Aug 08 11:57:04 Who is doing the software?
Aug 08 11:57:19 the cores we have fit are not classical "unrolled cores",the cores as we mean them are the result of our engineering effort
Aug 08 11:57:45 So you've arranged them to fit more on the same size?
Aug 08 11:57:57 we adopt a "sea-of-hashers" approach
Aug 08 11:57:58 from vbs: "For that to be possible, not only each Labcoin core would have to be ~42% smaller [65/130*(6.5^2)/(7.1^2)] than each BFL core but also the Labcoin chip would magically operate at a higher frequency (300MHz vs 250MHz) while keeping the same power draw..."
Aug 08 11:58:21 i remind you guys that the bitfury chip has up to 750 cores
Aug 08 11:58:59 how many cycles per hash?
Aug 08 11:59:12 they also use the same approach, we chose this design because one of our guys was close to bitfury developments 2 months ago
Aug 08 11:59:42 how many cores on average per chip, what is your assumption
Aug 08 11:59:43 i'll pass the questions i can't reply to the lead developer
Aug 08 12:00:11 * hammurabi (
https://bitcointalk.org/index.php?topic ... msg2891705
Aug 08 12:01:26 all questions and answers so fat
Aug 08 12:01:30 far*
Aug 08 12:01:40 elk, there are many, including those of the de2 board+wr703N
Aug 08 12:02:19 labcoin seems almost small now in the light of new competitors like btcgarden, hashfast, actm, terrahash.. do you think you can keep up?
Aug 08 12:02:27 btcgarden?
Aug 08 12:02:27 * eleet (
https://bitcointalk.org/index.php?topic ... msg2891705
Aug 08 12:06:35 competitors will have to prove themselves
Aug 08 12:06:38 2. How will you show transparency with the 75% retained shares?
Aug 08 12:06:41 are we indeed have to
Aug 08 12:06:49 Sure we won't see 28nm in Sept. but what about by December? Is this a concern of yours?
Aug 08 12:06:50 75% of shares are locked
Aug 08 12:07:00 Can you prove it?
Aug 08 12:07:08 locked in the account by burnside, i don't think we can sell them
Aug 08 12:07:18 We need two things:
Aug 08 12:07:25 i need to ask the management, how would you like it proved?
Aug 08 12:07:27 1. Evidence the shares are still held
Aug 08 12:07:31 * HuLaN_ has quit (Quit: Leaving)
Aug 08 12:07:36 * Damiano (cc6c0c71@gateway/web/freenode/ip.204.108.12.113) has joined #labcoin
Aug 08 12:07:38 2. Testimony from Burnside they are locked
Aug 08 12:07:41 labcoin_dev: Sorry to insist but when asked if you can prove you weren't vaporware, you mostly replied in terms of competitors and why they are. What about you?
Aug 08 12:07:59 right, as said, we're on the same boat
Aug 08 12:08:16 * funcard has quit (Ping timeout: 250 seconds)
Aug 08 12:08:20 if Burnside can also comment on the locked shares that will definitely help
Aug 08 12:08:21 time will tell and the sheer of technical details we have provided is not trivial
Aug 08 12:08:33 it's very unlikely we are making everything up
Aug 08 12:08:41 lol
Aug 08 12:08:43 We can't just take your word for it
Aug 08 12:08:46 if you just understand the field a bit
Aug 08 12:09:00 13. So if everything goes as planned - we'll see Labcoin start hashing in the first week of September? Can you please confirm?
Aug 08 12:09:04 well,of course it's not a 100% true statement
Aug 08 12:09:20 confirm, hashing with moderate speed and testing
Aug 08 12:09:28 now...whats moderate speed? lol
Aug 08 12:09:33 and within the end of the month, we'll have the full speed online
Aug 08 12:09:34 as in TH deployment?
Aug 08 12:09:39 well not 30-50 TH
Aug 08 12:10:05 not sure what will be the yield of the test-run but it's in the thousands ICs
Aug 08 12:10:31 that knowledge will be known as soon as you get the chips, correct?
Aug 08 12:10:40 so how many TH's will be hashing in September?
