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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1058520 times)
NineLives
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September 19, 2013, 05:54:28 PM
 #11981

It's more likely to be incompetence than a scam.

even if that is true, who wants to invest in this level of incompetence?

Competence is gained by experience.
When a new company starts off and has 100's of people moaning, its hard to manage with no experience.
As money is made, people are employed with specific skills to manage customer services.

You can't shoot someone techie to manage people.

so, you're saying we should had over a few $million to some kids to let them build experience running a company?  Roll Eyes

it takes no experience to post proof of hashing.  that would silence 90% of the moaners around here, if LC actually posted some real proof.
it takes no experience to lock the shares.  that takes a simple PM to burnside.

If they don't have enough business experience to know the value of communication, then they have no business running a company of this size.  They should gain experience on someone else's time, not ours.

I my self have no experience in people management and I'm a techie.  I have a successful IT company.  I have staff managing people.  Some of what you say makes sense but you leave no room for reason which is wrong.  This is a gamble but that's with and share based business.    

Bitcoin Mining Hardware:   www.mininghardware.co.uk
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auto2nr1
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September 19, 2013, 05:55:57 PM
 #11982

I have a small question. I see that labcoin's address was first seen on 18 September. Weren't they supposed to be already mining? How come this address was created on 18 September?

They were suppose to be mining already. Who knows they probably were and they decided to issue a new address for the forum members to follow yesterday. They have yet to explain or give details in regards to what is going on. It's a circus in here right now. People are trolling Labcoin's mining address as well by randomly sending btc.
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September 19, 2013, 06:06:11 PM
 #11983

the new Labcoin mining address

12JdkhAmFrZZ1q6NWT3Ug86WLHdwRKmnqz

Since people are sending free BTC maybe I get some you never know

HAHAHA!

Here's one of mine if people want to send some my way!

13DrheL3wB3L33Pbvao4jtYCcg1hFKeNcS

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Zakryze
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September 19, 2013, 06:10:17 PM
 #11984

Now it’s proven that their not a scam.
WTF are you talking about? They took what, 7,000BTC from IPO investors and what evidence have they shown? Cheesy

If they were a scam just after the money wouldn't they have let the IPO become a bidding war and profit as much as possible? They could have had way more than 7000BTC. They could have had over 10,000+!

Explain why a scam would do that? So whatever their motivation is, it's not to scam people out of money and get rich quick because they had the chance.

This is a chance to buy cheap shares.

Because they still milk you folks with their own shares -.-
love you gullible folks. lots of stupidity in those posts.

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SNttx1hwtpf8TQEK7ZBojcvQrDmBaz9QPK SFC Addy
Luckybit
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September 19, 2013, 06:18:39 PM
 #11985

so, you're saying we should had over a few $million to some kids to let them build experience running a company?  Roll Eyes
What do you know about running a company? Why don't you start one and find out if you can do better.

Yes that is how finance and investment works. Most startups fail and if you don't know that then you invested more than you were prepared to lose. You have to weigh the upside against the downside to calculate the potential.
it takes no experience to post proof of hashing.  that would silence 90% of the moaners around here, if LC actually posted some real proof.
it takes no experience to lock the shares.  that takes a simple PM to burnside.
Labcoin is an international company, they probably speak all different languages from different time zones and can't communicate well amongst each other or with the Bitcoin community. But they probably had to be spread out like that for security reasons so that they don't get extorted or harassed like BTCGarden and Avalon.

If they don't have enough business experience to know the value of communication, then they have no business running a company of this size.  They should gain experience on someone else's time, not ours.

There is no way to have business experience in Bitcoin mining companies. This is an industry which has never existed before with profit potential and crowd funding mechanisms which never existed before and which are not regulated yet. That means the issuer takes on a lot of risk along with the investor. It also means that these chips and the software associated with them is new, remember Labcoin isn't being asked to just buy some rigs and put it to work selling the hash at fixed rate. They are actually giving people equity in their virtual operation and virtual company.

