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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1042597 times)
KCBitcoin
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September 22, 2013, 07:40:01 AM
 #13281

See how fast they can react!
Great move burnside!

Yeah, when the price is crashing Tongue
plus the threat of delisting
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Bitcycle
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September 22, 2013, 07:43:56 AM
 #13282


Were the issuers notified this action was going to be taken?
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September 22, 2013, 07:47:33 AM
 #13283

For those that are curious about what we are currently trying to figure out, it's this clause:
...
We have asked for verification of the withholding of 30% of the shares.

Are you referreing to a breach of contract or not being in line with what they have announced?

Can you please elaborate your point of view and what exactly is the breach is? What is your definition of "will hold" according to the contract?

Quote
General shareholder contract and IPO information

Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.

Source: asset contract

Quote
Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.

Source: asset news

demzie
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September 22, 2013, 07:53:00 AM
 #13284

Quote
Quote
[12:09:42 AM] myself: nobody else is known to the community
[12:11:39 AM] TheSeven: they might come after you, I doubt they'll come after me
[12:11:53 AM] myself: why wouldn't they?
[12:12:05 AM] TheSeven: they didn't even after the BTCFPGA clusterfuck
[12:12:12 AM] myself: true
[12:12:21 AM] TheSeven: the thing is that I'm not making promises
[12:12:25 AM] myself: BFL has managed to draw it out
[12:12:38 AM] TheSeven: so there's not much to go after
[12:12:53 AM] myself: it's not like you've promised anything
[12:13:04 AM] myself: but the fact that your names attached
[12:13:27 AM] myself: someone loses their cash they will try find anyone who they think is close
[12:14:34 AM] TheSeven: I know what you mean, but I'm fairly sure that it won't do much harm to my reputation
[12:14:54 AM] TheSeven: most people aren't that dumb, and I don't really care about those who are



Serious; still trying to fuck this? Where are the timestamps/dates.. jezus your a real moron anotheranonLUL
demzie
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September 22, 2013, 07:54:55 AM
 #13285

Quote
[12:09:42 AM] myself: Do you like cock?
[12:11:39 AM] Anotheranonlol: Yes, can i blow you?
[12:11:53 AM] myself: Sure blow me! Fuckface!

You just skyped me Smiley
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September 22, 2013, 07:55:22 AM
 #13286

pure horseshit...

The dump's over, you missed it.
Ytterbium
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September 22, 2013, 07:56:00 AM
 #13287

Welp, my stake has been reduced. I made a pretty huge profit on my trades so I can't complain, but I'm still really irritated by that rather dire warning posted with no explanation whatsoever. Simply posting that it was "flagged" could have indicated anything, like if they'd run off with the money or something.

Serious; still trying to fuck this? Where are the timestamps/dates.. jezus your a real moron anotheranonLUL

I just have this guy on ignore.

demzie
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September 22, 2013, 07:57:38 AM
 #13288

Ill think ill do the same; this is getting out of hand..
Anotheranonlol
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September 22, 2013, 07:59:34 AM
 #13289

Ill think ill do the same; this is getting out of hand..

yes, that's best tactic.. close your eyes and it stops being real

burnside
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September 22, 2013, 08:01:43 AM
 #13290

For those that are curious about what we are currently trying to figure out, it's this clause:
...
We have asked for verification of the withholding of 30% of the shares.

Are you referreing to a breach of contract or not being in line with what they have announced?

Can you please elaborate your point of view and what exactly is the breach is? What is your definition of "will hold" according to the contract?

Quote
General shareholder contract and IPO information

Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.

Source: asset contract

Quote
Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.

Source: asset news

I read the contract and to me it means they'll hold 30% indefinitely.  (IE, their profit comes from dividends, thus keeping them motivated.)

This may no longer be possible, but it should be cleared up and addressed.  If it only applied to the IPO then it should probably be removed, because right now it has the potential to confuse people as it did me.

Once the contract issue is addressed, (remove it, or make it 25%?)  then there's the other issue of locking the 25% of the shares as they announced they would.  It's easy for me to do, I just need to know the account login.  (and... it should only hold those shares, because an account lock is going to prevent any actions in that account.)


I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
demzie
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September 22, 2013, 08:02:59 AM
 #13291

22 labcoin 815.01 GH/s

Edit: Now 855. Looks like they're bringing more online.

Yes Yes
Ytterbium
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September 22, 2013, 08:05:55 AM
 #13292

I read the contract and to me it means they'll hold 30% indefinitely.  (IE, their profit comes from dividends, thus keeping them motivated.)

Really?  I remember them specifically saying that was not the case, and that they would sell up to 25% of their shares prior to the first 6 months.