Aug 08 12:10:43 well I mean after the testing of course
Aug 08 12:10:45 Hollywood> labcoin_dev - is TheSeven the same 7 that was involved with fpgamining?
Aug 08 12:10:48 correct, also,next week we'll have the next batch going out
Aug 08 12:10:52 out to fab*
Aug 08 12:11:06 in september we may have a few TH
Aug 08 12:11:30 why did you chose TheSwede75?
Aug 08 12:11:35 have you heard of any notice on delays from the manufacturing?
Aug 08 12:11:41 i can't give exact figures, by the end of Sept, initial week of october we'll have the full speed online
Aug 08 12:11:54 Will you post the result of the fist test run on forum 1 week later as you mentioned?
Aug 08 12:12:07 we have heard and we're very familiar with that, everything is accounted for
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Aug 08 12:12:13 * fcoin (751820ae@gateway/web/freenode/ip.117.24.32.174) has joined #labcoin
Aug 08 12:12:17 * whoiswho (~Adium@cpc9-perr13-2-0-cust398.perr.cab ... nmedia.com) has joined #labcoin
Aug 08 12:14:29 excellent
Aug 08 12:14:40 ThickAsThieves, rolled cores instead of unrolled, sea-of-hashers approach
Aug 08 12:14:50 sounds legit
.
Aug 08 12:15:07 as in sea-of-gates
Aug 08 12:15:14 rolled cores should mean more cycles per hash...
Aug 08 12:15:21 you can google this term and find out more about what it means technically
Aug 08 12:15:36 so we can expect to hear more information on the first week of Sept, regarding the chips
Aug 08 12:15:40 honestly I don't have a clue about chip design. Might as well tell me there is a sea of quantum core inhibitors in the nexus matrix.
Aug 08 12:15:40 which staff of labcoin is present?
Aug 08 12:15:46 [11:38] colleague of H.Zhenhua
Aug 08 12:16:05 yes, assistant
Aug 08 12:16:09 anyone else?
Aug 08 12:16:13 Sanity: its the flux capacitor
Aug 08 12:16:22 Howard isn't available so asked me to take care of the Q/A for now
Aug 08 12:16:24 tricone developed this for approach for MMQ - is tricone involved?
Aug 08 12:16:25 i heart that before lol
Aug 08 12:16:31 epk: I'm worried a singularity might explode!
Aug 08 12:16:32 howard is not exist
Aug 08 12:16:37
lol
Aug 08 12:16:38 i'll get detailed replies about the rolled cores from him
Aug 08 12:16:51 tell fabrizio come on skype
Aug 08 12:16:52 userioao : He exists
Aug 08 12:16:59 before stock plunges
Aug 08 12:17:16 labcoin_dev: so the chips are ready soon. how's the status of the boards?
Aug 08 12:17:17 what are the chances that the chips won't work? can you guestimate?
Aug 08 12:17:27 we're not worried about this, as soon as the hashing power comes up, the price will go the right route
Aug 08 12:17:34 Notice: Try to keep stock speculation out of this discussion please.
Aug 08 12:17:35 * jyaken has quit (Client Quit)
Aug 08 12:17:53 tucenaber there's a small chance that the chip won't work, but very very small
Aug 08 12:18:20 it's much more common to get slightly underperforming chips rather than completely dead ones
Aug 08 12:18:28 more like, some percentage will be defective?
Aug 08 12:18:41 Does that have to do with the 'sea of gates' method lending to corruption?
Aug 08 12:18:46 yes, and some percentage will underperform
Aug 08 12:19:01 who is samuel noi
Aug 08 12:19:05 pseudonym of fabrizio
Aug 08 12:19:12 sorry,zefi, what do you mean?
Aug 08 12:19:33 userioao : Sam is our nominee director, Fabrizio is the founder
Aug 08 12:19:46 sam doesnt exist
Aug 08 12:19:49 i'm just an employer, like H.Zhenhua and theSeven
Aug 08 12:20:02 labcoin_dev are you chinese?
Aug 08 12:20:16 userioao : i am not
Aug 08 12:20:32 labcoin_dev: so the chips are ready soon. how's the status of the boards?
Aug 08 12:20:36 an employer or employee?
