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

[drawingthesun]

3) LC is completely incompetent scam

They raised 10K BTC didnt they? And we dont have a frigging idea who is really behind it. That would qualify as a successful scam to me.

Raised 7,000 bitcoin, they kept 3,000 bitcoin worth of shares for themselves.

They have made over 30,000 bitcoin by trading on their own news. One of the most successful scams in recent bitcoin history. Well played Labcoin, well played.

[1714212421]

1714212421

[Duffer1]

According to the irc chat of theSeven, however, the first batch was actually build by sneaking to the small university fab. It is possible the problem was caused by the poor product quality there.

TheSeven's response: TheSeven   Duffer1: lol, people are misquoting me all the time

[BitCsByBit]

3) LC is completely incompetent scam

They raised 10K BTC didnt they? And we dont have a frigging idea who is really behind it. That would qualify as a successful scam to me.

Raised 7,000 bitcoin, they kept 3,000 bitcoin worth of shares for themselves.

They have made over 30,000 bitcoin by trading on their own news. One of the most successful scams in recent bitcoin history. Well played Labcoin, well played.

Proof?

[BitThink]

Yes, what you said make sense. However, one thing is that this IPO has a company and a CEO, with his name listed.

And has anyone been in contact with him? I could make an IPO and list Bill Gates as chairman.

As for the current share price, I have to say, if anything its still rather high. Am I wrong saying it IPO'd at 0.001 and its now still about half of that?

If even labcoin is legit, its clear they will be unable to meet the expectations set forth at ipo. But the current price only makes sense to me if people still believe their chip not only exists, but will start hashing fairly soon with a relatively small risk  this is going absolutely nowhere. IOW, Im amazed its holding up so well and equally amazed how most of you seem to think this price is low. Facebook value dropped about as much after the IPO, no one thought FB was a scam.

At the time of IPO, we were even further from the chips. If not the btct closing, I don't see anything worse now than the time of IPO except their poor PR communication.

If don't see anything worse now than at the time of the IPO you should probably try looking.  The company has failed to deliver on any of its claims.  Currently, there are two likely possibilities: 1) LC did actually receive their first batch of chips, their performance is about 10% of the rate LC advertised, and there are additional technical issues with the chips that prevent them from hashing steadily.  

2) LC is a total scam, rather than just a completely incompetent company.  

Yes, their first batch of chips did not work well. According to the irc chat of theSeven, however, the first batch was actually build by sneaking to the small university fab. It is possible the problem was caused by the poor product quality there. They are waiting for their second batch, and I guess they are still on the way.

So why don't they come here and say that? Why do they make us find TheSeven in an IRC chat?

Just remember making up all these things do not benefit them at all.
Currently, I think the share price and the emotion of the shareholders are the least important things for them to care about. Most likely, 1) they are busy in preparing the deploying the second batch. 2) they are still negotiating with Ukyo about the re-listing. Even 2) is not so important in current stage.

They only care about the hashing, since that's the only one brings them cash. However, it seems they can do nothing to improve their first-batch chips. All their hopes are now on the second batch.

[Puppet]

They raised 7K BTC, but that was for their 65nm chip.

They funded the 130nm chip.

FYI, 7K BTC most likely isnt enough to develop a 65nm chip and deploy miners based on it en masse. The mask sets alone might be on that order of magnitude.
Small wonder they have nothing to show for, other than theseven doing some contract work in the margin, probably just to keep up appearances.

[BitCsByBit]

They raised 7K BTC, but that was for their 65nm chip.

They funded the 130nm chip.

FYI, 7K BTC most likely isnt enough to develop a 65nm chip and deploy miners based on it en masse. The mask sets alone might be on that order of magnitude.
Small wonder they have nothing to show for, other than theseven doing some contract work in the margin, probably just to keep up appearances.

It's a 65nm chip, not 28nm. The price difference between the two is pretty significant.

[cw92]

One thing is that they keep saying the 20TH will be online in the early October. I don't think lying about this does any good to them. Most likely they just have some problem in assembling and deploying.

You and the other few people still somehow hyping up LC continue to quote their claims.  What makes this promise any different from the countless others (all of which have been broken).  If they couldn't come anywhere near the few TH claim for the first batch, why are they any more likely to be on track for 20TH from the next batch?  Also, LC stated that they ordered the next batch weeks ago.  It's clear from their inconsistent hashrate that they have not yet figured out the issues with the first batch.  Please explain to me how they could have ordered a significantly better performing batch of chips before figuring out everything they botched for the first one.  

