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

[Luckybit]

here  we go...........

batch 1 and 2 batch 2 devices running at 350 Mhz.  

So these arent the LC chips they are using? They are using their avalons?

Can't you see the date? That is not todays date.
Look at the pathetic hashrates on those Avalons.

[1713578622]

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[TMAN]

ignore the childish fud, they want the price to move as much as possible.

[FloatesMcgoates]

why are people quoting something from july?

[matt4054]

So LABCOIN is now hashing at about 250 GH/s (= 1.12 BTC / day currently, at 100% PPS), new rumors seem to indicate that they are mining with Avalons (but that could be FUD).

There is no way I'm back in under such conditions. Besides, 250 GH/s is ridicule compared to the 6 TH/s that were promised two weeks ago: it's about 12 times lower than what was announced earlier.

My advice: stay out if you're not in....

[Luckybit]

It's obvious they are hashing with something

it is?  can you please share your information on how you came to that conclusion?

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

Someone or something has been hashing over the last 24 hr and significant amounts of coin has been generated.
It's enough coin generated that it does seem like someone is hashing with around 0.5-1TH but I'm not a math pro.

So LABCOIN is now hashing at about 250 GH/s (= 1.12 BTC / day currently, at 100% PPS), new rumors seem to indicate that they are mining with Avalons (but that could be FUD).

There is no way I'm back in under such conditions. Besides, 250 GH/s is ridicule compared to the 6 TH/s that were promised two weeks ago: it's about 12 times lower than what was announced earlier.

My advice: stay out if you're not it....

I doubt you'd even get as much as they generated in the time they did with only 250GH/s but sure, it's something which you can take under consideration. How long do you think that will last? Not much longer than through the weekend.

If it's a scam why wouldn't they just use the 250GH/s all for themselves? Why would they bother putting on a show? Give a reason why the most complicated and elaborate conspiracy theory must be true over simple incompetence.

[velacreations]

I see just a blank address and some trinkets from users only

+1
and then I think it's suspect when a few users come on and say things like "see, there's the proof, right there!"  are they the ones that sent those fake payments?

[velacreations]

Someone or something has been hashing over the last 24 hr and significant amounts of coin has been generated.

No.  someone is sending coins to that address.  You have no evidence it is Labcoin sending those coins.

It's enough coin generated that it does seem like someone is hashing with around 0.5-1TH but I'm not a math pro.

post your math on how you came to that conclusion.

[Rulother]

So LABCOIN is now hashing at about 250 GH/s (= 1.12 BTC / day currently, at 100% PPS), new rumors seem to indicate that they are mining with Avalons (but that could be FUD).

There is no way I'm back in under such conditions. Besides, 250 GH/s is ridicule compared to the 6 TH/s that were promised two weeks ago: it's about 12 times lower than what was announced earlier.

My advice: stay out if you're not in....

Look at the dates ffs

[afrotec]

So LABCOIN is now hashing at about 250 GH/s (= 1.12 BTC / day currently, at 100% PPS), new rumors seem to indicate that they are mining with Avalons (but that could be FUD).

There is no way I'm back in under such conditions. Besides, 250 GH/s is ridicule compared to the 6 TH/s that were promised two weeks ago: it's about 12 times lower than what was announced earlier.

My advice: stay out if you're not in....

Haha, what sound advice you give. Based on a picture thats a few months old, and likely not applicable to the current situation....

So dump everything you say?

 

[BombaUcigasa]

why are people quoting something from july?

People forget easily and jump to conclusions hastily.

Some people must remind the others that proof of hashing by regular transactions can be spoofed and is indistinguishable from real pool payments. The cost of spoofing is around 5-10% of the spoofed sum.

For example, I can post an address here, and claim to mine at 2TH, and tomorrow find some "volunteers" that I pay from my funds, and they will deposit their pool funds directly to my address while I send on the side the same bitcoins back to them, plus a commission. According to this topic, some people would believe me I hash with 2TH and buy my mining shares and give me 90.000$ a day. All I need to spend is the first funds transaction to the address, and the fee to my partner for each subsequent payment.

[velacreations]

So LABCOIN is now hashing at about 250 GH/s (= 1.12 BTC / day currently, at 100% PPS),

there's no evidence that Labcoin is hashing.  The evidence only shows that SOMEONE is sending their USB miner coins to Labcoin's address.

[Luckybit]

why are people quoting something from july?

People forget easily and jump to conclusions hastily.

Some people must remind the others that proof of hashing by regular transactions can be spoofed and is indistinguishable from real pool payments. The cost of spoofing is around 5-10% of the spoofed sum.

For example, I can post an address here, and claim to mine at 2TH, and tomorrow find some "volunteers" that I pay from my funds, and they will deposit their pool funds directly to my address while I send on the side the same bitcoins back to them, plus a commission. According to this topic, some people would believe me I hash with 2TH and buy my mining shares and give me 90.000$ a day. All I need to spend is the first funds transaction to the address, and the fee to my partner for each subsequent payment.