Aug 08 12:20:42 employee
Aug 08 12:20:45 employee* sorry
Aug 08 12:20:49 "employee"
Aug 08 12:21:03 how's the status of the boards?
Aug 08 12:21:08 thanks marco
Aug 08 12:21:40 The boards are near their design completion and will be tested as soon as we have the chips
Aug 08 12:21:45 * bobbabad (~dragonmoc@c-76-19-192-64.hsd1.ma.comcast.net) has joined #labcoin
Aug 08 12:25:07 we'll be ordering components according to the volume needed to avoid bottlenecks
Aug 08 12:25:19 24july first one
Aug 08 12:25:25 where is the lab?Shenzhen or Hongkong? Can we have a chance to visit? When if not now?
Aug 08 12:25:56 lab is located in SZ, at the university facility, we'll be moving shorty to another office
Aug 08 12:26:16 we'll be inviting selected investors to visit our datacenter in september
Aug 08 12:26:27
http://www.labcoin.com/presentation.html are these photos of the real where u r working in?
Aug 08 12:26:38 yes,they are real
Aug 08 12:26:43 it's the university i mentioned
Aug 08 12:27:08 labcoin_dev: are you chinese team or european?
Aug 08 12:27:14 i think it was mentioned there was 2
Aug 08 12:27:30 i am european
Aug 08 12:27:35 ok
Aug 08 12:27:46 i get the impression that you want to stay anonymous. Why?
Aug 08 12:27:47 H.Zhenhua is Chinese and theSeven also european
Aug 08 12:28:06 tucenaber: think about it
Aug 08 12:28:41 i can only speculate
Aug 08 12:28:53 well i am just helping Mr.Zhenhua, and i'm only an assistant, i wasn't authorized to release my credentials
Aug 08 12:29:16 he will give a presentation about me as well if needed later, or maybe Fabrizio will
Aug 08 12:29:25 Needed
Aug 08 12:29:28 we're just acting as a technical staff
Aug 08 12:29:53 sorry to disappoint you guys, but i think the important informations are out already
Aug 08 12:30:17 what are your concerns?
Aug 08 12:30:25 how long did it take for your team to finish the chip design?
Aug 08 12:30:36 labcoin_dev: dw it's very clear
Aug 08 12:30:59 anybody is a big investor?
Aug 08 12:31:01 about 4 months of work totally
Aug 08 12:31:03 labcoin_dev, are you a shareholder?
Aug 08 12:31:12 here's the summary report
https://bitcointalk.org/index.php?topic ... msg2891705
Aug 08 12:31:12 negative afrotec
Aug 08 12:31:27 anyone who is big shareholder??
Aug 08 12:31:29 Gj ThickAsThieves!
Aug 08 12:31:38 I only have one question for labcoin staff, is there a projection or estimate for how many Bitcoins labcoin's mining effort can generate the first month factoring in the difficulty? Or is such a forecast impossible?
Aug 08 12:31:42 When will we get proof of the amount of shares still held by labcoin and that they are locked?
Aug 08 12:32:24 TAT.Maybe Burnside is the right person to your question.
Aug 08 12:32:50 Labcoin would need to ask burnside to to this
Aug 08 12:32:50 not me
Aug 08 12:33:20 really no big shareholders?
Aug 08 12:33:29 generatorpop: it's kind of hard, but we estimate something like 5000-6000 bitcoin in october if the difficulty will be around 80 millions
Aug 08 12:33:29 generator, they'll say they won't know until they receive the testing unit
Aug 08 12:33:40 ThickAsThieves: I think TheSwede replied he would post an answer on that later.
Aug 08 12:33:45 * znello has quit (Read error: Operation timed out)
Aug 08 12:33:56 i'm going out on a limb, just an estimation, very rough
Aug 08 12:34:10 define big
Aug 08 12:34:17 I would hope on the conservative side as well.
Aug 08 12:34:22 thank you for answering my question, that matches my estimation exactly and I have enough faith to keep my shares
Aug 08 12:34:23 don't even report it on the q/a list if possible,thanks
Aug 08 12:34:26 userioao: Don't you think if there were, they would have replied already? Or maybe they want to stay anonymous?
Aug 08 12:34:38 fair enough
Aug 08 12:34:42 their loss
Aug 08 12:34:43 glad it's been of some help for you.