[drawingthesun]

Proof?

I hope I am wrong, but the timing of share drops to good news always seemed suspicious to me. Of course never attribute to malice what can be explained by stupidity, but I have a nagging feeling I am right.

[abuelau]

One thing is that they keep saying the 20TH will be online in the early October. I don't think lying about this does any good to them. Most likely they just have some problem in assembling and deploying.

You and the other few people still somehow hyping up LC continue to quote their claims.  What makes this promise any different from the countless others (all of which have been broken).  If they couldn't come anywhere near the few TH claim for the first batch, why are they any more likely to be on track for 20TH from the next batch?  Also, LC stated that they ordered the next batch weeks ago.  It's clear from their inconsistent hashrate that they have not yet figured out the issues with the first batch.  Please explain to me how they could have ordered a significantly better performing batch of chips before figuring out everything they botched for the first one.  

This is why the need to cut the crap and explain clearly what EXACTLY is going on. It would stop all this guess work and fear that comes with it.

[drawingthesun]

This is why the need to cut the crap and explain clearly what EXACTLY is going on. It would stop all this guess work and fear that comes with it.

If they explain what is really going on 0.0005 will seem expensive.

[Puppet]

It's a 65nm chip, not 28nm. The price difference between the two is pretty significant.

Yeah a 28nm mask set would cost several million dollar.
Bitfountain is on record saying a 65nm maskset would cost $500K at a cheap fab in China. Assuming LC could obtain similar prices, that leaves them almost penny less for the chip development, packaging development, PCBs,  actual wafer runs. miner components, assembly etc.

That money was never intended to fund a 65nm chip or farm, they would have needed to raise more.

[BitThink]

The only real risk is that their gen1 chips are completely failure, so they cannot stably hash with their batch-2 either. Moreover, their design of gen2 (a complete different team, led by a lady according to theSeven) fails. Then at that time, they have to announce the end of this project, and refund all the unspent money to the investors.

Even all these happen, the refund could be like 0.0001 or 0.0002 per share. So what's the point to dump at current price before we are certain the project is dead?

[matt4054]

Okay, 0.00025 is a fair price, you can stop selling now.

[BitThink]

One thing is that they keep saying the 20TH will be online in the early October. I don't think lying about this does any good to them. Most likely they just have some problem in assembling and deploying.

You and the other few people still somehow hyping up LC continue to quote their claims.  What makes this promise any different from the countless others (all of which have been broken).  If they couldn't come anywhere near the few TH claim for the first batch, why are they any more likely to be on track for 20TH from the next batch?  Also, LC stated that they ordered the next batch weeks ago.  It's clear from their inconsistent hashrate that they have not yet figured out the issues with the first batch.  Please explain to me how they could have ordered a significantly better performing batch of chips before figuring out everything they botched for the first one.  

I'm not saying they have a very high chance in working with their second batch. Otherwise, I will buy all the shares below 0.002.

I'm just saying there's still hope, so no need to panic sell. Do your own homework and evaluate the risk and rewards. Never be affected by this thread and other guys' behavior.

For your first question, unless we can prove they have sold most of their shares, this cannot be a complete scam. It's at most a failed project managed by some very incompetent guys.

[abuelau]

Where's Labcoin? Where's TheSwede?!?

[ltiv]

Looking to liquidate at a good rate? https://bitcointalk.org/index.php?topic=300663.0

[BitThink]

Where's Labcoin? Where's TheSwede?!?

If you think there's still chance, now it's the great chance to increase your shares.

[drawingthesun]

09:43 (S) 10000 @ 0.00024020 LABCOIN

Cheap shares ^tm

[abuelau]

Where's Labcoin? Where's TheSwede?!?

If you think there's still chance, now it's the great chance to increase your shares.

Already did

[physalis]

Where's Labcoin? Where's TheSwede?!?

Labcoin is TheSwede. He is rich now, probably counting his money with a smug grin on his face. He should be in jail, but he'll probably just get away with it.

You probably still won't believe that this is, and always has been, a complete scam, but there you go, I'll say it again. Maybe after seeing how everything here played out and how long I and the others have been warning you guys, maybe now you'll attribute a little more attention to my opinion.