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

[limbaugh]

Just delay it until tomorrow! Give everybody a chance to bid. The avg price will be a little higher for everyone, but all will be happy. What's that bs with changing times, locking orders etc. that is undermining all professionalism.

Most people ARE happy. Only procrastinators and the uninformed are complaining.

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[DopeFish]

Burnside: I recon you'll prioritize the withdrawals for the people how couldn’t invest due to the site crash.

[TheSwede75]

As a North American layman, i never see CDT or EDT used.  The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

I am American as well, and I agree you don't see it or pay attention to it often.  The problem is non-American's who google search the time to convert it to their timezone will get the wrong time, so they should honor the time they posted.  I even pointed out the problem two hours ago and told Swede here:

https://bitcointalk.org/index.php?topic=263445.msg2841157#msg2841157

Unfortunately there is/was little I can/could do about the issue as Burnside runs the exchange and I only am the communications person between Labcoin and BTCT.CO

[HeRetiK]

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.

I apologize for the confusion around EST/EDT.  It is too late to fix/change it.  Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings.  It's a name for the time in the area year round, regardless of the technicality around DST.

Hi Burnside,

How are we (those of us who's Bitcoins didn't go through) going to get our shares?

Thanks for answering.

Once everything has been sorted out - In the market, like any other crypto-stock.

[VinceSamios]

Someone called me a liar - http://imgur.com/a/2gf5C

You can even check the address if you like... I had 90 seconds to place the order before the "Hour Early, but americans should understand" cutoff, but the funds vanished from btct...

[ShroomsKit]

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.

I apologize for the confusion around EST/EDT.  It is too late to fix/change it.  Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings.  It's a name for the time in the area year round, regardless of the technicality around DST.

Hi Burnside,

How are we (those of us who's Bitcoins didn't go through) going to get our shares?

Thanks for answering.

Once everything has been sorted out - In the market, like any other crypto-stock.

Hi Burnside, is this your other account or just some random nobody pretending to be you?

[limbaugh]

Hi Burnside,

How are we (those of us who's Bitcoins didn't go through) going to get our shares?

Thanks for answering.

Lol, this guy is persistent. Hopefully this spam will end at 9pm EST.

[matt4054]

Unfortunately there is/was little I can/could do about the issue as Burnside runs the exchange and I only am the communications person between Labcoin and BTCT.CO

This is factually wrong, you could request to delay the IPO.

It's just that there are no longer rules to be followed. And all those who are complaining are nothing more than whiners?

Do you remember the Facebook IPO fiasco? Well, most of those who sued their broker won in court... just sayin'

[1Pakis]

Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.

I shouldn't be quoting myself but I said that on page 18

[Lohoris]

I am American as well, and I agree you don't see it or pay attention to it often.  The problem is non-American's who google search the time to convert it to their timezone will get the wrong time, so they should honor the time they posted.  I even pointed out the problem two hours ago and told Swede here:

https://bitcointalk.org/index.php?topic=263445.msg2841157#msg2841157

This.

Of course they should honor the time posted, it doesn't really matter if they "thought" they were posted something else, or every contract everywhere would be meaningless...

Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.

I shouldn't be quoting myself but I said that on page 18

+1

[Ytterbium]

Ignore that pos. He knows he's wrong but his greed is more important than being a honest person.

If they were being greedy they would have just let people bid up the price of the shares to the stratosphere and raked in millions of extra dollars.  "Greed" is obviously not the issue here.

[limbaugh]

You are a douche - if you're happy, why trolling around?

Spam control buddy, you are a repeat offender.

[casinobitcoin]

Why the name Labcoin? I kept thinking this was for an alt-coin

[canth]

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)

+1. Enough with the complaints - the IPO is over. There are never going to be solutions in which demand is higher than supply where everyone is going to be pleased. As far as I'm concerned, the process was handled fairly and professionally. As a suggestion, if you feel that things didn't go smoothly and want the next issuance to be more successful, start a new thread with improvement requests for BTCT. Be professional, be a part of the community and be a part of the solution rather than the problem.

[dvdrewritable]

You had as much time as anyone else. If you didn't make the cutoff it's no ones fault but your own. Stop spamming, the case is closed.

Just to quote my previous msg:

I made 2 TX; 15 min after each other, one cleared after 30min- the next was still not visible after 3hrs
following this instructions to make withdrawal of 0.001- pending amount is instantly visible to spend

Clearly many other users sent bitcoin toos with anticipation of standard transaction confirmation times; with the understanding they would be cleared to lock in buy order
before cutoff (I don't think 3hours in advance is too unreasonable) They were not visible to spend due to bug on btc-tc backend - only after making 'fake' withdrawal of some amount did they appear. I think you cannot say that people would expect such a quirk

[damiano]

Are we getting 55% of what we bid?

I think 30% to 35%

[Lohoris]

If they were being greedy they would have just let people bid up the price of the shares to the stratosphere and raked in millions of extra dollars.  "Greed" is obviously not the issue here.

True.

I wonder why they didn't do that, after all that's the price the market wants to pay.

And this strange system can be gamed anyway, since you could just overbid to get how much you wanted...

[matt4054]

Clearly many other users sent bitcoin toos with anticipation of standard transaction confirmation times; with the understanding they would be cleared to lock in buy order
before cutoff (I don't think 3hours in advance is too unreasonable) They were not visible to spend due to bug on btc-tc backend - only after making 'fake' withdrawal of some amount did they appear. I think you cannot say that people would expect such a quirk

^^^ This !!!!!!!!!!!!!!

[mgio]

You had as much time as anyone else. If you didn't make the cutoff it's no ones fault but your own. Stop spamming, the case is closed.

Just to quote my previous msg:

I made 2 TX; 15 min after each other, one cleared after 30min- the next was still not visible after 3hrs
following this instructions to make withdrawal of 0.001- pending amount is instantly visible to spend

Clearly many other users sent bitcoin toos with anticipation of standard transaction confirmation times; with the understanding they would be cleared to lock in buy order
before cutoff (I don't think 3hours in advance is too unreasonable) They were not visible to spend due to bug on btc-tc backend - only after making 'fake' withdrawal of some amount did they appear. I think you cannot say that people would expect such a quirk

Exactly. Very clearly put.

Lots of people lost faith in BTCT today and Labcoin too for not delaying the IPO when their were technical glitches.

[Moebius327]

Are we getting 55% of what we bid?

I think 30% to 35%

Well there are only 18M bids on shares over or equal to 0.001

Edit: I forgot there is only 7M shares