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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1039959 times)
Ytterbium
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September 20, 2013, 03:00:06 AM
 #12181

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.


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Bitcycle
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September 20, 2013, 03:12:04 AM
 #12182



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

Entirely predictable.



FloatesMcgoates
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September 20, 2013, 03:14:21 AM
 #12183




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

Entirely predictable.





then labcoin will come with an announcement of an announcement to prop up prices
Ytterbium
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September 20, 2013, 03:18:12 AM
 #12184

Yup, it's over.

From a technical perspective - you could argue they, technically, have a shot.  But if they screwed up their 130nm design, they may screw up their 65nm design as well. And if they screwed up the boards for their 130nm design, they may screw up those boards as well.

And the problem is, like I said - no credibility left with anyone.  So even if they get their chips working no one is going to buy if they make an announcement or even get some btc deposited to their address

They clearly either dumped BTC from pooling accounts into their signed address or stayed quiet while someone else tried to manipulate the market by doing so.  They fact they seem to have 3x Avalon worth of hashpower is really problematic.

MilkyLep
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September 20, 2013, 03:21:47 AM
 #12185

So I guess those unlocked shares could be getting dumped in order to lower the share price therefore labcoin can afford a buy back?

Is everyone still supposed to wait until Oct 30 for news just because they posted a mining address?

Either you own the bitcoins(private keys) or you don't. However with moneroj, nobody knows what you own.
Secure. Private. Untraceable.
TsuyokuNaritai
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September 20, 2013, 03:25:00 AM
 #12186

And the problem is, like I said - no credibility left with anyone.  So even if they get their chips working no one is going to buy if they make an announcement or even get some btc deposited to their address
You overestimate the attention span & memory of the average bitcoin speculator. Also remember, each BTC of dividends from Labcoin is worth just as much as a BTC of anyone else's dividends, and if the ROI gets silly high, people will buy. If they get their act together, this entire clusterfuck will mean nothing in a couple of months.

Bitcycle
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September 20, 2013, 03:31:45 AM
 #12187




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

Entirely predictable.





then labcoin will come with an announcement of an announcement to prop up prices

Sadly, you're probably right.

Announcements won't work this time, though.

Needs to be a clear explanation of what's happening right now.
JohnyBigs
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September 20, 2013, 03:32:26 AM
 #12188

And the problem is, like I said - no credibility left with anyone.  So even if they get their chips working no one is going to buy if they make an announcement or even get some btc deposited to their address
You overestimate the attention span & memory of the average bitcoin speculator. Also remember, each BTC of dividends from Labcoin is worth just as much as a BTC of anyone else's dividends, and if the ROI gets silly high, people will buy. If they get their act together, this entire clusterfuck will mean nothing in a couple of months.

This times 1 billion. When its all said and done when they start hashing and paying out dividends nobody will care.
velacreations
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September 20, 2013, 03:35:21 AM
 #12189

You overestimate the attention span & memory of the average bitcoin speculator.
+1
greed is powerful motivation

alphaking
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September 20, 2013, 03:35:30 AM
 #12190

see you guys @0.001 (maybe even lower)
BitThink
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September 20, 2013, 03:36:27 AM
 #12191

And the problem is, like I said - no credibility left with anyone.  So even if they get their chips working no one is going to buy if they make an announcement or even get some btc deposited to their address
You overestimate the attention span & memory of the average bitcoin speculator. Also remember, each BTC of dividends from Labcoin is worth just as much as a BTC of anyone else's dividends, and if the ROI gets silly high, people will buy. If they get their act together, this entire clusterfuck will mean nothing in a couple of months.

Yes, they can at least self mining. Just need to trust them not to screw up their 65nm chips again. Even we assume their 65nm chips work, Labcoin's situation is nowhere better than ActM now. The same dust dividend until November. Even labcoin himself said we can only know they are serious at the end of October. Hope this is the first word from him we can believe.
velacreations
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September 20, 2013, 03:37:27 AM
 #12192

Hope this is the first word from him we can believe.
that may be wishful thinking

Ytterbium
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September 20, 2013, 03:38:18 AM
 #12193

then labcoin will come with an announcement of an announcement to prop up prices
No announcement he could make will have any (positive) impact on share prices at this point.  The only thing we need to see to make it worth buying back in would be consistent mining payments to their address that coincide with a few TH/s of hash power.

Anything else just isn't going to cut it given all the failed promises that didn't come through.

