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

[Luckybit]

They are all going to be millionaires if they get these chips to hash and if they don't then that is business. Most startups go bankrupt.

LOL
They're already millionaires. They already took your BTC. They don't need to do shit. They can string you along as long as they like and still sell their remaining shares at 2x IPO because there are plenty of believers out there ready to hold the bags.

That is not true. They do have to mine and deliver dividends. If they do not even attempt to do that then what good are all those Bitcoins if they can't spend it?

What do you think they'll do? Start buying pizzas and cars with their corporate funding? That is clearly illegal.

They are obligated as a corporation to make chips and mine with them. If they don't then they'll go out of business, all their Bitcoins will be confiscated, etc.

They have the chance to be millionaires if they simply play by the rules and do what their corporation was set up to do when they asked for funding. If they don't do this the community knows where their coins are, everything is transparent.

Wow your obviously in the dark about how a bitcoin stock works. THERE IS NO REGULATION. Didn't you read the waiver in order to invest? You had to admit to investing in fake made up companies.

"BTC-TC is not a real-world stock exchange and does not offer opportunity for direct real-world investment or profit. While we fully expect listed virtual companies to follow through with their virtual business plans, please KEEP IN MIND AT ALL TIMES -- shares purchased on this stock exchange simulation do not entitle you to legal real-world rights to a listed virtual company as you would expect from a real company."

 You can't confiscate bitcoins from these guys. This company is run by people hiding behind a computer. Nobody knows who they are. BTC are easily washed too so it makes it extremely difficult to track them. Trust me, nobody can get those btc back.

Nobody knows who they are? That clearly isn't true. It's also not true that Bitcoin is easily washed. It's also not true that law enforcement doesn't get involved. Anyway I'm not debating this anymore, I see now it's a complete waste of time and people talking don't even know technical details or the law.

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[Zakryze]

Nobody knows who they are? That clearly isn't true. It's also not true that Bitcoin is easily washed. It's also not true that law enforcement doesn't get involved. Anyway I'm not debating this anymore, I see now it's a complete waste of time and people talking don't even know technical details or the law.

oh bitcoins cant be coldstored and maybe hidden? i know your imagination is limited but i didnt know you had such a small horizon. Who knows who they are then? did you hear of the case of fritzl? many people like these can go under the radar for ages. its only when we find out our minds are blown away and maybe this will be the case with labcoin and your mind too.

This is my last post here until we have real evidence of labcoins actual agenda and "realness" in case i wont be addressed directly. Sorry that i bothered you with my concerns. You seem to know what you do. Njoy

[BitCsByBit]

So many ActM trolls!!!!!

I guess they just don't know what to do with themselves now when the ActM share price is below the IPO and their original thread is locked. Even their "Board of Advisors" have unanimously resigned!

I guess it will only get worse for the ActM shareholders, considering that on BTCT there is only BTC71.4 on the bids side all the way down to 0.00000003. 

On top of that, there is nothing to look forward to until the second half of November, and that is if no technical issues are experienced, which is highly unlikely in the BTC mining world.

At least they are designing ground breaking technology where you can mine with the Solid State HDD's   

It seems ActiveMining's business also include photoshopping SSD devices through its wholly owned subsidiary Virtual Mining Corporation (VMC).

If you want to clean up the thread, please ignore, and don't reply to, the following people that "dhenson" has compiled for us:

Anotheranonlol
iCEBREAKER
kokojie
pankkake
velacreations
drawingthesun
wickedgoodtrader
physalis
aquarius
Vigil
camu6
limbaugh
well.attenuated
AngelSky
eve
crumbs
TECHICENINE
Stuartuk
zumzero
Zakryze

[BitThink]

it's a blessing to believe in law and law enforcement. If everyone does that, we will see much less crime.

That said, there's a much more likely answer to current situation than scam. The chips do not work well, at least not stable enough. If it is just board issue or software issue, it will be fixed already, considering 2 weeks have past. Moreover, board/software issue is a small issue, so they can admit it easily. Only the chip failure makes them reluctant to let us know. They just tried everything they could to buy sometime for them to fix, if it is fixable. just wish they have not spent a lot in ordering large number of unstable chips already. Chips may work initially and passed their tests before they realized they do not work stably.

[KCBitcoin]

it's a blessing to believe in law and law enforcement. If everyone does that, we will see much less crime.

