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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 1039760 times)
abuelau
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October 02, 2013, 08:35:45 AM
 #16801

Quote
here it's me writing, but using the name of the nominee director that I hired for the Honk Kong company

He didn't say that he's using the name of an imaginary director.

He said he HIRED a director and is using his name. Big difference.

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Puppet
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October 02, 2013, 08:39:13 AM
 #16802

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here it's me writing, but using the name of the nominee director that I hired for the Honk Kong company

He didn't say that he's using the name of an imaginary director.

He said he HIRED a director and is using his name. Big difference.

Its only a difference if that person actually exists. My guess is that he does, and is called Armandi.

Anyway, why dont some of you with vested interest in this scam pool a few BTC and hire a lawyer, there is one on this forum. Just send Fabricationio a nice registered letter asking some clarifications.
Bitcycle
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October 02, 2013, 09:23:17 AM
 #16803

It's been 1 day since this list was posted.

Unfortunately, no action items have been completed.

The list remains as it is.  I am including some suggestions added by the community, though it is important to note that these have not been agreed to by Mr. Noi.

I am PMing a reminder copy to Mr. Noi as soon as this is posted.

NOTES FROM THE Q&A

INCLUDING A TO-DO LIST FOR SAMUELE NOI.

I am PMing a copy of this to-do list to the Labcoin account as a reminder of the action items from this session.

I am also asking Mr. Noi to inform us when these items are completed.

Actions for the next 24 hours.
  • Skype session with Ukyo regarding Bitfunder listing
  • Posting to the forum the amount of BTC left in the company funds.
  • Change pool to Eligius
  • Make the labcoin portfolio public on BTCT

Other actions to complete ASAP
  • Verification of ID.  A good start would be writing "I am Samuele Noi of Labcoin" and the date on a piece paper, and photograph yourself holding it.
  • Photos of the hosting facilities as well as the operational boards
  • Send a sample board to TheSeven.  This should be done immediately as the sooner he gets the board the sooner he can provide advice. Delays have a direct cost.
  • Exact power consumption figures for the chips/boards


Actions for the community to complete ASAP
  • Nominate a panel of community representatives to work closely with Samuele. This should be done immediately. We complain about delays from Sam, let's not do what we criticize him for.

Suggested additional items from the community
  • Meet with a shareholder in person in Shenzhen / Hong Kong. Lunch/coffee/tea meeting etc.  Merv77 has indicated that he will be in town and available Oct 23 - Nov 11. An in person meeting with a third party could soothe a lot of anxieties.
  • Provide a full accounting for all money spent so far.  A spreadsheet showing expenses and dates would be ideal.

THIS LIST WILL BE REPOSTED DAILY WITH ITEMS CHECKED OFF AS THEY ARE COMPLETED

Rannasha
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October 02, 2013, 11:42:47 AM
 #16804

For more lulz, we don't know exactly when trading will stop.

Burnside, sorry if this has been asked, but what is the exact time of the trading halt? I believe you're on Pacific Time, so will it be October 7th, 12:01AM Pacific Time?


I don't have an exact time, sorry.  That's a work day, and a busy one, so probably around when I get home in the evening.

Cheers.


Who's going to end up with the hot potatoes?

It makes the game more interesting this way.
drawingthesun
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October 02, 2013, 11:46:14 AM
 #16805

Pankkake, do you think there is any chance this was not a scam but rather a badly run company?
dhenson
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October 02, 2013, 11:55:15 AM
 #16806

https://bitcointalk.org/index.php?action=profile;u=120219

Looks like they updated their profile to remove the reference to Delaria today.
Puppet
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October 02, 2013, 12:00:07 PM
 #16807

the scam is to have a badly run company.


BitCsByBit
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October 02, 2013, 12:00:18 PM
 #16808

https://bitcointalk.org/index.php?action=profile;u=120219

Looks like they updated their profile to remove the reference to Delaria today.

She probably complained after being contacted on FB.

So no update even though he was on the forum?!

