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

[Bitcycle]

We do not have 10 TH of chips out of nowhere, we said that we will setup block labeling as soon as we reach that speed, which could be on the first days of october, so in "about" two weeks, or mid october.

This was my favorite part.

We will set up block labeling in...

2 weeks
Early October
Mid October.

All in one sentence.

[1715031131]

1715031131

[1715031131]

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[1715031131]

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[AngelSky]

We do not have 10 TH of chips out of nowhere, we said that we will setup block labeling as soon as we reach that speed, which could be on the first days of october, so in "about" two weeks, or mid october.

This was my favorite part.

We will set up block labeling in...

2 weeks
Early October
Mid October.

All in one sentence.

AMAZING COMPANY.

[bobboooiie]

We do not have 10 TH of chips out of nowhere, we said that we will setup block labeling as soon as we reach that speed, which could be on the first days of october, so in "about" two weeks, or mid october.

This was my favorite part.

We will set up block labeling in...

2 weeks
Early October
Mid October.

All in one sentence.

the only thing missing is the NDA excuse

[silvermario]

How is it that the Picostocks 100TH mine is hashing with over 37 TH rate and don't want to solo mine for now because of the risks involved? The same was with Asicminer a couple months ago and Labcoin is supposedly solo mining with merely 2 TH hashrate without a pool.

30 TH/s in surely enough to solo mine allready, about 6.5 blocks per 24h and paying over 5BTC in fees per 24h at it's current pool.

Quick update for you guys from Dave and the team.

You can see our current hashrate here:
http://www.btcguild.com/index.php?page=rankings&section=teams

Team: MegaBigPower

We have discussed and decided that we will push back our estimate of when we will switch to solo mining.  Solo mining is a big priority, no doubt, but solo mining gains approximately 3% of revenue and represents a substantial risk.  The act of switching to solo mining is not a trivial matter because if a mistake is made or bug occurs, it can be hours or even a day of wasted shares before you know there is something wrong.  This alone would account for more loss than the 3% guild fee, and from discussions/posts from Asicminer's switch to solo mining, we know it is not likely to be a problem-free process.

[AngelSky]

Josh, is it you ?

[Bitcycle]

So....

They insist on solomining, even with too few TH to make it a smart move.

They won't provide the mining address.

They say it could be as long as a MONTH until they start stamping blocks.

In other words, it might be a MONTH before they provide actual, verifiable proof that they're hashing at all.

[creativex]

I seem to recall LC suggesting that they'd update their website with some kind of proof of hashing this weekend?

Edit: Perhaps I'm mentally combining posts.

The team is scattered on various countries, thus we have to coordinate to release anything. I'll see if i can get a screenshot of the hashing rate or something, but more pictures will be posted in the next few days, we will deploy the same mechanism ASICMINER uses for signing found blocks and publish them on our website.

https://bitcointalk.org/index.php?topic=263445.msg3116236#msg3116236

[velacreations]

We're sorry for delaying but we're struggling with deployment operations and time is money, we have to set priorities according to our goals.
It is in our interest to keep the shares price rising but we're very confident that within a short time, shares will be valued what they are really worth. We will post board picture and more within the weekend, and as soon as we reach 10 TH of deployed hardware block labeling will be mirrored on the site with other stats like speed, etc.

one word: INADEQUATE

seriously, that was a terrible excuse.  Missed a news/evidence deadline?  Make another one we can miss!

Remember how the website was going to be updated this week?  Now, it's this weekend and/or when they reach 10 TH/s.  

moving deadlines = something fishy

I think they are taking the BFL strategy too seriously.

1. Why aren't you solo mining?
2. When will the shares be locked, and why haven't they been already?
3. Please sign a message with the mining address and post here so we can verify that you are actually hashing.

[physalis]

I seem to recall LC suggesting that they'd update their website with some kind of proof of hashing this weekend?

Not with proof of hashing, with a "live hash meter", with values that they TELL us.

Here's how that hash meter will roughly calculate its hashrate.

Code:

    hashrate = random(2, 4)

[creativex]

They're stalling...for some reason.

