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

[TheSwede75]

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

+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.

[maxmint]

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

[dhenson]

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

Lol, they aren't being taken.  If you bid 100,000 shares and the ratio ends up being 60%, you will end up buying 60,000 shares for .001 and the remaining btc will still be in your account.

[ajk]

So its more beneficial to put up a wall right now instead of waiting til 9 PM EST to purchase shares,

[foxykah]

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

only the volume of them counts, they add up all the shares @ 0.001 and above to get the ratio, and then all of them are multiplied by that ratio, and everyone gets shares @0.001, but if you have a bid over 0.001, then you "lose" shares, as you could bid for a higher volume @ a lower price.

[TheSwede75]

Now we just hope that with LABCOIN and BTCGARDEN IPO's on the same day, BTCT.CO servers are wearing their very best work gloves.

I would like to thank everyone for their comments in this thread. I totally understand the frustration that many people feel and I hope that people understand that we are only trying to do our best in an 'impossible situation'. I completely understand that not everyone is going to be happy with the solution but hopefully a majority will feel that we at least did our best in solving the problem.

Cheers!
(And now it's time for me to have a drink and a cigarette)

[foxykah]

Now we just hope that with LABCOIN and BTCGARDEN IPO's on the same day, BTCT.CO servers are wearing their very best work gloves.

looks like a good benchmark load for them servers.

[foxykah]

So summarizing it: The best thing you can do is move your bids to 0.001, and bid for a higher volume. this will not guarantee you more shares, as everyone else is doing this too, but this way you wont "lose" shares as a result of other future investors doing this.

[joele]

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

FYI: That's 22:00 CEST or 20:00 GMT.

http://www.thetimenow.com/est/eastern_standard_time

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.

Given an example:

7 Million shares / 9 Million orders = 0.777

I have 50,000 share order @ 0.001, total 50 btc

50,000 x 0.777 = 38,850 shares

My share become 38,850 and it's worth 0.001287 per share

The higher number of orders the higher the price per share will be.

[foxykah]

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

FYI: That's 22:00 CEST or 20:00 GMT.

http://www.thetimenow.com/est/eastern_standard_time

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.

Given an example:

7 Million shares / 9 Million orders = 0.777

I have 50,000 share order @ 0.001, total 50 btc

50,000 x 0.777 = 38,850 shares

My share become 38,850 and it's worth 0.001287 per share

The higher number of orders the higher the price per share will be.

NO, each of that 38850 will be sold to you @ 0.001, this is the reason of the whole idea.

[dhenson]

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?

[zy02264]

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

FYI: That's 22:00 CEST or 20:00 GMT.

http://www.thetimenow.com/est/eastern_standard_time

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.

Given an example:

7 Million shares / 9 Million orders = 0.777

I have 50,000 share order @ 0.001, total 50 btc

50,000 x 0.777 = 38,850 shares

My share become 38,850 and it's worth 0.001287 per share

The higher number of orders the higher the price per share will be.

No, you will get 38,850 at 0.001. The rest of your money (11,150*0.001) will go back to your wallet and may then go to poor ActM

[redbeans2012]

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.

I agree with this +1

[gimme_bottles]

everybodys dumping to buy LABCOIN, one can make profits by catching the other assets at their lows shortly before the IPO  

[dhenson]

Given an example:

7 Million shares / 9 Million orders = 0.777

I have 50,000 share order @ 0.001, total 50 btc

50,000 x 0.777 = 38,850 shares

My share become 38,850 and it's worth 0.001287 per share

The higher number of orders the higher the price per share will be.

You will 'buy' 38,850 shares @ .001.  for a total of 38.85 btc.  The remaining 11.15 btc will still be in your balance at btct.co.

[ajk]

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?

[huhai0978]

WHAT IS CST AND EST???
USE UTC ！！！！

[foxykah]

WHAT IS CST AND EST???
USE UTC ！！！！

20:00 GMT, 22:00 CET, as stated above

[aquarius]

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

can someone confirm

thanks

[boyohi]

Now we just hope that with LABCOIN and BTCGARDEN IPO's on the same day, BTCT.CO servers are wearing their very best work gloves.

I would like to thank everyone for their comments in this thread. I totally understand the frustration that many people feel and I hope that people understand that we are only trying to do our best in an 'impossible situation'. I completely understand that not everyone is going to be happy with the solution but hopefully a majority will feel that we at least did our best in solving the problem.

Cheers!
(And now it's time for me to have a drink and a cigarette)

+1 beer