Aug 08 12:35:09 I own a ton, but not revealing my position, I considar my position to be medium-large
Aug 08 12:35:23 and you gonna lose out
Aug 08 12:35:24 just wait
Aug 08 12:35:31 lol
Aug 08 12:35:47 As you mentioned before.You have got a first chip order from customer.who is it?Myminer?
Aug 08 12:35:47 ThickAsThieves,the IPO manager will arrange some kind of way for burnside to release that information
Aug 08 12:36:06 This needs to be done in a timely manner
Aug 08 12:36:10 * anonce (8e379a4a@gateway/web/freenode/ip.142.55.154.74) has joined #labcoin
Aug 08 12:36:13 userioao : are you a disturber here? or? what's your role?
Aug 08 12:36:27 someone kick out this disturber please
Aug 08 12:36:29 labcoin_dev: you and burnside fucked me in the ass
Aug 08 12:36:35 labcoin_dev: Ok!
Aug 08 12:36:36 when?
Aug 08 12:36:37 ill post on forum if u like
Aug 08 12:36:44 i bought at ipo and sold at the top and repurchased so i think im in a good position
Aug 08 12:36:45 dumping 100k shares cheap
Aug 08 12:36:52 for what? we can find a solution if you explain what happened
Aug 08 12:36:54 userioao: Please stop your spamming until the Q&A is over.
Aug 08 12:36:58 OK
Aug 08 12:37:15 msg me privately, i'll bring the fact to the management
Aug 08 12:37:18 i'm sure that since he's/she is a member of the technical staff, issues regarding shares isn't their expertise. I'd be more interested in questions regarding the chips and boards.
Aug 08 12:37:30 blackswan: Correct!
Aug 08 12:37:30 ^ +1
Aug 08 12:37:34 lol
Aug 08 12:38:10 * anon1221 has quit (Ping timeout: 250 seconds)
Aug 08 12:38:52 Are there anymore Chip, Deployment, Design questions?
Aug 08 12:39:09 labcoin_dev: what is the biggest risk?
Aug 08 12:39:48 I would think the biggest risk would be an unavoidable delay on the production end.
Aug 08 12:40:01 As you mentioned before.You have got a first chip order from customer.who is it?Myminer?
Aug 08 12:40:16 delays in production and difficulty rising too much, but we don't expect these issues now
Aug 08 12:40:26 Why would they release customer information to random people without that person's consent?
Aug 08 12:40:34 sorry, when did we say such?
Aug 08 12:41:00 sell sell sell
Aug 08 12:41:05 buy cheap now
Aug 08 12:41:08 wait.I check the url. Plz keep going.
Aug 08 12:41:21 are there any reasons to expect delays in production?
Aug 08 12:41:27 userioao: Please stop now. There's plenty of time to troll people after this.
Aug 08 12:41:33 i'm not trolling
Aug 08 12:41:36 You never expect delays, but you always plan for them.
Aug 08 12:41:43 don't lose ur money
Aug 08 12:41:48 dude leave
Aug 08 12:41:58 what i mean is is there a significant risk?
Aug 08 12:42:02 IGNORE/ userioao
Aug 08 12:42:08 userioao: Take it to bitcointalk, Last warning.
Aug 08 12:42:20 ok
Aug 08 12:42:35 * MobiusL (~aa@gateway/tor-sasl/mobiusl) has joined #labcoin
Aug 08 12:42:44 tucenaber : the risk is present but not significant, we are in Shenzhen and we know the market deeply
Aug 08 12:42:55
Aug 08 12:43:00 Hey MobiusL, Not surprising to see you pop up
.
Aug 08 12:43:09
hello
Aug 08 12:43:17 hello
Aug 08 12:43:18 Do you have a plan in place should something happen? Natural disaster/ etc
Aug 08 12:43:52 Do you have another manufacturer as a contingency?
Aug 08 12:43:58 * Menoetius (~hidden@unaffiliated/menoetius) has joined #labcoin
Aug 08 12:44:09 Your website is an eye sore, if you intent for people to take you as a bunch of professionals, I would suggest updating it.