And that's ultimately the problem with this stock at this point.  No credibility on anything they say.  I think there is a chance that their tech might be OK soon, or that their 65nm chips might work.  But because they can't be straightforward at all there's no way to know what the likelihood of that actually is. And because of that, it's not going to affect the share price.

It could very well be a reasonable thing to buy back in once they demonstrate some success.  But until they demonstrate something, it's just way to risky to hold this stock, other then maybe get a few shares as a pure gamble.

I did think this company has a chance, and from a technical point of view they still may.  But the operators just aren't trustworthy enough to trust with your money.

And the problem is, like I said - no credibility left with anyone.  So even if they get their chips working no one is going to buy if they make an announcement or even get some btc deposited to their address
You overestimate the attention span & memory of the average bitcoin speculator. Also remember, each BTC of dividends from Labcoin is worth just as much as a BTC of anyone else's dividends, and if the ROI gets silly high, people will buy. If they get their act together, this entire clusterfuck will mean nothing in a couple of months.

Yeah, in a couple months.  So why not buy back in in a couple months?  Sorry, but holding now is crazy.  Just like with ActM, why not buy when there's a reason to do so?  The price could continue to drop, and will likely do so as long as they don't have a reasonable amount of BTC coming into their account on a consistent basis (i.e. not 240Gh/s worth)

So the question is, even if you think LC might be a reasonable investment in the future, why buy now, when you can likely buy cheaper later?

velacreations
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September 20, 2013, 03:41:15 AM
 #12194

So the question is, even if you think LC might be a reasonable investment in the future, why buy now, when you can likely buy cheaper later?

be careful, I've been saying that for a week, and they've got me on a list, now.

JohnyBigs
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September 20, 2013, 03:42:34 AM
 #12195

When you buy back after they are successful you wont be buying at low prices, when the price just goes parabolic. You probably wont buy cheaper later you can only buy cheap when there is uncertainty.
Bitcycle
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September 20, 2013, 03:43:18 AM
 #12196


They really need to explain what's going on.

matt4054
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September 20, 2013, 03:43:32 AM
 #12197

Funny how the mining address has now turned into a trollbox of its own.

The hate seems only to be growing and silence is now deafening.
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103 days, 21 hours and 10 minutes.


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September 20, 2013, 03:43:40 AM
 #12198

The signed messages in blockchain at there address are quite funny
cix888
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September 20, 2013, 03:45:35 AM
 #12199

then labcoin will come with an announcement of an announcement to prop up prices
No announcement he could make will have any (positive) impact on share prices at this point.  The only thing we need to see to make it worth buying back in would be consistent mining payments to their address that coincide with a few TH/s of hash power.

Anything else just isn't going to cut it given all the failed promises that didn't come through.

And that's ultimately the problem with this stock at this point.  No credibility on anything they say.  I think there is a chance that their tech might be OK soon, or that their 65nm chips might work.  But because they can't be straightforward at all there's no way to know what the likelihood of that actually is. And because of that, it's not going to affect the share price.

It could very well be a reasonable thing to buy back in once they demonstrate some success.  But until they demonstrate something, it's just way to risky to hold this stock, other then maybe get a few shares as a pure gamble.

I did think this company has a chance, and from a technical point of view they still may.  But the operators just aren't trustworthy enough to trust with your money.

And the problem is, like I said - no credibility left with anyone.  So even if they get their chips working no one is going to buy if they make an announcement or even get some btc deposited to their address
You overestimate the attention span & memory of the average bitcoin speculator. Also remember, each BTC of dividends from Labcoin is worth just as much as a BTC of anyone else's dividends, and if the ROI gets silly high, people will buy. If they get their act together, this entire clusterfuck will mean nothing in a couple of months.

Yeah, in a couple months.  So why not buy back in in a couple months?  Sorry, but holding now is crazy.  Just like with ActM, why not buy when there's a reason to do so?  The price could continue to drop, and will likely do so as long as they don't have a reasonable amount of BTC coming into their account on a consistent basis (i.e. not 240Gh/s worth)

So the question is, even if you think LC might be a reasonable investment in the future, why buy now, when you can likely buy cheaper later?


Because if they deliver let say 1hr from now you might miss a large amount of profit... but again it looks like it serious so yes its a pure gamble to hold at this point... Since they haven't deliver anything
velacreations
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September 20, 2013, 03:48:15 AM
 #12200

where's the bottom?  .001?

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