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

[MikeyVeez]

AGAIN, PLEASE ADD JB TO IGNORE LIST! AND DO NOT QUOTE HIM.

thread is full of shit out of this guy. reading and replying to those shit is just time wasting.

I've noticed every few days a new troll pops up

Ohh man, I don't even post on the forums all I do is read and it's hillarious how you morons think that knowing what you are investing in, and knowing if you have ownership in what your are investing in is shit and trolling. You all are clearly from third world countries by your horrible grammer, so of course who cares about your shit 1BTC that you invest.

And if people who invested thousands of dollars, don't care about their level of ownership in their investments deserve to lose every single penny, and they probably will, because only a dumbass won't do due diligence in the companies or things he invests in.

It doesn't actually make any practical difference.  If the people running Labcoin want to run off with our money, they will.  It doesn't matter if the shares represent "Ownership" or not. There are a million different ways they could scam us - from lying about a chip to actually having a chip and selling extra copies out the back door and not reporting the profits.

Now, in this case the shares actually do represent ownership, according to the prospectus filed with btct.co.  On the other hand we all agreed to the Btct.co terms of service which says that the shares are only virtual, not real world securities and hold no real world value.

There is no way to know what would happen if btct.co shareholders tried to sue labcoin, the way shareholders can sue real companies if they feel they've been mismanaged or lied too.   Additionally complicating issues is the fact that the company is in Hong Kong, and btct.co is Belize. US Law doesn't apply at all.

If it gets to the point where shareholders feel they need to sue the company, most of the value will have been lost, and the most shareholders could hope for would be liquidation of assets, at that point all the value would be gone anyway.

That's not the point at all. Of course they can scam you a million ways, shareholders get screwed all the time. The point is it does not hurt to have information on what you are investing in, and knowing if you have actual ownership in a company is something good to know, especiialy if the company is legit.

JB asked simple questions which morons replied too with a wrong answer, and told him to pretty much stfu. WTF?? And it was a valid question which I've had on many other topics also. It's the craziest thing I've seen, these idiots giving answers, and the guy hasn't even been to LabCoins info page on BTCT.CO and he acts like he knows everything.

I'm off to lurking again, it's just a sad state how people act to normal human beings who did nothing wrong against them, by simply asking simple valid questions and getting lynched for it.

[kingcrimson]

Sure, the biggest trolls are just concerned and asking innocent questions. Good one.
Whatever you say, everyone is a moron but you. No one did their due diligence or research, thank god we have a couple tirekickers coming to save us.

Bottom line is, high risk, high reward. You have the stomach for it or you dont. You and your butt buddy dont have the stomach, fine, if you want something 100 % safe and comfortable, something that will hold your hand and spare your feelings, invest in McDonalds or Coca Cola.

[Luckybit]

I would bet that even if you added up the net worth of both of these people it would not even equal 100 BTC

What relevance does that have? Anyone who judges people based on their wealth is a complete and utter arsehole. Sadly, that applies to far too many people on these forums.

It matters because it is downright arrogant to assume people with far more at stake, greater intelligence and  who did the due diligence, have SOMEHOW overlooked the concerns of some dimwit with a handful of peanuts.. this guy is asking the most irrelevant, useless and meaningless questions. It is seriously like a six year old getting caught up in the semantics of a childrens book, interrupting class over and over about how eggs cant be green.

I take it you're talking about JB? How does JB talking shite justify thinking you are better and more intelligent than someone simply because you have more wealth than them? If JB never made a single comment, snobs would still be snobs, looking down their noses at those less wealthy and disregarding their opinions as worthless.

It's called social darwinism. The idea that if you don't have enough wealth that you're a useless eater who is a waste of molecular space.

I guess it was only a matter of time before the wallstreet attitude found its way into the Bitcoin community.

[superduh]

everyone quit your yapping - otherwise when the time comes when something IMPORTANT will be posted it'll get lost in all this blah blah

[JohnyBigs]

Sure, the biggest trolls are just concerned and asking innocent questions. Good one.
Whatever you say, everyone is a moron but you. No one did their due diligence or research, thank god we have a couple tirekickers coming to save us.

Bottom line is, high risk, high reward. You have the stomach for it or you dont. You and your butt buddy dont have the stomach, fine, if you want something 100 % safe and comfortable, something that will hold your hand and spare your feelings, invest in McDonalds or Coca Cola.

