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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1079584 times)
Zakryze
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September 20, 2013, 02:13:25 PM
 #12521

ok i bought 1 share. may i be concerned about this security now?

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velacreations
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September 20, 2013, 02:14:32 PM
 #12522

what did I miss?

BitThink
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September 20, 2013, 02:15:48 PM
 #12523

So to recap what we know:

1) They do have some chips (as seen in pictures) however we don't know what those chips are and what they do
2) They do have some boards (as seen in pictures) however we don't know what they are and what they do
3) We do know they have been working on chips (because TheSeven confirmed). Most likely 130nm but for sure 65nm but it doesn't mean they are the ones in the pictures.
4) We think they have mined some coins (because that address TheSwede provided received coins that we know came from 2 different pools) but it suddenly stopped and we don't know why.
5) Besides the above, all we have are words from Labcoin promising that they have chips and boards and are hashing but having stability issues.

Does this summarize the facts?

Yeah. And their hashrate is about 240Gh/s, which is about 3 avalons.

Also it's a public holiday in China and the Labcoin engineers are going to be off work until Sunday (so Saturday night in the US)

Ok so if we accept those are the facts, on the possible scenarios of what is really happening, this is how I see things:

1) It's a scam, they don't even have chips, never intended to have and just bought some Avalons: 1% chance
2) They have chips and are mining but for their own profit: 5% chance
3) They have some working sample chips (10 or so), but are having production/delivery issues with the remaining chips: 30% chance
4) They have chips and are having technical issues: 50% chance
5) They have chips but there is some catastrophic flaw with them that can never be solved: 10%
All of the above indicates they are dishonest. They claim to be mining with, 2 - 6 TH/s.

Very likely but not necessarily! Easy to come up with a plausible scenario to explain this mess... there are hundreds of possibilities the only people that know for sure are Sam and their team. For example:

Imagine you are Sam. You wait 6 months for the day chips and boards arrive. You can't sleep for the last week. You really want to tell everyone you hit the nail in the head, 15/September is the deadline you set yourself 6 months ago.

The chips and boards arrive on the 14th. You team starts assembling them. Everyone spends the whole night trying to get it to work... suddenly: It's working!

You send a message to everyone saying "We are hashing with 2TH/s".

10 minutes later: board stops working.

Engineers get to it... make it work again.... but after 15 minutes stops working.

You speak with the lead engineer: he says he thinks he knows what the issue is and can get it fixed in 24 hours.

But 24 hours later.... still not working. Engineer asks for another 48 hours...

48 hours later... it's better. So you keep your promise... but after 12 hours working the board stops again and now the whole thing is fried, won't even turn back on.

Add to this some delivery/production issues (so you don't even have some spare chips yet to replace that) - the factory promised chips "in about 2 days" and have been delaying for a week already...

Great, almost think you are 'labcoin' himself if you don't have such a high activity Smiley

Yes, exactly what I think. This is the only explanation if bitcoin is not a liar, and it's already the best scenario. So now in the best scenario, no hashing until November.
Zakryze
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September 20, 2013, 02:15:57 PM
 #12524

what did I miss?
i bought back in! 1 share.... TO THE MOON!
Edit: the swede is on holiday in china too obviously.

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velacreations
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September 20, 2013, 02:16:20 PM
 #12525

A vast majority of public shareholders (around 80%) have not traded their shares since the IPO
how did you come to this figure?  7 day volume is 4.3M

boyohi
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September 20, 2013, 02:17:43 PM
 #12526

What! It has only been a day and we're already at the moon! Amazing company!!!
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September 20, 2013, 02:21:31 PM
 #12527


So? Someone bought a shitload of shares at 001 and directed his mining output to this adress. Smart move, a handfull of monkeys are following.
BitCsByBit
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September 20, 2013, 02:21:45 PM
 #12528

A vast majority of public shareholders (around 80%) have not traded their shares since the IPO
how did you come to this figure?  7 day volume is 4.3M

7 day volume is 4.3M but same shares got traded more than couple of times.

