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

[drawingthesun]

I looked on 796 and CryptoStocks but no Labcoin, how are you guys buying and selling?

[BitCsByBit]

Here is the "unspent" money:

http://blockchain.info/address/15p8MtnUt7qxLus7v6V5d61fDGRAX3tVTY

SOURCE?

Follow the money from the IPO:
http://blockchain.info/tx/94ece99ddeef16696fa5a4ebe05a6e3f3e08695a521c51a644c3af63b4b47109

Labcoin wallet where they received the IPO funds:
http://blockchain.info/address/1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7

But where is your source for that?

Blockchain.info

If you start with the dividend wallet 17psAW21J4twanAFWmbcd5WdX2pKeX3trm and follow the money, it takes you all the way to the IPO funds.

Expect to spend some time analysing it.

I found another 2,631.9077 BTC elsewhere, but it seems to be spent for some hardware. I'm waiting for a response regarding whom does that wallet belong to.

Potentially hardware labcoin promised for the mid October hash rate.

I posted the above details 9 days ago.

A few days ago E.Sam posted:

TheSeven and Fruitninja confirmed they've received payments from Labcoin from https://blockchain.info/address/1J3bLZrFdWwVE6kG9cojT5189N6Er2xHrm

Source: https://bitcointalk.org/index.php?topic=263445.msg3331343;topicseen#msg3331343

From the below transaction you can clearly see that the 1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 IPO wallet mentioned above and the 1J3bLZrFdWwVE6kG9cojT5189N6Er2xHrm wallet used to pay theSeven are related.
https://blockchain.info/tx/23a40ad1cf1b2c25018c33dd4ae8fa0856714d92085b9de0500b249fd8f8b17d


9 days ago, the 15p8MtnUt7qxLus7v6V5d61fDGRAX3tVTY wallet still had 2,735.5190632 BTC, but since then those funds have been spent/moved.


9 Oct - 2,653.5180632 BTC - went to 1AwJUKJsrTwPB92MhTEZ4m5jmKjSCZsNLv
http://blockchain.info/tx/7f996f149b2f602516cb526a9f5cfb7a2d27fcd90bb5f9276e7a899e4fc9cd5b

11 Oct - 2,643.5170632 BTC - went to 19Z6WwLtmhCT1xZyQAvnHg5tRKg24naeDS
http://blockchain.info/tx/ad453e87488eb128074b75ca4b0b4b8a94ed6569e63b79c66c2e6f5206b3bad4


11 Oct - 2,143.5070632 BTC - went to 1Db4b6Up7KhzCvrPCu3BgqugDEpH86EDm5
500 BTC went to 1ChUUPuiJByGTBFX12pXUwfzJ1ePspMvMy and then to Just-Dice
http://blockchain.info/tx/bc656cdaf03e528300a71fdba39ce0662cd0ad1eb6b1d7dba379a14c0742f4d8


11 Oct - 1,461.07586422 BTC - went to 1KFyiHGJRXRxT9TQiVuy12kdYtCiLmcnas
1,000 BTC went to 13cSk2UJwcZ3ch6xW1SqjDrFXGhjeuF13K then to Just-Dice
http://blockchain.info/tx/a32e281f2ecc10f2a675afa1cd2b7566a8b5f71d736590688ed2e7d03b2af83a


Final balance 1,461.07586422 BTC
http://blockchain.info/address/1KFyiHGJRXRxT9TQiVuy12kdYtCiLmcnas


tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

EDIT: This breakdown is only for the last 9 days, but looking back I can see other transactions where the endpoint was Just-Dice.com Online Storage wallet.

EDIT 2: Fixed URL's

[Puppet]

tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

Oh common BitCsByBit, dont be so mean. You give them false hope! Now they will think labcoin may win big on justdice and pay out 2x the IPO in dividends!

[Sou]

tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

If it were exclusively between the two i would lean toward the latter. Him trying to wash the BTC so he can cover the trail in the blockchain, and get the coins to other addresses.

[BitCsByBit]

tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

Oh common BitCsByBit, dont be so mean. You give them false hope! Now they will think labcoin may win big on justdice and pay out 2x the IPO in dividends!

If it were exclusively between the two i would lean toward the latter. Him trying to wash the BTC so he can cover the trail in the blockchain, and get the coins to other addresses.

Well, the evidence is there, and it is available for anyone to check.

I'll post the link here as it ended up on the bottom of the page:
https://bitcointalk.org/index.php?topic=263445.msg3347620#msg3347620

Edited.

[Lohoris]

Just as I predicted. 796 is desperate in adding new assets.

If they are desperate, and they add an asset which turns out to be a scam, they'll likely be devastated after that.

