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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1039953 times)
foxykah
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July 31, 2013, 05:18:01 PM
 #601

so are we going to move the bids to 0.001 if we have bids over?

can someone confirm

thanks

that is the smart move now. you will not gain any shares, but you will prevent yourself from "losing" IPO priced shares, as I think most of us will do this.

Good things come to those who wait.
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ajk
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July 31, 2013, 05:20:10 PM
 #602

so are we going to move the bids to 0.001 if we have bids over?

can someone confirm

thanks

Yes dont know why but it would be stupid not to at this point with the way it has been stated
aquarius
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July 31, 2013, 05:23:26 PM
 #603

ok, thanks guys
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July 31, 2013, 05:23:48 PM
 #604

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

+1 as far as I have understood.

TLDR: Bids of 0.001 and over will be pooled for share distribution at IPO price (0.001) and bids below IPO price will be cleared before trading start.

This is correct.  Or stated slightly differently:

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.

That's my understanding as well. Burnside, could you please confirm this – we then could move all our orders to 0.001

Also correct.


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.
ajk
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July 31, 2013, 05:24:58 PM
 #605

why are there so many bids above .001.. I even see someone with an order at .02 ? can I ask why??? do you like overpaying for things?
foxykah
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July 31, 2013, 05:25:52 PM
 #606

why are there so many bids above .001.. I even see someone with an order at .02 ? can I ask why??? do you like overpaying for things?

most likely they are offline so they couldnt be informed about the IPO

Good things come to those who wait.
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July 31, 2013, 05:27:23 PM
 #607

why are there so many bids above .001.. I even see someone with an order at .02 ? can I ask why??? do you like overpaying for things?

most likely they are offline so they couldnt be informed about the IPO

There is enough people online to double the shares at IPO.
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July 31, 2013, 05:28:03 PM
 #608

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.

I would like to send you a tip for the extra work this is causing you.  Could you please post an address?

Really (really) not necessary.  But the sentiment is most certainly appreciated.

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.
Pale Phoenix
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July 31, 2013, 05:28:35 PM
 #609

why are there so many bids above .001.. I even see someone with an order at .02 ? can I ask why??? do you like overpaying for things?

Probably bids put in prior to the clarification of the IPO process. This has been going on for almost 12 hours so I'm sure some people passed out from exhaustion and haven't had time to catch up on the latest.

ajk
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July 31, 2013, 05:28:54 PM
 #610

why are there so many bids above .001.. I even see someone with an order at .02 ? can I ask why??? do you like overpaying for things?

most likely they are offline so they couldnt be informed about the IPO

while possible this cant be the overall case for everybody, we could avoid all this mess if the shares were all just released at once at the stated time and then let the market naturally figure out its price, now we have people setting bids over the IPO price which will be taken.. Obviously what company is going to say no to free money... whatever I dont really care hope we see 5x and I can buy something nice later
AM4Bitcoin
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July 31, 2013, 05:31:08 PM
 #611

14 million shares, so at this point everyone will only get half off the shares right?

bullish on Bitcoin + Peercoin
huhai0978
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July 31, 2013, 05:31:13 PM
 #612

This is a conspiracy! This is unfair.
At first, you say it's 8pm central time, then you change it to 3pm central time while the whole Asia is in their sleep.
It will hurt BTCT's reputation.
Pale Phoenix
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July 31, 2013, 05:31:52 PM
 #613

while possible this cant be the overall case for everybody, we could avoid all this mess if the shares were all just released at once at the stated time and then let the market naturally figure out its price, now we have people setting bids over the IPO price which will be taken.. Obviously what company is going to say no to free money... whatever I dont really care hope we see 5x and I can buy something nice later

I don't think you understand how this is going to work as no one will pay over the IPO price. Best to scroll back up to read Burnside's post.

foxykah
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July 31, 2013, 05:32:58 PM
 #614

14 million shares, so at this point everyone will only get half off the shares right?

correct.

Good things come to those who wait.
ajk
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July 31, 2013, 05:33:26 PM
 #615

What dont I understand, time for bids are cutoff at 4 PM, everything below IPO price is thrown out everything above is taken
boyohi
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July 31, 2013, 05:33:47 PM
 #616

This is a conspiracy! This is unfair.
At first, you say it's 8pm central time, then you change it to 3pm central time while the whole Asia is in their sleep.
It will hurt BTCT's reputation.

Damn we are so concern about America and Europe that we forgot Asia.
drawingthesun
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July 31, 2013, 05:33:57 PM
 #617

So If I bid for a single share at 1 Btc it doesn't matter? The value will average out and I will receive many more shares at the average price everyone is paying?
TheSwede75
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July 31, 2013, 05:34:00 PM
 #618

I also agree that the shares should all be released at the time stated, or I guess just put up a 300K Buy wall at .001,

If not release all the shares at once why not just let everyone put bids at .001 and just take them all? whats the point of releasing the shares again at 9PM for the exact same price?

The shares (all 7 million) will be released for TRADING on the open market (The owners of shares can then trade) at 8 pm CST. The reason for the cut-off is to give Ethan Time to distribute the shares at IPO price according to the plan stated. After the shares are released for trading we will have no control over the pricing and the market will set price.

This is a fairly coming practice in IPO's and is the most used alternative to a closed or open bidding process.
joele
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July 31, 2013, 05:36:07 PM
 #619

I also agree that the shares should all be released at the time stated, or I guess just put up a 300K Buy wall at .001,

If not release all the shares at once why not just let everyone put bids at .001 and just take them all? whats the point of releasing the shares again at 9PM for the exact same price?

The shares (all 7 million) will be released for TRADING on the open market (The owners of shares can then trade) at 8 pm CST. The reason for the cut-off is to give Ethan Time to distribute the shares at IPO price according to the plan stated. After the shares are released for trading we will have no control over the pricing and the market will set price.

This is a fairly coming practice in IPO's and is the most used alternative to a closed or open bidding process.

14M / 7M = 2
What is I buy 1 share?  

1 / 2 = 0.5 share?

If its going to be 1 share, then I can buy multiple 1 share.

So this should be group by users not by orders.
ajk
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July 31, 2013, 05:36:37 PM
 #620

Ok well this is just a bit confusing and could have been cleaner had the shares all been released at once instead of taking orders before a certain time, Its not my company so do whatever you guys think will work best im just here to ride the waves
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