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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1042024 times)
foxykah
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July 31, 2013, 04:46:40 PM
 #561

Up to 12.5 mill orders at or above the IPO price.

I kind of want to order more now but I'm holding off since you said not too.

I still think capping large orders and distributing shares as much as possible to smaller orders would be the most 'fair' way to do this. In the real world IPOs aren't fair at all - banks give shares to themselves and their preferred clients first.

but we dont work like the real world. this is bitcoin world  Cool

Good things come to those who wait.
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foxykah
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July 31, 2013, 04:47:28 PM
 #562

Since no solution at this point will be 'perfect' and we are doing the best we can I would like to apologize in advance to anyone that feels that our solution is unfair. As previously mentioned, we had no way of anticipating asset-release time or interest in the IPO.

Just pull the trigger at the stated time, release the entire amount, at the IPO price and let the market decide.

I'll provide a shoulder for anyone to cry on if their feelings got hurt for only 1btc per 5min.

This is the correct answer. Let the market decide what to pay.

And what if someone decided to buy 7,000,000 share at 0.004 BTC? Would you be happy with that? Free markets simply favour the rich and greedy. The cap and percentage idea is by far the fairest so far.

+1

Good things come to those who wait.
burnside
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July 31, 2013, 04:47:50 PM
 #563

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
boyohi
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July 31, 2013, 04:48:12 PM
 #564

Up to 12.5 mill orders at or above the IPO price.

I kind of want to order more now but I'm holding off since you said not too.

I still think capping large orders and distributing shares as much as possible to smaller orders would be the most 'fair' way to do this. In the real world IPOs aren't fair at all - banks give shares to themselves and their preferred clients first.

but we dont work like the real world. this is bitcoin world  Cool
Cool where we're going we don't need roads
Rannasha
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July 31, 2013, 04:49:53 PM
 #565

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)

FYI: That's 22:00 CEST or 20:00 GMT.
Sou
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July 31, 2013, 04:51:14 PM
 #566

Since no solution at this point will be 'perfect' and we are doing the best we can I would like to apologize in advance to anyone that feels that our solution is unfair. As previously mentioned, we had no way of anticipating asset-release time or interest in the IPO.

Just pull the trigger at the stated time, release the entire amount, at the IPO price and let the market decide.

I'll provide a shoulder for anyone to cry on if their feelings got hurt for only 1btc per 5min.

This is the correct answer. Let the market decide what to pay.

And what if someone decided to buy 7,000,000 share at 0.004 BTC? Would you be happy with that? Free markets simply favour the rich and greedy. The cap and percentage idea is by far the fairest so far.

+1 for a cap

forensick
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July 31, 2013, 04:51:45 PM
 #567

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

sounds sane
Cheers.

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reactor
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July 31, 2013, 04:52:13 PM
 #568

Sounds fair.  Looking forward to seeing what happens when trading starts.  Grin  Grin  Grin
TheSwede75
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July 31, 2013, 04:52:19 PM
 #569

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

This is our solution: Like it or not, me and Ethan could not figure out a more 'fair' way of distributing shares. We are fully aware that this is by NO means a perfect solution but it is as close to a 'real world' IPO as possible and with the situation being what it is (Please don't hurt me!).
foxykah
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July 31, 2013, 04:52:25 PM
 #570

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

+1

Chances are, some will move their coins to the other IPO and the ratio will be 1 by the proposed time.


many +1, thanks Burnside and TheSwede75

Good things come to those who wait.
Bitcycle
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July 31, 2013, 04:53:14 PM
 #571

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.


Please respond and confirm that this means there is no point in a pre-cutoff bid above 0.001 as you are looking at nothing other than the number of shares requested in a given bid.  

davos
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July 31, 2013, 04:54:24 PM
 #572

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.


Based on current bids, everyone who has bid BTC0.001 or greater will receive 71.14% of their order.

ajk
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July 31, 2013, 04:54:31 PM
 #573

this is dumb so the bids over .001 are being taken what is the point of an IPO?
dhenson
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July 31, 2013, 04:54:43 PM
 #574

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

Everyone with higher bids are going to want to move your bids to .001, otherwise you are cheating yourselves out of a chance at more shares.  Realistically all bids should be at exactly .001.


For example, if you bid 100,000 shares at .0011 you could move those bids to .001 with 0 risk and bid 110,000 shares for the same btc.
foxykah
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July 31, 2013, 04:55:22 PM
 #575

this is dumb so the bids over .001 are being taken what is the point of an IPO?

they arent being taken, but they represent a smaller volume than they could if they were @ 0.001

Good things come to those who wait.
foxykah
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July 31, 2013, 04:56:14 PM
 #576

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

Everyone with higher bids are going to want to move your bids to .001, otherwise you are cheating yourselves out of a chance at more shares.  Realistically all bids should be at exactly .001.


For example, if you bid 100,000 shares at .0011 you could move those bids to .001 with 0 risk and bid 110,000 shares for the same btc.

exaclty

Good things come to those who wait.
TheSwede75
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July 31, 2013, 04:56:36 PM
 #577

this is dumb so the bids over .001 are being taken what is the point of an IPO?

I will confirm with Ethan Burnside but this is not the intent. Bids of 0.001 AND over will be pooled, only bids below the IPO price will be cleared.
ajk
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July 31, 2013, 04:56:43 PM
 #578

this is dumb so the bids over .001 are being taken what is the point of an IPO?

they arent being taken, but they represent a smaller volume than they could if they were @ 0.001

It sounds like they are being taken... someone just said that they are accepting a ratio of it, so please explain how your statement of "they are not being taken" is correct
limbaugh
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July 31, 2013, 04:57:03 PM
 #579

Hi all, I'm posting this somewhat blind.  (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)
- Sometime shortly after that time I will lock the asset.
    - All bids below 0.001 will be thrown out.
    - All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available.  (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis.  The orders will then be filled according to the result at 0.001 BTC.  (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation.  We'll figure out a way to deal with these fairly.  Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job.  So please be patient today.  Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

Good job Burnside

and theswede75!
drawingthesun
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July 31, 2013, 04:57:15 PM
 #580

Can someone post the clock for share buying pre-IPO cutoff please
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