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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1041677 times)
TheSwede75
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August 05, 2013, 08:31:28 PM
 #1781

Update:

We went ahead and posted this as soon as possible. We are looking into having the founders account somehow monitored or under Burnsides oversight.

Reg.

News

Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.
 
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ThickAsThieves
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August 05, 2013, 08:41:48 PM
 #1782

Update:

We went ahead and posted this as soon as possible. We are looking into having the founders account somehow monitored or under Burnsides oversight.

Reg.

News

Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.
 


If the team forwards the 75% of "locked" shares to the issuing account, it will automatically subtract them from the Outstanding total. Simple solution!
TheSwede75
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August 05, 2013, 08:44:30 PM
 #1783

Update:

Sam has also informed me that accounts have Ben created for Founder/Developers to take a more active part in the conversation here on bitcointalk.org

The accounts are waiting to be white listed by the forum admins.
Rulother
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August 05, 2013, 08:45:04 PM
 #1784

Update:

We went ahead and posted this as soon as possible. We are looking into having the founders account somehow monitored or under Burnsides oversight.

Reg.

News

Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.
 


If the team forwards the 75% of "locked" shares to the issuing account, it will automatically subtract them from the Outstanding total. Simple solution!

^ This

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afrotec
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August 05, 2013, 08:48:43 PM
 #1785

Can you post the public links to the core team's BTCT portfolios to prove that they have held the shares and will continue to?

If burnside says it's locked then presumably it's actually locked. As in, unable to be sold using the system.


There's no such thing as a "lock" feature for shares, nor did Burnside say he has manually locked anything. Or did I miss something?

Burnside discussed the option of locking accounts here:

https://bitcointalk.org/index.php?topic=263445.msg2856604#msg2856604
TheSwede75
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August 05, 2013, 09:36:38 PM
 #1786

Update:

We went ahead and posted this as soon as possible. We are looking into having the founders account somehow monitored or under Burnsides oversight.

Reg.

News

Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.
 


If the team forwards the 75% of "locked" shares to the issuing account, it will automatically subtract them from the Outstanding total. Simple solution!

^ This

We will definitely investigate this and I am sure that we will find a solution that is 100% transparent very soon. Labcoin just wanted to communicate their intentions ASAP.
Pale Phoenix
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August 05, 2013, 10:24:31 PM
 #1787

The information sure did come a lot faster before they got all the BTC's. I am not saying I agree with Mircea, but the burgeoning silence does resonate with his accusations. http://trilema.com/2013/the-anatomy-of-a-scam/. I genuinely hope for Labcoin investors' sake he isn't right. Now would be a good time to get cracking on communicating meaningful information (See Vbs request above) with shareholders.

And what's the proof? A perceived pattern in registration dates. That's it. Personally I'd take the judgement of TheSven before MBOE any day. He doesn't think it's a scam and I don't either.

The operative definition of a scam, according to the MPOE crew, seems to be any Bitcoin enterprise that chooses to list at an exchange other than MPex. That is not to say that they don't, on occasion, raise points worthy of consideration, but it's important to be aware of the bias implicit in almost every accusation they make.

Lohoris
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August 05, 2013, 11:11:59 PM
 #1788

The information sure did come a lot faster before they got all the BTC's. I am not saying I agree with Mircea, but the burgeoning silence does resonate with his accusations. http://trilema.com/2013/the-anatomy-of-a-scam/. I genuinely hope for Labcoin investors' sake he isn't right. Now would be a good time to get cracking on communicating meaningful information (See Vbs request above) with shareholders.

And what's the proof? A perceived pattern in registration dates. That's it. Personally I'd take the judgement of TheSven before MBOE any day. He doesn't think it's a scam and I don't either.

The operative definition of a scam, according to the MPOE crew, seems to be any Bitcoin enterprise that chooses to list at an exchange other than MPex. That is not to say that they don't, on occasion, raise points worthy of consideration, but it's important to be aware of the bias implicit in almost every accusation they make.

THIS

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Ytterbium
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August 05, 2013, 11:15:05 PM
 #1789

If the team forwards the 75% of "locked" shares to the issuing account, it will automatically subtract them from the Outstanding total. Simple solution!

