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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1079883 times)
Ytterbium
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September 19, 2013, 01:02:34 AM
 #11661

You know they don't give a shit.
I would think that they would want to show us all that they are legit...

As I had predicted, labcoin currently has 0 TH of mining power.
+1

I am going to let the mining speak for itself when the pool merge is complete. I would like to note however that even with 5+ TH solo-mining it can easily take 2+ days to find a block due to variance, hence the move to pool-mining.

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TsuyokuNaritai
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September 19, 2013, 01:08:21 AM
 #11662

Deprived has been hitting the sauce again which is always good for a chuckle, but guess who his latest target is...

https://bitcointalk.org/index.php?topic=125629.msg3186052#msg3186052

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September 19, 2013, 01:10:26 AM
 #11663

So let me get this right. Someone mined 3 BTC and sent it to the Labcoin wallet to cause a price spike?

Which I bought into.

How dumb am I? What kind a person does this?

Well, someone with some serious hashing power...

3 BTC / 10,000,000 shares is .0000003/share.  We are the new wealthy elite, ladies and gentlemen.

I'm buying the ticket to Bora Bora, retirement here I go!

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September 19, 2013, 01:10:53 AM
 #11664

3 btc "donation" is nothing if you can make 50x more from trading Cheesy

Assuming the villain traded the move and went in at .0021-.0023, he would have gained at the top of .0028 approx. .0005-.0007 per share. To stay profitable or gain more than 3.25, he needs at least 4650-6500 shares. That's not that much and the volume was significantly higher during that timeframe. So ít is absolutely possible, that this was indeed a "clever investment".

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September 19, 2013, 01:16:02 AM
 #11665

So let me get this right. Someone mined 3 BTC and sent it to the Labcoin wallet to cause a price spike?

Which I bought into.

How dumb am I? What kind a person does this?

Well, someone with some serious hashing power...


not really, they can just set their threshold for 3btc+ and hold up payments, and then say " oh look, an opportunity to make 20 btc, and it only costs me 3 btc"

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September 19, 2013, 01:18:35 AM
 #11666

if someone did it, he is a fucked evil genius

Quoted for the lulz. Love the phrasing.

Meanwhile, every announcement seems to take us down another rabbit hole...


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September 19, 2013, 01:21:37 AM
 #11667

I'm a bit drunk but what significance does 3 BTC have here?

If you mine solo and find a block doesn't it still pay 25 BTC plus transactions?  If you mine in a pool then isn't what matters your rate of finding shares/hour?  I can't think of any reason why 3 BTC is relevant to anything - it's 100 GH/S mining for Y*X time or 1 GH/S mining for 100*Y*X time : it's exixtence says nothing about what X or Y is.
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September 19, 2013, 01:24:09 AM
 #11668

I'm a bit drunk but what significance does 3 BTC have here?

If you mine solo and find a block doesn't it still pay 25 BTC plus transactions?  If you mine in a pool then isn't what matters your rate of finding shares/hour?  I can't think of any reason why 3 BTC is relevant to anything - it's 100 GH/S mining for Y*X time or 1 GH/S mining for 100*Y*X time : it's exixtence says nothing about what X or Y is.
A bit drunk?

Please GTFO off bitcointalk, have a couple more drinks and then come back.  Cheesy
VolanicEruptor
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September 19, 2013, 01:24:46 AM
 #11669

I'm a bit drunk but what significance does 3 BTC have here?

If you mine solo and find a block doesn't it still pay 25 BTC plus transactions?  If you mine in a pool then isn't what matters your rate of finding shares/hour?  I can't think of any reason why 3 BTC is relevant to anything - it's 100 GH/S mining for Y*X time or 1 GH/S mining for 100*Y*X time : it's exixtence says nothing about what X or Y is.

when you mine in a pool, you set threshold payments so that after so much work, you will get paid X BTC (in this case, 3).  This is so you don't get 100,000 deposits of 1 satoshi each to your account.  If this 3 BTC payment repeats itself enough times, a hash rate can be calculated based on how long between payments.  That's the idea anyway.

edit: please correct me if wrong here?

Ukyo
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September 19, 2013, 01:28:08 AM
 #11670

I'm a bit drunk but what significance does 3 BTC have here?

If you mine solo and find a block doesn't it still pay 25 BTC plus transactions?  If you mine in a pool then isn't what matters your rate of finding shares/hour?  I can't think of any reason why 3 BTC is relevant to anything - it's 100 GH/S mining for Y*X time or 1 GH/S mining for 100*Y*X time : it's exixtence says nothing about what X or Y is.

Basically when you mine in a shared pool, you get your portion of the block based on how much work you did compared to everyone else to earn it.
In this case, "someone" had mined 3.xxxx BTC worth on Slush and had it sent to LC's now official mining address.

So if it is LC, then they are mining. If not, someone just did it to make them appear to be mining to bank on a price rise.
We will know more as time goes by.

That is where the 3 btc comes from.

-Ukyo
Ytterbium
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September 19, 2013, 01:29:28 AM
 #11671

I'm a bit drunk but what significance does 3 BTC have here?

If you mine solo and find a block doesn't it still pay 25 BTC plus transactions?  If you mine in a pool then isn't what matters your rate of finding shares/hour?  I can't think of any reason why 3 BTC is relevant to anything - it's 100 GH/S mining for Y*X time or 1 GH/S mining for 100*Y*X time : it's exixtence says nothing about what X or Y is.

