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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1058520 times)
Ytterbium
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July 31, 2013, 02:39:27 PM
 #401

All this negativity regarding high bid prices is derivative of profit-seeking speculation. If you really value Labcoin and are not just profit-seeking from a quick turn on shares, then you should be happy that the increased price will put coin into the company's coffers and not into the wallets of speculators. Labcoin needs to make decisions for the good of the company, not the good of speculators. Don't try and regulate the free market.

Allowing Labcoin to set the price it wants to sell it's own shares at is not "regulating the free market" that is the free market.  If they have a specific plan and need $X to do it, more money isn't going to help it's just going to reduce their overall profitability (Although on the other hand it means extra money on hand if they need to change their plan)

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TheSwede75
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July 31, 2013, 02:41:02 PM
 #402

CLARIFICATION:

Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.

If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.

"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."

This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.

You did your best man! Any plan would be unfair to somebody. Just pick a plan ASAP after you guys think through. I'm sure that a lot people are keep hitting F5 (or Ctrl + R) to see your final plan. In or Out, investors will make their own decision.

Keep good working!

Thank you and yes, we are working hard on finding the absolutely best solution.
hl5460
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July 31, 2013, 02:41:25 PM
 #403

outstanding: 300000/10000000 Huh

afrotec
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July 31, 2013, 02:41:51 PM
 #404

I welcome you all to #labcoin

 Wink
foxykah
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July 31, 2013, 02:42:47 PM
 #405

outstanding: 300000/10000000 Huh

+1, what is that?

Good things come to those who wait.
E.Sam
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July 31, 2013, 02:43:55 PM
 #406

outstanding: 300000/10000000 Huh

+1, what is that?

The first stage of the plan to be announced?

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July 31, 2013, 02:44:53 PM
 #407

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

VinceSamios
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July 31, 2013, 02:45:33 PM
 #408

130nm .... lol, that's soooo 11 years ago....

http://en.wikipedia.org/wiki/130_nanometer

Why would people invest in this crap? Power consumption being absolutely key to sustainable mining.

The Happy Clappy Bitcoin Chappy - http://twitter.com/vincesamios
E.Sam
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July 31, 2013, 02:45:42 PM
 #409

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

Hum... or that  Roll Eyes

foxykah
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July 31, 2013, 02:45:45 PM
 #410

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

Good things come to those who wait.
bitcoiner49er
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July 31, 2013, 02:47:11 PM
 #411

To summarize the idea:

1. Halt the IPO due to technical difficulties.
2. Issue a fund type security with fixed price of 0.001 and unlimited supply.
3. Set new date for this IPO and span it across much more timeframe.
4. After time is up "mr apache" makes calculations of proportions based on how many fund-like shares a person bought.

Pros:
1. No server crash as trades are distributed over whole timeframe.
2. No unfairness, everybody has same and equal chance to get involved into this IPO.
3. If fund shares are traded for at least 24h no single time zone is punished.
4. Cheaters who plan on ddosing our beloved btct.co by creating more accounts etc won't get any advantage.

Cons:
More money needed to buy same amount of shares.


below the orginal idea:

In regular stock exchanges there is a reduction mechanism which is a bit unfair to small investors, but it works.
You put much more money to buy the shares and the amount you commited is used to calculate proportion what you get out of the whole pie.
Then the excess/unused money is returned.

Example:
Share price is 0.001
You want to buy 10000 shares. You pay 10000 * 0.001 = 10BTC

But demand is 10 times higher then supply, so what you get is:
1000 shares and return of 9000 * 0.001 = 9 BTC.

+1

Homo doctus is se semper divitias habet
TheSwede75
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July 31, 2013, 02:47:18 PM
 #412

outstanding: 300000/10000000 Huh

+1, what is that?

