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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1041452 times)
hammurabi
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October 27, 2013, 02:42:45 PM
 #17901

More kncminers arrived? So cool!
That would be like 25 jupiters hashing.
Drawing ~15kW from sam's apartment wall outlet.
Costing around 1750 BTC when IPO happened.
70btc per jupiter back then. Or ~3000BTC if they chose to host them with KNC.

GHash.io data:
Workers
#   Worker   5m   15m   1h   1d   Rejected Shares Last 24h Stale   Duplicate   Low
1   labcoin2.4   1.35 Th/s   1.37 Th/s   1.41 Th/s   465.99 Gh/s   6144   7424   0
2   labcoin2.7   1.39 Th/s   1.37 Th/s   1.32 Th/s   448.04 Gh/s   4608   6144   0
3   labcoin2.2   1.13 Th/s   1.30 Th/s   1.25 Th/s   460.47 Gh/s   6912   6144   0
4   labcoin2.3   1.30 Th/s   1.26 Th/s   1.24 Th/s   460.83 Gh/s   5376   8448   0
5   labcoin2.1   1.13 Th/s   1.16 Th/s   1.16 Th/s   454.60 Gh/s   3840   7680   0
6   labcoin2.5   1.19 Th/s   1.14 Th/s   1.21 Th/s   452.45 Gh/s   9984   4608   0
7   labcoin2.6   1.19 Th/s   1.16 Th/s   1.15 Th/s   436.06 Gh/s   6144   3072   0
8   labcoin2.8   782.93 Gh/s   859.32 Gh/s   814.90 Gh/s   307.25 Gh/s   3072   5376   0

It seems that ~650 from Eligius.st have been relocated. No hashing for couple of hours.
People will still be screaming scam at 20/50 and 100 TH.
There is no one to blame for that and his rock bottom communication skills.
It is a scam. Where is the evidence that it is not?
+1
KnCMiningOp   26xx   23 June   1   0   0   USA   None   17 October
KnCMiningOp   36xx   12 July   1   0   0   USA   None   21 October
KnCMiningOp   49xx   1   August   1   0   0   USA   None   24 October

Paid August 1st -> delivered on 24th Oct, Friday.
See the pattern with stable hashing power deployed?
Remember IPO day(31th July)? And the hurry associated in collecting the funds?
There were technical problems with btct.co, but instead delaying the ipo they were insisting on collecting the money right away.
KNC queue was based on payment day.
And in addition TheSwede was somehow keen on kncminers, see him organizing group buy of them.
Maybe somebody can track IPO money hitting knc wallets? Smiley

Edit:
We are now hashing on eligius.st at 3 Terahash/s, more hardware is being prepared as we speak.
http://eligius.st/~wizkid057/newstats/userstats.php/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

The miner is now hashing, and I will send out the first payment today. It seems there may be somewhat of an issue with one board that I will investigate (far higher temp on one and not hashing at full capacity) but to make up for the longer transit time then expected I will still pay out 275 GH/s by simply making up for the lower hash rate with my personal BFL 60gh.
I have a payment script I will be testing out today so expect your share of approx 0.55 BTC in the next 24 hours.

Check dates.
First kncminers arrived to them, 3Th is deployed.
1 Aug kncminers are being delivered and here we go to 10TH/s.



BTC:    1Hpk4rWpP3gACJhXHn8VkeNp4usdQmfuVY
LTC:    LM5p7X9dTsWj14G2VQeJKuntVUc6GsPnDp
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October 27, 2013, 10:32:34 PM
 #17902

Thank you for posting this!

So right now we are 1/4 -1/8 as powerful as asicminerhttps://docs.google.com/spreadsheet/ccc?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=0 .

What would that put Labcoin share prices at if they were valued relative to Asicminer shares?
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October 27, 2013, 10:41:01 PM
 #17903

Thank you for posting this!

So right now we are 1/4 -1/8 as powerful as asicminerhttps://docs.google.com/spreadsheet/ccc?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=0 .

What would that put Labcoin share prices at if they were valued relative to Asicminer shares?

"
We've finally deployed about 10 TH/s of stable hashing output.

Here is the guest account for http://ghash.io, username : labcoin2 password : 12345
"
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October 27, 2013, 10:43:46 PM
 #17904

Thank you for posting this!

So right now we are 1/4 -1/8 as powerful as asicminerhttps://docs.google.com/spreadsheet/ccc?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=0 .

What would that put Labcoin share prices at if they were valued relative to Asicminer shares?

Labcoin has 25x more shares.  Value parity would be .024/ share making 1/8th value .003.
jimmothy
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October 27, 2013, 10:48:33 PM
 #17905

Thank you for posting this!

So right now we are 1/4 -1/8 as powerful as asicminerhttps://docs.google.com/spreadsheet/ccc?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=0 .

What would that put Labcoin share prices at if they were valued relative to Asicminer shares?

