[LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)

[aahzmundus]

Clearly many other users sent bitcoin toos with anticipation of standard transaction confirmation times; with the understanding they would be cleared to lock in buy order
before cutoff (I don't think 3hours in advance is too unreasonable) They were not visible to spend due to bug on btc-tc backend - only after making 'fake' withdrawal of some amount did they appear. I think you cannot say that people would expect such a quirk

^^^ This !!!!!!!!!!!!!!

Also this, I did not get in because people can not tell time, and balance did not credit correctly.... no fault of my own.

[1714226186]

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[1714226186]

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[1714226186]

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[foxykah]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

+1

[dtown]

I was also screwed over by the wallet bug.  Can't really buy an IPO when you can't access your funds.

Only after it was locked was I aware of the "withdrawal trick" to gain access to my wallet funds.  

[superbit]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

+1

+2

[mgio]

Look - lets keep it simple - there are two problems here.


1. BTCT.co was fucked for the last 20 minutes - people couldn't find funds and basically had to trick the system into displaying them
2. Factually, the bidding was shut off an hour early. This is based on the quoted timezones. This is an indisputable fact. It's not about perception, its about fact.

People are butt hurt because (1) fucked up those of us who were on time in any circumstance, and (2) fucked up everyone who isn't american and didn't osmose this alternative interpretation of time.


I tried to put in a bid for 100,000 shares to profit on what will be a major frenzy, and this cluster fuck of retardedness has cost me money plain and simple.

It was more than the last 20 minutes. It was at leas the last THREE HOURS. People who had transactions that were confirmed hours ago weren't seeing anything in their balance.   

I too, attempted to buy 100,000 (with 250 coins) and was unable to.

[damiano]

Are we getting 55% of what we bid?

I think 30% to 35%

Well there are only 18M bids on shares over or equal to 0.001

Ok so it's 38% then

[burnside]

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.

People in computer programming don't deal with EST/EDT at all.  I do everything in UTC intentionally to avoid DST issues, that's how I messed up here.  Most seemed to get it, as the countdown clocks and UTC conversions I saw initially were accurate.

I should have just used UTC.  Lesson learned.

Looks like with orders totaling 17,778,808 the percentage ended up being 39.3727184%.

I'm almost done massaging the orders.  Users will see their altered orders up on the books soon.

Cheers.

[creativex]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

+1. Well said.

[mgio]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

+1

+2

You think it was handled fairly because you were able to get shares while others weren't.... right. ok.

How could you consider it fair when BTCT was unable to process deposits for the several hours of the IPO. Lots of people don't like to leave large amounts of BTC sitting up on a site that is admittedly in "beta" like BTCT. You'd think 3 hours would be enough time in the BTC world to purchase shares, expecially since the IPO itself was not announced that long ago.

[ShroomsKit]

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.

People in computer programming don't deal with EST/EDT at all.  I do everything in UTC intentionally to avoid DST issues, that's how I messed up here.  Most seemed to get it, as the countdown clocks and UTC conversions I saw initially were accurate.

I should have just used UTC.  Lesson learned.

Looks like with orders totaling 17,778,808 the percentage ended up being 39.3727184%.

I'm almost done massaging the orders.  Users will see their altered orders up on the books soon.

Cheers.

Unless i missed a post (i'm sorry if that's the case) are you simply ignoring that many people couldn't buy because their coins didn't show up?

[damiano]

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.

People in computer programming don't deal with EST/EDT at all.  I do everything in UTC intentionally to avoid DST issues, that's how I messed up here.  Most seemed to get it, as the countdown clocks and UTC conversions I saw initially were accurate.

I should have just used UTC.  Lesson learned.

Looks like with orders totaling 17,778,808 the percentage ended up being 39.3727184%.

I'm almost done massaging the orders.  Users will see their altered orders up on the books soon.

Cheers.

Thank you for your hard work.

[ShroomsKit]

Burnside, these coins not showing up was obviously not done on purpose right?

[superbit]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

+1

+2

You think it was handled fairly because you were able to get shares while others weren't.... right. ok.

How could you consider it fair when BTCT was unable to process deposits for the several hours of the IPO. Lots of people don't like to leave large amounts of BTC sitting up on a site that is admittedly in "beta" like BTCT. You'd think 3 hours would be enough time in the BTC world to purchase shares, expecially since the IPO itself was not announced that long ago.

I had over 11 BTC that didn't show up because of the glitch.

[matt4054]

Be professional, be a part of the community and be a part of the solution rather than the problem.

Are you kidding? How professional was this mess with the bug on deposits in the latest 3h of the IPO

The solution would have been to extend the deadline before the cutoff so that those who suffered the bug could place their bids.

Outside BTC world, any professional trader would just find a complaint at the exchange, and win. See Facebook IPO glitches, see who won in court and who lost.

[KCBitcoin]

Simple timer at security page would solve all that.

Please burnside, add this to wishlist or todo list

^ THIS

[tucenaber]

The market is not completely locked. Some people seem to be canceling their orders. This might mess up the stock distribution.

[dtown]

The problem isn't timezones or a fast IPO.  

The problem is there are people that deposited with plenty of time left that didn't have access to their funds after 10+ confirmations only to find out you had to do a "fake withdrawal" to get them to show up on the site.

Not everybody has hundreds of BTC floating around in their accounts.

[wiak2]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

So basically you're saying: "Tough shit, better luck next time.  Some people will always be upset no matter what, so let's not try to make the changes needed to make the system fair."

Burnside fucked up and he could take steps to fix the problems now to this IPO, but he is not and just going on with it.  I even called him on his time mistake a while ago and yet it was not fixed.  And since the site is his, he should take responsibility for the wallet errors.  These are legitimate complaints, not just people being angry cause they didn't get in.

[JWU90]

You think it was handled fairly because you were able to get shares while others weren't.... right. ok.

How could you consider it fair when BTCT was unable to process deposits for the several hours of the IPO. Lots of people don't like to leave large amounts of BTC sitting up on a site that is admittedly in "beta" like BTCT. You'd think 3 hours would be enough time in the BTC world to purchase shares, expecially since the IPO itself was not announced that long ago.

it's fair because many people that placed bids were the same people following this IPO. Keep up to date next time.

[ShroomsKit]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

So basically you're saying tough shit, better luck next time.  Some people will always be upset no matter what, so let's not try to make the changes needed to make the system fair.

Burnside fucked up and he could take steps to fix the problems now to this IPO, but he is not and just going on with it.  I even called him on his time mistake a while ago and yet it was not fixed.  And since the site is his, he should take responsibility for the wallet errors.  These are legitimate complaints, not just people being angry cause they didn't get in.

Nah, i can't believe this.
He is working on getting us our shares or compensate one way or the other. Because no one in his right mind running a site like that would simply ignore this.