In which case the the market cap will be wrong, which is the reason the shares were issued in the first place.

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August 05, 2013, 11:15:32 PM
 #1790

I agree with Vbs. Please give some details.
Let me also repeat my earlier question. Today is 5 August. Have production started?

Further elaborating, there's a TSMC Shuttle for 130nm on 5 August.

NRE costs for a full-mask at 130nm are affordable enough to be crowfunded, and the cost of full wafers are affordable as well. This is probably ASICMINER secret.

Chip output would be of about 1500 chips for each full wafer.

Estimate delivery of the already packaged chips would be around mid September.



ditto
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creativex
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August 06, 2013, 01:16:33 AM
 #1791

If the team forwards the 75% of "locked" shares to the issuing account, it will automatically subtract them from the Outstanding total. Simple solution!

In which case the the market cap will be wrong, which is the reason the shares were issued in the first place.

Indeed. They'd also be excluded from receiving dividend payments if they were returned to the issuing account.

A public account holding the shares would be a better solution.

TheSwede75
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August 06, 2013, 03:01:05 AM
 #1792

If the team forwards the 75% of "locked" shares to the issuing account, it will automatically subtract them from the Outstanding total. Simple solution!

In which case the the market cap will be wrong, which is the reason the shares were issued in the first place.

Indeed. They'd also be excluded from receiving dividend payments if they were returned to the issuing account.

A public account holding the shares would be a better solution.

The Labcoin team is doing everything they can to accommodate the investors requests. The first priotiry right now is first-run, and Q/A with developers/founders.

I hate to come across as jaded but in my opinion Labcoin is actually doing quite a lot better then a lot of recent projects in being transparent and fair to its investors. I have talked to Sam and we are working on providing transparency but the focus right now is on reaching market fast with a profitable volume of chips.

Over the next days and weeks there will be Q/A sessions, more founder share transparency and I will personally stay on top of the forum and answer questions to the best of my ability.

Thank you all for your interest and continued support!
dexX7
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August 06, 2013, 03:41:06 AM
 #1793

I hate to come across as jaded but in my opinion Labcoin is actually doing quite a lot better then a lot of recent projects in being transparent and fair to its investors.

We hear a lot from you and this is really pleasant, but I'd love to hear from the guys behind Labcoin even more. Wink

Ytterbium
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August 06, 2013, 03:51:05 AM
 #1794

Of course there's the risk of giving away too much information and allowing competitors to plan accordingly...

Lohoris
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August 06, 2013, 07:26:25 AM
 #1795

Of course there's the risk of giving away too much information and allowing competitors to plan accordingly...
Lol people will be never satisfied.

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HuLaN
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August 07, 2013, 04:32:54 AM
 #1796

Update:

Sam has also informed me that accounts have Ben created for Founder/Developers to take a more active part in the conversation here on bitcointalk.org

The accounts are waiting to be white listed by the forum admins.

Any updates? When will we be hearing from developers/founder?
Vigil
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August 07, 2013, 09:02:51 AM
 #1797

Shares are down to .0014. Need some good news to give it a boost.
BitCsByBit
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August 07, 2013, 09:12:36 AM
 #1798

Shares are down to .0014. Need some good news to give it a boost.

There is an another IPO which could potentially push it lower if there is a another panic sell off like last week:
https://bitcointalk.org/index.php?topic=269216.0

Tipsy jar: 1HgfLMXiJQj9KZ7abLRh9rWuR7dgeSyub4
sayaz
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August 07, 2013, 09:33:06 AM
 #1799

Well considering people are trying to get their money out of it (47k shares for sale on bitfunder below IPO price right now) and the numbers favor the one who released the IPO as opposed to investors - looks like the odds are in your guys' favour right now.
Vigil
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August 07, 2013, 09:50:18 AM
 #1800

Shares are down to .0014. Need some good news to give it a boost.

There is an another IPO which could potentially push it lower if there is a another panic sell off like last week:
https://bitcointalk.org/index.php?topic=269216.0
That IPO has already released. Do you mean the panic sell just two days ago? there was no panic sell last week.
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