Aug 08 12:44:20 yes, we have financial resources to move everything to another supplier, and we have a list of them
Aug 08 12:44:39 labcoin_dev: you mentioned 50 TH by end of Sept. - begin of Oct. Any further deployment plan following that?
Aug 08 12:44:56 labcoin crashing!
Aug 08 12:45:00 Rulother_ : you're right, the website needs an update
Aug 08 12:45:10 [12:44] <@assbot> [BTCTC] [LABCOIN] 1728 @ 0.001201 = 2.0753 BTC [-]
Aug 08 12:45:14 * poo has quit (Quit: Page closed)
Aug 08 12:45:14 ThickAsThieves: I'm selling all
Aug 08 12:45:19 considering the supply chain remains constant, I would expect a constant improvement in TH
Aug 08 12:45:26 * ciumi (4f77bf04@gateway/web/freenode/ip.79.119.191.4) has joined #labcoin
Aug 08 12:45:31 San, time to kick
Aug 08 12:45:42
Aug 08 12:45:51 TheSwede posted this.
https://bitcointalk.org/index.php?topic ... msg2855443 Can yo verify it.?Maybe it's not a order.
Aug 08 12:46:11 of course, after the first 50 TH we'll continue deploying more
Aug 08 12:46:23 Let's start with the Q/A session. I'm a member of the chinese staff
Aug 08 12:46:36 didn't u say u not chinese, yo are euruopean
Aug 08 12:46:43 yes we received a lot of requests but not yet orders
Aug 08 12:46:43 ip in stockholm on a vps
Aug 08 12:46:51 yes i work remotely with the chinese
Aug 08 12:46:53 * arandomp (ae1920d0@gateway/web/freenode/ip.174.25.32.208) has joined #labcoin
Aug 08 12:46:55 sure
Aug 08 12:47:03 zefy: Don't want to admin abuse, but seriously userioao, let the people here have their Q&A, only talk about relevant stuff. (NOT SHARE PRICE)
Aug 08 12:47:03 One can go to school in a country that is not of their nationality
Aug 08 12:47:14 it isn't unheard of y'now
Aug 08 12:47:24 well useraiao you're a troll and aren't saying anything meaningful
Aug 08 12:47:43 labcoin_dev: you are invested in asicminer
Aug 08 12:47:48 * znello (
http://cn.linkedin.com/in/fabriziotattiAug 08 12:51:06
Aug 08 12:51:08 Samuel Noi
Aug 08 12:51:09 - Nominee Director of iTec-Pro Ltd and PR representative for Labcoin.
Aug 08 12:51:11
Aug 08 12:51:12 Howard Wang
Aug 08 12:51:14 - Team Leader at Research Institute of Tsinghua University in Shenzhen
Aug 08 12:51:15 - Master's, Electronic Science and Technology Tsinghua University in Integrated Circuits & Systems
Aug 08 12:51:17 - Bachelor's, Electronic and Information Engineering Beijing University Aeronautics and Astronautics
Aug 08 12:51:18
Aug 08 12:51:20 Michael Sparmann (theSeven)
Aug 08 12:51:21 - Bitcoin expert, contributor for Open-Source FPGA Bitcoin miner
Aug 08 12:51:23 - Generalist software developer, touched most layers from electronics to web development
Aug 08 12:51:24 - Background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc. )
Aug 08 12:51:26
Aug 08 12:51:26 Daniel Larsson (TheSwede75)
Aug 08 12:51:27 - Marketer, member of Bitcointalk, group-buy manager and bitcoin enthusiast. Acting as communications assistant with Labcoin.com in IPO and marketing.
Aug 08 12:51:40 (of the ones we haven't heard about)
Aug 08 12:51:43 that's just a copy paste
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Aug 08 12:51:51 I was under the impression this QA was going to get into the fine details of the operation...not the broad strokes on how you're a mining company and you're going to deploy multiple TH/s, blah, blah
Aug 08 12:51:55 and who are you labcoin_dev
Aug 08 12:51:58 these are informations already provided
Aug 08 12:52:03 Do you plan on joining the team eventualy dev?
Aug 08 12:52:11 yes, what about the 2 you have not mentioned?
