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

[pedrog]

Also, the real test will be what happens when slush gets it's next block confirmed.  If they'd been hashing for a while and just happened to have their threshold at 3btc, the might not get anything.  On the other hand, if they actually get another 3.2btc it would mean they have about 8Th/s, not 2, or even 4.

Where's that big countdown? I've seen it around.

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[BitThink]

I couldn't possibly care less about pictures at this point.  They would have been helpful last week, but Labcoin was too stupid to provide them.

What I want today is verification of their hashrate.

They should publish their api token that will allow for this. This should be done immediately.

They should also state that they are in fact on Slush, and that payment did come from their hashing.  This is an extremely simple thing to do, yet they choose to leave it as an open question.

This is yet another complete and shameful failure on their part.

+1. Cannot agree more. It is ridiculous for them to say "we are pool mining and please monitor the hash rate" without even giving the name of the pool. Sane people will say something like "we are hashing at xxx pool, currently we are running with x boards and each is expected to hash at y GH/s. We set the paying threshold at z BTC, so approximatelly, you could see z BTC incoming every h hours."  

[eastpk]

Just curious, do you think they are still going to do the USB's? I remember way back when they mentioned something?

[velacreations]

I couldn't possibly care less about pictures at this point.  They would have been helpful last week, but Labcoin was too stupid to provide them.

What I want today is verification of their hashrate.

They should publish their api token that will allow for this. This should be done immediately.

They should also state that they are in fact on Slush, and that payment did come from their hashing.  This is an extremely simple thing to do, yet they choose to leave it as an open question.

This is yet another complete and shameful failure on their part.

+1. Cannot agree more. It is ridiculous for them to say "we are pool mining and please monitor the hash rate" without even giving the name of the pool. Sane people will say something like "we are hashing at xxx pool, currently we are running with x boards and each is expected to hash at y GH/s. We set the paying threshold at z BTC, so approximatelly, you could see z BTC incoming every h hours."  

Unless, of course, that wasn't their payment, and someone is trolling.

They could have easily made several times the 3.x btc pumping the share price.  Now, the question is, how much can they make if they pointed another payment to that address?

Will the share price increase with more payments or will people want for word from Labcon?

Can we even trust a confirmation from LC, though?

[BitThink]

@Ytter. You are really smart and always analyzes calmly and clearly. Many people, including me, respect you for this. But, no offend, I feel you are defending labcoin too much in recent posts. I have all the reasons in hoping the share price to arise, since I have invested more than 1/4 of my BTC on it. But the only thing can help the stock and the project is labcoin themself. If they feel the pressure and change their style (change the manager is even better), that's the best news for all the investors. Defending them will not help at all.

I'm not trying to defend them, and I am certainly frustrated by their communication "strategy".

However, people are posting stuff that's straight up wrong, like the idea that the account might not be theirs, or that somehow posting pictures is better proof then seeing mining revenue come in.

Right now, we know for certain that someone is mining on Slush's pool and sending the payments to the labcoin address. We don't know what their hashrate is, but we should know soon. We don't actually know if it's labcoin's chips that are doing the mining, and there was never going to be any way to prove that (Although eventually LC could send out samples for people to independently verify)

People have been calling for them to post the mining address for days - and they did it. You can't then say, "well, it proves nothing - we need to see pictures".  The problem with that is that pictures wouldn't actually be able to prove anything at all.

Again, not trying to defend them but merely correct obviously inaccurate statements.

Thanks for your explanation. You are right, all those wrong statements, intentional or unintentional, are really annoying. They just diluted the useful informations and caused FUD.

[AngelSky]

You guys are talking and searching for something when there is not much to see. Labcoin and Swede did their best to let you in this darkness. If they wanted to clarify this, they would have done it hours/days/weeks/months ago.

EDIT: When you hide that much, what do you expect to discover? Something great? Don't think so.