It may take them weeks or months to get it right but if they manage to get their chips to work then they never have to worry about money again. They'll make millions or potentially billions of dollars depending on the price of Bitcoins, so honestly to scam for 10,000 Bitcoins is stupid when you can have a Bitcoin stream which never ends even while the price of Bitcoins could go up into the $10,000 a Bitcoin.

If it's a scam then they were short sighted and probably will never get to spend the money. If it's not a scam then they are incompetent but that competence can be earned over time and yeah, they are like children but thats how it always is in a new industry. BFL had people waiting for years and Bitinstant? What happened to them?

If they were a scam just after the money wouldn't they have let the IPO become a bidding war and profit as much as possible? They could have had way more than 7000BTC. They could have had over 10,000+!
How could they have foreseen that?

Anyway, all of you seem to think the "scam" has to be malicious and premeditated.
It doesn't have to. Actually, a lot of scams start that way: something went wrong, but you don't want to tell. You hope you can fix it. It's actually what happened in many financial scandals; just people trying to hide the truth for a while.

They could have seen the bidding war by looking at the bids prior to the IPO. Burnside saw the bidding war, they saw it and decided to "do the right thing". They could have got 10,000 Bitcoins for sure. The shares would have been 0.003+ at the IPO due to the bidding war which was driving the price to those levels before it even made it to the IPO time. They learned something about how to do certain things from that experience which is why you have Labcoin giving exact times and dates which drives everyone into a psychotic frenzy of speculation. Under the right circumstances if the chips were hashing and working perfectly that kind of stuff is what will drive share prices over 0.01.

Unfortunately "Buy cheap shares" has become the newest meme to replace "Amazing company".  But I really do think the shares are cheap if they are a success. If they are a success 0.01 will be the price of the shares even if it takes 3-6 months from now to reach that and I don't think it will take that long but just sayin.

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September 19, 2013, 06:20:08 PM
 #11986

It's pretty clear they missed another self-imposed deadline and didn't finish mining pool integration in even their pessimistic 12 hours.

They think the way to fix it with their investors is to not talk about it and pretend it didn't happen.



So we'll wait.
Ukyo
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September 19, 2013, 06:26:50 PM
 #11987

Another payment: 0.37057639
From: 1NRoUN57beH6ZgC7Em2CPbSKSx2cW3FC47

BitFunder - Asset Exchange Marketplace https://bitfunder.com
WeExchange - AUD (Direct Bank Transfers), CAD (Interac), USD BTC Exchange & Options Trading
Luckybit
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September 19, 2013, 06:27:32 PM
 #11988

It's pretty clear they missed another self-imposed deadline and didn't finish mining pool integration in even their pessimistic 12 hours.

They think the way to fix it with their investors is to not talk about it and pretend it didn't happen.



So we'll wait.

The only reason they give out dates and times is to make people speculate even more. Someone will come and put a clock up, and people will do linguistic analysis on every word Labcoin says. People will grow impatient and start going crazy and right before everyone dumps all their shares Labcoin almost as if psychic appears and says the next comment always with some comical meme like "Buy cheap shares" at the end of it.

What about that confusing comment made weeks ago in private chat about the rice or something or other? Shares almost tumbled on that phrase alone.

Now onto the technical. I have some experience with mining and one of the main causes of instability of this sort could be that the chip overheats or has some heating problem. That kind of problem would cause horrible instability and make the chips absolutely worthless for sale to customers. This would explain why they wont be selling chips to customers and also explain why they are having a difficult time hashing with the chips.

The bad news is that it would take a lot longer to deploy the chips and a lot more expensive. The good news is that even a chip that has heating problems can eventually be deployed. This is just my best guess, I'm not an engineer.
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September 19, 2013, 06:28:38 PM
 #11989

Another payment: 0.37057639
From: 1NRoUN57beH6ZgC7Em2CPbSKSx2cW3FC47

If they give dividends next week will you be satisfied?  It's obvious they are hashing with something and it's beginning to add up.