That said, there's a much more likely answer to current situation than scam. The chips do not work well, at least not stable enough. If it is just board issue or software issue, it will be fixed already, considering 2 weeks have past. Moreover, board/software issue is a small issue, so they can admit it easily. Only the chip failure makes them reluctant to let us know. They just tried everything they could to buy sometime for them to fix, if it is fixable. just wish they have not spent a lot in ordering large number of unstable chips already. Chips may work initially and passed their tests before they realized they do not work stably.

+1

[Bitcycle]

it's a blessing to believe in law and law enforcement. If everyone does that, we will see much less crime.

That said, there's a much more likely answer to current situation than scam. The chips do not work well, at least not stable enough. If it is just board issue or software issue, it will be fixed already, considering 2 weeks have past. Moreover, board/software issue is a small issue, so they can admit it easily. Only the chip failure makes them reluctant to let us know. They just tried everything they could to buy sometime for them to fix, if it is fixable. just wish they have not spent a lot in ordering large number of unstable chips already. Chips may work initially and passed their tests before they realized they do not work stably.

My suspicion is that they're having trouble on an operational level. They've likely gone with a data center that's simply not capable of making this work, perhaps in terms of power consumption, or climate control with so much heat generated.  Or their ops guy(s) is completely incompetent.

But who knows?

Because....yes, they still aren't talking to us.

[wickedgoodtrader]

it's a blessing to believe in law and law enforcement. If everyone does that, we will see much less crime.

That said, there's a much more likely answer to current situation than scam. The chips do not work well, at least not stable enough. If it is just board issue or software issue, it will be fixed already, considering 2 weeks have past. Moreover, board/software issue is a small issue, so they can admit it easily. Only the chip failure makes them reluctant to let us know. They just tried everything they could to buy sometime for them to fix, if it is fixable. just wish they have not spent a lot in ordering large number of unstable chips already. Chips may work initially and passed their tests before they realized they do not work stably.

O.k then BEST case is you have incompetent liars running a company in a competitive business. What would make you think they can beat out the other honest knowledgeable players?

[BitThink]

There were some words in their previous updates could back up my guess.
1) they said they will give out test chips to public for testing and even have some private preorders. But after they got their chips, they announced the 1 gen chips will only be used in self mining. I believe nobody got the testing chips, not even TheSwede75.
2) labcoin described the chips as "design was rough but works". TheSwede75 admitted that 6T was changed to 4T due to under performance. Seems nobody officially claimed the chips worked to their specification.
3) they once tried to show us a screenshot of hashing rate but never did it.

I may be wrong in my guessing. But it is really their responsibility to show the results of testing chips to their shareholders weeks ago.

[Panterino]

it's a blessing to believe in law and law enforcement. If everyone does that, we will see much less crime.

That said, there's a much more likely answer to current situation than scam. The chips do not work well, at least not stable enough. If it is just board issue or software issue, it will be fixed already, considering 2 weeks have past. Moreover, board/software issue is a small issue, so they can admit it easily. Only the chip failure makes them reluctant to let us know. They just tried everything they could to buy sometime for them to fix, if it is fixable. just wish they have not spent a lot in ordering large number of unstable chips already. Chips may work initially and passed their tests before they realized they do not work stably.

+1

Hence why they are "concentrating on 65nm"

[Bitcycle]

it's a blessing to believe in law and law enforcement. If everyone does that, we will see much less crime.

That said, there's a much more likely answer to current situation than scam. The chips do not work well, at least not stable enough. If it is just board issue or software issue, it will be fixed already, considering 2 weeks have past. Moreover, board/software issue is a small issue, so they can admit it easily. Only the chip failure makes them reluctant to let us know. They just tried everything they could to buy sometime for them to fix, if it is fixable. just wish they have not spent a lot in ordering large number of unstable chips already. Chips may work initially and passed their tests before they realized they do not work stably.

+1

Hence why they are "concentrating on 65nm"

And maybe this mythical end of October is when they plan on having 65nm....

[pedrog]

If you want to clean up the thread, please ignore, and don't reply to, the following people that "dhenson" has compiled for us:

Anotheranonlol
iCEBREAKER
kokojie
pankkake
velacreations
drawingthesun
wickedgoodtrader
physalis
aquarius
Vigil
camu6
limbaugh
well.attenuated
AngelSky
eve
crumbs
TECHICENINE
Stuartuk
zumzero
Zakryze

Thank you, much better now!

[BitThink]

it's a blessing to believe in law and law enforcement. If everyone does that, we will see much less crime.

That said, there's a much more likely answer to current situation than scam. The chips do not work well, at least not stable enough. If it is just board issue or software issue, it will be fixed already, considering 2 weeks have past. Moreover, board/software issue is a small issue, so they can admit it easily. Only the chip failure makes them reluctant to let us know. They just tried everything they could to buy sometime for them to fix, if it is fixable. just wish they have not spent a lot in ordering large number of unstable chips already. Chips may work initially and passed their tests before they realized they do not work stably.

