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boyohi
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July 31, 2013, 04:18:02 PM |
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I vote for the free market deciding.
I get and like your standpoint, but selling an IPO at IPO price is the tiny bit of regulation an IPO is for. All free market as soon as 7 million shares are sold for the initial offering. +1 +2 I'm really interested in how burnside will decide. I think release 3.5mil for the Americans and the rest at a more convenient time for the Europeans might be a good idea. EDIT: Capping the price at the IPO and how can you be sure, that no american investors can buy shares when they are being sold for the europeans? Can't stop them but it will be the same the other way around. This will afford Europeans the same chance as Americans. Reading the thread it will be around midnight when 8PM CST rolls around. EDIT: I'm sure its within burnside's abilities to block ISP from those regions for a time-frame for this specific asset. |
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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Franktank
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July 31, 2013, 04:19:28 PM |
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UPDATE:
There is an update coming shortly from Ethan Burnside. The situation as it is is very hard to solve fairly, and as BTCT.CO has never encountered a IPO where committed investments outweighs the amount of available shares Ethan is constructing a solution to the problem customized. The solution will mimic the behavior of regular IPO's and will be presented by Ethan himself here shortly!
*slowly stops the irrational screaming, slowly puts away the torches and pitchforks* |
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twentyseventy
Legendary
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Activity: 1386
Merit: 1000
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July 31, 2013, 04:20:02 PM |
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Is everyone dumping their portfolio for Labcoin IPO?  |
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TheSwede75 (OP)
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July 31, 2013, 04:20:16 PM |
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8 PM CENTRAL TIME - US Maybe use UTC next time? Obviously there are many things we would do differently had we anticipated the 'issues' we ran into with this IPO. All we can do now is attempt to make distribution as fair as possible. |
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drawingthesun
Legendary
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Activity: 1176
Merit: 1015
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July 31, 2013, 04:22:24 PM |
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Restricting shares based on time is not fair either.
I vote for every BTC Labcoin makes over the 7,000 is returned immediately to investors as a dividend, perhaps after 30 minutes?
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TheSwede75 (OP)
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July 31, 2013, 04:22:49 PM |
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Is everyone dumping their portfolio for Labcoin IPO? I think there are a LOT of factors to the market movements. Not only our IPO but BTCgarden and several other large IPO's in China today. |
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boyohi
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July 31, 2013, 04:23:54 PM |
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Is everyone dumping their portfolio for Labcoin IPO? I think there are a LOT of factors to the market movements. Not only our IPO but BTCgarden and several other large IPO's in China today. Stop being modest. We all know its your IPO. |
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TheSwede75 (OP)
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July 31, 2013, 04:25:22 PM |
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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.
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foxykah
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July 31, 2013, 04:25:51 PM |
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Is everyone dumping their portfolio for Labcoin IPO? I think there are a LOT of factors to the market movements. Not only our IPO but BTCgarden and several other large IPO's in China today. Stop being modest. We all know its your IPO. +1 |
Good things come to those who wait.
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E.Sam
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July 31, 2013, 04:27:31 PM |
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Is everyone dumping their portfolio for Labcoin IPO?
Woo! Go DMS.SELLING!I think there are a LOT of factors to the market movements. Not only our IPO but BTCgarden and several other large IPO's in China today. Stop being modest. We all know its your IPO. +1  |
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boyohi
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July 31, 2013, 04:27:33 PM |
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+1
I seem to be very agreeable today. So many +1  |
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TheSwede75 (OP)
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July 31, 2013, 04:27:38 PM |
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Is everyone dumping their portfolio for Labcoin IPO? I think there are a LOT of factors to the market movements. Not only our IPO but BTCgarden and several other large IPO's in China today. Stop being modest. We all know its your IPO. On the grand scheme of things, our IPO is 7000 BTC. This is roughly 1/100th of the total value of ASICMINER if I am not mistaken. But thank you |
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runam0k
Legendary
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Activity: 1092
Merit: 1001
Touchdown
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July 31, 2013, 04:28:54 PM |
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sec have been notified and are on standby
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maxmint
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July 31, 2013, 04:28:58 PM |
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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.
You definitely showed us that you're willing to communicate, so I don't think anyone can blame you or Labcoin for being unprofessional here. I for myself want to thank you for being transparent and for listening to our ideas. |
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Mabsark
Legendary
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Activity: 826
Merit: 1004
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July 31, 2013, 04:29:18 PM |
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I do not predict this being a problem. At least not on any 'scale' as creating a bunch of sock-puppet accounts 'just in case' seems like quite an undertaking when no solution has been posted yet. Then again, I also didn't predict the asset to be approved in 7 hours or with this interest so maybe I should just stop predicting things...  Here is what I'd do in your situation: 1) Reset all bids > 0.001 to 0.001 2) Set a cap on the number of shares each person can get 3) After the cap is in place, if it's still over 7mil then scale back orders based on % of orders placed. Right now there are only about 11m orders placed > 0.001, which means if no new orders come in everyone gets 63% of what they asked for. With a cap, it should be a pretty big portion of what everyone, except the huge orders, wanted. Personally I have to say that I quite like this solution. I will still wait until I can get guidance by Burnside before we make any decision. As previously stated, I just don't feel confident in taking any action by myself. Higher bid should be filled first, this maybe not perfect, but its efficiency was approved by real stock market in real life. Your solution seems fair. But you know what, there gonna be a lot new accounts being registered in next few hours, at least I am going to do so. I know you are trying to do it fairly. But please keep the basic logic of free market in mind. Other idea without think about it only lead to more loopholes. timestamps. timestamps everywhere. only accounts registered before the time the "Do not move your bids" post was made should get shares. No they shouldn't. I placed my initial bid last night and increase that bid this morning, after that post was made, yet before I had read it. Why should I lose out? The timestamp idea is simply unworkable due to many people doing the same. |
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Kushedout
Legendary
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Activity: 1123
Merit: 1000
SaluS - (SLS)
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July 31, 2013, 04:29:40 PM |
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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. |
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Ytterbium
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July 31, 2013, 04:30:11 PM |
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The problem with the "return excess buying as dividend" plan is that there will be no 'cap', it will encourage people to buy way more then they actually want.
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vlaoou321
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July 31, 2013, 04:30:17 PM |
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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.
You definitely showed us that you're willing to communicate, so I don't think anyone can blame you or Labcoin for being unprofessional here. I for myself want to thank you for being transparent and for listening to our ideas. +2 |
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runam0k
Legendary
Offline
Activity: 1092
Merit: 1001
Touchdown
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July 31, 2013, 04:31:37 PM |
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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. I agree, just make it 10am London (UK) time thx. |
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noah tall
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July 31, 2013, 04:31:49 PM |
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I do not predict this being a problem. At least not on any 'scale' as creating a bunch of sock-puppet accounts 'just in case' seems like quite an undertaking when no solution has been posted yet. Then again, I also didn't predict the asset to be approved in 7 hours or with this interest so maybe I should just stop predicting things... Here is what I'd do in your situation: 1) Reset all bids > 0.001 to 0.001 2) Set a cap on the number of shares each person can get 3) After the cap is in place, if it's still over 7mil then scale back orders based on % of orders placed. Right now there are only about 11m orders placed > 0.001, which means if no new orders come in everyone gets 63% of what they asked for. With a cap, it should be a pretty big portion of what everyone, except the huge orders, wanted. +1 |
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