[Ytterbium]

Also, the real test will be what happens when slush gets it's next block confirmed.  If they'd been hashing for a while and just happened to have their threshold at 3btc, the might not get anything.  On the other hand, if they actually get another 3.2btc it would mean they have about 8Th/s, not 2, or even 4.

Where's that big countdown? I've seen it around.

You can't do a countdown because we don't know exactly how fast the blocks will come in.  Blocks are found much more quickly then once every 10 minutes because the speed is always growing so quickly. Right now, 11 confirmations are left on the next block on slush's pool.

That could be anywhere from 55-110 minutes.

The next block will be sent with just one more confirmation, then a third in another 4 blocks.

As I said, we don't know their current hashrate - but once we start to see more payments flowing in we'll be able to extrapolate it. (Well, actually we'd be interpolating - but whatever)

[BitThink]

Just curious, do you think they are still going to do the USB's? I remember way back when they mentioned something?

No, according to their previous posts. The 1-gen chips will only be used for mining.

[dhenson]

The worst part about this whole situation is that quite a few intelligent people have swallowed the FUD and have convinced themselves that the Labcoin guys are completely untrustworthy.  There are simply too many ways for those running this security to lie/cheat/steal.  It will NEVER be possible for them to prove themselves so sufficiently that the FUDsters wouldn't be able to sow doubt.  

Once consistent dividends start rolling in, what they say won't matter.  At that point, the Update/FUD cycle will be over and we can finally find out the real value of this security. Until then, all of this back and forth speculation and fear mongering is accomplishing nothing.



We all need to just chill the fuck out.

[JohnyBigs]

People on here have a clear agenda especially the FUDS, if you have half a brain you can pick their un-logical FUDtacular arguments apart. You have people here blatantly flip flopping their posts in a blink of an eye.

Telling you to SELL and it's a Scam, then there next posts are I just bought some cheap shares, yet the idiots on here eat it right up.

LabCoin posted an address, signed from that address, received bitcoins from Chaos Computer Club which is Slush's pool, if you need more proof than that your a complete moron and should not buy anything.

Let me guess they faked the 3BTC send from Slush pool? Only a complete moron would believe that they can fake receiving payments from a huge reputable pool.

Hence, why I don't even bother to post on here anymore, will just hold my shares and watch the price skyrocket, when their hash keeps growing.

[BitThink]

The worst part about this whole situation is that quite a few intelligent people have swallowed the FUD and have convinced themselves that the Labcoin guys are completely untrustworthy.  There are simply too many ways for those running this security to lie/cheat/steal.  It will NEVER be possible for them to prove themselves so sufficiently that the FUDsters wouldn't be able to sow doubt.  

Once consistent dividends start rolling in, what they say won't matter.  At that point, the Update/FUD cycle will be over and we can finally find out the real value of this security. Until then, all of this back and forth speculation and fear mongering is accomplishing nothing.



We all need to just chill the fuck out.

I'm afraid you missed two important things: 1) a project can fail even it is not a scam. 2) a successful project does not necessary profit the shareholders if the manager is not honest.

Moreover, you are implying they have did everything they could to prove themselves but just the shareholders are too fuzzy. I am afraid this is quite ridiculous. Up till now, they've just given us 2 photos and one signed address. Even ignore those delay and broken promises, could you seriously say that's all they can do?

[JohnyBigs]

Also, the real test will be what happens when slush gets it's next block confirmed.  If they'd been hashing for a while and just happened to have their threshold at 3btc, the might not get anything.  On the other hand, if they actually get another 3.2btc it would mean they have about 8Th/s, not 2, or even 4.

Where's that big countdown? I've seen it around.

You can't do a countdown because we don't know exactly how fast the blocks will come in.  Blocks are found much more quickly then once every 10 minutes because the speed is always growing so quickly. Right now, 11 confirmations are left on the next block on slush's pool.

That could be anywhere from 55-110 minutes.

The next block will be sent with just one more confirmation, then a third in another 4 blocks.

As I said, we don't know their current hashrate - but once we start to see more payments flowing in we'll be able to extrapolate it. (Well, actually we'd be interpolating - but whatever)

how many more confirmations until next payment?

