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Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1058117 times)
BitCsByBit
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October 01, 2013, 04:32:21 AM
 #16601

Why would it boost confidence?

They had more than 24 hours to prepare for the Q&A and to clear any suspicion that this is a scam, and what evidence have they shown?

I was giving them the benefit of the doubt that they are just incompetent and are having technical issues just like start-ups tend to do, but they have provided 0 tangible evidence so far.

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BitThink
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October 01, 2013, 04:34:58 AM
 #16602

The only reason to buy now is hoping 'Sam' (whoever he is) to sell the chip design, all chips, and refund all the investors with the BTC remaining. In that case, each share may get around 0.0006 BTC. If you think the probability for this to happen is 'p', then apparently we can buy the share at 0.0006 * p.
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October 01, 2013, 04:37:05 AM
 #16603

Why would it boost confidence?

They had more than 24 hours to prepare for the Q&A and to clear any suspicion that this is a scam, and what evidence have they shown?

I was giving them the benefit of the doubt that they are just incompetent and are having technical issues just like start-ups tend to do, but they have provided 0 tangible evidence so far.

Even they proved they are incompetent and having technical issues, how much value can you expect from a company has only one man (with unknown identity) partly working on it, one 130nm chip design, and 20000 not-working chips?
dtown
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October 01, 2013, 04:38:33 AM
 #16604

You guys hit your buys yet?  Pretty disgusting
Bitcycle
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October 01, 2013, 04:42:52 AM
 #16605



Everyone realizes that transcript specifically indicates Sam and Fabrizio aren't the same person, right?


BTCThousandaire
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October 01, 2013, 04:43:55 AM
 #16606

How about everyone relax and wait 2 days for Ukyo or Burnside to comment on their investigation.

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October 01, 2013, 04:44:49 AM
 #16607

How about everyone relax and wait 2 days for Ukyo or Burnside to comment on their investigation.

Is there any indication one of them is going to comment on this?

VolanicEruptor
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October 01, 2013, 04:44:52 AM
 #16608



Everyone realizes that transcript specifically indicates Sam and Fabrizio aren't the same person, right?





Every time I start reading it, I get a headache and have to stop.  it is nauseating.. can someone just break it down already?

BitThink
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October 01, 2013, 04:48:54 AM
 #16609

Honestly, I have lost 20BTC on it and have no bids and will never put bids on it any more.

Moreover, I am not saying it is a scam and just want to make it clear how much it worth given all 'Sam' said are true. I try to persuade those new comers not to buy just because they think the share is cheap, and I also try to persuade people not to buy and try to flip and cause other guys to lose more. Don't lose karma for grabbing BTC from others.

The best thing we can do now is just to press more pressure on 'Sam' and finally force him to sell everything and fully refund all the remaining to the investors. I bet this is what will happen in the real world (not BTC world) in similar situation anyway.
ishkur
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October 01, 2013, 04:55:25 AM
 #16610

The only reason to buy now is hoping 'Sam' (whoever he is) to sell the chip design, all chips, and refund all the investors with the BTC remaining. In that case, each share may get around 0.0006 BTC. If you think the probability for this to happen is 'p', then apparently we can buy the share at 0.0006 * p.

If this does happen the real winners are the ones scooping up or have been scooping up at .00018-.00021
Bitcycle
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October 01, 2013, 04:55:32 AM
 #16611


The transcript indicates that Sam Noi is a real person that Fabrizio named as a director in his company for the project.

Fabrizio then made a post under the Labcoin account and signed it with Sam's name.


This means the transcript does NOT support the idea that they are the same person, but in fact does directly the opposite.

VolanicEruptor
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October 01, 2013, 04:55:35 AM
 #16612

Whats this investigation from Ukyo and Burnside mentioned?? You guys are so vague sometimes, its no wonder this thread is complete garbage.  Every time you post information, post sources, or links, or quotes... SOMETHING

redmetal
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October 01, 2013, 05:01:54 AM
 #16613

Whats this investigation from Ukyo and Burnside mentioned?? You guys are so vague sometimes, its no wonder this thread is complete garbage.  Every time you post information, post sources, or links, or quotes... SOMETHING

Its amature hour here, most of these kids shouldn't be allowed to invest.
If this is a scam, I could have pulled a better scam than this, why wouldn't "Sam" just post blurry pics of a some chips? or Post some fake docs to "Prove" who he is?
It's all assumptions either way, look at what has been provided? next to nothing, If any half decent scammer would know is you want to push up the share price by providing what ever fake docs you can, it would cost a few hundred at best to produce some photo shopped pics of chips/ boards/ ID ect.

If this is not a scam and they can gain 1% of the network, ill be looking at a nice gain of ~50BTC, My little risk may or may not pay off.