Aug 08 12:52:12 Korbman: go ahead and raise the questions you like
Aug 08 12:52:16 i'm not authorized to release credentials yet,sorry
Aug 08 12:52:18 oops
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Aug 08 12:52:21 1 you havnet mentioned
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Aug 08 12:54:20 anyone else have technical questions?
Aug 08 12:54:35 zefy : sorry that was a typing mistake
Aug 08 12:54:41 Howard W. Zhenhua
Aug 08 12:54:51 or Wang Zhenhua chinese name only
Aug 08 12:54:57 ok
Aug 08 12:55:01 reading through TATs BCT post on questions, hold on
Aug 08 12:55:07 sure
Aug 08 12:55:18 are you going to implement a way to allow overclocking the final units?
Aug 08 12:55:19 when will the factory be rolling the chips off the assembly line?
Aug 08 12:55:38 approx 1-2 week after receipt of test unit
Aug 08 12:55:41 Not technical no, but i want to ask, what was the last major hurdle in development, that Labcoin overcame?
Aug 08 12:55:51 dexX7 probably the clock generator will be an adjustable one
Aug 08 12:56:45 did you run power analysis?
Aug 08 12:56:56 whyman9 : implementing the sea-of-gates approach and translating it to the physical layer, doing the place and route task
Aug 08 12:57:18 nice answer
Aug 08 12:57:25 userioao : of course, the EDA tools reported power analysis
Aug 08 12:57:32 right
Aug 08 12:57:57 what next hurdle do you see?
Aug 08 12:58:04 labcoin_dev: just so I have it straight, test chips will be available to you guys in September?
Aug 08 12:58:11
http://bcoinnews.com/bitcoin-assets-news/Aug 08 12:58:13 and then after that comes full production?
Aug 08 12:58:14 summary
Aug 08 12:58:33 whyman9 : next hurdle will be getting the boards to work, but seriously a minor hurdle
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Aug 08 12:58:55 regarding the chips, before September we'll have test chips
Aug 08 12:59:00 thanks
Aug 08 12:59:07 I'm off for a while guys
Aug 08 12:59:09 if there are delays, it will slide to September
Aug 08 12:59:20 cya san1ty
Aug 08 12:59:31 If you have any issues just pm San1ty and I'll take care of it tonight.
Aug 08 12:59:36 labcoin_dev: ah, ok. So essentially the end(ish) of August
Aug 08 12:59:48 which foundry do you work with?
Aug 08 12:59:55 thanks Sani1ty_
Aug 08 13:00:02 What reason would delay it?
Aug 08 13:00:05 we work with TMSC through SZICC
Aug 08 13:00:28 fab delays only
Aug 08 13:00:58 * bluehorshoe (483194fa@gateway/web/freenode/ip.72.49.148.250) has joined #labcoin
Aug 08 13:01:03 Is there cost implications and/or time?
Aug 08 13:01:37 well there would be a slight delay in finalizing the boards
Aug 08 13:01:54 slightly offtopic.. but, are there any other business streams/ideas you may wish to pursue with the company next year besides bitcoin machine sales and mining?
Aug 08 13:02:01 and the cost of that?
Aug 08 13:02:07 but we're definitely still on track for september/october even if there's a small delay with test chips
Aug 08 13:02:28 * MobiusL (~aa@gateway/tor-sasl/mobiusl) has joined #labcoin
Aug 08 13:02:44 we actually think about setting up a laboratory to study 3D printed electronic circuits
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Aug 08 13:03:00 we're focusing on this area of research lately
Aug 08 13:03:19 will this be done under labcoin or other entity the "shareholders" aren't part of?
Aug 08 13:03:31 this shall be decided
Aug 08 13:03:47 i don't know about this, and i'm only an employee as said
Aug 08 13:03:54 this is a question for management
Aug 08 13:04:00 i'll pass it on
Aug 08 13:04:46 Can we get a management Q&A as well?
Aug 08 13:04:54 we're getting it
Aug 08 13:05:09 of course, probably tomorrow the founder will be online
Aug 08 13:05:26 perhaps not technical, but how will you choose between selling chips vs mining yourself?