Ytterbium
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September 22, 2013, 08:08:13 AM
 #13293

22 labcoin 815.01 GH/s

Edit: Now 855. Looks like they're bringing more online.

It's going to fluxuate.

ThePeshMod
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September 22, 2013, 08:09:30 AM
 #13294

22 labcoin 815.01 GH/s

Edit: Now 855. Looks like they're bringing more online.

Yes Yes

Come on guys, be realistic and stop counting every gigahash. The hash rate estimation of all pools is greatly variable (read +/- 10% at least). So don't concern yourself with the small numbers. If you wake up tomorrow and they are over 1 TH, then you want to let out the cheers, I know I will Smiley
BitCsByBit
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September 22, 2013, 08:10:22 AM
 #13295

Public 70%
Labcoin 30% - voluntary lock 75%  for 12 months (show of good will - not part of the contract).

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Ytterbium
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September 22, 2013, 08:13:07 AM
 #13296

Public 70%
Labcoin 30% - voluntary lock 75%  for 12 months (show of good will - not part of the contract).

Yeah, that's what they said - I'm amazed Burnside posted that warning without actually getting clarification. But I guess the problem was he wasn't able to get a hold of them, which is another failure on Labcoin's part.

Still, I ended up selling because of that warning, before he posted the link.  I made a pretty big proft off the shares that I re-bought at 0.0016, like 70% or so.  And I'm pretty sure I'm still way in the black.  But it is really annoying.

The way it was worded, made it sound like the stock could be delisted at any moment.

ssshhh
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September 22, 2013, 08:14:42 AM
 #13297

https://bitcointalk.org/index.php?topic=241033.msg2568628#msg2568628

Quote
EDIT : Haters gonna hate. The terrracoind was for internal tests with our pool of Avalon machines.

https://bitcointalk.org/index.php?topic=241033.msg2568834#msg2568834


Quote
We own and run several machines. checkout the team labcoin at btcguild


Please post some photos of the working/hashing "Labcoin" mining hardware.
Please note I am a supporter, I want this project to be "real". 

BitThink
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September 22, 2013, 08:16:52 AM
 #13298

Public 70%
Labcoin 30% - voluntary lock 75%  for 12 months (show of good will - not part of the contract).

Yeah, that's what they said - I'm amazed Burnside posted that warning without actually getting clarification. But I guess the problem was he wasn't able to get a hold of them, which is another failure on Labcoin's part.

Still, I ended up selling because of that warning, before he posted the link.  I made a pretty big proft off the shares that I re-bought at 0.0016, like 70% or so.  And I'm pretty sure I'm still way in the black.  But it is really annoying.

The way it was worded, made it sound like the stock could be delisted at any moment.

So it was you who dumped that time. Smiley sorry, because I was the first one noticed the new warning and asked here.
yuansuyi
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September 22, 2013, 08:19:59 AM
 #13299

For those that are curious about what we are currently trying to figure out, it's this clause:
...
We have asked for verification of the withholding of 30% of the shares.

Are you referreing to a breach of contract or not being in line with what they have announced?

Can you please elaborate your point of view and what exactly is the breach is? What is your definition of "will hold" according to the contract?

Quote
General shareholder contract and IPO information

Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.

Source: asset contract

Quote
Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.

Source: asset news

I read the contract and to me it means they'll hold 30% indefinitely.  (IE, their profit comes from dividends, thus keeping them motivated.)

This may no longer be possible, but it should be cleared up and addressed.  If it only applied to the IPO then it should probably be removed, because right now it has the potential to confuse people as it did me.

Once the contract issue is addressed, (remove it, or make it 25%?)  then there's the other issue of locking the 25% of the shares as they announced they would.  It's easy for me to do, I just need to know the account login.  (and... it should only hold those shares, because an account lock is going to prevent any actions in that account.)


before IPO, the issuer has transfered 3M shares to other accounts, you can get those accounts if you want to.
BitCsByBit
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September 22, 2013, 08:20:36 AM
 #13300

Public 70%
Labcoin 30% - voluntary lock 75%  for 12 months (show of good will - not part of the contract).

Yeah, that's what they said - I'm amazed Burnside posted that warning without actually getting clarification. But I guess the problem was he wasn't able to get a hold of them, which is another failure on Labcoin's part.

Still, I ended up selling because of that warning, before he posted the link.  I made a pretty big proft off the shares that I re-bought at 0.0016, like 70% or so.  And I'm pretty sure I'm still way in the black.  But it is really annoying.

The way it was worded, made it sound like the stock could be delisted at any moment.

So it was you who dumped that time. Smiley sorry, because I was the first one noticed the new warning and asked here.

It seems like a lot of people are trigger happy due to the ride so far.

I think it would be the best just to walk away and come back in a month and check how your shares are goin.    Grin

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