Nobody said safe and comfortable asked a simple question that I was curious about, such a dumb fuck you are. I forgot bitcoin is filled with low life scum who only scam and give a shit about themselves lol. Nah asking questions is bad must only invest blindly even when you have no information.

You see some of us invest a few thousand dollars not your shit peasent 1BTC

[JohnyBigs]

I would bet that even if you added up the net worth of both of these people it would not even equal 100 BTC

What relevance does that have? Anyone who judges people based on their wealth is a complete and utter arsehole. Sadly, that applies to far too many people on these forums.

It matters because it is downright arrogant to assume people with far more at stake, greater intelligence and  who did the due diligence, have SOMEHOW overlooked the concerns of some dimwit with a handful of peanuts.. this guy is asking the most irrelevant, useless and meaningless questions. It is seriously like a six year old getting caught up in the semantics of a childrens book, interrupting class over and over about how eggs cant be green.

I take it you're talking about JB? How does JB talking shite justify thinking you are better and more intelligent than someone simply because you have more wealth than them? If JB never made a single comment, snobs would still be snobs, looking down their noses at those less wealthy and disregarding their opinions as worthless.

It's called social darwinism. The idea that if you don't have enough wealth that you're a useless eater who is a waste of molecular space.

I guess it was only a matter of time before the wallstreet attitude found its way into the Bitcoin community.

That attitude has been here since the beginning with people and companies scamming and generally treating everyone like shit, as is abound in this thread.

[HorseRider]

Anyone can summarize a little bit what's going on with Labcoin?
2.7W/GHs @130nm is very promising team. All of this turned out to be a scam or something?
If not, when will they deliver the product, what is the foundry?

[demzie]

Anyone can summarize a little bit what's going on with Labcoin?
2.7W/GHs @130nm is very promising team. All of this turned out to be a scam or something?
If not, when will they deliver the product, what is the foundry?

No, people here are just bitching to each other, nothing to do with labcoin..

[yuansuyi]

Anyone can summarize a little bit what's going on with Labcoin?
2.7W/GHs @130nm is very promising team. All of this turned out to be a scam or something?
If not, when will they deliver the product, what is the foundry?

UPDATE:

Just talked to Sam and while exact dates are still to be received from foundry/fabrication here are the latest news:

- The first run of chips are expected to arrive within a week. This is a 2500 chip run and Labcoin expects at least 2000 chips to be of "production quality".
- From these chips some will be send to DYI projects and parties that have expressed interest in volume orders from the coming serial production run.

- PCB/Components for miners are expected to arrive shortly (a few days) after chips. To speed up miner production the PCB has not been tested prior to order but thorough simulations have been ran and Labcoin does not expect any issues with the PCB. SHOULD a problem arise Labcoin expects less than 1 week until new PCB can be produced, so even a worst case scenario has functioning PCB in-hand in about 2 weeks.

- The first run of chips will be built into miners immediately and Labcoin expects to be live and hashing @ around 6TH within the next 3-4 weeks.

- First serial production run will be ordered shortly after arrival of first-run chips and Labcoin expects serial production run of chips to arrive mid-late September (50TH+ for Labcoin mining operation and larger quantities of chips for DIY projects and mining operation customers).
- We will contact mining operations/DYI projects that have already gotten in touch with us shortly for addresses for sample chips. If you own a mining operation or similar company and wish to order chips from the first serial production run you can contact Labcoin at: sam.noi@labcoin.com - I will post bulk pricing and chip order run sizes as I get the information from Sam.

- Labcoin is currently expecting the full 1st stage of the mining operation roll-out to reach 50TH or more during mid to late October.
- More exact dates, chip speeds, pictures of chips, PCB schematics etc. will be posted as Sam receives this information from foundry and miner builders.
- I have personally requested sample chips and miner to be sent to me so that I can 'review' it for the forum. More info on this shortly.
- Labcoin has not forgotten about Fabrizio and Developers doing Q/A sessions and the other issues brought to our attention, but currently focus is on time-to-market and all available personnel is 100% committed to a successful mining operation.

- The Labcoin.com website will also be updated shortly and the new design will include real-time statistics of mining operation where visitors can follow miner deployment and hashing speed of the mining operation. More on this later.

TLDR; Things are going as planned with no delays as of yet. Labcoin expects to hash at approx 6TH within 3-4 weeks and 50TH+ by mid to late October. Serial production run of chips will start early Sept. Pictures of chips, schematics and miners etc. will be posted as they become available. Website is undergoing redesign and will feature a real-time mining statistic as soon as the mining operation goes live.

