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

[dhenson]

Hi guys,

I'm soo lost with all the crap on the posts with fighting..

Can someone in brief give us an update?

Ta

There is a growing number of forum members that are using the Labcoin 'updates' as triggers to initiate sell-offs where they have low bids waiting.  They are spreading FUD and tricking people into selling their shares.

Labcoin is having un-explained technical issues that is causing them to be about 2 weeks behind. The general consensus is that they had to order new boards. (unsubstantiated)

They have been solo-mining and have not shown if they have yet mined a block.  They also just stated that they will be (within the next 12 hours) mining solo in a private pool so that we as investors can monitor their hash rate live.

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[Bitcycle]

Key info-

 Labcoin will be in a pool today and there will no longer be any doubt whatsoever about their hashrate.

As clear a 'buy' signal as you're going to get, guys.

[Squirrel Dearing]

Hi guys,

I'm soo lost with all the crap on the posts with fighting..

Can someone in brief give us an update?

Ta

What I've been doing is a member search for Labcoin and checking their Latest Posts.  Also check TheSwede75 and check his latest posts..

That'll give you all of the information without any speculation or FUD or arguments or whatever you want to call it.

[Anotheranonlol]

There's no "spinning" required. You have no idea what happened to the funds after they were withdrawn, and they were never slated to be spent on development of the 130chip as Labcoin has always maintained that they paid those costs to the IPO.

you are so sure that there is no way to track the funds..who says they have even been spent ?
slow guys such as yourself, will only write what labcoin has told you has happened
thankfully blockchain does not lie

[oxideNL]

And i'm just sitting here hitting F5
watching the world burn.
_{With no sight of sideburns}

[tucenaber]

They are going to mine on a pool. How hard is that to understand? The revenue will end up in the specified address. But not as freshly minted coins of course since whole blocks only goes to solo miners.

It's hard to understand, because this is contradicting previous announcements and furthermore it would be more reasonable to tell us which pool + user.

Edit:

I am going to let the mining speak for itself when the pool merge is complete. I would like to note however that even with 5+ TH solo-mining it can easily take 2+ days to find a block due to variance, hence the move to pool-mining.

You were right. Though I have to ask: what value does a Bitcoin address have with Bitcoin moved there, if there is no guarantee, that those coins were mined?

They caved to pressure and went for pool mining. The signed address is pointless with pool mining. But I guess it will be easy to monitor the income with just one fixed address.

[well.attenuated]

I love the website updates they made last week, you know when they paid that big fat dividend in boosted the hashing power to 6TH/s.  It makes me feel a lot better that I can see the live hashing rate on their awesome new website that has so much relevant content and pictures of the rigs I paid for.

[Vigil]

Ok. So about a week ago I messaged TheSeven regarding Labcoin and his involvement and thoughts on this topic. I am going to post what he said because it seems the "Scam" accusations are at fever pitch right now. I even thought that Labcoin was a scam for a while. It is important to note that TheSeven does not have any insider info on how Labcoin is being run and is not directly involved in any of the engineering or planning regarding the Gen 1 chips. So do not take anything in this message as investment advice or otherwise - it is what it is: his "standard reply" to everything Labcoin related. He did not ask me to keep this private so I am posting it for everyone's consideration.

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

[Rannasha]

Ok. So about a week ago I messaged TheSeven regarding Labcoin and his involvement and thoughts on this topic. I am going to post what he said because it seems the "Scam" accusations are at fever pitch right now. I even thought that Labcoin was a scam for a while. It is important to note that TheSeven does not have any insider info on how Labcoin is being run and is not directly involved in any of the engineering or planning regarding the Gen 1 chips. So do not take anything in this message as investment advice or otherwise - it is what it is: his "standard reply" to everything Labcoin related. He did not ask me to keep this private so I am posting it for everyone's consideration.

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

This PM was posted earlier today as well. As TheSeven mentioned, it is now his standard reply to Labcoin-related inquiries.

[zumzero]

Hi guys,

I'm soo lost with all the crap on the posts with fighting..

Can someone in brief give us an update?

Ta

There is a growing number of forum members that are using the Labcoin 'updates' as triggers to initiate sell-offs where they have low bids waiting.  They are spreading FUD and tricking people into selling their shares.

Labcoin is having un-explained technical issues that is causing them to be about 2 weeks behind. The general consensus is that they had to order new boards. (unsubstantiated)

They have been solo-mining and have not shown if they have yet mined a block.  They also just stated that they will be (within the next 12 hours) mining solo in a private pool so that we as investors can monitor their hash rate live.

Could someone please post a countdown clock to this effect please?


These LC timers are becoming legendary! lol,  I want the t-shirt.  

[Vigil]

This PM was posted earlier today as well. As TheSeven mentioned, it is now his standard reply to Labcoin-related inquiries.

I was not aware it was posted.

[dexX7]

Key info-

 Labcoin will be in a pool today and there will no longer be any doubt whatsoever about their hashrate.

As clear a 'buy' signal as you're going to get, guys.

Oh, look, there are xxx BTC coming to this address:

https://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Hint: they are not from Labcoin.

Do you see, why there are still reasonable doubts left and this actually solves not much?

[dhenson]

https://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

It seems to be mining. Just received a transaction fee. Labcoin probably isn't a scam. If it's a scam it's the most elaborate scam ever and honestly, it's a lot smarter for them if they just mine with their chips than to scam.

Lol, not sure if you are trolling but that wasn't a transaction fee... That was dex proving a point.

[NineLives]

Thanks guys,,  Appreciate the quick update.

[FloatesMcgoates]

https://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

It seems to be mining. Just received a transaction fee. Labcoin probably isn't a scam. If it's a scam it's the most elaborate scam ever and honestly, it's a lot smarter for them if they just mine with their chips than to scam.

Looks more like someone sent some money from their own wallet in order to get people to buy shares

[dexX7]

*redactedquote*

Just to be crystall clear:

The transaction of 0.0062166 BTC was not from Labcoin, but a demonstration why "posting an address and moving coins from another address" is not sufficient.

See #11166.

[well.attenuated]

a little BTC in the labcoin account. They just mined a BBQCoin!!

[Stuartuk]

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

Someone posted this shit earlier - it stands for nothing, no evidence, no chips. He freely admits he hasn't heard from the engineers in 'quite a while'. AND YOU THINK THAT IS GOOD NEWS??!

[Pale Phoenix]

There's no "spinning" required. You have no idea what happened to the funds after they were withdrawn, and they were never slated to be spent on development of the 130chip as Labcoin has always maintained that they paid those costs to the IPO.

you are so sure that there is no way to track the funds..who says they have even been spent ?
slow guys such as yourself, will only write what labcoin has told you has happened
thankfully blockchain does not lie

I don't know who says they have been spent... certainly not me. You are the genius implying that Burnside should take action because they weren't spent on 130nm development, and I'm saying that IIRC, that was never the plan.

You are right about one thing. I am "slow" to ignore your low effort, logically inconsistent brand of BS.

[Luckybit]

https://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

It seems to be mining. Just received a transaction fee. Labcoin probably isn't a scam. If it's a scam it's the most elaborate scam ever and honestly, it's a lot smarter for them if they just mine with their chips than to scam.

Just to be crystall clear:

The transaction of 0.0062166 BTC was not from Labcoin, but a demonstration why "posting an address and moving coins from another address" is not sufficient.

See #11166.

So what would you have them do?