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Author Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)  (Read 1040122 times)
Bitcycle
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September 14, 2013, 05:36:50 AM
 #8881


LOL @ that buyer.
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September 14, 2013, 05:36:53 AM
 #8882

That doesn't make it a scam. They could have fucked up or made a mistake. Most of these companies make similar mistakes but don't go on to make promises about paying dividends.

Don't forget they lied about hashing. If the PCB doesn't work how can they hash?
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September 14, 2013, 05:37:02 AM
 #8883

It is a complete scam. The PCBs don't even have circuitry or traces to run the chips!! They lied about hashing because they aren't, and the chips are probably fake.

Jesus. Christ.

I go away for a couple hours and here's Labcoin reduced to utter shame. To think that after this amount of time, the best picture they could muster is a couple dozen chips and a small stack of boards. Pitiful.

RIP Labcoin.


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September 14, 2013, 05:38:21 AM
 #8884

Good work labcoin. You lied to us and this is your reward.

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Luckybit
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September 14, 2013, 05:39:06 AM
 #8885

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.
Bitcycle
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September 14, 2013, 05:40:03 AM
 #8886

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.

Doesn't matter if they have chips if they can't bring them online til the end of October.
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September 14, 2013, 05:41:25 AM
 #8887

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.

My suggested prices:

Scam (which I am not certain yet) = 0
They lied and have defective hardware and are not hashing = IPO

I can't see any reason to value this higher than IPO.
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September 14, 2013, 05:41:51 AM
 #8888

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.

Well if they have empty hands but full pockets does it make it worth your BTC? you have to decide on your own but i dont think so because they probably have nothing and wont do anything worthy. Scam is worth 0.002? imo not.

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Luckybit
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September 14, 2013, 05:41:56 AM
 #8889

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.

Doesn't matter if they have chips if they can't bring them online til the end of October.

Of course it matters. Be rational. Those chips will generate money in October or in September. Of course they'd generate a lot more money in September than October but if they get the chips working at all then the share prices will go back up and the company will be on a path to profitability.

If you're pulling out at IPO prices it means you don't ever think the company could be profitable. I think that is irrational.

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.

Well if they have empty hands but full pockets does it make it worth your BTC? you have to decide on your own but i dont think so because they probably have nothing and wont do anything worthy. Scam is worth 0.002? imo not.

It would be a scam if the chips were photoshopped. It would be a scam if they didn't have chips at all. They have the chips, they have PCBs even if they don't work. If there are problems with deployment thats really no different than the setbacks from Activemining or Asicminer. The difference is in the communication ability.

Sam Noi used the absolute worst choice of words. If he had used better words this wouldn't have had to happen but he led people to believe that there would be dividends and proof on this date and then did a bait and switch routine. People are not stupid and know what bait and switch is and it does not raise confidence.

If Sam Noi would have just admitted that there were going to be delays and problems the investors would have factored it in. Share prices may have went down but not this sharply and not this quickly.
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September 14, 2013, 05:42:05 AM
 #8890

** FRIENDLY REMINDER **

****WARNING to all Labcoin Shareholders****

People there are no traces going to the chips on these circuit boards. There are no decoupling capacitors near the chips and there does not appear to be a ground plane on the board. Ask any of the DIY asic developers here on the forum and they will confirm that these things are absolutely necessary to create a working miner.

I was a big believer in Labcoin but i am completely out now. This is a disappointing end to what could have been a promising venture.

I welcome a realistic explanation from Labcoin but at this point I am seriously warning anyone to invest at their own risk.


Again, this is very serious, and I think the #1 worry for those who dare to hold! I think posting this pic was worse than posting nothing after all, because after reading a bit it looks seriously screwed indeed :-/

I'm not really sure if they're that odd - most of the pins should just be power, and only a few per chip are used for serial IO. What I found quite odd was the fact they seem to have only one discrete component per chip, my guess would be a capacitor

What they need to do to assuage this concern is post the gerber files for those circuit boards.