Tipsy jar: 1HgfLMXiJQj9KZ7abLRh9rWuR7dgeSyub4
drawingthesun
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October 02, 2013, 12:01:02 PM
 #16809

Pankkake, do you think there is any chance this was not a scam but rather a badly run company?
I thought it was badly run and a bit suspicious but now I think the scam is to have a badly run company. I am pretty sure of it, especially after looking at the previous scams from the people who seem to be related to Labcoin. When you run a scam, the big part is to get away with it.

In the latest Q&A Labcoin did not want to do a refund but said he would spend the bitcoins he still has to fix the chips, as an excuse to not refund the coins left in the company. The chips are now way too late so even fixing them will not be cost-effective. Even if they are legit, they are doing something that will be less profitable for their investors than a refund... so... scam anyway.

Damn, so the chips need fixing? How were they hashing at 800GH/s? I missed the Q&A because this thread grows 20 pages a day.
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October 02, 2013, 12:09:26 PM
 #16810

...Damn, so the chips need fixing? How were they hashing at 800GH/s? I missed the Q&A because this thread grows 20 pages a day.

Drawingthesun, don't tell me you've put money on this too, this late in the game?
drawingthesun
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October 02, 2013, 12:13:46 PM
 #16811

...Damn, so the chips need fixing? How were they hashing at 800GH/s? I missed the Q&A because this thread grows 20 pages a day.

Drawingthesun, don't tell me you've put money on this too, this late in the game?

I got my last shares out at 0.002

But its a shame because I was holding a lot at one point and really liked the idea to hold shares in a new mining company. At the moment the money I have made from Labcoin has offset my loss in value from ActM.

So my investments in Lab and ActM have made the whole thing breakeven, which sucks because of the time invested.

EDIT: I had been looking for an excuse to get back in, but I don't think that is ever going to happen.
pedrog
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October 02, 2013, 01:37:46 PM
 #16812

So, nothing changed since yesterday? I see the same 0.05 payout...


Today is dividends day, right?

velacreations
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October 02, 2013, 02:01:09 PM
 #16813

I think the scam is to have a badly run company

It's like Mel Brooks' "The Producers", but without Gene Wilder.

alphaking
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October 02, 2013, 02:16:57 PM
 #16814

So, nothing changed since yesterday? I see the same 0.05 payout...


Today is dividends day, right?

I checked the log of Q/A. Oct. 2nd should be the dividend day as some unfulfilled deadlines before. Labcoin disappears again.
In a few days the hashrate will "stable", I think.
zumzero
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October 02, 2013, 02:37:37 PM
 #16815

Pankkake, do you think there is any chance this was not a scam but rather a badly run company?
I thought it was badly run and a bit suspicious but now I think the scam is to have a badly run company. I am pretty sure of it, especially after looking at the previous scams from the people who seem to be related to Labcoin. When you run a scam, the big part is to get away with it.

In the latest Q&A Labcoin did not want to do a refund but said he would spend the bitcoins he still has to fix the chips, as an excuse to not refund the coins left in the company. The chips are now way too late so even fixing them will not be cost-effective. Even if they are legit, they are doing something that will be less profitable for their investors than a refund... so... scam anyway.

So even if they are legit they are a scam?

You're a scam, he's a scam, she's a scam, I'm a scam, my dog is a scam, even the kitchen sink is a bloody scam.

Scam, scam, scam.

S.   C.   A.   M.




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Bitcoin game where you can earn up to 220% on each planted garden!
drawingthesun
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October 02, 2013, 02:37:56 PM
 #16816

yes dividend has been paid. ฿ 0.00000147 per share.

Where is this?
pedrog
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October 02, 2013, 02:39:50 PM
 #16817

yes dividend has been paid. ฿ 0.00000147 per share.

That was last 24th, like alphaking pointed, today we should see another round of dividends.

girlfawkesy
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October 02, 2013, 02:42:36 PM
 #16818

They're back to hashing on BTCguild at around 400 g/hash

http://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm
AngelSky
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October 02, 2013, 02:46:02 PM
 #16819

Still a one man show? Still no hashrate? Still no spreadsheet? Still no real ID? Still no pictures? Still nothing?