[SebastianJu]

tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

Oh common BitCsByBit, dont be so mean. You give them false hope! Now they will think labcoin may win big on justdice and pay out 2x the IPO in dividends!

If it were exclusively between the two i would lean toward the latter. Him trying to wash the BTC so he can cover the trail in the blockchain, and get the coins to other addresses.

Well, the evidence is there, and it is available for anyone to check.

I'll post the link here as it ended up on the bottom of the page:
https://bitcointalk.org/index.php?topic=263445.msg3347620#msg3347620

Edited.

Its a sure bet... i mean who knows better than Sam what will happen with Labcoin? He can even make bets true.
But this is not ok any way i look at it.

[bitwhizz]

So after all this, people think Labcoin is more credible as they are hashing with 2.5 Terrahash which could easily be achieved with even buying 1000 blue furys which would cost 60k and they have listed on 796.com and labcoin refuses to let them come to the site. This is a joke, how long must a scam drag out for.

I have just pulled my money out of 796.com stock as i don;t want to be associated with an exchange hat allows an asset like labcoin to be featured. To me that makes 796.com just as shady, also 796 could lose its liscence and its game over. I hope your reading this owners of 796.com, your doing a HUGE mistake

[SebastianJu]

@BitCsByBit
Someone mentioned that these are btc-hotwallet addresses. So i wonder how sure it is that labcoin owns these bitcoins or if it might be a differen btc-user.

I might have not been clear, maybe my point was lost.  I'll give it another try:
Assuming that there is a chip, or, at least, a maskset:

If mining with Labcoin's chips is profitable, and these chips could be assembled into miners rapidly (the whole thing scales easily), why do you think the other ASIC manufacturers, who have both proven & more efficient masksets, are not doing the same?  Other than having proven design, provably more efficient, why can't KNC order another run at their foundry, outsource boards & assembly, and just rake in the coin?  Concern for their customers?  Scruples?  Love of small-time miners?

Im not sure too. And i think that the other companies will bring hashpower online for sure. But labcoin, if its legit, and the newest just dice info doesnt really look like it for me, could bring hashpower online too. Its a fight between big companies. And since labcoin theoretically has an advantage with the price, at least against endusers, i think it could get a part in the networks hashrate. Of course the other companies will built too.

What im not so sure anymore is... if the many companies that own an asic design... will succeed. Even when they have a own design... at one point the companies will fight against each other. And i dont know how this will end.

[dexX7]

Even if 1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 contained IPO funds, I'm not sure if you can conclude anything from that point on. BTCT moves the coins internally all the time?

[Bitcycle]

tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

Oh common BitCsByBit, dont be so mean. You give them false hope! Now they will think labcoin may win big on justdice and pay out 2x the IPO in dividends!

If it were exclusively between the two i would lean toward the latter. Him trying to wash the BTC so he can cover the trail in the blockchain, and get the coins to other addresses.

Well, the evidence is there, and it is available for anyone to check.

I'll post the link here as it ended up on the bottom of the page:
https://bitcointalk.org/index.php?topic=263445.msg3347620#msg3347620

Edited.

Another alternative is that the address is mislabeled and isn't just-dice at all.

[BitCsByBit]

@ SebJu

That suggestion was for 2 other wallets which received funds from the dividend wallet.

@ dex

That wallet contained a lump sum from the IPO.  7000 BTC - the fees. After the IPO BTCT would send those funds to Labcoin and not split it up internally.
Also that wallet is associated with the wallet that theSeven confirmed he was paid from for his services to Labcoin.
The amount, date and the association with a wallet we known belongs to Labcoin makes it highly plausible that these Bitcoins are owned by Labcoin, but only Burnside can confirm the truth.

@ BitCycle Huh. Really?

[dexX7]

That wallet contained a lump sum from the IPO.  7000 BTC - the fees. After the IPO BTCT would send those funds to Labcoin and not split it up internally.
Also that wallet is associated with the wallet that theSeven confirmed he was paid from for his services to Labcoin.
The amount, date and the association with a wallet we known belongs to Labcoin makes it highly plausible that these Bitcoins are owned by Labcoin, but only Burnside can confirm the truth.

Ahh, thanks! I thought 1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 was an internal BTCT wallet.

Could you outline the path from 1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 to the wallet Seven was paid from (1KRj8opQ5y3h2dw8FjnskxuVZ5qtu5Uuid)?

[Sou]

Regarding labcoin's mining gear. Though I already posted it here (and nobody paid any attention of course), 343 BTC from the IPO funds landed on 1FTspToTzXGHJCFkrryRAwmFaqAYQL7QVt address. If I understand this post and the whole thread in German correctly, that address received payments for EU ASICminer hardware sales in the past (YXT is ASICminer hardware reseller for EU).