However, it looks like it's a bit late for that. I'm really amazed at how much of a fail this has been so far. If it's a scam it's the worst scam ever - the price could be at 0.005-.006 if they'd just scammed properly.  People aren't selling their shares because they think it's a scam, they're selling because they think the 130nm chips are a complete bust.

Oh well.

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September 14, 2013, 05:42:19 AM
 #8891

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.

Scam or not scam is not the question anymore. Irrational ? What about labcoin not answering 1/5 of our ESSENTIAL questions ? What about those pictures ? What about this timing ? Why no mining address after 2 promises to give it ? Why no pictures of real working machines ? Do you feel comfortable holding this ? Even with 100 shares I wouldn't be happy.

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bitrocket
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September 14, 2013, 05:42:25 AM
 #8892

****WARNING to all Labcoin Shareholders****

People there are no traces going to the chips on these circuit boards. There are no decoupling capacitors near the chips and there does not appear to be a ground plane on the board. Ask any of the DIY asic developers here on the forum and they will confirm that these things are absolutely necessary to create a working miner.

I was a big believer in Labcoin but i am completely out now. This is a disappointing end to what could have been a promising venture.

I welcome a realistic explanation from Labcoin but at this point I am seriously warning anyone to invest at their own risk.


+1

No power circuitry, no vias, no ground plane. This board looks very odd.


What is the controller board? he says these are the blades without the controller board.  Could the controller board have all that other shit?  I dont know shit about electronics.  Undecided
There are no traces running to the chips - unless it is on the other side of the board.

If there were traces or components on the other side of the board there would be vias (small holes to connect the top, bottom, and internal layers). There's no sign of any traces, vias, capacitors, power regulators, or any of the other components that would be required to make this a working circuit board. Sadly it's impossible for this to be a functioning miner.

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TheSwede75
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September 14, 2013, 05:42:42 AM
 #8893

You guys are nuts. Pushing the same stuff in 30 seconds intervals in a circle jerk of 3-5 accounts over and over again is far beyond of what I tolerate.

For visibility:

UPDATE:

The Labcoin team is current tweaking boards and preparing for prodution
roll out of mining operation. Public mining address/Pool name will
be released as soon as the mining operation reaches a stable hash rate.

We are aware a lot of people are waiting for a address or pool name
where they can follow the hash rate and this is a priority, however
Labcoin also does not want the same kind of 'hysteria' that surrounds
ASICMINER every time pool rate drops or increases.

Once the miners have been deemed '100%' and can reliably mine 24/7 hash
rate will be made public and a new website will be launched where
shareholders can follow the growth in hash rate.

The 130 nm Chips run at approx 1.8 GH/s and the boards are still being
tweaked and tested so that once full production roll out starts
(approx 1-2 weeks) they will mine reliably 24/7

Labcoin has already ordered and will take delivery of OVER 100,000 chips
with accompanying boards and controllers for miner production and
rollout through the month of October.

Within 20 days (early Oct) approx 20TH will be online. Hash rate will
then progressively reach over 50TH of mining power during the month
of October as miners are brought online.

The mining operation will then be scaled up as miners are deployed and
will reach and pass 100TH+ in November to reach 500TH during the
month of December.

Other news:

Gen 2 65nm development is on track. Due to the fast increase in network
diff Labcoin will likely not sell or
ship volume 130nm orders but rather work towards quick tape out and
first run of 65 nm for bulk customer orders and consumer miners.

The 130 nm chips are still highly profitable for mining in datacenter in
China due to the short lead time and availabilty of resources etc.

Labcoin sees no reason to risk shipping chips at this point when the
team can just build miners on-site in China and reach very high
revenue mining with the chips instead of selling them to end users.


TLDR; Miners are being tweaked and tested still and deployment of
'significant' hash rate will be happening in the next two weeks, to reach
approx 20TH within 20 days. During October 50TH+ will be rolled out, to
reach 100TH+ in November and 500TH during the month of December.
65 nm is on track.

I will also post pictures of board and chips in about 2minutes.

