[LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)

[aquarius]

I can't really stress enough how bad an idea it is to wipe the order book at this point.

Going to sleep? Place a higher bid - you'll probably get some shares.

All wiping the order book does is ensure that only people awake when the IPO sale is actually placed (or when the order book is re-opened) will get shares. Let people do their own math and place their bids accordingly - deliver the sale per the terms you've agreed to at the time you've agreed to it.

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And an update,

When 7,000,000 shares are sold by issuer at 0.001

• All bids in equal to or greater than 0.001011 will be filled
• The first 553,680 shares bid at 0.00101 will be filled
• Any lower bids will NOT be filled.

As of the last time I pulled it (so 13:24 forumtime)

I am a bit confused. if I place my bids higher than 0.001 in the order book am I not then guaranteed to get my shares before those who bid lower?

[1714786929]

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[1714786929]

1714786929

[yxxyun]

what a bad start

[San1ty]

Resetting an orderbook and going to a purely timebased IPO is both lame and bad for small market cap companies.
What's wrong with a time-range and let the market decide what the right price is to have an order filled instead of blind luck?

If you go for this timing based IPO then please set a cap to how many shares one person can buy... (I suggest a 10K Shares limit / person)

I don't understand anyone defending the orderbook reset option.

[vlaoou321]

what a bad start

+11111111111111111

[E.Sam]

I can't really stress enough how bad an idea it is to wipe the order book at this point.

Going to sleep? Place a higher bid - you'll probably get some shares.

All wiping the order book does is ensure that only people awake when the IPO sale is actually placed (or when the order book is re-opened) will get shares. Let people do their own math and place their bids accordingly - deliver the sale per the terms you've agreed to at the time you've agreed to it.

------------

And an update,

When 7,000,000 shares are sold by issuer at 0.001

• All bids in equal to or greater than 0.001011 will be filled
• The first 553,680 shares bid at 0.00101 will be filled
• Any lower bids will NOT be filled.

As of the last time I pulled it (so 13:24 forumtime)

I am a bit confused. if I place my bids higher than 0.001 in the order book am I not then guaranteed to get my shares before those who bid lower?

That was just a typo. I m sure he meant 0.00110 and not 0.00101

[BigBitz]

This is why we need a dark pool......................

[beardays]

seems labcoin would make more money and it would be fairer to just let the market decide the price by leaving the orderbook open. with the mad rush in about 11 hours it will be mr.apache server that determines who can get shares and labcoin will make a lot less from this IPO (and more frustrated peeps).

tough call to know what to do in this situation, its a shame it accepted bids so early this will really boost the price

[aquarius]

I can't really stress enough how bad an idea it is to wipe the order book at this point.

Going to sleep? Place a higher bid - you'll probably get some shares.

All wiping the order book does is ensure that only people awake when the IPO sale is actually placed (or when the order book is re-opened) will get shares. Let people do their own math and place their bids accordingly - deliver the sale per the terms you've agreed to at the time you've agreed to it.

------------

And an update,

When 7,000,000 shares are sold by issuer at 0.001

• All bids in equal to or greater than 0.001011 will be filled
• The first 553,680 shares bid at 0.00101 will be filled
• Any lower bids will NOT be filled.

As of the last time I pulled it (so 13:24 forumtime)

I am a bit confused. if I place my bids higher than 0.001 in the order book am I not then guaranteed to get my shares before those who bid lower?

That was just a typo. I m sure he meant 0.00110 and not 0.00101

yes but I mean should I put all my pre-order bids @ 0.001 to be sure to be amongst the first in line to get shares. or should I place bids higher to be sure to get shares before those who bid at the IPO price of 0.001

[1Pakis]

UPDATE

THE IPO SHARE SALE HAS NOT YET STARTED!

We had MANY requests to not start the IPO at an arbitrary time, but give advanced notice of a time. This could NOT be done until voting was over and while we slept the IPO was approved. We will release ALL IPO shares for sale at IPO price at 8 PM CENTRAL TIME tonight (12 hours from NOW!)

We hope people understand that we are doing this to guarantee a 'fair' start to the IPO. I will communicate with Burnside on how to best release the shares.

You are doing an IPO to raise 7,000 BTC or 700,000 USD and you sleep?
Nice attitude.
Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.
Anyway the time you say you will release the shares is my sleeping time so I'm OUT.

P.S. The biggest volume in FOREX trading is during LONDON trading ours.

[TheSwede75]

what a bad start

I absolutely understand the criticism. I will discuss with Ethan Burnside what the best solution is. Please do try to understand that we did not have any control over when the asset was unlocked and I woke up to a massive order book. I am sure that no matter how we handle the IPO from now on some people will be disappointed but unfortunately there is little I can do to make it everyone 100% happy. No matter what, I will spend the next few hours reading everyone's suggestions and attempt to start the share sale as fairly as possible.