+1

Hence why they are "concentrating on 65nm"

And maybe this mythical end of October is when they plan on having 65nm....

Yes, exactly. They are expecting 65nm testing chips be available at the end of October. So labcoin kept saying 'make decision at the end of October.'

[zefyr0s]

Something someone posted earlier made me think, but I'm not sure, so I'll put it to you guys.

Why would labcoin suggest for people to buy shares low? It honestly should make no difference to them what the price of their stock is, as they've already IPO'd and gotten their money. Only investors would really have an incentive to build up or knock down the price.

Labcoin should be focused on their business, not what the market is doing.

[Luckybit]

Something someone posted earlier made me think, but I'm not sure, so I'll put it to you guys.

Why would labcoin suggest for people to buy shares low? It honestly should make no difference to them what the price of their stock is, as they've already IPO'd and gotten their money. Only investors would really have an incentive to build up or knock down the price.

Labcoin should be focused on their business, not what the market is doing.

Keep in mind that the guys actually doing the work aren't the ones posting here.

That statement, while extremely unprofessional, doesn't really mean much in the grand scheme of things, imo. It's just more proof of their crappy PR. It shows nothing of their actual ability to hash.

It's actually just one guy.

[cix888]

Public Note: "I am going to let the mining speak for itself."

http://blockchain.info/address/1BA782NB1jiAmfAPAM5Bcn8BZkcXCie6FJ

http://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

[PirateHatForTea]

That statement, and the various other statements by TheSwede about "cheap shares"and suggesting we buy are what set off alarm bells for me. So much so that I sold my whole Labcoin stake. It all sounded good according to the prospectus but there's too many reasons to want to get out for me to stay in - there have been so many chances to conclusively show that things are as they should be, and every time they've failed.

I don't give up any hope that they might in the future, but based on their record to date, I got out.

[VolanicEruptor]

Public Note: "I am going to let the mining speak for itself."

http://blockchain.info/address/1BA782NB1jiAmfAPAM5Bcn8BZkcXCie6FJ

http://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

That's a really pointless trolling attempt, whoever did that.  They should do something else with their time.  

[xchrisxsays]

Something someone posted earlier made me think, but I'm not sure, so I'll put it to you guys.

Why would labcoin suggest for people to buy shares low? It honestly should make no difference to them what the price of their stock is, as they've already IPO'd and gotten their money. Only investors would really have an incentive to build up or knock down the price.

Labcoin should be focused on their business, not what the market is doing.

They own a large percentage of shares, so share price is significant to them.

[Ytterbium]

I think one possibility is that they were too aggressive in optimizing the chip design. They wanted to get the highest performance they could out of 130nm tech, and perhaps they went to far in trying to optimize the "analog" aspects of the chips and got something that just doesn't work very well.

Their original plan was to do a sample run first, then if those chips worked do a follow on run.  But, now it sounds like those chips don't work. Or maybe only work under certain ideal conditions.  Of course we don't really know - and they won't even clear up what's going on with the blockchain, whether they're responsible for the payments or what.

Anyway, interpolating their hashrate at this point: they got 0.37 in 9 hours and 27 minutes from BTCGuild, and BTCGuild's PPS Rate is 0.0000002053209458.  So, going by the PPS rate (which will be close to the PPLNS rate) they would have had to submit about 1.8 million shares. That comes out to 190k shares per hour or 53 shares per second.  

Since a diff 1 share takes takes the hashing of 2³² nonces on average, that comes out to 227 billion nonces hashed per second, or 227Gh/s - which actually is roughly equivalent to about 3x 3 module Avalons.

So yeah... it definitely seems like they're mining with the 3x Avalons they pictured. If it's really the case that they're so stupid they think they can trick people this way, then it means they really have turned into incompetent scammers.

I hate to say it but that seems to be what's going on - the fact that they had so much trouble being forthright about technical problems plus the fact that they don't even want to communicate indicates to me that they're so embarrassed about failing to deliver that they're willing to try to fake it or something. Or else they're trying to sell their own shares or whatever.

It's B.S. They may make the changes they need to the chips for the second 130nm run, or they may just go out and buy a bunch of bitfury chips to try to string things along but really, their credibility is long since shot.

Anyway, I got in really early so my average price was pretty low, so I didn't lose too much money on this.  Oh well.

[Bitcycle]

The longer they remain silent, the lower this is going to go.

Entirely predictable.