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

[twentyseventy]

So we have to rebid? I am at work and having no way to bid. I thought this was going to start at 8:00 pm est. The plans have changed so many times. Do I need to just bid at .001 or higher?

only at .001, and as much as you can. only bid volumes count up till the cap, which is still unknown.

The amount of shares in the IPO remains at 7 million. Only the distribution percentage per investor varies with bid volume (this is how I understand it). Total share volume remains also unchanged at 10 million shares.

Don't understand what this means. Last night I bid 1000 shares at .001 for 1 BTC. What does this mean for me now?

It means that you will be included in the IPO. How many shares you get will be determined by how many people have bit at or above .001. All shares will be sold at .001.

If there are 20,000,000 shares on the orderbook at 4PM ET at or above .001, everyone will receive 35% of their number of shares on the order book at

20,000,000 on orderbook at or above .001
7,000,000 available shares
7,000,000 / 20,000,000 = .35

So, if you have an order for 1000, you will only receive 350 shares for BTC.35

That is ridiculous. That means there is no way for me to spend my 1 BTC to get my 1000 shares. I have never heard of anything this silly. Those who bid late shouldn't get to bid at all. That is how a real IPO works.

If it makes you feel any better, they could have just released it to market price and you wouldn't have gotten any shares for .001. Bid was already up to a minimum of about .001020 and slowly increasing...

[bitcoiner49er]

@ all the people trying to send more BTC to their account to increase their bid. Decreasing the % overall, but trying to game and get more shares for yourself.

I don't have any shares, you idiot! I want to buy shares! Like i should be allowed for another hour and 15 minutes! Wtf is wrong with you?

Then the above doesn't apply to you, does it? You are just a casualty... Maybe things will get sorted.

[Pale Phoenix]

That is ridiculous. That means there is no way for me to spend my 1 BTC to get my 1000 shares. I have never heard of anything this silly. Those who bid late shouldn't get to bid at all. That is how a real IPO works.

How are people bidding now "late"? The IPO hasn't happened yet.

[limbaugh]

I just found out about this ipo...a hour ago...i quickly did some reading and decided to send some coins. (i found out because i noticed all the other shares were down and i was trying to figure out the reason)
Sorry, i rarely visit this sub forum. I'm late. So what? They told us till what exact minute we can buy and i should be allowed to buy (bid) till that exact minute!

You people are complete asses. You laugh at me because i'm cut off from bidding. How sick is that?

You snooze you loose? But seriously he never mentioned holding deposits until the release of the shares, I wouldn't worry that's the case. Though it's a great idea.

[ShroomsKit]

I've seen this happen before on BTC-TC.  I'm sure he'll get it sorted.  Stay calm.  

I have no problem if they show up within a hour.
I do have a problem with the assholes on this forum acting like it's a good thing that i'm being cut off.

[Bitcycle]

When and how will the excessive BTC be returned?

This is a crucial question.  Please respond with a definitive answer.

[camu6]

If he is seriously blocking people from sending coins then that is seriously messed up.
I want to buy shares just like the rest of you. I'm allowed to buy shares for 1.5 hours and he is stopping me.

I seriously doubt this is the case, but you had plenty of time to prepare for the IPO.

There is a deadline for a reason. You people are just enjoying this because you already bought your shares. Imho time should be added to the IPO launch deadline until this problem (i hope it is not done deliberately) is fixed.

[Ytterbium]

My bitcoin client is listing the transfer as 'unconfirmed (4 of 6 confirmations)'

I'm only increasing my order by 20% to try to get at least half my initial order. Oh well.

We should all at least get 1/3rd what we initially ordered.

[MPOE-PR]

UPDATE FINAL:

(Ethan Burnside) 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.

sounds sane
Cheers.

THIS IS OUR SOLTION. TRADING WILL START AT 8 PM CST/9 PM EST

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!

NEW UPDATE:

We are working with Ethan Burnside of BTCT.CO on a solution to the overwhelming demand. IF we can find a solution that does not involve resetting the order book and opening the sale at previously announced time (8 PM CENTRAL TIME - US) we will communicate this here in advance (at least a few hours). If the solution is found to be 'good' by a majority of investors we may release share-sale earlier then previously communicated.

The reason for this would be (among many):
- Avoid possible technical malfunction of BTCT.CO
- Release the shares at IPO price and allow fair distribution among investors unable to place their orders at exactly 8 pm Central
- Avoid a situation where a large investor buys a majority of available shares at EXACTLY 8 pm Central

Once again, we are sorry for the situation at hand but had very little options in how to handle the sale as we had no control over the approval process.  

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.

UPDATE

LABCOIN asset is now open for vote on BTCT.CO


Excecutive summary:

Labcoin started out as a privately funded experiment, managed by iTec-Pro Limited back in September/October 2012, with the aim of exploring the development of novel mining technologies.

