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

[alexius89]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

[chairforce1]

Just to make matters worse, this IPO caused a ridiculous crash of ASICMiner.

So not only did I miss out on a great opportunity, I lost a ton of money too.

I'm feeling like this is a calm before the storm for most securities that went down.

[TMAN]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

too late. 12 seconds is too late.

[afro25]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

I think you were a little late, sorry buddy

[foxykah]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

only TheSwede75 and Burnside know the correct answer, and they are probably really busy right now. patience, we all will get to know everything soon.

[ShroomsKit]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

What do you think?

[TsuyokuNaritai]

Just to make matters worse, this IPO caused a ridiculous crash of ASICMiner.

So not only did I miss out on a great opportunity, I lost a ton of money too.

Maybe not for long. 2/3 of the coins currently waiting for Labcoin will be freed & looking for cheap shares soon, and it's just come out that Friedcat has a tad more hashing power than people thought...

[foxykah]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

What do you think?

if the deadline was strict, then yes, late, if not, and the deadline was the time when the asset was frozen, then no, you are not late.

[E.Sam]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

Well, since many couldn't bid because of the site glitch, maybe they will be lenient and accept the last ones. I know some will scream "that would be unfair!!!!" but there again, glitches are unfair as well.

[afro25]

Just to make matters worse, this IPO caused a ridiculous crash of ASICMiner.

So not only did I miss out on a great opportunity, I lost a ton of money too.

I'm down a few grand. If I had 10x as many shares in Asicminer I'd probably have punched a wall for not selling out before the crash.

[VinceSamios]

Frankly if you state a timezone, and you don't understand the timezone yourself, it should be honoured regardless.

[foxykah]

how are some people still able to bid? volume is moving. not much, but it IS moving.

[burnside]

I was asked to clarify the process regarding share purchase/stocks etc.

Burnside is writing a custom script to execute orders between the freeze-time and the public trading start.

The BTC that is held for orders and not filled will simply remain in the investors wallet (or be returned, not 100% how he handles this technically).

Say you are trying to purchase 10.000 shares at 0.001 and you are allotted 4.000 shares. This would mean that once open-trading starts you will have 6 BTC in your wallet and own 4.000 shares @ 0.001 BTC.

I hope this clarifies (as far as I understand) how the solution will work.

Burnside, am I correct here?

This is correct.

I have seen lots of reports of deposit crediting delays.  There have been hundreds of deposits credited in the last couple of hours, but the system has definitely been taxed to it's limits.  BTC-TC is committed to improving performance over the last several months and will continue to do so.  In this case there is little that could be done without delaying the IPO a week or more to build out a larger cluster.

I am now working on testing and implementation of the script to distribute the shares.  

Cheers.

[TheSwede75]

I placed a bid at this time:   2013-07-31 21:00:12

Am I still In or 12 Seconds to late?


Could someone answer, please... :-)

only TheSwede75 and Burnside know the correct answer, and they are probably really busy right now. patience, we all will get to know everything soon.

Since the asset was approved and the Labcoin team approved his plan for share distribution it is now up to BTCT.CO/Burnside. Labcoin has zero control over how the exchange disburses shares other then what has been communicated by Burnside himself. Anything I say in this matter is likely to be misinterpreted or out right wrong so I will refrain from speculation.

[VinceSamios]

I was asked to clarify the process regarding share purchase/stocks etc.

Burnside is writing a custom script to execute orders between the freeze-time and the public trading start.

The BTC that is held for orders and not filled will simply remain in the investors wallet (or be returned, not 100% how he handles this technically).

Say you are trying to purchase 10.000 shares at 0.001 and you are allotted 4.000 shares. This would mean that once open-trading starts you will have 6 BTC in your wallet and own 4.000 shares @ 0.001 BTC.

I hope this clarifies (as far as I understand) how the solution will work.

Burnside, am I correct here?

This is correct.

I have seen lots of reports of deposit crediting delays.  There have been hundreds of deposits credited in the last couple of hours, but the system has definitely been taxed to it's limits.  BTC-TC is committed to improving performance over the last several months and will continue to do so.  In this case there is little that could be done without delaying the IPO a week or more to build out a larger cluster.

I am now working on testing and implementation of the script to distribute the shares.  

Cheers.

Burnside isn't it also pressing to make sure you get your time zones right... bidding should still be open for another 20 mins.

[HeRetiK]

What a ride. I have to hand it to burnside and the_swede, I think you guys made the right decision. It's not perfect and a bunch of people will be unhappy, but it was probably the fairest decision given the circumstances.

So now that this is done, see you in the post-IPO orderbook battlefield

(And don't forget the other cryptostocks as well, I've heard some guys left cheap shares lying around)

No, there is absolutely nothing fair about it. That you even considered using that word.

Now listen up. If the IPO had been pulled through like a regular BTCT IPO the share price would have already been more than 10x, 100x, fuck if i knew where above the actual IPO price. The orderbook was already revving up for a bloodbath more than 10 hrs before the actual release time. You would have never, I repeat, you would have never gotten shares anywhere near the IPO price. This way you had the chance to at least get some of the shares at the regular IPO price.

[canth]

[wiak2]

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!)

Burnside, you really should honor the time you put, even if it was a mistake.

[Pale Phoenix]

No, there is absolutely nothing fair about it. That you even considered using that word.

I was with you in the beginning but I think you're taking it a bit too far. People who kept up to date with this IPO knew it had 2 votes as of yesterday and that it could go off at any time. Many people had the foresight to transfer their coins days ago in preparation.

It is unfortunate that a bug in the site caused a problem with your deposit, but really, this is the Internet and these things happen. It's like being late for a job interview. When something is important, it falls on you to make an assessment of the situation and leave early enough to give yourself enough time. You don't seem to be taking any responsibility at all.

That said, I don't think it would hurt terribly if Burnside opened the bidding up, for say 5 minutes, to people who had their coins in before the cutoff.

[TheSwede75]

Just to make matters worse, this IPO caused a ridiculous crash of ASICMiner.

So not only did I miss out on a great opportunity, I lost a ton of money too.

I'm down a few grand. If I had 10x as many shares in Asicminer I'd probably have punched a wall for not selling out before the crash.

Only because I think that the speculation in ASICMINER share price drop probably is wrong I will point out that there have been several thread on bitcointalk, reddit and elsewhere reporting that share holders are dissatisfied with the latest dividend payment. I doubt a single IPO of 7k BTC could really affect a security of ASICMINER's value (100x+ current LABCOIN Ipo value if I am not mistaken)