This is simply transfers out of the IPO account to Founders/Developers etc. so that we can make sure to not over-sell the IPO at share-sale start. The account will at IPO start contain only the 7 million shares intended for sale in the IPO.

cix888
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July 31, 2013, 02:47:48 PM
 #413

130nm .... lol, that's soooo 11 years ago....

http://en.wikipedia.org/wiki/130_nanometer

Why would people invest in this crap?

hmm maybe because it cheap... easy to deliver and actually pretty reliable...

but wtf do I know  
Smidge
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July 31, 2013, 02:48:07 PM
 #414

In regular stock exchanges there is a reduction mechanism which is a bit unfair to small investors, but it works.
You put much more money to buy the shares and the amount you commited is used to calculate proportion what you get out of the whole pie.
Then the excess/unused money is returned.

Example:
Share price is 0.001
You want to buy 10000 shares. You pay 10000 * 0.001 = 10BTC

But demand is 10 times higher then supply, so what you get is:
1000 shares and return of 9000 * 0.001 = 9 BTC.

What I said
https://bitcointalk.org/index.php?topic=263445.msg2837404#msg2837404

BTC: 19dB148YewttZRVwF7WF8ZuT7uqnnjibkC
LTC: LPBi1LPqs1MY1tQKQ4wGG6gjwrcszFek6s
TheSwede75
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July 31, 2013, 02:48:24 PM
 #415

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

Correct, but to avoid possible 'fat fingering' of any transfer we are transferring the 3 million shares not available for sale in the IPO in batches instead of as a single lump transfer. NO shares are sold privately during or before the IPO!
Ytterbium
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July 31, 2013, 02:48:34 PM
 #416

Not wiping the book and letting this bloodbath continue with prices breaching the roof is not an option as this would be kind of a contract breach, as nobody will get their shares @ or even around the designated IPO price.

Not wiping the order book wouldn't be a breach of contract, as there hasn't actually yet been any transaction.

Best thing to do, IMO:

1) Take everyone's bid above 0.001 and reset the price to 0.001
2) Divide shares evenly among all the bids. So if there are 14 million orders, everyone gets half their order filled.

The problem, of course is that people with huge wallets who want X shares can bid X*(number of shares / number of orders) in order to get X shares.

eastpk
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July 31, 2013, 02:49:36 PM
 #417

so If we are planning to invest now - should we hold off or should we add to the order book? Right now it looks like its way way past the initial IPO shareprice of .001
TheSwede75
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July 31, 2013, 02:50:34 PM
 #418

NEW UPDATE:

We are working with Ethan Burnside of BTCT.CO on a solution to the overwhelming demand. IF we can find a solution that does not involve resetting the order book and opening the sale at previously announced time (8 PM CENTRAL TIME - US) we will communicate this here in advance (at least a few hours). If the solution is found to be 'good' by a majority of investors we may release share-sale earlier then previously communicated.

The reason for this would be (among many):
- Avoid possible technical malfunction of BTCT.CO
- Release the shares at IPO price and allow fair distribution among investors unable to place their orders at exactly 8 pm Central
- Avoid a situation where a large investor buys a majority of available shares at EXACTLY 8 pm Central

Once again, we are sorry for the situation at hand but had very little options in how to handle the sale as we had no control over the approval process.  

PLEASE do NOT place any orders from this time until we have a solution proposed. IF we decide to fill orders in the books as a % of shares booked at IPO price (Or any other of the possible solutions proposed in this thread) we will use server time-stamps from order placement anyway and placing huge orders for purchases in any attempt to 'game' the system will only lead to added confusion, not more shares.
foxykah
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July 31, 2013, 02:50:48 PM
 #419

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

Correct, but to avoid possible 'fat fingering' of any transfer we are transferring the 3 million shares not available for sale in the IPO in batches instead of as a single lump transfer. NO shares are sold privately during or before the IPO!

+1, thank you for the explanation

Good things come to those who wait.
VinceSamios
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July 31, 2013, 02:51:06 PM
 #420

130nm .... lol, that's soooo 11 years ago....

http://en.wikipedia.org/wiki/130_nanometer

Why would people invest in this crap?

hmm maybe because it cheap... easy to deliver and actually pretty reliable...

but wtf do I know  

5 months later, is obsolete, uneconomical... but wtf do I know.

The Happy Clappy Bitcoin Chappy - http://twitter.com/vincesamios
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