Of course they could do all this hashing and then come next week miss the dividend deadline and when the price crashes tell everyone to buy cheap shares.
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September 19, 2013, 06:29:34 PM
 #11990

Another payment: 0.37057639
From: 1NRoUN57beH6ZgC7Em2CPbSKSx2cW3FC47

If they give dividends next week will you be satisfied?  It's obvious they are hashing with something and it's beginning to add up.


Give them a week for the 10TH.

#FREETMAN
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September 19, 2013, 06:29:40 PM
 #11991

Sorry if asked before, but is delaria Labcoin's other account? (Labcoin is delaria on Skype).

https://bitcointalk.org/index.php?action=profile;u=82760;sa=showPosts;start=0

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September 19, 2013, 06:34:50 PM
 #11992

Sorry if asked before, but is delaria Labcoin's other account? (Labcoin is delaria on Skype).

https://bitcointalk.org/index.php?action=profile;u=82760;sa=showPosts;start=0

this account belongs to an italian speaking guy.


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September 19, 2013, 06:35:41 PM
 #11993

Just posting this because it's hilarious in retrospect.

That's what he's trying to infer

no, this is CEO of labcoin, not TheSwede75

Well that doesn't bring confidence if the LC CEO says that you should buy rice because it is cheaper than bread!

Sometimes its good to have a nice laugh. And he said this during the peak of the Labcoin IPO when BTCGarden had just started their IPO.
Pale Phoenix
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September 19, 2013, 06:36:00 PM
 #11994

Sorry if asked before, but is delaria Labcoin's other account? (Labcoin is delaria on Skype).

https://bitcointalk.org/index.php?action=profile;u=82760;sa=showPosts;start=0

Based on this post, it would appear that they are related:

https://bitcointalk.org/index.php?topic=240810.msg2561702#msg2561702

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September 19, 2013, 06:36:49 PM
 #11995

here  we go...........




batch 1 and 2 batch 2 devices running at 350 Mhz.  Cool

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September 19, 2013, 06:37:59 PM
 #11996

I have a small question. I see that labcoin's address was first seen on 18 September. Weren't they supposed to be already mining? How come this address was created on 18 September?

The Swede75 posts.
https://bitcointalk.org/index.php?action=profile;u=90389;sa=showPosts

I tried that too before my post. I don't see any answer to my questions in his posts, even if he is active and even if he is buying something else than labcoin's hardware.

iCEBREAKER is a troll! He and cypherdoc helped HashFast scam 50 Million $ from its customers !
H/w Hosting Directory & Reputation - https://bitcointalk.org/index.php?topic=622998.0
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September 19, 2013, 06:43:45 PM
 #11997

here  we go...........




batch 1 and 2 batch 2 devices running at 350 Mhz.  Cool

So these arent the LC chips they are using? They are using their avalons?
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September 19, 2013, 06:44:28 PM
 #11998

here  we go...........




batch 1 and 2 batch 2 devices running at 350 Mhz.  Cool

So these arent the LC chips they are using? They are using their avalons?
Amazing company!

Guys, you have to use your brains. Posting a mining address means nothing! Receiving coins to the address from a pool means nothing! Receiving coins to the address from generation blocks (solo/p2pool) means nothing!

The only way to prove they are mining is to show a user on a public pool with the 2TH/s advertised, or show at least 8 blocks from p2pool or 16 blocks from solo mining showing a statistical high hashrate. Anything else means nothing. Making decisions (like people admiting they bought shares when they saw a bitcoin address posted to the forum) based on any other proof is not an informed decision and you should not expect intellectually rewarding results.
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September 19, 2013, 06:46:26 PM
 #11999

These are probably his private machines. It doesnt belong to Labcoin actually.  I'm just wondering about the Name of the Hashing machine^^

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September 19, 2013, 06:49:59 PM
 #12000

It's obvious they are hashing with something
it is?  can you please share your information on how you came to that conclusion?

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