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

[velacreations]

Also, that wall at 0.003 seems to be the dumbest guy ever.  If it's going up, it's going a lot higher than that.  Why give money away?

what makes you think it is going up?

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[dexX7]

Semi-/Inofficial Labcoin news:

I have talked to TheSeven the second time now. For the reference, TheSeven is a PPCoin pool operator and a contributer to the The Open Source FPGA Bitcoin Miner project. According to Labcoin, he is a generalist software developer, touched most layers from electronics to web development with a background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc.) and working mostly on the 65 nm generation. His website is fpgamining.com where he offers to design and sell custom FPGA based hardware. He acts as technical consultant and basically as HDL engineer for the second generation.

I'm really no fan of posting private messages, but he stated it's a standard response from now on, thus I feel comfortable with posting it here:

Hi,

please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.

First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.

I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.

From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.

From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.

Please understand that I can't give you more detailed information right now.

All the best,

TheSeven

[San1ty]

Also, that wall at 0.003 seems to be the dumbest guy ever.  If it's going up, it's going a lot higher than that.  Why give money away?

what makes you think it is going up?

This ^! They better have some extremely legit news or it's going allll the way down to IPO.

[Bitcycle]

Also, that wall at 0.003 seems to be the dumbest guy ever.  If it's going up, it's going a lot higher than that.  Why give money away?

what makes you think it is going up?

It might, it might not.

But if it does, it's going a lot higher than 0.003.

No way I'd have an open ask any lower than 0.005, at the very lowest.

At the same time, I wouldn't have a bid above 0.0012.

[AngelSky]

Semi-/Inofficial Labcoin news:

I have talked to TheSeven the second time now. For the reference, TheSeven is a PPCoin pool operator and a contributer to the The Open Source FPGA Bitcoin Miner project. According to Labcoin, he is a generalist software developer, touched most layers from electronics to web development with a background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc.) and working mostly on the 65 nm generation. His website is fpgamining.com where he offers to design and sell custom FPGA based hardware. He acts as technical consultant and basically as HDL engineer for the second generation.

I'm really no fan of posting private messages, but he stated it's a standard response from now on, thus I feel comfortable with posting it here:

Hi,

please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.

First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.

I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.

From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.

From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.

Please understand that I can't give you more detailed information right now.

All the best,

TheSeven

Interesting, thanks.

[circuitry]

Also, that wall at 0.003 seems to be the dumbest guy ever.  If it's going up, it's going a lot higher than that.  Why give money away?

what makes you think it is going up?

Whether it goes down or not, this thread is proof that people are happy to cope with an astounding crapload of bullshit before acting as if they cared.

Even if Labcoin turns out to be a legitimate project, the milestone they have set is an excellent crash course for future scammers on how to abuse the Bitcoin community with little or no consequences.

[demzie]

Theseven on next gen confirmed? Great news!

[ShroomsKit]

Are they really gonna wait till the very last minute to post an address?
Why?

[VolanicEruptor]

Theseven on next gen confirmed? Great news!

+9001

[limbaugh]

Uh oh, bids are gaining strength. Gonna be tough to get in soon.

[Bitcycle]

Uh oh, bids are gaining strength. Gonna be tough to get in soon.

Great time to dump if you'e doubtful.

[creativex]

Semi-/Inofficial Labcoin news:

I have talked to TheSeven the second time now. For the reference, TheSeven is a PPCoin pool operator and a contributer to the The Open Source FPGA Bitcoin Miner project. According to Labcoin, he is a generalist software developer, touched most layers from electronics to web development with a background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc.) and working mostly on the 65 nm generation. His website is fpgamining.com where he offers to design and sell custom FPGA based hardware. He acts as technical consultant and basically as HDL engineer for the second generation.

I'm really no fan of posting private messages, but he stated it's a standard response from now on, thus I feel comfortable with posting it here:

Hi,

please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.

First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.

I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.

From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.

From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.

Please understand that I can't give you more detailed information right now.

All the best,

TheSeven

Thanks dexX7, these comments from TheSeven are consistent with the brief interview I quoted way back on this fast moving thread.

Cheers.

[lzr1900]

Semi-/Inofficial Labcoin news:

I have talked to TheSeven the second time now. For the reference, TheSeven is a PPCoin pool operator and a contributer to the The Open Source FPGA Bitcoin Miner project. According to Labcoin, he is a generalist software developer, touched most layers from electronics to web development with a background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc.) and working mostly on the 65 nm generation. His website is fpgamining.com where he offers to design and sell custom FPGA based hardware. He acts as technical consultant and basically as HDL engineer for the second generation.

I'm really no fan of posting private messages, but he stated it's a standard response from now on, thus I feel comfortable with posting it here:

Hi,

please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.

First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.

I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.

From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.

From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.

Please understand that I can't give you more detailed information right now.

All the best,

TheSeven

Great！Good to see TheSeven is actually involved in this project..

[limbaugh]

Semi-/Inofficial Labcoin news:

From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.

Please understand that I can't give you more detailed information right now.

All the best,

TheSeven

Better get busy scam theorists, TheSeven just plugged the hole.

Thanks DexX7!

[AngelSky]

Well, this is going to be interesting.

[drawingthesun]

2 minutes from 0.003

This is a great time to be alive!

[Bitcycle]

Most interesting parts highlighted.

More or less confirming what most of us have guessed.

Hi,

please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.

First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.

I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.

From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.

From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.

Please understand that I can't give you more detailed information right now.

All the best,

TheSeven

[Pale Phoenix]

Thanks dexX7 for the useful post.

[talnted]

This is great news, thanks for the post Dexx7

[AngelSky]

Maybe a little bit of trust can be re-established in a few hours if they don't fail hard.