Still HOLDING? You fool.

From the "Stockholder Agreement": "Regularly communicate the project financials to share holders in a way that lets share holders evaluate the performance, capital outlay and future of the project."

LOL

Amazing.. *anonymous_company*!

,,,,
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|
▬▬▬▬▬▬▬▬▬▬   Whitepaper   Twitter   Slack   Bitcointalk   ▬▬▬▬▬▬▬▬▬▬
..PUTTING TRADITIONAL FINANCIAL ASSETS ON-CHAIN..
▬▬▬▬▬▬▬▬▬▬    Telegram   Medium   Reddit   Youtube    ▬▬▬▬▬▬▬▬▬▬
  ▄▄██████▄▄
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Rulother
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October 02, 2013, 02:47:44 PM
 #16820

IMO, labcoin (whoever that is) should be required to actually do one or two of the things promised in the Q&A prior to everyone wasting time forming a committee. (I also think you should refer to it as an advisory committee, rather than a board.)

If labcoin can't be bothered to follow through on a few simple promises as proof of good faith, the entire committee idea may be a ruse.
I think it was a good idea to have some sort of shareholder representation, but I agree that "advisory board" is not the best way to think of the group. It should be something more along the lines of "shareholder representatives" or something. The problem with the idea of keeping Sam accountable is that shareholders have no real power - unless and until we can prove his identity (which he is loathe to do) and keep him accountable under pain of actual legal action. So we can't really form a "board of directors" (in the traditional meaning) that Sam would report to, because it's not like we can fire him. Then again, he's probably even LESS likely now to give us his real identity because people are starting to go after Tatti by way of his employer. (Whether or not Sam is actually Tatti is irrelevant to this, as I believe either he is and he's pissed off that his employer is being contacted, or he's not and he's scared to see what Tatti is going through.)

We can say that we "require" him to do certain things, but it has no teeth, unfortunately. We can give him ultimatums, but what can *actually* be done about it that has real world consequences for him unless we have proof of identity? It all boils down to Sam's intent. If he wants to see the project succeed, he should be willing to hear input from a group of people who are better able to solve the problems he's running into - and he must trust that group of people to give him sound advice without fear of getting arrested or accosted in the street even after giving a good-faith effort. If this is the case going forward, we need to have thoughtful, deliberate, and rational people working to ensure they understand the big picture as well as the individual issues that are coming up on an ongoing basis.

If, however, he does not intend for the project to succeed, then he already has all the bitcoins, and we still don't know with any reliable amount of certainty who the real person is behind the keyboard. He's going to simply walk, and it won't matter what kind of machinations we go through to try and keep him accountable.

So, this is my viewpoint:
We form a group of 5 or so volunteers/nominees (no more than 10 in any case) who agree to meet regularly with each other, and also with Sam to discuss problems facing the project. There should be at least one EE on board, or at minimum someone with real experience with actual ASIC development. There should be a few people who understand business management, and at least one person with project management experience. This group should include at least one person who considers this a scam, and at least one person who considers this a sure thing. We need to have a balance of opinion here so that all sides are considered. Can't lose sight of the crazies, because sometimes they actually have a good point to make.

The group should meet at least weekly on their own, without Sam, to discuss what should happen during the following meeting with Sam. When the group meets with Sam, the meeting should cover past project goals, issues that have come up since the last meeting, and the plan for the next week, 30 days, 90 days, and 180 days. Assuming Sam wants the project to succeed, this should not only keep him accountable, but also give him a way to offload/outsource (sorry, couldn't help myself there) assistance from the shareholders.

Is that an agreeable format?

Either way, nominations/volunteers should be considered within the next 24 hours.

For all interested in taking part of this, "committee," please come to the #Labcoin channel today around 2000 UTC / 4pm EST. We are looking for people who can actually contribute, not just big share holders. Similar to Radiumsoup's post.

A Member of the LCSH
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