In early 2013 development of a 180 nm ASIC chip was started and in late spring this chip design became the foundation for the current development of and production of a highly competative and cost effective 130 nm ASIC chip. This is the chip that the company now has secured production of for it's first ASIC Bitcoin miner product.

ASIC is an acronym that stands for "Application Specific Integrated circuit", and indeed, in our case, the specific application we are interested in, is Bitcoin mining.

The company is running two separate development teams in both Europe and China, enabling the paralell development and production of 130 nm ASIC and the future 65 nm ASIC chips.

Developing a custom integrated circuit is no simple task, requires time, highly skilled, trained team of engineers, and a deep, low-level knowledge of hardware, and Bitcoin mining process.

Currently many companies are attempting at cutting a share of the market but only a few of them actually shipped real hardware (though intermittently) and proved as real competitors.

It is our ultimate future goal to control a "fair share" (approx 10-15% or more) of the Bitcoin network global hashrate, and position us both in the market of IC manufacturing, Bitcoin mining and mining hardware sales, for profit and benefit of the Bitcoin community and network decentralization / security.

Through our strategy, hard work and good communication channels with several foundries, (eased by one of the key team members being a researcher at the `Research Institute of Tsinghua University in Shenzhen`) we believe to possess the right combination of skills, know-how and industry connections for being able to compete successfully in this niche segment, where time-to-market is critical.

The planned IPO, if filled will vitalize Labcoin with between $600.000-$650.000 (at a bitcoin/USD value of between $80-$90) enabling first run and mass production of 130nm chips and miners as well as continued development of 65 nm ASIC technology and miners.

In our mind there is no doubt that the funds raised will enable labcoin to become a power player in ASIC chip production, ASIC Miner sales as well as Bitcoin mining. Enabling Labcoin to thrive as a profitable company for investors and owners old and new.


Latest development news (latest we are ready to release pre-IPO at least).

Chip Specs: Multi-core 130 nm chip with power consumption of: 2.7 w/Ghash. Each chip runs at 4.7 GH/s @ 12.8W
Chip estimated cost (full production run post First-run): $9-$10 USD per chip or $2 per GH

Cell Image:

Saving this for the inevitable moment when the 100 post forum sock made two months ago turns out to have been...a 100 post forum sock made two months ago.

There are no words to describe just how low the average IQ is around here.

[ShroomsKit]

So we have to rebid? I am at work and having no way to bid. I thought this was going to start at 8:00 pm est. The plans have changed so many times. Do I need to just bid at .001 or higher?

only at .001, and as much as you can. only bid volumes count up till the cap, which is still unknown.

The amount of shares in the IPO remains at 7 million. Only the distribution percentage per investor varies with bid volume (this is how I understand it). Total share volume remains also unchanged at 10 million shares.

Don't understand what this means. Last night I bid 1000 shares at .001 for 1 BTC. What does this mean for me now?

It means that you will be included in the IPO. How many shares you get will be determined by how many people have bit at or above .001. All shares will be sold at .001.

If there are 20,000,000 shares on the orderbook at 4PM ET at or above .001, everyone will receive 35% of their number of shares on the order book at

20,000,000 on orderbook at or above .001
7,000,000 available shares
7,000,000 / 20,000,000 = .35

So, if you have an order for 1000, you will only receive 350 shares for BTC.35

That is ridiculous. That means there is no way for me to spend my 1 BTC to get my 1000 shares. I have never heard of anything this silly. Those who bid late shouldn't get to bid at all. That is how a real IPO works.

How am i bidding late??? They haven't been released yet! We've been told we can bid till a certain minute. Guess what, that minute is still a hour away.
God, the replies are totally insane. What a bunch of greedy assholes!

[neilol]

I've seen this happen before on BTC-TC.  I'm sure he'll get it sorted.  Stay calm.  

It's whether it gets sorted before the cutoff  

[afrotec]

That is ridiculous. That means there is no way for me to spend my 1 BTC to get my 1000 shares. I have never heard of anything this silly. Those who bid late shouldn't get to bid at all. That is how a real IPO works.

It's almost as if there's a group of people who's job it is to make rules for these real IPO's....

OH YEAH,
the SEC
 

[Vigil]

So we have to rebid? I am at work and having no way to bid. I thought this was going to start at 8:00 pm est. The plans have changed so many times. Do I need to just bid at .001 or higher?

only at .001, and as much as you can. only bid volumes count up till the cap, which is still unknown.

The amount of shares in the IPO remains at 7 million. Only the distribution percentage per investor varies with bid volume (this is how I understand it). Total share volume remains also unchanged at 10 million shares.

Don't understand what this means. Last night I bid 1000 shares at .001 for 1 BTC. What does this mean for me now?

It means that you will be included in the IPO. How many shares you get will be determined by how many people have bit at or above .001. All shares will be sold at .001.