But why would anyone do this if its a scam? Scams aren't supposed to lose money.
People would do this if its to save face but not out of greed.

[Multi]

I forgot to write, div will be next week, from our BTC 

[velacreations]

For example, I can post an address here, and claim to mine at 2TH, and tomorrow find some "volunteers" that I pay from my funds, and they will deposit their pool funds directly to my address while I send on the side the same bitcoins back to them, plus a commission. According to this topic, some people would believe me I hash with 2TH and buy my mining shares and give me 90.000$ a day. All I need to spend is the first funds transaction to the address, and the fee to my partner for each subsequent payment.

+1
meanwhile, the price rises from .0022 to .003 very quickly, and then someone sells 15K shares instantly to cash in almost exactly at the time when the second "mining revenue" payment was received.

That's not suspect?

[BombaUcigasa]

why are people quoting something from july?

People forget easily and jump to conclusions hastily.

Some people must remind the others that proof of hashing by regular transactions can be spoofed and is indistinguishable from real pool payments. The cost of spoofing is around 5-10% of the spoofed sum.

For example, I can post an address here, and claim to mine at 2TH, and tomorrow find some "volunteers" that I pay from my funds, and they will deposit their pool funds directly to my address while I send on the side the same bitcoins back to them, plus a commission. According to this topic, some people would believe me I hash with 2TH and buy my mining shares and give me 90.000$ a day. All I need to spend is the first funds transaction to the address, and the fee to my partner for each subsequent payment.

But why would anyone do this if its a scam? Scams aren't supposed to lose money.
People would do this if its to save face but not out of greed.

Good question.

What if I get 90.000$ a day from dumping shares, and spend only 9 BTC a day (2TH/s) for a few days?

I am actually "selling" BTC for 10.000$ a piece. Does this look like "losing money" to you?

[matt4054]

So LABCOIN is now hashing at about 250 GH/s (= 1.12 BTC / day currently, at 100% PPS), new rumors seem to indicate that they are mining with Avalons (but that could be FUD).

There is no way I'm back in under such conditions. Besides, 250 GH/s is ridicule compared to the 6 TH/s that were promised two weeks ago: it's about 12 times lower than what was announced earlier.

My advice: stay out if you're not in....

Haha, what sound advice you give. Based on a picture thats a few months old, and likely not applicable to the current situation....

So dump everything you say?

 

No, I said do not buy, I didn't say dump.

Obviously the stock price is still highly volatile / explosive.

If you want to gamble, do what you want, you might always make a profit selling higher later.

If you want to play it safe, don't buy. If you have an open position, place your asks just above your buying price and get out while you can without being at loss.

In any case, panic selling wasn't wise from me, but Labcoin is so toxic right now, who wants a long term position in that...

[velacreations]

But why would anyone do this if its a scam? Scams aren't supposed to lose money.
People would do this if its to save face but not out of greed.

Scam cost ~4 btc. 
Buy 15K shares at .0022 yesterday: 33 btc.
Sell 15K shares around .0029 yesterday: 43.5 btc

profit: 6.5 btc ON JUST ONE MOVE

[Luckybit]

Someone or something has been hashing over the last 24 hr and significant amounts of coin has been generated.

No.  someone is sending coins to that address.  You have no evidence it is Labcoin sending those coins.

It's enough coin generated that it does seem like someone is hashing with around 0.5-1TH but I'm not a math pro.

post your math on how you came to that conclusion.

If you have the block reward and pool hash rate and you know the percentage that Labcoin received from that block reward then you can estimate the hash rate. I don't have the equation in front of me because I'm not a math nerd but I'm sure someone here can explain it to you more thoroughly.

[BombaUcigasa]

If you have the block reward and pool hash rate and you know the percentage that Labcoin received from that block reward then you can estimate the hash rate. I don't have the equation in front of me because I'm not a math nerd but I'm sure someone here can explain it to you.

That is correct. However to apply the equation you need access to those numbers you mentioned. Do you know the block reward, pool rate and Labcoin percentage at this moment?

[Luckybit]

But why would anyone do this if its a scam? Scams aren't supposed to lose money.
People would do this if its to save face but not out of greed.

Scam cost ~4 btc. 
Buy 15K shares at .0022 yesterday: 33 btc.
Sell 15K shares around .0029 yesterday: 43.5 btc

profit: 6.5 btc ON JUST ONE MOVE

Yeah so they'll do all that for  43.5 BTC when they could have had more if they posted fake pictures? If they are scammers they are stupid. Missing deadlines makes your shares worth a lot less. All they had to do to run a scam is post a video of some box mining away, with fake pictures, and elaborate fake technical specifications and the share prices would have already been over 0.004.