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DaSheep
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September 20, 2013, 02:22:28 PM
 #12529



lul

"That’s all I know."
velacreations
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September 20, 2013, 02:22:52 PM
 #12530


trollers gonna troll

velacreations
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September 20, 2013, 02:23:36 PM
 #12531

A vast majority of public shareholders (around 80%) have not traded their shares since the IPO
how did you come to this figure?  7 day volume is 4.3M

7 day volume is 4.3M but same shares got traded more than couple of times.
how do you know that?

ronaldlee0917
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September 20, 2013, 02:23:45 PM
 #12532

Sucker rally time? Cheesy

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Ytterbium
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September 20, 2013, 02:27:15 PM
 #12533

Lol.  0.5BTC!? 21 hours since their last payment.

Last payment was at 2013-09-19 17:17:18, this one was at  2013-09-20 14:17:20.  

That's barely even ONE Avalon, let alone 3.

If this really is Labcoin then, yeah... not good Tongue

Zakryze
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September 20, 2013, 02:29:16 PM
 #12534

dividends 52 satoshi and rising. sounds legit! just wait 3 months and we'll all be rich!

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BitCsByBit
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September 20, 2013, 02:29:22 PM
 #12535

A vast majority of public shareholders (around 80%) have not traded their shares since the IPO
how did you come to this figure?  7 day volume is 4.3M

7 day volume is 4.3M but same shares got traded more than couple of times.
how do you know that?

We can discuss it once you stop trolling and have balls to invest into anything else but AM.

Also, you do realise that friedcat has not addressed his shareholders in a very long time and that the AM dividends are at the all time low?!

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MaxSan
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September 20, 2013, 02:29:28 PM
 #12536

Lol.  0.5BTC!? 21 hours since their last payment.

Last payment was at 2013-09-19 17:17:18, this one was at  2013-09-20 14:17:20. 

That's barely even ONE Avalon, let alone 3.

If this really is Labcoin then, yeah... not good Tongue

This is true but if they are still hashing (even at a reduced rate) it gives hope that the chips are actually working and they are stable. The question then is how long does it take to actually scale up?

Then again its probabaly a troll and we are wasting our time even discussing it lol
Ytterbium
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September 20, 2013, 02:30:00 PM
 #12537

Coins were generated by BTCGuild, likely these: https://blockchain.info/tx/f978e725d8db9b74104305676339e1d18a35b6935f6b1fff6544d7c1e10d5788

Ytterbium
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September 20, 2013, 02:33:02 PM
 #12538

Actually there was a big buy that came in on BTC-TC that took the ask price all the way up from  0.001185 to  0.001455 just a few minutes before that TX came in. 

So it's likely whoever bought knew the transaction was coming in.

Zakryze
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September 20, 2013, 02:34:03 PM
 #12539

Lol.  0.5BTC!? 21 hours since their last payment.

Last payment was at 2013-09-19 17:17:18, this one was at  2013-09-20 14:17:20.  

That's barely even ONE Avalon, let alone 3.

If this really is Labcoin then, yeah... not good Tongue
theswede bought 10+ usbminers, remember? he probably has to tweak them to their full potential first.

A vast majority of public shareholders (around 80%) have not traded their shares since the IPO
how did you come to this figure?  7 day volume is 4.3M

7 day volume is 4.3M but same shares got traded more than couple of times.
how do you know that?

We can discuss it once you stop trolling and have balls to invest into anything else but AM.

Also, you do realise that friedcat has not addressed his shareholders in a very long time and that the AM dividends are at the all time low?!

is this an announcement of an announcement you make there? sounds legit. i just stopped trolling 20+ pages ago man...
i know one doesnt talk about religion too much because it always raises anger in someone but dude just because you pray for them to succeed and have a great belief doesnt mean everyone else is wrong about swede telling lies. But AM's low dividends must be an indicator for labcoin hashing it all away...

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velacreations
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September 20, 2013, 02:34:26 PM
 #12540

yeah, it's the same ol' thing.  People are trolling that address.

You know what's funny, though?  The only money Labcon's made is from people trolling them!

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