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

[VinceSamios]

http://www.reddit.com/r/Bitcoin/comments/1jg5ch/btctco_cant_tell_the_time_labcoin_ipo_a/

for visability

[1714065761]

1714065761

[ShroomsKit]

You think it was handled fairly because you were able to get shares while others weren't.... right. ok.

How could you consider it fair when BTCT was unable to process deposits for the several hours of the IPO. Lots of people don't like to leave large amounts of BTC sitting up on a site that is admittedly in "beta" like BTCT. You'd think 3 hours would be enough time in the BTC world to purchase shares, expecially since the IPO itself was not announced that long ago.

it's fair because many people that placed bids were the same people following this IPO. Keep up to date next time.

Maybe you missed the part where it says we got in in time. Learn to read.

[matt4054]

Burnside fucked up and he could take steps to fix the problems now to this IPO, but he is not and just going on with it.  I even called him on his time mistake a while ago and yet it was not fixed.  And since the site is his, he should take responsibility for the wallet errors.  These are legitimate complaints, not just people being angry cause they didn't get in.

If you think about it this is a very bold move from his part to carry on with this flawed IPO.
I will not seek justice from "outside" the BTC world, but he really assumes that no one will every do.
And I wouldn't speculate on this.

And there still seem to be many people around that we were *late*.
We weren't. We deposited our funds more than 2h before the cutoff, and the money just didn't show up because of a bug at BTC-TC

[bigdude]

It was more than the last 20 minutes. It was at leas the last THREE HOURS. People who had transactions that were confirmed hours ago weren't seeing anything in their balance.   

I too, attempted to buy 100,000 (with 250 coins) and was unable to.

I can attest to that.

I had 17 confirmations on my transaction, and nothing in my wallet on BTCT.

too late now ... its all over ... time to move on with life.

[Ytterbium]

Look - lets keep it simple - there are two problems here.


1. BTCT.co was fucked for the last 20 minutes - people couldn't find funds and basically had to trick the system into displaying them
2. Factually, the bidding was shut off an hour early. This is based on the quoted timezones. This is an indisputable fact. It's not about perception, its about fact.

People are butt hurt because (1) fucked up those of us who were on time in any circumstance, and (2) fucked up everyone who isn't american and didn't osmose this alternative interpretation of time.


I tried to put in a bid for 100,000 shares to profit on what will be a major frenzy, and this cluster fuck of retardedness has cost me money plain and simple.

No this "cluster fuck of retardedness" has prevented you from being able to make free money in exchange for doing absolutely nothing.

[mgio]

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.

+1

+2

You think it was handled fairly because you were able to get shares while others weren't.... right. ok.

How could you consider it fair when BTCT was unable to process deposits for the several hours of the IPO. Lots of people don't like to leave large amounts of BTC sitting up on a site that is admittedly in "beta" like BTCT. You'd think 3 hours would be enough time in the BTC world to purchase shares, expecially since the IPO itself was not announced that long ago.

I had over 11 BTC that didn't show up because of the glitch.

I had 250 BTC not show up!

[Pale Phoenix]

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 !!!!!!!!!!!!!!

Also this, I did not get in because people can not tell time, and balance did not credit correctly.... no fault of my own.

Guys, every Bitcoin IPO in recent memory has had something go wrong, and every website has problems under heavy load.

If you are interested in a long term investment, you can buy shares after the IPO when the price comes back down after the probable speculative bubble. If you're just trying to speculate yourself, well, this time other speculators won out by staying informed and prepping funds days in advance. Now your funds are in place for the next IPO happening shortly.

[DR3AMR2]

Most people are forgetting the fact that even the BTCT site even marked the site to be in Beta.  So there will be bugs and we just happened to uncover this deposit bug just today.  There's not much we can do.  The bidding process is over now.  

[limbaugh]

I tried to put in a bid for 100,000 shares to profit on what will be a major frenzy, and this cluster fuck of retardedness has cost me money plain and simple.

I am sure that those of us that have been following and support Labcoin are disappointed you will be unable to dump 100,000 shares on us.  

[neilol]

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 !!!!!!!!!!!!!!

Also this, I did not get in because people can not tell time, and balance did not credit correctly.... no fault of my own.

Guys, every Bitcoin IPO in recent memory has had something go wrong, and every website has problems under heavy load.

If you are interested in a long term investment, you can buy shares after the IPO when the price comes back down after the probable speculative bubble. If you're just trying to speculate yourself, well, this time other speculators won out by staying informed and prepping funds days in advance. Now your funds are in place for the next IPO happening shortly.

Seriously - don't flame burnside I think hes doing an acceptable job considering all things. This is a new market, this stuff is bound to happen, and its being priced into the securities by the market.

Deal

[mgio]

You think it was handled fairly because you were able to get shares while others weren't.... right. ok.

How could you consider it fair when BTCT was unable to process deposits for the several hours of the IPO. Lots of people don't like to leave large amounts of BTC sitting up on a site that is admittedly in "beta" like BTCT. You'd think 3 hours would be enough time in the BTC world to purchase shares, expecially since the IPO itself was not announced that long ago.

it's fair because many people that placed bids were the same people following this IPO. Keep up to date next time.

Um, I knew about the IPO. I just don't keep that many coins up on BTCT. It's not secure or safe to keep hundreds of coins up there.

So with several hours to spare, I transfered them up to purchase. Only to find that hours and many confirmations later the site was bugged and my coins were not available.

Seems pretty reasonable to me.