It's just their first payment.  The next one should come in when Slush gets 100 confirmations on it's next block:

http://mining.bitcoin.cz/stats/

Unless they stopped mining or the reward is less then their threshold, or if someone was trolling us by pointing their slush account at that address.

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September 19, 2013, 01:33:00 AM
 #11672

slush allows you to hold 5btc max so payouts would have to be frequent if labcoin is mining there

ok
BitThink
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September 19, 2013, 01:35:36 AM
 #11673

I thought I was good at understanding people's behaviour before, but now I am totally lost. What is labcoin doing now?

If they are mining in a pool, is the name of the pool top secret? Is the hashing rate top secret, or they don't have any idea about their own hashing rate themselves? If they want the public to monitor their hashing rate, why not choose a pool showing hashing rate? If the 3 BTC really are mined by them, they should've joined the pool more than 12 hours ago. Why they wait until the panic selling happened to announce the address?

All these things are beyond my understanding. Only one word is left in my mind: unbelievable.
Duffer1
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September 19, 2013, 01:36:26 AM
 #11674

if someone did it, he is a fucked evil genius

Quoted for the lulz. Love the phrasing.

Meanwhile, every announcement seems DESIGNED to take us down another rabbit hole...

FTFY
BitThink
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September 19, 2013, 01:42:37 AM
 #11675

May I know what do the first 3 transactions mean? There's a 0.0062166 and two 0.001 BTC went to the LC mining address. Thanks.
Pale Phoenix
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September 19, 2013, 01:44:01 AM
 #11676

if someone did it, he is a fucked evil genius

Quoted for the lulz. Love the phrasing.

Meanwhile, every announcement seems DESIGNED to take us down another rabbit hole...

FTFY

Yeah, one does get the uneasy feeling that someone, somewhere is pulling the strings and laughing his bloody ass off.

pedrog
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September 19, 2013, 01:46:29 AM
 #11677

May I know what do the first 3 transactions mean? There's a 0.0062166 and two 0.001 BTC went to the LC mining address. Thanks.

Those might actually be attempts to manipulate share price, very poorly attempts..

Ytterbium
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September 19, 2013, 01:47:09 AM
 #11678

I thought I was good at understanding people's behaviour before, but now I am totally lost. What is labcoin doing now?

If they are mining in a pool, is the name of the pool top secret? Is the hashing rate top secret, or they don't have any idea about their own hashing rate themselves? If they want the public to monitor their hashing rate, why not choose a pool showing hashing rate? If the 3 BTC really are mined by them, they should've joined the pool more than 12 hours ago. Why they wait until the panic selling happened to announce the address?

All these things are beyond my understanding. Only one word is left in my mind: unbelievable.

Probably because they're sick of all the haters. Here's what TheSwede said:

I am going to let the mining speak for itself when the pool merge is complete. I would like to note however that even with 5+ TH solo-mining it can easily take 2+ days to find a block due to variance, hence the move to pool-mining.

Which would imply they no longer have anything they feel they need to prove, and can rely on the blockchain to communicate for them. That will really be the case when we see another 24 blocks come in and slush sends it's next tx, unless they switched pools, stopped mining, or made less then their threshold.

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September 19, 2013, 01:55:37 AM
 #11679

since the team is located in various countries, they could be coordinating for a official news release of mining. who knows?  Huh
Deprived
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September 19, 2013, 01:55:56 AM
 #11680

I'm a bit drunk but what significance does 3 BTC have here?

If you mine solo and find a block doesn't it still pay 25 BTC plus transactions?  If you mine in a pool then isn't what matters your rate of finding shares/hour?  I can't think of any reason why 3 BTC is relevant to anything - it's 100 GH/S mining for Y*X time or 1 GH/S mining for 100*Y*X time : it's exixtence says nothing about what X or Y is.

Basically when you mine in a shared pool, you get your portion of the block based on how much work you did compared to everyone else to earn it.
In this case, "someone" had mined 3.xxxx BTC worth on Slush and had it sent to LC's now official mining address.

So if it is LC, then they are mining. If not, someone just did it to make them appear to be mining to bank on a price rise.
We will know more as time goes by.

That is where the 3 btc comes from.

-Ukyo

Ah cool - good to know I was missing something.

Maybe someone can explain how we know the payment came from Slush and how we know it was generated from mining hardware owned by them?  In my drunken state I'm clearly missing how this is better proof than having a miner published on a pool's list of miners with the name 'Labcoin'.

I mean I could show a BTC address that regularly receives 5-7 BTC payments (I send them so I know it exists).  What mining power does that prove it has (it has none that I am aware of but does receive other transactions)?

Obviously if the address listed is getting 3 BTC every 10 minutes (and those transfers are directly from freshly mined coins) then it strongly suggests it has a bit over 10% of network hashing power but I sense that isn't the case.

EDIT: Let me clarify my point.  Right now my fund (LTC-ATF) has 77.209 BTC on Bitfunder.  If one of my investors asked me to prove it (which they are perfectly entitled to do) I'd screen-share, log in to Bitfunder and show them a balance of 77.209 BTC.  I would NOT show them a BTC address that had an incoming transaction of 77.209 BTC and ask them to accept that was from Bitfunder.  Do you see where I'm coming from?  There's a HUGE difference between proving you have X BTC and proving you have/had X BTC at a specific place/from a specific source.  Doubt anyone thinks Labcoin people couldn't RAISE 3 BTC (anyone with a net connection should be able to come up with 3 BTC in a few hours) - issue is whether they actually mined it.  And I'm not grasping where the proof is that it was mined - I'd happily stipulate that I agree they can control an address with 3 BTC in.
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