If there are 20,000,000 shares on the orderbook at 4PM ET at or above .001, everyone will receive 35% of their number of shares on the order book at

20,000,000 on orderbook at or above .001
7,000,000 available shares
7,000,000 / 20,000,000 = .35

So, if you have an order for 1000, you will only receive 350 shares for BTC.35

That is ridiculous. That means there is no way for me to spend my 1 BTC to get my 1000 shares. I have never heard of anything this silly. Those who bid late shouldn't get to bid at all. That is how a real IPO works.

If it makes you feel any better, they could have just released it to market price and you wouldn't have gotten any shares for .001. Bid was already up to a minimum of about .001020 and slowly increasing...

That would have been fine. I could have increased the bid price and only reduced the shares by a few. Or just sold 7000000 shares at .001 - first come, first serve. Now last minute cadres can come in when it is too late for people like me to make any moves and secure the near 1000 shares I made sure to reserve.

[ShroomsKit]

I just found out about this ipo...a hour ago...i quickly did some reading and decided to send some coins. (i found out because i noticed all the other shares were down and i was trying to figure out the reason)
Sorry, i rarely visit this sub forum. I'm late. So what? They told us till what exact minute we can buy and i should be allowed to buy (bid) till that exact minute!

You people are complete asses. You laugh at me because i'm cut off from bidding. How sick is that?

You snooze you loose? But seriously he never mentioned holding deposits until the release of the shares, I wouldn't worry that's the case. Though it's a great idea.

Snoozing? Losing?
Check you're clock! Maybe you have noticed that we can bid till a certain time and i am not too late.

[dexX7]

7 000 000 shares will be sold for 0.001 a piece. Regardless of bid price

Yes. Only a percetage of those bids will be filled, but yet the orders and coins are on the book which will get a lock in about an hour. So I ask again: When and how will the excessive BTC be returned?

[bitcoiner49er]

I've seen this happen before on BTC-TC.  I'm sure he'll get it sorted.  Stay calm.  

I have no problem if they show up within a hour.
I do have a problem with the assholes on this forum acting like it's a good thing that i'm being cut off.

It's a good thing for those trying to INCREASE their bids. Once again; does not apply to you. (Or so you say.)

[limbaugh]

Snoozing? Losing?
Check you're clock! Maybe you have noticed that we can bid till a certain time and i am not too late.

Well put your bid up like everyone else. And follow securities forum and you won't be complaining an hour before the next IPO.

[Ytterbium]

I have no problem if they show up within a hour.
I do have a problem with the assholes on this forum acting like it's a good thing that i'm being cut off.

Whatever dude, if money was just flooding in people would place crazy bid amounts and people without massive amounts of BTC would get nothing.

[Vigil]

So we have to rebid? I am at work and having no way to bid. I thought this was going to start at 8:00 pm est. The plans have changed so many times. Do I need to just bid at .001 or higher?

only at .001, and as much as you can. only bid volumes count up till the cap, which is still unknown.

The amount of shares in the IPO remains at 7 million. Only the distribution percentage per investor varies with bid volume (this is how I understand it). Total share volume remains also unchanged at 10 million shares.

Don't understand what this means. Last night I bid 1000 shares at .001 for 1 BTC. What does this mean for me now?

It means that you will be included in the IPO. How many shares you get will be determined by how many people have bit at or above .001. All shares will be sold at .001.

If there are 20,000,000 shares on the orderbook at 4PM ET at or above .001, everyone will receive 35% of their number of shares on the order book at

20,000,000 on orderbook at or above .001
7,000,000 available shares
7,000,000 / 20,000,000 = .35

So, if you have an order for 1000, you will only receive 350 shares for BTC.35

That is ridiculous. That means there is no way for me to spend my 1 BTC to get my 1000 shares. I have never heard of anything this silly. Those who bid late shouldn't get to bid at all. That is how a real IPO works.

How am i bidding late??? They haven't been released yet! We've been told we can bid till a certain minute. Guess what, that minute is still a hour away.
God, the replies are totally insane. What a bunch of greedy assholes!

Because the bidding started very early this morning and 7,000,000 share bids were placed. You were too late - i.e., you weren't prepared to bid when the bidding started to secure shares. I was prepared and planned to get shares but now my shares are going to be cut in half because 1000s of people can now drop a bunch of coin to dilute my shares. IF I put 1 BTC in I should get 1BTC worth of shares not .5 BTC worth.

[Bitcycle]

7 000 000 shares will be sold for 0.001 a piece. Regardless of bid price

Yes. Only a percetage of those bids will be filled, but yet the orders and coins are on the book which will get a lock in about an hour. So I ask again: When and how will the excessive BTC be returned?

Making it easy-  Say I use 10 BTC in a bid for shares.  After the percentage calculation is done, say only 4 of those BTC will be used to purchase the IPO.

When can I safely reallocate those other 6 BTC without affecting my bid?

Do I need to leave them uselessly tied up until the the shares are actually allocated?

Or can I move them after the calculation is done?  Will I be informed when the calculation is done?

These are crucial questions and need to be answered definitively.