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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1058520 times)
VinceSamios
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July 31, 2013, 08:49:16 PM
 #1001

That said, I don't think it would hurt terribly if Burnside opened the bidding up, for say 5 minutes, to people who had their coins in before the cutoff.

YES, maybe that would calm down some people like me from wanting to push MORE REGULATION on exchanges, like forcing them to delay the IPO when the contract was broken? ...


lol - simply by not following their own shutoff times.... um... yeah... 14 minutes left... bidding locked...

East coast is EST - deal with it.


Well now - EST and CST were both quoted, and both official times for both of these timezones show the bidding was locked a full hour early. Deal with it.

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July 31, 2013, 08:49:19 PM
 #1002

UPDATE FINAL:

(Ethan Burnside) Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)


Burnside, you really should honor the time you put, even if it was a mistake.

TheSwede75, You really should honor the time you put (8pm cst). Or why giving times at all?
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July 31, 2013, 08:49:26 PM
 #1003

Hmm, I guess I posted in this thread at a bad time.  At least I'm the only "fool"

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July 31, 2013, 08:50:00 PM
 #1004



Well now - EST and CST were both quoted, and both official times for both of these timezones show the bidding was locked a full hour early. Deal with it.

I did, I got my position before the cutoff. Stop crying.
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July 31, 2013, 08:50:18 PM
 #1005


We don't even know if it's a bug or done on purpose.

Yes. Yes we do.

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July 31, 2013, 08:51:47 PM
 #1006


I apologize for the confusion around EST/EDT.  It is too late to fix/change it.  Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings.  It's a name for the time in the area year round, regardless of the technicality around DST.



I don't mean to be disrespectful, and I have no stake in this, but being in the US myself, I will categorically state that you are wrong here.

It's a common problem, but anybody with any knowledge about time, ESPECIALLY people in the computer/programming field, need to know that there's a HUGE difference between EST and EDT, and the time zone (Eastern Time Zone).



Like I said, I have ZERO stake in this, and so am just a potential arbiter, and you are wrong on this point.
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July 31, 2013, 08:52:42 PM
 #1007



Well fuck me sideways for not being an american... I guess being accurate when running a stock exchange isn't important... fucking retarded mate.

You had as much time as anyone else. If you didn't make the cutoff it's no ones fault but your own. Stop spamming, the case is closed.
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July 31, 2013, 08:52:45 PM
 #1008

UPDATE FINAL:

(Ethan Burnside) Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)


Burnside, you really should honor the time you put, even if it was a mistake.

I apologize for the confusion around EST/EDT.  It is too late to fix/change it.  Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings.  It's a name for the time in the area year round, regardless of the technicality around DST.



And to add to this, I am Swedish which of course never improves matters when it comes to 'those Murcans and their time zones'. Not trying to make light of this but simply stating that I didn't even realize there was a possible issue.

Swede, I told you there was an issue two hours ago and that you should fix it, and you responded:
https://bitcointalk.org/index.php?topic=263445.msg2841157#msg2841157

Since you did not, you should have honored the originally posted time.
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July 31, 2013, 08:54:29 PM
 #1009

It's a common problem, but anybody with any knowledge about time, ESPECIALLY people in the computer/programming field, need to know that there's a HUGE difference between EST and EDT, and the time zone (Eastern Time Zone).



Like I said, I have ZERO stake in this, and so am just a potential arbiter, and you are wrong on this point.

This is why everything should be quoted in UTC, but if I recall the error was made by TheSwede, not burnside.

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July 31, 2013, 08:54:44 PM
 #1010



Well fuck me sideways for not being an american... I guess being accurate when running a stock exchange isn't important... fucking retarded mate.

You had as much time as anyone else. If you didn't make the cutoff it's no ones fault but your own. Stop spamming, the case is closed.

I made the cutoff on confirmations - but they didn't appear in the account... this is layers of fuck ups.

Ignore that pos. He knows he's wrong but his greed is more important than being a honest person.

Its price is not a very relevant factor in its adoption....
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July 31, 2013, 08:55:13 PM
 #1011

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.


As quoted by burnside....

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July 31, 2013, 08:57:44 PM
 #1012

As a North American layman, i never see CDT or EDT used.  The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

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jerfelix
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July 31, 2013, 08:58:54 PM
 #1013

As a North American layman, i never see CDT or EDT used.  The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

No, TV programs say "9, 8 Central".  they NEVER mention Daylight or Standard Time.
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July 31, 2013, 08:59:32 PM
 #1014

As a North American layman, i never see CDT or EDT used.  The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

I am American as well, and I agree you don't see it or pay attention to it often.  The problem is non-American's who google search the time to convert it to their timezone will get the wrong time, so they should honor the time they posted.  I even pointed out the problem two hours ago and told Swede here:

https://bitcointalk.org/index.php?topic=263445.msg2841157#msg2841157
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July 31, 2013, 08:59:46 PM
 #1015

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.


As quoted by burnside....

Just delay it until tomorrow! Give everybody a chance to bid. The avg price will be a little higher for everyone, but all will be happy. What's that bs with changing times, locking orders etc. that is undermining all professionalism.
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July 31, 2013, 09:00:33 PM
 #1016

Are we getting 55% of what we bid?

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July 31, 2013, 09:00:37 PM
 #1017

I vote to remove confusion in the future Zulu time is now the official time of Bitcoin.
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July 31, 2013, 09:00:57 PM
 #1018

I too do this.

I Always use EST,CST, etc.

The only place I use CDT, etc is on server configs where its required for things to work right,

I agree that most North Americans follow this as most have never heard of CDT, etc.

-Ukyo

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ShroomsKit
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July 31, 2013, 09:01:01 PM
 #1019

UPDATE FINAL:

(Ethan Burnside) Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)


Burnside, you really should honor the time you put, even if it was a mistake.

I apologize for the confusion around EST/EDT.  It is too late to fix/change it.  Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings.  It's a name for the time in the area year round, regardless of the technicality around DST.



Hi Burnside,

How are we (those of us who's Bitcoins didn't go through) going to get our shares?

Thanks for answering.

Its price is not a very relevant factor in its adoption....
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July 31, 2013, 09:02:08 PM
 #1020

Simple timer at security page would solve all that.

Please burnside, add this to wishlist or todo list
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