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BTCThousandaire
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October 01, 2013, 05:07:10 AM
 #16614

Whats this investigation from Ukyo and Burnside mentioned?? You guys are so vague sometimes, its no wonder this thread is complete garbage.  Every time you post information, post sources, or links, or quotes... SOMETHING

I mentioned this.

From the Q&A https://bitcointalk.org/index.php?topic=263445.msg3273212#msg3273212
[16:08] <@radiumsoup> Where are you in the process of being listed on BitFunder? Will you be able to switch beforee BTCT close?
[16:09] <+labcoin__> We need to go through a Skype call with the owner.
[16:09] <@radiumsoup> When is that skye call scheduled to happen?
[16:09] <+labcoin__> Yes, we will be able i think.
[16:09] <+labcoin__> I'll contact them in the following days.
[16:09] <@radiumsoup> Tomorrow?
[16:10] <+labcoin__> I'll do my best to do it tomorrow.

That indicates Ukyo's involvement.

Burnside knows some information about Labcoin individuals from the exchange.

I have asked via pm for verification of connected identities to be posted in this thread.

auto2nr1
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October 01, 2013, 05:33:37 AM
 #16615

might have missed it, but did someone start a nomination process for the shareholder reps?

Would you mind getting it started?? The sooner the better I think.
BitThink
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October 01, 2013, 05:37:19 AM
 #16616

Whats this investigation from Ukyo and Burnside mentioned?? You guys are so vague sometimes, its no wonder this thread is complete garbage.  Every time you post information, post sources, or links, or quotes... SOMETHING

Its amature hour here, most of these kids shouldn't be allowed to invest.
If this is a scam, I could have pulled a better scam than this, why wouldn't "Sam" just post blurry pics of a some chips? or Post some fake docs to "Prove" who he is?
It's all assumptions either way, look at what has been provided? next to nothing, If any half decent scammer would know is you want to push up the share price by providing what ever fake docs you can, it would cost a few hundred at best to produce some photo shopped pics of chips/ boards/ ID ect.

If this is not a scam and they can gain 1% of the network, ill be looking at a nice gain of ~50BTC, My little risk may or may not pay off.

If it is a scam, there's a tiny chance that he is so scared and then decided to return all remaining BTCs (may be more than half of 7000BTC).

If it's not, then things may actually be worse. Now you have a completely imcompetent people spending his casual time on managing an almost hopeless company. He will continue throwing the rest BTC to the third party people to try to fix the 130nm chips and try to design a 65nm chip by randomly searching from the forum and contacting them with freechat. Although neither of the two tasks is 'mission impossible', their success both require a lot of efforts, passion, and talents. Do you think this 'Sam' has any of those virtues? In my opinion,  the chance for him to succeed is even lower than the probability of a scammer to refund the victims under enough pressure.

As an investor who knows the company he invested has no hope will always do, please try the best to fire the CEO, sell everything remaining, and get the money back as much as possible.

No matter this is a scam or not, the best thing to do now is try to force 'Sam' to refund the money to each investor and return all (if any) useful assets (design and chips) to someone trustworthy here.
kingcrimson
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October 01, 2013, 05:41:51 AM
 #16617

Ukyo was in the chat later saying he was surprised Labcoin said that, and he seemed a bit puzzled by it. (re: Skype conversation with Labcoin)


The transcript indicates that Sam Noi is a real person that Fabrizio named as a director in his company for the project.


Good, then providing valid ID would be really easy. In fact, it would solve many of their problems instantly. Yet his response to proving his identity was: "We are looking into providing that as an option"

Honestly, I have lost 20BTC on it and have no bids and will never put bids on it any more.


Fabrizia has duped a lot of us, I lost five times as much.


zefyr0s
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October 01, 2013, 05:48:40 AM
 #16618

Ukyo was in the chat later saying he was surprised Labcoin said that, and he seemed a bit puzzled by it.

I think he said that because of what someone said about Labcoin saying they would be listed on BF within days, which I don't ever remember seeing Labcoin write.

Ukyo couldn't confirm nor deny he was in talks with Labcoin, and that he generally does meet with investors via skype (as is public knowledge) and that especially with the recent history Labcoin has had he would ensure to require valid identification.
Bitcycle
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October 01, 2013, 05:54:49 AM
 #16619

might have missed it, but did someone start a nomination process for the shareholder reps?

Would you mind getting it started?? The sooner the better I think.

I nominate Yttrbium and TheSeven for starters, for technical ability.  Also SZMarco if he's still around, since he's local to the action and speaks the language.
dexX7
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October 01, 2013, 05:59:46 AM
 #16620

Fabrizio then made a post under the Labcoin account and signed it with Sam's name.

So. We have two people behind the Skype account and two people behind the forum account.

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