[dhenson]

I'm afraid you missed two important things: 1) a project can fail even it is not a scam. 2) a successful project does not necessary profit the shareholders if the manager is not honest.

Moreover, you are implying they have did everything they could to prove themselves but just the shareholders are too fuzzy. I am afraid this is quite ridiculous. Up till now, they've just given us 2 photos and one signed address. Even ignore those delay and broken promises, could you seriously say that's all they can do?

I haven't missed either point and didn't imply anything.

I'm simply stating that they will never be able to provide adequate proof, and they have obviously had enough with the whole situation and are no longer even going to try.  The reason why everyone trusts friedcat isn't for his stellar communication skills... He often goes weeks without saying anything but xxxx has enough shares for this auction etc.  The reason people think he is trustworthy is because he has paid out so much in dividends.

It is entirely possible that he has been skimming all along (well since he switched to solo mining) and we will never know.  It would be trivial to only tag every other block etc.  The point I'm trying to make is that these securities require trust that can't be gained with a picture or a signed address.  We really have to wait for them to show us the money.

[🏰 TradeFortress 🏰]

 9 confirmations left I believe.

[Duffer1]

Let me guess they faked the 3BTC send from Slush pool? Only a complete moron would believe that they can fake receiving payments from a huge reputable pool.

Hence, why I don't even bother to post on here anymore, will just hold my shares and watch the price skyrocket, when their hash keeps growing.

The price hasn't taken off because the fud is effective because it expresses a LOT of reasonable concern.

Also it would be extremely easy to fake the BTC send from Slush pool.  Just point your withdrawal address to Labcoin's so when the next payment occurs it goes to Labcoin's address, and shows up as a payment from Slush.  I'm not saying it's reasonable to believe this has happened, just that it could be easily done.  The likelyhood of this being the case will decrease with each payment we see deposited into Labcoin's address.

[velacreations]

we need a confirmation timer...

[BitThink]

In Slush's pool, the next 5 blocks need 8, 9, 13, 18, 21 confirms. The total hash rate is 68Th/s. So after 21 confirms, 5 * 25 * 2 / 68 = 3.6.
We should at least see another 3BTC after 21 confirms, that is approximately 21 * 10 = 210 minutes.

[BitThink]

I'm afraid you missed two important things: 1) a project can fail even it is not a scam. 2) a successful project does not necessary profit the shareholders if the manager is not honest.

Moreover, you are implying they have did everything they could to prove themselves but just the shareholders are too fuzzy. I am afraid this is quite ridiculous. Up till now, they've just given us 2 photos and one signed address. Even ignore those delay and broken promises, could you seriously say that's all they can do?

I haven't missed either point and didn't imply anything.

I'm simply stating that they will never be able to provide adequate proof, and they have obviously had enough with the whole situation and are no longer even going to try.  The reason why everyone trusts friedcat isn't for his stellar communication skills... He often goes weeks without saying anything but xxxx has enough shares for this auction etc.  The reason people think he is trustworthy is because he has paid out so much in dividends.

It is entirely possible that he has been skimming all along (well since he switched to solo mining) and we will never know.  It would be trivial to only tag every other block etc.  The point I'm trying to make is that these securities require trust that can't be gained with a picture or a signed address.  We really have to wait for them to show us the money.

Since you mentioned friedcat, I will put my previous post again here. You will see how friedcat communicates in the early stage of AM:

https://bitcointalk.org/index.php?topic=263445.msg3178847#msg3178847

No matter how friedcat behaves now, the success of AM does heavily depends on his good communication in the early stage.

BTW: AM thread is really a good reading in the spare time, comparable to a good novel. After reading 100 pages, you will have a better understanding why so many people trust friedcat so much. But the side effect is: now you hate the labcoin team even more.

[KCBitcoin]

3 more confirmations.

[VolanicEruptor]

3 more confirmations.

look two posts above you, why are your estimates different?  I dont care enough to figure it out myself