This is a simplified representation of the path in blockchain:

[2013-08-01] 1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 6,940 BTC
[2013-08-08] 16UVuhyftaZtCrL2xLgz2GES5ZpUGVncHQ 4,296 BTC
[2013-08-26] 18317bfjBf4H6gyYWPNJ2yjjT5k7kjAUGx 4,260 BTC
[2013-09-16] 1PmSbeoo9ZC9F41vFYbEYZsCCfZdcVJ2xm 344 BTC
[2013-09-16] 1KbpxRKJibrbYe3o4RGcMCEzFtcgjGu8eh 343 BTC
[2013-09-19] 1FTspToTzXGHJCFkrryRAwmFaqAYQL7QVt 343 BTC

Funny is, that labcoin moved the money on 16th September and started hashing on 18th IIRC. One "new version" blade cost 5.3 BTC and one "old version" blade cost 4.895 BTC (with further discount for orders > 30 pcs), if you bought them from YXT at that time (reference). 343 BTC would be sufficient for ~70 old blades, with resulting hashrate of ~ 700 - 840 GH/s.

Strange coincidence, I'd say.

and the plot thickens.

[addi]

tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

Oh common BitCsByBit, dont be so mean. You give them false hope! Now they will think labcoin may win big on justdice and pay out 2x the IPO in dividends!

If it were exclusively between the two i would lean toward the latter. Him trying to wash the BTC so he can cover the trail in the blockchain, and get the coins to other addresses.

Well, the evidence is there, and it is available for anyone to check.

I'll post the link here as it ended up on the bottom of the page:
https://bitcointalk.org/index.php?topic=263445.msg3347620#msg3347620

Edited.

Another alternative is that the address is mislabeled and isn't just-dice at all.

Yes I'm sure that's it.. :p Cmon man, it's clear this guy has scammed us all, we should no longer hope to get any bitcoin back. The sooner we get over this, the sooner we can take further steps/let it slide/whatever..

[BitCsByBit]

That wallet contained a lump sum from the IPO.  7000 BTC - the fees. After the IPO BTCT would send those funds to Labcoin and not split it up internally.
Also that wallet is associated with the wallet that theSeven confirmed he was paid from for his services to Labcoin.
The amount, date and the association with a wallet we known belongs to Labcoin makes it highly plausible that these Bitcoins are owned by Labcoin, but only Burnside can confirm the truth.

Ahh, thanks! I thought 1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 was an internal BTCT wallet.

Could you outline the path from 1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 to the wallet Seven was paid from (1KRj8opQ5y3h2dw8FjnskxuVZ5qtu5Uuid)?

theSeven was paid from a different wallet 1J3bLZrFdWwVE6kG9cojT5189N6Er2xHrm
I'm on my phone now and the Blockchain is not working properly.
Check my post on the last page, all the details are there and you can see that the IPO wallet shares funds with this wallet.

[dexX7]

theSeven was paid from a different wallet 1J3bLZrFdWwVE6kG9cojT5189N6Er2xHrm
I'm on my phone now and the Blockchain is not working properly.
Check my post on the last page, all the details are there and you can see that the IPO wallet shares funds with this wallet.

Got it, two paths found:

1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7 (allegedly IPO)
13nL1mML6PS1S5fjAmjXK31Cn1nX2ku7u9
1J3bLZrFdWwVE6kG9cojT5189N6Er2xHrm 2013-03-10, 0.00047 BTC (tx)

1ovYFPS1HiGFMQVTB3vuWtnEpGvRxZ6H7
1ADuFoR56Z8v7EfHeFkbksqGJzvSUAsTY1 2013-02-18, 4 BTC (tx)
1J3bLZrFdWwVE6kG9cojT5189N6Er2xHrm 2013-04-27, 0.02 BTC (tx)

13nL1 and 1ADuF have 1697 and 2981 total transactions.. this looks weak.

[Bitcycle]

How we doing, Samster?

What's the reason for still not providing us with the amount of BTC left in company funds?

Why did you never make the labcoin portfolio public on BTCT?

Why no verification of your ID with anyone at all?  What's up with that, Sammy?

Still no photos of the boards.

You haven't even given us the actual operational stats of the boards.

Sam, why would you not do these things?  

These questions are not going away until they're answered.  

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

[codegnome]

Sam, why would you not do these things?  

These questions are not going away until they're answered.  

Scamuel is busy wiring up AM Blades.

[bjack0815]

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

I also want to have answers.