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

[Ytterbium]

I had 1/3 confirmations on BTC-TC, and 13 in armory, now I don't show any in BTC-TC, where did those coins go?

https://blockchain.info/tx/c14f0743a1a8bbbfeb2817808a2fa1e748c1022bbd46c0155546c99120a0a361

Estimated Confirmation Time: 16 hours (queue position 2107)
Amount: 1,859.27594618 BTC
TX Fee too low!

 

Almost $200k worth of BTC?  

See, this is what I'm talking about - people would vastly inflate the amount they wanted to buy.

[1713991184]

1713991184

[1713991184]

1713991184

[superbit]

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.

Terrible logic, the asset issuer said they would give 16+ hours notice.  That never happened, because you happened to login closer to when the asset got approved doesn't make you more prepared, you just live in a better timezone in this case.

[oxfeeefeee]

I had 1/3 confirmations on BTC-TC, and 13 in armory, now I don't show any in BTC-TC, where did those coins go?

https://blockchain.info/tx/c14f0743a1a8bbbfeb2817808a2fa1e748c1022bbd46c0155546c99120a0a361

Estimated Confirmation Time: 16 hours (queue position 2107)
Amount: 1,859.27594618 BTC
TX Fee too low!

 

I'm with you, my deposit is also with yours in the same tx:)

[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!

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.

Since we can bid for another hour i have JUST AS MUCH RIGHTS as you do to these shares. Why do you act like that's not the case? Are you more special? Is your Bitcoin more special?
You're a greedy ass and don't want others to buy shares. That's what's going on.

[Bitcycle]

Terrible logic, the asset issuer said they would give 16+ hours notice.  That never happened, because you happened to login closer to when the asset got approved doesn't make you more prepared, you just live in a better timezone in this case.

My coins were already on the site, so yes, I was better prepared.

[limbaugh]

Almost $200k worth of BTC?  

See, this is what I'm talking about - people would vastly inflate the amount they wanted to buy.

Agreed, Burnside please hold those BTC deposits for another hour! He is brilliant if he actually prevents these asses from gaming the system.

[Pale Phoenix]

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.

Your argument makes absolutely no sense. Stop making it.

[drawingthesun]

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.

So not a good buy? 

[foxykah]

Almost $200k worth of BTC?  

See, this is what I'm talking about - people would vastly inflate the amount they wanted to buy.

Agreed, Burnside please hold those BTC deposits for another hour! He is brilliant if he actually prevents these asses from gaming the system.

+1, we dont need that BTC in BTCT right now.

[matt4054]

We are all greedy asses but generally we still play by the RULES.

That isn't the case here with BTC-TC unexpectedly pulling the plug on deposits just before the IPO.
That is NOT playing by the rules.

[E.Sam]

I don't think Burnside would prevent BTC deposit. There are other IPO happening as well

[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.

Since we can bid for another hour i have JUST AS MUCH RIGHTS as you do to these shares. Why do you act like that's not the case? Are you more special? Is your Bitcoin more special?
You're a greedy ass and don't want others to buy shares. That's what's going on.

Because I would have transfered more coin to secure 1000 shares. Do you see? They came up with some random crazy plan so that the slow kids wouldn't feel left out.

To beetles dude:

I was reading the updates on the forums to make sure I got in. you all were not and now you are diluting my shares.

[ShroomsKit]

Almost $200k worth of BTC?  

See, this is what I'm talking about - people would vastly inflate the amount they wanted to buy.

Agreed, Burnside please hold those BTC deposits for another hour! He is brilliant if he actually prevents these asses from gaming the system.

May i point out to you that is is probably holding my coins as well. I want to buy shares. Because i'm allowed to buy them for another hour. Just as anyone else.

[foxykah]

also i think all of that BTC is from weexchange (bitfunder), as it never paid TX fees for me.

[boyohi]

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.

So not a good buy? 

If true then we should sticky this post to show all the drama that has unfolded in this thread.

[ShroomsKit]

Almost $200k worth of BTC?  

See, this is what I'm talking about - people would vastly inflate the amount they wanted to buy.

Agreed, Burnside please hold those BTC deposits for another hour! He is brilliant if he actually prevents these asses from gaming the system.

+1, we dont need that BTC in BTCT right now.

I want to buy shares as i have the right to buy shares, just like you do.

[jmutch]

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?

I'm also interested in the procedure that deals with the excessive BTC. Expect other stocks to rebound at this point.

This solution, whilst being fair to labcoin investors, is effecting the whole market. It's not healthy for the economy overall and I hope it doesn't happen again.

[drawingthesun]

Wow everyone is ignoring the possibility of this being a scam.

I just want a little discussion perhaps.....

[Vigil]

Terrible logic, the asset issuer said they would give 16+ hours notice.  That never happened, because you happened to login closer to when the asset got approved doesn't make you more prepared, you just live in a better timezone in this case.

My coins were already on the site, so yes, I was better prepared.

The bidding was only revealed to work this way sometime between 8:00 AM this morning and now. I only transfered what I needed based on the initial plan.

[creativex]

//ignore dogbird.