[ShroomsKit]

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 !!!!!!!!!!!!!!

Also this, I did not get in because people can not tell time, and balance did not credit correctly.... no fault of my own.

Guys, every Bitcoin IPO in recent memory has had something go wrong, and every website has problems under heavy load.

If you are interested in a long term investment, you can buy shares after the IPO when the price comes back down after the probable speculative bubble. If you're just trying to speculate yourself, well, this time other speculators won out by staying informed and prepping funds days in advance. Now your funds are in place for the next IPO happening shortly.

Yes, things can go wrong. After that it's time to fix it.
I bet he's working his ass off on that now.

[Ytterbium]

Thank you for your hard work.

+1!

[jerfelix]

People in computer programming don't deal with EST/EDT at all.  I do everything in UTC intentionally to avoid DST issues, that's how I messed up here.  Most seemed to get it, as the countdown clocks and UTC conversions I saw initially were accurate.

As a person in computer programming, I'll tell you that since I have had to deal with it, you're wrong on your absolute claim that I (and no other programmers) have had to deal with EDT/EST.

I have had to communicate with customers across the country letting them know precisely when to schedule resources, and such accuracy is pretty important.  I had this EXACT issue with a Fortune 500 company within the past year, and have the emails to prove it.  And yes, it's confusing to some people.

If you interface with humans, and have to do any scheduling, especially around the spring or fall time change, it's critical.

If you write a web interface that accepts the time, and have to convert it to UTC to put it into your database, you better know the difference between Standard Time and Daylight Saving Time.



But hey, I don't have a stake in this game.  
I'm just stating the facts as an observer.

It's your game.  You can treat your potential investors any way you want.

[RoboCoder]

It was more than the last 20 minutes. It was at leas the last THREE HOURS. People who had transactions that were confirmed hours ago weren't seeing anything in their balance.   

I too, attempted to buy 100,000 (with 250 coins) and was unable to.

Actually i thought the cutoff was originally supposed to be 8 pm?  

It looks like the edit to change it to 3pm was done about 4 hours before the cutoff time.

And it seems almost within an hour of this change, the bug appeared in the wallet.  I am assuming whatever the underlying cause, it was probably due to a huge influx of coin and transactions from people (like me) working to beat the closer deadline.

I think that burnside should really spend some time reviewing his systems to be able to handle large influxes of traffic or create a more load scalable system for high frenzy time - which i am sure he will.

I am upset primarily that there was a bug at a critical time, especially with what appears to be a very short notice change in the cutoff.  But these things happen.  It didn't work out for me this time.  Maybe next time.

[ShroomsKit]

I'm also sure he's going to confirm any time soon now this was indeed a glitch and not done on purpose.
Something i personally would have done with the first post.
He didn't because he's busy fixing this mess. I'm sure.

[Lohoris]

Most people are forgetting the fact that even the BTCT site even marked the site to be in Beta.  So there will be bugs and we just happened to uncover this deposit bug just today.  There's not much we can do.

And this could discount the deposit problems, fine.
But the wrong timezone is unrelated to the beta.
It's a rule they set up and then they didn't honour.
Not honouring a rule means you might do the same again in future, hence people will rightly lose confidence.

[canth]

Be professional, be a part of the community and be a part of the solution rather than the problem.

Are you kidding? How professional was this mess with the bug on deposits in the latest 3h of the IPO

The solution would have been to extend the deadline before the cutoff so that those who suffered the bug could place their bids.

Outside BTC world, any professional trader would just find a complaint at the exchange, and win. See Facebook IPO glitches, see who won in court and who lost.

Umm, if a problem with your bank wire, ACH, SEPTA payment, etc held up a deposit due to whatever reason then you would have no recourse. Delays happen. Waiting until the last minute to do something is not a guarantee for success.

I get that it's unfortunate. There have been times when I've wanted to get in or out of a position and BTCT has been ...  "less responsive" than I would like. -> Burnside
I know it's frustrating - it happens to all of us at some point. I'm serious about wanting to improve things - start a thread and get Burnside to look into the bug.

[VinceSamios]

Be professional, be a part of the community and be a part of the solution rather than the problem.

Are you kidding? How professional was this mess with the bug on deposits in the latest 3h of the IPO

The solution would have been to extend the deadline before the cutoff so that those who suffered the bug could place their bids.

Outside BTC world, any professional trader would just find a complaint at the exchange, and win. See Facebook IPO glitches, see who won in court and who lost.

Umm, if a problem with your bank wire, ACH, SEPTA payment, etc held up a deposit due to whatever reason then you would have no recourse. Delays happen. Waiting until the last minute to do something is not a guarantee for success.

I get that it's unfortunate. There have been times when I've wanted to get in or out of a position and BTCT has been ...  "less responsive" than I would like. -> Burnside
I know it's frustrating - it happens to all of us at some point. I'm serious about wanting to improve things - start a thread and get Burnside to look into the bug.

Bug Report: You can't tell the damn time!

[foxykah]

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.

+1

+2

You think it was handled fairly because you were able to get shares while others weren't.... right. ok.

How could you consider it fair when BTCT was unable to process deposits for the several hours of the IPO. Lots of people don't like to leave large amounts of BTC sitting up on a site that is admittedly in "beta" like BTCT. You'd think 3 hours would be enough time in the BTC world to purchase shares, expecially since the IPO itself was not announced that long ago.

I had over 11 BTC that didn't show up because of the glitch.

I had 250 BTC not show up!

God bless, that would have been half a million shares.