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

[yuchuanzhen]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

so,they are free to sell?

[yxxyun]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

so,they are free to sell?

so that's why the price falling?

[Vigil]

labcoin transactions are frozen again. Can't buy or sell.

[szmarco]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

so,they are free to sell?

so that's why the price falling?

It will be a very bad situation.
Zero share holding means zero responsibility to shareholder's profits.

[Vigil]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

so,they are free to sell?

so that's why the price falling?

It will be a very bad situation.
Zero share holding means zero responsibility to shareholder's profits.

I don't think they are selling, they have just been issued the shares - someone had to be issued the shares. 10M total, 3M to them, and 7M to investors at BTC.001

[damiano]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

so,they are free to sell?

so that's why the price falling?

It will be a very bad situation.
Zero share holding means zero responsibility to shareholder's profits.

I don't think they are selling, they have just been issued the shares - someone had to be issued the shares. 10M total, 3M to them, and 7M to investors at BTC.001

I believe this was discussed earlier but the 3 mill had to be issues the founders.

[szmarco]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

so,they are free to sell?

so that's why the price falling?

It will be a very bad situation.
Zero share holding means zero responsibility to shareholder's profits.

I don't think they are selling, they have just been issued the shares - someone had to be issued the shares. 10M total, 3M to them, and 7M to investors at BTC.001

yes,maybe they are not now,but they are "able to". No one can find it if it happens.

[yxxyun]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

so,they are free to sell?

so that's why the price falling?

It will be a very bad situation.
Zero share holding means zero responsibility to shareholder's profits.

I don't think they are selling, they have just been issued the shares - someone had to be issued the shares. 10M total, 3M to them, and 7M to investors at BTC.001

yes,maybe they are not now,but they are "able to". No one can find it if it happens.

yes, that's bad.  I think the 3,000,000 shares should be locked, but they are issued and free to sell.

[yuansuyi]

Outstanding 10000000 / 10000000 Issued

what's going on?

outstanding: 300000/10000000

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

Correct, but to avoid possible 'fat fingering' of any transfer we are transferring the 3 million shares not available for sale in the IPO in batches instead of as a single lump transfer. NO shares are sold privately during or before the IPO!

[Ytterbium]

I assume they are not planning on doing any insider trading any time soon.  In a real IPO top company executives are blocked from selling stock for a certain period after the IPO.

[boyohi]

Outstanding 10000000 / 10000000 Issued

what's going on?

outstanding: 300000/10000000

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

Correct, but to avoid possible 'fat fingering' of any transfer we are transferring the 3 million shares not available for sale in the IPO in batches instead of as a single lump transfer. NO shares are sold privately during or before the IPO!

+1
Yes the 3mil was there before the IPO. We should have 10mil/10mil outstanding.  The shares didn't reflect that because of a bug that Burnside already acknowledged and said he would fix today. Looks like he fixed the bug.

[Ytterbium]

Here's a question: Do you guys have a target in mind of what % of the network hashrate you'd like to achieve?  ASICMiner targets 20%, BTCGarden plans on getting 35% (doubtful, IMO)

[damiano]

Here's a question: Do you guys have a target in mind of what % of the network hashrate you'd like to achieve?  ASICMiner targets 20%, BTCGarden plans on getting 35% (doubtful, IMO)

I think they were saying 15%

[superduh]

Here's a question: Do you guys have a target in mind of what % of the network hashrate you'd like to achieve?  ASICMiner targets 20%, BTCGarden plans on getting 35% (doubtful, IMO)

these companies are going to put btcguild and others out of biz

[Wayne_Chang]

Here's a question: Do you guys have a target in mind of what % of the network hashrate you'd like to achieve?  ASICMiner targets 20%, BTCGarden plans on getting 35% (doubtful, IMO)

these companies are going to put btcguild and others out of biz

Maybe little hashpower will concentrate to big mining pool like btcguild and 50btc.
Other smaller mining pools will be forced out.

[weaknesswaran]

The mining pool / solo mining doesn´t really matter right now.

It´s all about bringing the hashing power online as soon as possible.

[ArcticWolf]

Outstanding 10000000 / 10000000 Issued

what's going on?

10,000,000 shares exist, 7,000,000 offered at IPO and founders own the other 3,000,000.

If the founders own the other 3million, why are they issued on the exchange at all? The can keep those shares privately held and still earn the dividends form them. With the shares issued on the exchange as they are, the founders could cash out their shares at any point and noone would be any the wiser.

[Lohoris]

If the founders own the other 3million, why are they issued on the exchange at all? The can keep those shares privately held and still earn the dividends form them. With the shares issued on the exchange as they are, the founders could cash out their shares at any point and noone would be any the wiser.

I agree.

I guess they haven't realised this, but who knows.
It would be nice for them to address this problem.

[tucenaber]

If the founders own the other 3million, why are they issued on the exchange at all? The can keep those shares privately held and still earn the dividends form them. With the shares issued on the exchange as they are, the founders could cash out their shares at any point and noone would be any the wiser.

I agree.

I guess they haven't realised this, but who knows.
It would be nice for them to address this problem.

It doesn't mean anything. This is just make believe anyway. Do realize that legally you don't own anything? If the real owners want to screw you they can, and there is nothing you can do about it.

[edit] Actually, it means one thing: the dividends will be payed to all 10M shares. Which is just what the stockholder agreement says.

I take that back. That was stupid of me.

[Luckybit]

Here's a question: Do you guys have a target in mind of what % of the network hashrate you'd like to achieve?  ASICMiner targets 20%, BTCGarden plans on getting 35% (doubtful, IMO)

these companies are going to put btcguild and others out of biz

Maybe little hashpower will concentrate to big mining pool like btcguild and 50btc.
Other smaller mining pools will be forced out.

Labcoin can sell to BTCguild and 50BTC and make massive profits while also mining.