[HorseRider]

@demzie @yuansuyi, Thank you.

What is the foundry, SMIC or TSMC?

Their first run is a MPW or full mask?

What is the time plan for 65/55nm?

All of the hashing power will be deployed by Labcoin, or will they sell some to the community?

[demzie]

They will: Produce, Mine, Sell, full package!

[E.Sam]

Anyone can summarize a little bit what's going on with Labcoin?
2.7W/GHs @130nm is very promising team. All of this turned out to be a scam or something?
If not, when will they deliver the product, what is the foundry?

No, people here are just bitching to each other, nothing to do with labcoin..

Would be nice if the OP could fork the thread...

[HorseRider]

@demzie @yuansuyi, Thank you.

What is the foundry, SMIC or TSMC?

<snip>

Should be TSMC, CL013G process, MPW (at least according to the document posted on their website - http://labcoin.com/docs/3.jpeg). I´m not aware they did confirm this, so I´d take it with a grain of salt.

If it is MPW, how is it possible to get 2500 chips at first run? MPW only gets you tens of chips. This is what makes me wondering as well.

[somestranger]

They will: Produce, Mine, Sell, full package!

Nobody is going to buy 130nm chips when there will be multiple companies at 28nm, ASICMINER producing 65nm, etc. I think the best you can hope for is mining with the chips at cost, or of course short term speculation which has been very profitable for me.

[demzie]

Great! Please gimme url and company for 28nm? I need some next week...

[SebastianJu]

TheSwede,

Will you guys also offer the mining hardware at almost cost for shareholders? Just wondering about this, it would be nice if shareholders can purchase mining hardware at cost for themselves also.

Thanks

I would vote against clearly. There is no reason the ownership of some shares should diminish the income of all other shareholders. And throwing away hashingpower for a low price and creating cheap competition this way would be stupid too. Theres no reason to give a single person an advantage about all others this way. When one wants to buy hashingpower he can buy shares, thats it.

[SebastianJu]

Please show me ONE Bitcoin security contract that states a share represents ownership.

- Regularly communicate the project financials to share holders in a way that lets share holders evaluate the performance, capital outlay and future of the project.

- Pay regular dividends amounting to a percentual share of ownership in the company on a bi-weekly basis. The dividends paid will consist of between 70-80% all profits while 20-30% of profits will be held as a reinvestment fund for development, marketing and manufacturing. ALL share holders have the right to an equal share of dividends directly based on their ownerhsip.

God your to fucking dumb it's not even funny,

This right here you useless space of molecules verifies that share holders are owners, it admits that owning shares ties into ownership: "ALL share holders have the right to an equal share of dividends directly based on their ownerhsip. "

Not to mention that the founders own the same shares we do and they are considered owners. The fact that being a shareholder is represented as being an actual owner in the company, these are all representations made for the contract.

If you can't see that like i said please stop wasting molecular space.

Ownership clearly refers to owning shares, nothing to do with a share of the company. And a right to dividends only is explained because of the ownership of shares, not with the ownership of the company.

[yuansuyi]

They will: Produce, Mine, Sell, full package!

Nobody is going to buy 130nm chips when there will be multiple companies at 28nm, ASICMINER producing 65nm, etc. I think the best you can hope for is mining with the chips at cost, or of course short term speculation which has been very profitable for me.

Funny enough that ActM is waiting for 110nm Avalon chips to deliver, so that Ken chould have some pity hashpower to pay tiny dividend.

[somestranger]

Great! Please gimme url and company for 28nm? I need some next week...

Please gimme url for labcoin 130nm chips. I need some next week...

Funny enough that ActM is waiting for 110nm Avalon chips to deliver, so that Ken chould have some pity hashpower to pay tiny dividend.

Funny enough Labcoin is paying zero dividends because they have no hashpower. The Avalon chips are nothing more than a stepping stone while the 28nm chips are manufactured.

[demzie]

Great! Please gimme url and company for 28nm? I need some next week...

Please gimme url for labcoin 130nm chips. I need some next week...

Comming! haha

Funny enough that ActM is waiting for 110nm Avalon chips to deliver, so that Ken chould have some pity hashpower to pay tiny dividend.

Funny enough Labcoin is paying zero dividends because they have no hashpower. The Avalon chips are nothing more than a stepping stone while the 28nm chips are manufactured.

Not yet indeed! When they start to mine they will pay dividends