Edit: here are chips and boards.http://imgur.com/4yuBc9A

To clarify. Hash goal for Dec is 500th+ and that is from chips that are already ordered using IPO funds. Short term goal is 20 TH within 20 days, 50TH in Oct and 100+ in November. We consider it likely that we surpass both Oct and November goals.


https://bitcointalk.org/index.php?topic=263445.msg3148724#msg3148724


https://bitcointalk.org/index.php?topic=263445.msg3148974#msg3148974

What is this off to the side?

Something on the lense. It's pretty nice visible if you see both pictures at the same time. Smiley

NOT AN UPDATE, JUST PERSONAL OPINION:

To be brutally honest. I realize that has been delays, and I also realize that communication has not always been what I wish we could provide. BUT, supporting day trading or providing updates at the whim of every single person that owns a share is just not priority.

If you do not believe Labcoin can deliver, or that somehow the team is running the world most advanced long-con ever you are well in your right to sell your shares.

The project is fully funded and I have personally 100% faith that Sam and the developers can and will deliver and though mining has been delayed, every single (even the most pessimistic) calculation I have done makes selling my shares anywhere near current price a bad idea.

I am not saying this to influence share price, but simply because it is getting a little tiring to see people yell and scream completely irrelevant information.

The chips that have been developed perform well within variance of what can be expected, boards have arrive and are arriving as we speak and mining will according to the team be up and running at production speeds within a week or two.

With 100,000+ chips already ordered I see no reason as to why the project would not yield a very healthy profit within the next month.

The next update will not be scheduled but rather I will see to it that we update the forum and btct.co when mining is running and the team can show more details on the operation.

I know its easy to have 20/20 hindsight but I feel that frequent updates do more harm then good. Feel free to voice your opinion of course (as I am sure you will).

I guess asking for some measure of reason is futile but the best I can do is to inform as best as I can. Hopefully I will be able to look back at this thread in a few months and smile.

Edit: I can personally guarantee that no one on the Labcoin team has the Photoshop skills to fake the chip/board images. Source; engineers are not artists.
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September 14, 2013, 05:43:10 AM
 #8894

Remember its tanking because of the lie, the FUD isn't really FUD if its true and warranted.

They said they had a 2TH/s system and this week the MOST they can show for it is some PCB's with defects and a tray of chips.

Still doesn't make it a scam but it means they are probably lying which means the trust is now diminished. This crash shows that the market has no faith in Sam Noi.

At the same time it shows the market is incredibly irrational. Below IPO price is irrational. Below 0.002 is also irrational. They do have chips, they are a real company, they do seem to be working on it so it's probably not a scam. It's worth something to wait and see with a small investment but it's a gamble.

To have it below IPO means it's worthless and not even worth even a 1 BTC investment.

Doesn't matter if they have chips if they can't bring them online til the end of October.

Of course it matters. Be rational. Those chips will generate money in October or in September. Of course they'd generate a lot more money in September than October but if they get the chips working at all then the share prices will go back up and the company will be on a path to profitability.

If you're pulling out at IPO prices it means you don't ever think the company could be profitable. I think that is irrational.

no, it means you think your money would serve you better elsewhere.
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September 14, 2013, 05:44:58 AM
 #8895


I know its easy to have 20/20 hindsight but I feel that frequent updates do more harm then good. Feel free to voice your opinion of course (as I am sure you will).

I guess asking for some measure of reason is futile but the best I can do is to inform as best as I can. Hopefully I will be able to look back at this thread in a few months and smile.

Screw that.

You're not going to get away with blaming us for this.

You know what would help?

FREQUENT. HONEST. UPDATES.

You might try that.
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September 14, 2013, 05:45:47 AM
 #8896


Why is it so hard to have a picture of the mining rig and your assembled boards?
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September 14, 2013, 05:46:18 AM
 #8897


I know its easy to have 20/20 hindsight but I feel that frequent updates do more harm then good. Feel free to voice your opinion of course (as I am sure you will).