Ill try to math here even though it is really not reasonable to compare the two (asicminer also has asic sales which add to dividends):

since for AM you need 8 shares to equal 1gh @ 50th/s (400,000 shares) so at 0.5 per share that is about 4 btc per gh/s

with labcoin you need 1000 shares to equal 1gh @ 10th/s (10,000,000 shares) with each share being 0.0003 per share so 0.3 btc per gh/s with labcoin

So theoretically if labcoin was valued at 4 btc per gh/s it would be worth 0.004 btc per share.
Ytterbium
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October 28, 2013, 12:36:32 AM
 #17906

Thank you for posting this!

So right now we are 1/4 -1/8 as powerful as asicminerhttps://docs.google.com/spreadsheet/ccc?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=0 .

What would that put Labcoin share prices at if they were valued relative to Asicminer shares?

Ill try to math here even though it is really not reasonable to compare the two (asicminer also has asic sales which add to dividends):

since for AM you need 8 shares to equal 1gh @ 50th/s (400,000 shares) so at 0.5 per share that is about 4 btc per gh/s

with labcoin you need 1000 shares to equal 1gh @ 10th/s (10,000,000 shares) with each share being 0.0003 per share so 0.3 btc per gh/s with labcoin

So theoretically if labcoin was valued at 4 btc per gh/s it would be worth 0.004 btc per share.

Yeah, but ASICMiner is valued based on future expected growth. Supposedly they have a 40nm chip on the way. You can buy pure hashrate on cex.io. at 0.0998 BTC/Gh. If you valued labcoin on pure Gh/s it would only be worth 0.000099. They really do need to hit their target of 50Th/s by the end of the month to justify their price. And realistically, they still need to hit 500TH/s by the end of the year to have any realistic chance of having any value.

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.

jimmothy
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October 28, 2013, 02:19:13 AM
 #17907

Yeah, but ASICMiner is valued based on future expected growth. Supposedly they have a 40nm chip on the way. You can buy pure hashrate on cex.io. at 0.0998 BTC/Gh. If you valued labcoin on pure Gh/s it would only be worth 0.000099. They really do need to hit their target of 50Th/s by the end of the month to justify their price. And realistically, they still need to hit 500TH/s by the end of the year to have any realistic chance of having any value.

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.

I think the fact that AM has much more money (if labcoin has half of the 7200 btc from IPO) means they will probably be able to put more money in to mining devices but if labcoin truly using home made efficient asics it's possible they grow as well.
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October 28, 2013, 02:29:16 AM
 #17908

Yeah, but ASICMiner is valued based on future expected growth. Supposedly they have a 40nm chip on the way. You can buy pure hashrate on cex.io. at 0.0998 BTC/Gh. If you valued labcoin on pure Gh/s it would only be worth 0.000099. They really do need to hit their target of 50Th/s by the end of the month to justify their price. And realistically, they still need to hit 500TH/s by the end of the year to have any realistic chance of having any value.

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.
This, exactly this, and many times over.
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October 28, 2013, 04:21:21 AM
 #17909

Yeah, but ASICMiner is valued based on future expected growth. Supposedly they have a 40nm chip on the way. You can buy pure hashrate on cex.io. at 0.0998 BTC/Gh. If you valued labcoin on pure Gh/s it would only be worth 0.000099. They really do need to hit their target of 50Th/s by the end of the month to justify their price. And realistically, they still need to hit 500TH/s by the end of the year to have any realistic chance of having any value.

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.
This, exactly this, and many times over.

X 2
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October 28, 2013, 04:41:18 AM
 #17910

<snip>

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.

I don't buy into this fully. There are plenty of people that are just stubbornly holding onto their shares - if there weren't we would see plenty more sells at .0002 or .0001.

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October 28, 2013, 05:05:56 AM
 #17911

<snip>

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.

I don't buy into this fully. There are plenty of people that are just stubbornly holding onto their shares - if there weren't we would see plenty more sells at .0002 or .0001.
they're stubborn either because they've given up hope altogether and have written off their losses, or because they know there's an artificial floor propping the price up for them, and as long as they see bids on the book, they know they have someone else to give their bag to when they get really desperate. (The third alternative is they think Sam's going to pull a rabbit out of his hat in the third act.)
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October 28, 2013, 05:12:10 AM
 #17912

<snip>

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.

I don't buy into this fully. There are plenty of people that are just stubbornly holding onto their shares - if there weren't we would see plenty more sells at .0002 or .0001.
they're stubborn either because they've given up hope altogether and have written off their losses, or because they know there's an artificial floor propping the price up for them, and as long as they see bids on the book, they know they have someone else to give their bag to when they get really desperate. (The third alternative is they think Sam's going to pull a rabbit out of his hat in the third act.)

At this point, if someone has suffered a paper 90% loss, why not hold on and see if a rabbit does indeed pop up?