Again, I am sorry for the situation but the nature of how assets are approved and released on BTCT.CO leaves us little room for how to handle this kind of demand.

Updates coming!

[TheSwede75]

UPDATE

THE IPO SHARE SALE HAS NOT YET STARTED!

We had MANY requests to not start the IPO at an arbitrary time, but give advanced notice of a time. This could NOT be done until voting was over and while we slept the IPO was approved. We will release ALL IPO shares for sale at IPO price at 8 PM CENTRAL TIME tonight (12 hours from NOW!)

We hope people understand that we are doing this to guarantee a 'fair' start to the IPO. I will communicate with Burnside on how to best release the shares.

You are doing an IPO to raise 7,000 BTC or 700,000 USD and you sleep?
Nice attitude.
Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.
Anyway the time you say you will release the shares is my sleeping time so I'm OUT.

P.S. The biggest volume in FOREX trading is during LONDON trading ours.

Please see my answer. I am fairly certain most people realize that since the asset can be released at any time with over a weeks interval I could not simply stay awake for 7 days waiting to release the shares for trading.

Also, and not to be a dick but you complain that I was asleep and then tell us that you are "out" since we plan release time of shares when you sleep?

[wiak2]

UPDATE

THE IPO SHARE SALE HAS NOT YET STARTED!

We had MANY requests to not start the IPO at an arbitrary time, but give advanced notice of a time. This could NOT be done until voting was over and while we slept the IPO was approved. We will release ALL IPO shares for sale at IPO price at 8 PM CENTRAL TIME tonight (12 hours from NOW!)

We hope people understand that we are doing this to guarantee a 'fair' start to the IPO. I will communicate with Burnside on how to best release the shares.

You are doing an IPO to raise 7,000 BTC or 700,000 USD and you sleep?
Nice attitude.
Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.
Anyway the time you say you will release the shares is my sleeping time so I'm OUT.

P.S. The biggest volume in FOREX trading is during LONDON trading ours.

The IPO hasn't started yet, and the voting on BTCT can take weeks sometimes.  When was he suppose to sleep?  

He gave an exact time with time zone, you can do the conversion to your local time and be there if you want to buy shares.  Sorry he isn't spoon feeding you.

[cix888]

Hit the book NOW and let's end this madness... I have miss many IPO's in the past... I never complained but today I was in early... why should I get penalised to be European?

[zy02264]

I suggest wipe out all bids and allow bidding a short time (1hr or 30 mins before the 8PM)

The reason is we all know this gonna be a arms race. The bidding will go higher and higher.

People assume it gonna fly high like ACTM and AM. If we leave the bidding open for next 12 hours. The price will be 5X or 10X. Everyone lose but the issuer.

On the other hand, we need some bidding time before start as "cushion". If we all start to bid at 8 PM, the BTCT will go down.

Based on the above two points, I think 1hr or 30 mins would be reasonable.

[BigBitz]

Hit the book NOW and let's end this madness... I have miss many IPO's in the past... I never complained but today I was in early... why should I get penalised to be European?

That would be an horrendous approach. Let's not do that.

[zapeta]

There is a really easy solution to all the complaining about time.  Simply place the bid in the order book at the price you are willing to pay, and then go on with your life. 

If the order book is wiped, nobody is going to be able to get on the site anyway at IPO time, so you definitely have a better shot at getting the shares at the price you want to pay this way.  

If I were TheSwede75 I'd just release the shares now and be done with it - he's not going to to make everyone happy anyway.

[aquarius]

doesn´t these times seem more humane to everyone?

Amsterdam (Netherlands)    Thursday, 1 August 2013, 00:00:00   CEST   UTC+2 hours
New York (U.S.A. - New York)    Wednesday, 31 July 2013, 18:00:00   EDT   UTC-4 hours
Beijing (China)                    Thursday, 1 August 2013, 06:00:00        CST  UTC+8 hours

[BitHub]

Can you guys please tell me as a potential investor how you guys gave yourself a valuation of over 1 million dollars and why are we paying 300k worth for the "management" team? With no sales or owning any percentage of the bitcoin mining network.

[blackswan]

There is a really easy solution to all the complaining about time.  Simply place the bid in the order book at the price you are willing to pay, and then go on with your life. 

If the order book is wiped, nobody is going to be able to get on the site anyway at IPO time, so you definitely have a better shot at getting the shares at the price you want to pay this way.  

If I were TheSwede75 I'd just release the shares now and be done with it - he's not going to to make everyone happy anyway.

He's already set the time the IPO will be released.  Going back on his word will just make more people angry.

What's been set has been set.  Either way, someone is going to be unhappy.

[ChefBorjan]

Oh boy. I might have to set an alarm for the middle of the night it seems.