Aug 08 13:05:57 according to how fast the difficulty is rising, number of competitors, specs of competing products
Aug 08 13:06:06 * genpop (~root@62.212.85.107) has joined #labcoin
Aug 08 13:12:07 just because you made a dumb trading decision doesn't mean this company "fucked" you.
Aug 08 13:12:11 tucenaber : 65nm chip details were not discussed properly, but i do not have enough informations about it right now, H.W.Zhenhua will take care of that in the next days
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Aug 08 13:12:26 ya got weak hands boi
Aug 08 13:12:29 weak hands
Aug 08 13:12:31 I never sell for less than I bought, if I can't get at least a profit then I hold
Aug 08 13:12:33 lol
Aug 08 13:12:43 it's going nowhere fast
Aug 08 13:12:49 full of lies and deception
Aug 08 13:12:57 userioao : i'm sorry you have had a bad experience with the IPO, but it was out of our control, i think the exchange site had a bug, wasn't that the reason?
Aug 08 13:12:57 only interesting thing is how many he can convince
Aug 08 13:13:09 if you think labcoin is a scam then go invest in asicminer
Aug 08 13:13:20 userioao : you will be soon very disappointed
Aug 08 13:13:22 this is what labcoin themselves do
Aug 08 13:13:25 god bless their soul
Aug 08 13:13:28 lol
Aug 08 13:13:39 labcoin_Dev: you know what, i hope i am
Aug 08 13:13:46 userioao : keep your shares
Aug 08 13:13:49 +labcoin_dev: no need to respond to userioao. it's not worth your time. just ignore him.
Aug 08 13:14:01 test test
Aug 08 13:14:13 he's responding cause he knows it's true
Aug 08 13:14:31 userioao i respond because i don't want you to get screwed twice
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Aug 08 13:14:47 i've already lost- i was just wondering what your end game is
Aug 08 13:14:52 final decision it's up to you
Aug 08 13:15:08 +labcoin_dev: in case i missed it, can you describe your operational locations? I don't need exactly where they are but I'd like to know details like: power available, cooling, etc. Are these traditional data centers or warehouses?
Aug 08 13:15:20 consider this, the price of Bitcoin goes up to 130 and labcoin makes a huge profit in October
Aug 08 13:15:44 pls just ban me
Aug 08 13:15:55 I don't know what they'll be hashing at in November and December but if they increase their hash rate, we may get a Christmas bonus in dividend
Aug 08 13:16:02 cant : for now the development is located at the university site mentioned in the tech team presentation, but we'll be getting an office in the Nanshan high-tech park, shenzhen
Aug 08 13:16:06 they wont be hashing anything in nov
Aug 08 13:16:34 maybe 2 usb block erupters
Aug 08 13:16:51 we'll have up to 25 kW electricity link available and plenty of room conditioning, initially we'll be rolling out our own datacenter
Aug 08 13:16:52 Nanshan high-tech park, shenzhen~~ tat is near my house~~ I would like to visit when it is open
Aug 08 13:16:53 I bet a competitor hired you to troll
Aug 08 13:16:58 i hired myself
Aug 08 13:17:11 If labcoin can keep the 10-15% hashrate they stated I think we all will havea nice christmas =)
Aug 08 13:17:41 Ray2003, of course, we'll give notice when a visit is possible. For security reasons we'll arrange visits with reputable members or big shareholders
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Aug 08 13:18:00 well they claim something like 6000 bitcoin in October? that's pretty good, if they can double that it's fantastic
Aug 08 13:18:26 Not a claim to be spread, mind you. It was an estimate..
Aug 08 13:18:35 the whole of remaning profits after dividends disbursement will be re-invested
Aug 08 13:18:36 its not going to be spread, don't worry
Aug 08 13:18:56 but I don't think their competition will be able to achieve 300 TH or whatever BTC garden is claiming
Aug 08 13:19:03 i'm afk for a few hours. thanks for the q&a. bye
Aug 08 13:19:04 I have more that 20,000 shares ~~ Enough for tat?
Aug 08 13:19:08 and the amount of money raised with the IPO has been spent only by 25%
Aug 08 13:19:13 or 500 from icemine..
