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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1039654 times)
twentyseventy
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October 07, 2013, 01:30:23 PM
 #16961

Btc.co is down.

ps-How do we get our BTC out if it only permits 2.5btc withdrawl per day?

The automatic withdrawal has a daily limit, but you can withdraw more. It just has to be done manually.
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1508206189
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Rulother
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October 07, 2013, 01:31:43 PM
 #16962

Btc.co is down.

ps-How do we get our BTC out if it only permits 2.5btc withdrawl per day?

Manual withdraw, Burnside will take care of it but I imagine with so many people doing it, that there is some backup going on.

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Squirrel Dearing
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October 07, 2013, 02:03:32 PM
 #16963

Btc.co is down.

ps-How do we get our BTC out if it only permits 2.5btc withdrawl per day?

Manual withdraw, Burnside will take care of it but I imagine with so many people doing it, that there is some backup going on.
Sorry for my ignorance.. I just logged on this morning (since Friday) and see that btct is down.. How do I do a manual withdraw if the site is down?  I don't have much there - but would just like to know what's going on.

drawingthesun
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October 07, 2013, 02:04:36 PM
 #16964

Quote from: https://btct.co/
This webpage is not available

Well everyone was given warning that it would be soon. Now btct.co is over.

viruscs
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October 07, 2013, 02:31:25 PM
 #16965

btct.co is down。

any news on  labcoin?

crumbs
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October 07, 2013, 02:31:56 PM
 #16966

Quote from: https://btct.co/
This webpage is not available

Well everyone was given warning that it would be soon. Now btct.co is over.



RIP in peace Cry
alphaking
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October 07, 2013, 02:33:49 PM
 #16967

btc.co is down.
labcoin is dead.
 Angry Angry Angry
drawingthesun
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October 07, 2013, 02:41:49 PM
 #16968

btc.co is down.
labcoin is dead.
 Angry Angry Angry

Not to sound like a jerk, but who was holding this far anyway? When I told people to sell I was put on ignore lists and labelled a "FUDster".

The stock ended up 20 times lower than when I was "spreading fud" telling people to get out.

I don't even understand why there was heavy buying action just hours before the close.
Bitcycle
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October 07, 2013, 04:02:39 PM
 #16969


BTCT is not down, but the domain registration has expired.

See here for how to access the site-


https://bitcointalk.org/index.php?topic=125629.msg3293181#msg3293181
ishkur
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October 07, 2013, 05:07:20 PM
 #16970


BTCT is not down, but the domain registration has expired.

See here for how to access the site-


https://bitcointalk.org/index.php?topic=125629.msg3293181#msg3293181

I take it those with iPhones can't get on the ?

Bitcycle
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October 07, 2013, 05:34:46 PM
 #16971


BTCT is not down, but the domain registration has expired.

See here for how to access the site-


https://bitcointalk.org/index.php?topic=125629.msg3293181#msg3293181

I take it those with iPhones can't get on the ?



Probably not, unless Burnside fixes things.
mgio
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October 07, 2013, 06:59:02 PM
 #16972

What are our chances of ever getting any of our IPO money back?
Rannasha
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October 07, 2013, 07:06:58 PM
 #16973

What are our chances of ever getting any of our IPO money back?

Slim to none.

Right now, there are 2 main possibilities:
1) Labcoin is (sortof) legit, but grossly incompetent. Sam has admitted that half the IPO money is unspent. That means half of it is gone, so liquidation of all assets and a forced buyback of shares won't net shareholders much more than half the IPO amount.
2) Labcoin is a scam. You won't get money back.

Of course, there's a third possibility, being that Labcoin somehow gets this trainwreck back on the rails, produces a well-performing chip and collects good profits, but the odds of that are very small.

As long as Labcoin shares are not on an exchange, their are extremely illiquid and shareprice will not see massive fluctuations from news (good or bad). So hoping for the price to spike to IPO level (even if it's based on hype over news rather than true value) is pointless. With Labcoins track record of bad (or no) communication and broken promises, I don't see any serious exchange wanting to list them.

My advice (as someone who never held Labcoin for long, but mostly played the higher-lower-game with shares around news-updates): Get out now, before BTCT closes trading and at least recover some of your money.
Bitcycle
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October 07, 2013, 07:41:39 PM
 #16974

1) Labcoin is (sortof) legit, but grossly incompetent. Sam has admitted that half the IPO money is unspent. That means half of it is gone, so liquidation of all assets and a forced buyback of shares won't net shareholders much more than half the IPO amount.
Labcoin hinted that they would not do that, but rather try, try again. So even if they did not intend to be a scam (which I doubt, I think it was intended to underdeliver - and they still have to prove they spent half of the IPO money), you're going to see them fail, fail again.

I agree that they're very unlikely to do a buyback.  I'm not sure where that idea came from, but in the Q&A Sam specifically said they didn't intend to do so.

Best case scenario is they spend most of what's remaining on gen 1 and don't have enough left for gen 2. That's about as rosy a picture as I can imagine.

It's possible in that case that there could be some divs for a while, but they won't add up to the current share price.  

The strongest argument for getting out, though, is that it's hard to see how they can ever be listed on another exchange.  Who will take them at this point? Bitfunder seems almost impossible, as does Havelock.  And with their reputation, good luck ever selling direct shares, even if they do start hashing at a decent rate.

To me it's now a gamble with very long odds and a small payoff at best.

mgio
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October 07, 2013, 08:04:47 PM
 #16975

Do we even know the real names of the people involved? Any chance of taking legal action against them?

It's not an insignificant amount of money.
Bitcycle
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October 07, 2013, 08:08:50 PM
 #16976

Do we even know the real names of the people involved? Any chance of taking legal action against them?

It's not an insignificant amount of money.

Fabrizzio was positively id'ed by his Facebook photo as the man Howard Wang met to fill out the tapeout paperwork.
utens
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October 07, 2013, 08:12:47 PM
 #16977

Do we even know the real names of the people involved? Any chance of taking legal action against them?

It's not an insignificant amount of money.
Also if they really are scammers , they must get what they deserve, some legal process. Otherwise 100% that those people will scam many more people in the future, with sloppy projects correlated or not to the bitcoin world.

And they may scam the wrong guy, who goes nuts, does something crazy in the Us, the Us blame terrorists, attack middle east, russia reacts, third world war happen and all the humanity will disappear.

Or also may scam the guy who reacts by wanting to make the world a better place and doesn' want this stuff to happen again , he invents something that lead to solving all the problems in the world.

auto2nr1
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October 07, 2013, 08:13:36 PM
 #16978

Do we even know the real names of the people involved? Any chance of taking legal action against them?

It's not an insignificant amount of money.

Fabrizzio was positively id'ed by his Facebook photo as the man Howard Wang met to fill out the tapeout paperwork.

Just to make sure who did you hear this from? Source?
Bitcycle
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October 07, 2013, 08:17:51 PM
 #16979

Do we even know the real names of the people involved? Any chance of taking legal action against them?

It's not an insignificant amount of money.

Fabrizzio was positively id'ed by his Facebook photo as the man Howard Wang met to fill out the tapeout paperwork.

Just to make sure who did you hear this from? Source?

TheSeven.  Check irc logs.
bittymitty
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October 07, 2013, 08:51:28 PM
 #16980

Why don't you just just move on and take it as a learning experience.  There is zero chance you will get any BTC back from labcoin.
The end.
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