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October 28, 2013, 05:27:40 AM
 #17913

At this point, if someone has suffered a paper 90% loss, why not hold on and see if a rabbit does indeed pop up?
Because it's foolish.  http://www.fpanet.org/ToolsResources/ArticlesBooksChecklists/Articles/FinancialPlanning/TheFallacyofSunkCosts/
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October 28, 2013, 05:38:09 AM
 #17914

At this point, if someone has suffered a paper 90% loss, why not hold on and see if a rabbit does indeed pop up?
Because it's foolish.  http://www.fpanet.org/ToolsResources/ArticlesBooksChecklists/Articles/FinancialPlanning/TheFallacyofSunkCosts/

I hear you. I wouldn't suggest to buy up a bunch of cheap LC shares, but really, if someone bought at .003 then at this point, selling for .0003 isn't going to make a difference...

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October 28, 2013, 07:05:34 AM
 #17915

<snip>

The only reason it's priced where it is likely due to the inability to set asks and bid prices with more then 4 decimal places on Cryptostocks.

I don't buy into this fully. There are plenty of people that are just stubbornly holding onto their shares - if there weren't we would see plenty more sells at .0002 or .0001.
they're stubborn either because they've given up hope altogether and have written off their losses, or because they know there's an artificial floor propping the price up for them, and as long as they see bids on the book, they know they have someone else to give their bag to when they get really desperate. (The third alternative is they think Sam's going to pull a rabbit out of his hat in the third act.)



Actually, I'm still holding shares because I am getting an amazing dividend percent after buying dirt cheap when some of my ultra-low bids I placed on btct.co got filled at during the panic sell at the end. Seriously, a few more weeks and I'll have my entire purchase cost of 2 btc paid for.
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October 28, 2013, 07:22:33 AM
 #17916

Seriously, a few more weeks and I'll have my entire purchase cost of 2 btc paid for.

So in a few weeks, you will have reaped enough profit from this scam, even though that profit is paid by defrauded IPO investors, that makes you happy and we shouldnt take any action against labcoin until after you got your share of the loot.
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October 28, 2013, 07:30:47 AM
 #17917

Seriously, a few more weeks and I'll have my entire purchase cost of 2 btc paid for.

So in a few weeks, you will have reaped enough profit from this scam, even though that profit is paid by defrauded IPO investors, that makes you happy and we shouldnt take any action against labcoin until after you got your share of the loot.

How is Labcoin a scam? They are a bitcoin mining company and they are currently mining bitcoins. Think about this, why would a scammer raise 7200 btc in the IPO, pay for some guy to design asics for you who quits, then proceed to continue to get working asics mining and pay out dividends. Where is the scam? What would a scammer have to gain from going through all the trouble of being a legit mining company? A scammer would have took the 7200 btc from the IPO and disappeared.
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October 28, 2013, 07:45:14 AM
 #17918

How is Labcoin a scam? They are a bitcoin mining company and they are currently mining bitcoins.

They raised money to develop their own asics, not to buy KnC's. Asics that their lead designer said were crap, he never finished the design off, let alone manage a tape out. And yet they showed us some "pictures" and talked stories about stability issues etc. So they are at the very least lying, because these things didnt exist when they made those claims.

Quote
Think about this, why would a scammer raise 7200 btc in the IPO, pay for some guy to design asics for you who quits,


They paid Howard 10BTC. Think about that for a second. I dont know how much they paid Theseven, but it must have been their best investment ever, since his association to the project is what lead most to believe this (even if theseven was working in the margins doing HDL work for the IO, never developed an asic, didnt think he was up to the task,..)

Quote
then proceed to continue to get working asics mining and pay out dividends. Where is the scam? What would a scammer have to gain from going through all the trouble of being a legit mining company? A scammer would have took the 7200 btc from the IPO and disappeared.

ITs been like that with all of alberto's scams: maintain the illusion its a failed company rather than a money grab. Judging by posts here, it even works. But Alberto has had 6 or 7 such disastrous "failures" in a row now.
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October 28, 2013, 07:53:39 AM
 #17919

Seriously, a few more weeks and I'll have my entire purchase cost of 2 btc paid for.

So in a few weeks, you will have reaped enough profit from this scam, even though that profit is paid by defrauded IPO investors, that makes you happy and we shouldnt take any action against labcoin until after you got your share of the loot.

+1

BTW, they bought BitFurry's from here: http://www.bitfurystrikesback.com/product/400gh-miner-october-2013/

Tipsy jar: 1HgfLMXiJQj9KZ7abLRh9rWuR7dgeSyub4
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October 28, 2013, 11:09:12 AM
 #17920

I'll say it again, people who are still defending Labcoin are scammers too - or accomplices if you will.

Trying to get back the unspent IPO funds is the only way original investors aren't going to lose their shirts.

OH they will still lose their shirts. Perhaps just not their underpants too.
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