Aug 08 13:19:27 20,000 shares is not a lot out of 10 million
Aug 08 13:19:32 one of the first posts someone brought up how it would be basically impossible in the timeframe they gave
Aug 08 13:19:47 i won't talk again about competition but i suggest you guys to compare factually what we have shown and what others have shown
Aug 08 13:19:48 you want to have at least 50k shares, 100k even and then you can quit your job
Aug 08 13:19:53 live off dividends
Aug 08 13:20:04 genpop: gimme shares
Aug 08 13:20:08 i want to not work..
Aug 08 13:20:17 I wish I could afford 100k shares, I would buy
Aug 08 13:20:22 trace the similarities between all the propositions and keep an eye only on those with a solid appearance.
Aug 08 13:20:48 I think setting lower immediate estimates is the wise choice in that respect..
Aug 08 13:20:51 basically opposite of you
Aug 08 13:20:57 BTC garden was way overpriced
Aug 08 13:21:15 aiming for 10's of TH in 1-2 months is ookay, but it will need current updates after test unit is received
Aug 08 13:21:21 which I don't doubt of you guys
Aug 08 13:21:45 zefy 10s of TH is believable, BTC garden is talking hundreds of TH which to me isn't believable
Aug 08 13:21:46 our goals are real and consistent with the amount of money raised and invested
Aug 08 13:21:57 dev: can you recap what the IPO was spent on, and what the rest of it will go?
Aug 08 13:22:01 exactly, that's the logic you should follow
Aug 08 13:22:19 will go on*
Aug 08 13:22:33 we paid the tape-out booking for August already, ordered boards and paid salaries
Aug 08 13:23:04 the rest of it will go toward deployment of the whole chip yield
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Aug 08 13:23:19 the best thing we can do as investors is not immediately cash out our dividends, it will reduce the price of Bitcoins and reduce the prodiftability of our assets
Aug 08 13:23:26 as per : more boards, more components, bringing on salaries
Aug 08 13:23:32 instead we should reinvest our dividends immediately during September and October
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Aug 08 13:23:47 until Labcoin can sell hashrate as USB miners
Aug 08 13:23:52 thanks
Aug 08 13:23:58 65nm will be funded with remaining money+ profits from mining, development is still going on
Aug 08 13:24:04 Drinkmorecoffee
Aug 08 13:24:04 Yeah, the more money they can raise short-term, the bigger orders they're able to place mid-term.
Aug 08 13:24:15 share price is climbing =)
Aug 08 13:24:44 By the way , the price is flying to the moon on BTCT .
Aug 08 13:25:08 I think they'd like speculation out of the Q&A
Aug 08 13:25:33 lol i like it too, at least some substatial questions were answered
Aug 08 13:25:34 all the informations released are real,not sensational and grounded on reality
Aug 08 13:25:38 wow price shot up fast, this is getting scary. I will never be able to get 50k shares
Aug 08 13:25:49 It seems tat I need to buy more shares for a ticket to Lab~~"
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Aug 08 13:35:02 Good discussion, might add to my meager portfolio
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Aug 08 13:56:52 i bought at .002 :-/ it is climbing today tho
Aug 08 13:56:58 why would you buy at 0.004 lol
Aug 08 13:57:09 no idea snape...but there were certainly buys at that level lol
Aug 08 13:58:13 the price has the potential to rise a lot, this is a real operation and all the strong hands will benefit greatly, both from dividends and price rise
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Aug 08 13:58:52 with this i leave you guys, i say thanks everyone, once again. Management Q/A will be announced on the thread soon
Aug 08 13:59:10 thanks! bye
Aug 08 13:59:21 im feeling rich already xD
Aug 08 13:59:26 bye everyone, have a good continuation
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So the labcoin account introduced the following names I will refer to in the following texts too:
Initionally he tried to help us out. He was the support-guy for labcoin at the time labcoin IPO was running.
Sounds good. I have requested a copy of share holder list from Burnside as I haven't been able to get a hold of Sam over the weekend.
We spoke of Sam as the man behind labcoin at that time because it was the person behind the labcoin.com domain.
Sam is the asset holder of course, I have just requested a copy from Burnside since I am a share holder myself and it's never a bad idea to have a backup.
I have not talked to Sam since I guess the 2nd, I have been somewhat in contact with TheSeven and I hear he has been talking to other team members as well.