[N_S]

How many bag holders are there going to be?

This update is nothin short of insulting. If you're buying Labcoin at this point, you're fucking mental.

[AngelSky]

I'm out, good luck guys 

[velacreations]

At this point I don't care about a picture, I want to be able to verify the TH/s. They all know it and they are still laughing at us (you). Even if I feel that Labcoin is legit, this attitude makes me wanna run away.

when AngelSky is questioning things, you guys better run.  And Fast

I'm out, good luck guys 

Is that all 100btc worth?

[AngelSky]

However, if the Labcoin team somehow has developed a method that allows them to mine with ASIC before miners are actually constructed I would assume that to be very positive news (<- Joking)

Now that I'm off, do you mean that you don't have anything yet ? You're so good. Josh, please, don't give up. So many fishes here.

[AngelSky]

At this point I don't care about a picture, I want to be able to verify the TH/s. They all know it and they are still laughing at us (you). Even if I feel that Labcoin is legit, this attitude makes me wanna run away.

when AngelSky is questioning things, you guys better run.  And Fast

I'm out, good luck guys 

Is that all 100btc worth?

Sold a lot on the "news" while I was sleeping. All I had left was 6k shares, sold for nothing now. I'm happy that someone bought their lies once again.

[demzie]

We're sorry for delaying but we're struggling with deployment operations and time is money, we have to set priorities according to our goals.
It is in our interest to keep the shares price rising but we're very confident that within a short time, shares will be valued what they are really worth. We will post board picture and more within the weekend, and as soon as we reach 10 TH of deployed hardware block labeling will be mirrored on the site with other stats like speed, etc.

one word: INADEQUATE

seriously, that was a terrible excuse.  Missed a news/evidence deadline?  Make another one we can miss!

Remember how the website was going to be updated this week?  Now, it's this weekend and/or when they reach 10 TH/s.  

moving deadlines = something fishy

I think they are taking the BFL strategy too seriously.

1. Why aren't you solo mining?
2. When will the shares be locked, and why haven't they been already?
3. Please sign a message with the mining address and post here so we can verify that you are actually hashing.

I europe a week has 7 days, dont know where you are from?

[richard_dein]

However, if the Labcoin team somehow has developed a method that allows them to mine with ASIC before miners are actually constructed I would assume that to be very positive news (<- Joking)

Now that I'm off, do you mean that you don't have anything yet ? You're so good. Josh, please, don't give up. So many fishes here.

Before I put you on ignore let me point out how you quoted out of context:

I guess I could also mention that the speculation that Labcoin somehow has been mining since mid-August "without telling anyone" is a 'little' funny as you can probably understand that Labcoin has all the motivation in the world to publish has rate etc. with 30% of the company being held by the founders.

However, if the Labcoin team somehow has developed a method that allows them to mine with ASIC before miners are actually constructed I would assume that to be very positive news (<- Joking)

[velacreations]

Sold a lot on the "news" while I was sleeping. All I had left was 6k shares, sold for nothing now. I'm happy that someone bought their lies once again.

yeah, I hear ya, I sold the other day when it started looking very fishy, too.  Man, I'm glad people were still buying at .0038.

I feel bad for them, but not enough to hold the bag for them.

[AngelSky]

However, if the Labcoin team somehow has developed a method that allows them to mine with ASIC before miners are actually constructed I would assume that to be very positive news (<- Joking)

Now that I'm off, do you mean that you don't have anything yet ? You're so good. Josh, please, don't give up. So many fishes here.

Before I put you on ignore let me point out how you quoted out of context:

I guess I could also mention that the speculation that Labcoin somehow has been mining since mid-August "without telling anyone" is a 'little' funny as you can probably understand that Labcoin has all the motivation in the world to publish has rate etc. with 30% of the company being held by the founders.

However, if the Labcoin team somehow has developed a method that allows them to mine with ASIC before miners are actually constructed I would assume that to be very positive news (<- Joking)

That was just my answer to his answer. I could have done it in private though. Feel free to ignore me.

[twentyseventy]

Yes, yess, buy into my bids!