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

[well.attenuated]

My thoughts are that if Labcoin has been mining some for the last week or two, why not post the address that has those mined coins?
No matter what, forwarding those coins to any address to get into the investors hands will be traceable. I do not see a need to try to hide that address.
Labcoin could use a mixer, but what would be gained by keeping that address so secret?

Or is the intention not to pay out coins mined prior to this new address or some other event?

-Ukyo

That would be this address: 1NBDEAYH49tZvFMJ95oa4kYrqgecgnc16C

Heya, thanks for the address.
This does appear to have generated coins.
Do you have proof this is from Labcoin?
(I may have missed a post, there are quire a few.) But if LabCoin had posted this, people would not be arguing if LC is mining or not.
Or was this an address that was found to be mining and is guesswork?

Thanks,
Ukyo

No proof of LC, just a plausible mining address that matches up for time-course and hashrate

[Luckybit]

You caught him.

But that doesn't mean it's purposeful. It could be that mining just didn't work when they tried it and had to stop. They did mention that it wasn't very reliable.

wait, wait, wait. 
How is saying "we are mining" not purposefully lying when it is not true?

He just said "when mining starts"  That means mining hasn't started.

Maybe they started mining but then the miner overheated and broke, or didn't work, or was unreliable. There are plenty of logical explanations for why they could have stopped mining. They promised a dividend so then a miscalculation. It's not exactly easy to deploy something like this, lets be real.

[tucenaber]

Update:


Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

[Luckybit]

Update:


Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

Wow if they lied about that then it's game over.

[237]

Update:


Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

Take away the space and add an "="

Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA=

rest stays

Edit: It keeps adding the space. dont know why...

[Ytterbium]

Wow he signed the address that can prove nothing thats perfect, hold on let me open Bitcoin-QT I can do the exact same thing by creating new receiving address and signing it,

That's also all they had to do to create the mining address. Which is why people were confused about why they hadn't posted it yet, since it required zero technical work.

[Luckybit]

Update:


Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

Take away the space and add an "="

Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA=

rest stays

Edit: It keeps adding the space. dont know why...

That kind of mistake would have crashed the price to 0.

[Zakryze]

If Theswede's parents are following this thread: you raised a liar. congratz! please stop raising kids!

[laustcozz]

Current Dividend @ 0.00000000062166 BTC/Share 

Amazing Company!!!! 

[damiano]

There is some BTC in the address now!

[tucenaber]

Update:


Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

Take away the space and add an "="

Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA=

rest stays

Edit: It keeps adding the space. dont know why...

Ah.  Thanks.

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA= "Labcoin mining address"
true

[dexX7]

Current Dividend @ 0.00000000062166 BTC/Share 

Amazing Company!!!! 

*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.

[velacreations]

Maybe they started mining but then the miner overheated and broke, or didn't work, or was unreliable. There are plenty of logical explanations for why they could have stopped mining. They promised a dividend so then a miscalculation. It's not exactly easy to deploy something like this, lets be real.

Ok, let's be real. 

They said they were mining on Sep 10:

We're currently averaging about 2 TH/s in solo mode, and expect to deploy at least 4 TH by monday 16, to reach gradually 50 TH within October.

Then again:

We're mining in solo mode

and again:

Not really a drop to 2 TH, this is roughly the speed we're mining at now, it will reach 4 TH next monday.

and again:

We are indeed mining

If you want to be reasonable, how can we trust ANYTHING they say after repeatedly lying to us about something so simple.

But, we now know why they wouldn't post the mining address before, as they said many times they would.  They were not mining, and could not get things to work.

[Ytterbium]

The level of stupidity on this thread continues to amaze me. Someone just signs a BTC address, and folks start believing Labcoin is mining!

Deadlines after deadlines pass, yet they can't gather a camera and a half ounce brain to take a picture of the equipment or mining in progress.

I'm not particularly worried about pretend mining, but how about thinking about the more plausible scenario:

Some fraction of the hashrate is diverted for private use. There is no way of knowing if 100% is accounted for, unless Labcoin arranges some kind of auditing. Can we get a policy for this?

This was always a risk with labcoin, and would have been a risk if they'd done everything right from the beginning.  It's also a risk with ASICMiner, IceDrill and ActM. Of course, now that they've had all these fuckups, it will seem more plausible to people, that's one reason why transparency and technical clarity are so critical.

[velacreations]

This was always a risk with labcoin, and would have been a risk if they'd done everything right from the beginning.  It's also a risk with ASICMiner, IceDrill and ActM. Of course, now that they've had all these fuckups, it will seem more plausible to people, that's one reason why transparency and technical clarity are so critical.

the risk increases substantially when management repeatedly lies and misleads the shareholders.

[tucenaber]

The level of stupidity on this thread continues to amaze me. Someone just signs a BTC address, and folks start believing Labcoin is mining!

Deadlines after deadlines pass, yet they can't gather a camera and a half ounce brain to take a picture of the equipment or mining in progress.

I'm not particularly worried about pretend mining, but how about thinking about the more plausible scenario:

Some fraction of the hashrate is diverted for private use. There is no way of knowing if 100% is accounted for, unless Labcoin arranges some kind of auditing. Can we get a policy for this?

This was always a risk with labcoin, and would have been a risk if they'd done everything right from the beginning.  It's also a risk with ASICMiner, IceDrill and ActM. Of course, now that they've had all these fuckups, it will seem more plausible to people, that's one reason why transparency and technical clarity are so critical.

I guess it can only go up from here Or not?

[Multi]

More BTC

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

[Zakryze]

More BTC

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

wow we're getting close to 1 satoshi per share... in a week

[well.attenuated]

2 no votes from BTCT.co mods now

[Ytterbium]

One interesting thing - anyone can send coins to this address.  Someone holding a lot of btc could send to that address to pump the stock.  They could potentially make a profit doing so.