I guess asking for some measure of reason is futile but the best I can do is to inform as best as I can. Hopefully I will be able to look back at this thread in a few months and smile.

Screw that.

You're not going to get away with blaming us for this.

You know what would help?

FREQUENT. HONEST. UPDATES.

You might try that.

How do you read me blaming anyone into that post?
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September 14, 2013, 05:46:41 AM
 #8898

NOT AN UPDATE, JUST PERSONAL OPINION:

To be brutally honest. I realize that has been delays, and I also realize that communication has not always been what I wish we could provide. BUT, supporting day trading or providing updates at the whim of every single person that owns a share is just not priority.

If you do not believe Labcoin can deliver, or that somehow the team is running the world most advanced long-con ever you are well in your right to sell your shares.

The project is fully funded and I have personally 100% faith that Sam and the developers can and will deliver and though mining has been delayed, every single (even the most pessimistic) calculation I have done makes selling my shares anywhere near current price a bad idea.

I am not saying this to influence share price, but simply because it is getting a little tiring to see people yell and scream completely irrelevant information.

The chips that have been developed perform well within variance of what can be expected, boards have arrive and are arriving as we speak and mining will according to the team be up and running at production speeds within a week or two.

With 100,000+ chips already ordered I see no reason as to why the project would not yield a very healthy profit within the next month.

The next update will not be scheduled but rather I will see to it that we update the forum and btct.co when mining is running and the team can show more details on the operation.

I know its easy to have 20/20 hindsight but I feel that frequent updates do more harm then good. Feel free to voice your opinion of course (as I am sure you will).

I guess asking for some measure of reason is futile but the best I can do is to inform as best as I can. Hopefully I will be able to look back at this thread in a few months and smile.

Heh.

AngelSky
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September 14, 2013, 05:47:13 AM
 #8899

NOT AN UPDATE, JUST PERSONAL OPINION:

To be brutally honest. I realize that has been delays, and I also realize that communication has not always been what I wish we could provide. BUT, supporting day trading or providing updates at the whim of every single person that owns a share is just not priority.

If you do not believe Labcoin can deliver, or that somehow the team is running the world most advanced long-con ever you are well in your right to sell your shares.

The project is fully funded and I have personally 100% faith that Sam and the developers can and will deliver and though mining has been delayed, every single (even the most pessimistic) calculation I have done makes selling my shares anywhere near current price a bad idea.

I am not saying this to influence share price, but simply because it is getting a little tiring to see people yell and scream completely irrelevant information.

The chips that have been developed perform well within variance of what can be expected, boards have arrive and are arriving as we speak and mining will according to the team be up and running at production speeds within a week or two.

With 100,000+ chips already ordered I see no reason as to why the project would not yield a very healthy profit within the next month.

The next update will not be scheduled but rather I will see to it that we update the forum and btct.co when mining is running and the team can show more details on the operation.

I know its easy to have 20/20 hindsight but I feel that frequent updates do more harm then good. Feel free to voice your opinion of course (as I am sure you will).

I guess asking for some measure of reason is futile but the best I can do is to inform as best as I can. Hopefully I will be able to look back at this thread in a few months and smile.

I think people just don't want update anymore. Labcoin should have told the truth instead of making dreams at the cost of your shareholders.

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velacreations
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September 14, 2013, 05:47:35 AM
 #8900


I know its easy to have 20/20 hindsight but I feel that frequent updates do more harm then good. Feel free to voice your opinion of course (as I am sure you will).

I guess asking for some measure of reason is futile but the best I can do is to inform as best as I can. Hopefully I will be able to look back at this thread in a few months and smile.

Screw that.

You're not going to get away with blaming us for this.

You know what would help?

FREQUENT. HONEST. UPDATES.

You might try that.

I agree.  This is no one's fault, but the Labcon team. They had every opportunity to share the actual situation with people who put money on the line.  Did they do that?  No.  Instead, THEY chose to lie to us and to manipulate the shareholders.

No one that takes their money out of this sinking ship is being irrational.  It is irrational to expect liars to be honest.

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