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

[FloatesMcgoates]

We promise pictures of some boards mining will be up for this weekend.

And here it comes, finally, today we are proud to announce the starting of mining operations in time with our roadmap.  
The last week has been extremely busy and work is still in progress to bring online the whole hashing power.

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.

The website will be updated this week in order to show our live hashing rate and dividends will be paid every two weeks.
More pictures of the laboratory setting where the hardware is currently deployed will be also distributed. Complete installment will be shown when our final premise will be ready. We're still considering some business aspects, including only focusing on the upcoming 65nm version for what concerns bulk chip sales. We plan to take a final decision regarding this issue during the next month.

We want to say thanks to all investors who trusted us during this long endeavor.

We will be here for about one hour to answer questions.

Labcoin Team

Labcoin: What is the reason for the drop from the original estimate of 6Th/s to 3-4Th/s to now 2Th/s for this initial batch? Is there a problem with heat?

Not really a drop to 2 TH, this is roughly the speed we're mining at now, it will reach 4 TH next monday. The drop  was from 6 to 4 TH and was caused by some underperforming part of the batch.

Labcoin: What is the reason for the drop from the original estimate of 6Th/s to 3-4Th/s to now 2Th/s for this initial batch? Is there a problem with heat?

Not really a drop to 2 TH, this is roughly the speed we're mining at now, it will reach 4 TH next monday. The drop  was from 6 to 4 TH and was caused by some underperforming part of the batch.

when do we expect a dividend? somewhere this week?

So 2 weeks till we start seeing divs?

First dividend payment is due  on tuesday 17 September

It doesn't matter what labcoin "announces" today (according to swede), as they have proven to have lied in nearly every post so far

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[4ju5tice]

I thought about it a lot. Believe me. And yeah, maybe I could have gotten the money back. But maybe I could have lost it all. Hindsight is not something we have with stocks.

I decided that I would take the large loss due to their inability to tell the truth. The truth is worth a lot to me.

[4ju5tice]

strange decision you were willing to lose 2/3 and only get 1/3 of your investment because you're not willing to "lose it all" i say you were quite close to losing it all anyways at the price you liquidated. couldve waited and possibly lost nothing

My stupidity and greed drove me to buying the shares. Every time I held onto them with hopes to sell higher, the price kept going down. I'd rather take some money than no money.

Maybe my trading strategy is different than yours, but typically when people lose 2/3 of their value they may begin to think about selling. Maybe it was a mistake, all I know is that I can't trust this company. I don't think that anyone can.

[Vigil]

Let me start out by saying I'm not trying to scare anyone to make the share price go lower. Believe me, I'm uninterested in Labcoin. I liquidated all of the 18000 shares today at ~.001 that I carelessly bought two days ago at ~.0028. Yes, I lost a good amount of money, about 2/3 of my original buy price. I'm not too worried about it as I am still in the black overall in my investments, but it is extremely disappointing and I can say I learned a hard lesson.

I'm generally concerned about labcoin. I don't like to invest in companies where the people running it continuously lie. Then when they're lies are realized, they say something else to make people happy. Then it doesn't turn out, and they lie again.

The thing about labcoin is that they don't have time to not be mining. All of you that keep giving them a chance are in denial. Every day that they aren't mining takes a huge chunk out of the potential value that they could have had. If they ever get their issues sorted out, they're working with 120nm, then 65nm. Which will become obsolete while there are multiple companies shipping out 28nm's in November, December, and January. I know ACTM is planning on shipping in November from a proven Asic manufacturer. I'm not really worried about them having issues, the company has the experience to deal with them.

All I'm saying is that I do not like what's been going on here. Keep your head on straight guys. Don't let your greed motivate you, like it did me. It's an important lesson, and I'm glad I didn't lose it all.

From the definition of scam, Labcoin is a scam.
"Verb   1.   scam - deprive of by deceit; "She defrauded the customers who trusted her" http://www.thefreedictionary.com/scam

Sure, they could have good intentions, but they LIE. I don't want to take the time to read through theswedes posts to find all of the lies. They promise things, take your money, and they don't follow through with their promises. As far as I'm concerned, that is defrauding the customers. It's terrible. I don't want to know lies. Lies are worse than no information.

And a note to theswede. It seems to me like you might need some help to get your brain going, either your retarded or just in denial. It's not your responsibility to be the middle man for this lying. Given the fact that most of what you've said coming from labcoin isn't true, I would stop saying things. Realize what you are contributing to. By irresponsibly representing labcoin, you are making real people lose real value. Grow up and realize the real impact that your actions have on people. It's not a game.

strange decision you were willing to lose 2/3 and only get 1/3 of your investment because you're not willing to "lose it all" i say you were quite close to losing it all anyways at the price you liquidated. couldve waited and possibly lost nothing

That is hindsight. There was no way to tell how far it would drop. It had looked as if Labcoin was gone - no hashing, no word, Burnside can't get ahold of anyone and posts a "Warning" (which I believe was a major cause of the sell-off and is somewhat responsible for the hysteria).

[237]

strange decision you were willing to lose 2/3 and only get 1/3 of your investment because you're not willing to "lose it all" i say you were quite close to losing it all anyways at the price you liquidated. couldve waited and possibly lost nothing

My stupidity and greed drove me to buying the shares. Every time I held onto them with hopes to sell higher, the price kept going down. I'd rather take some money than no money.

Maybe my trading strategy is different than yours, but typically when people lose 2/3 of their value they may begin to think about selling. Maybe it was a mistake, all I know is that I can't trust this company. I don't think that anyone can.

When the shares, i invested in, lose 2/3 of their value i don't think about selling, i think about buying more. At least if there is no bad news out. I mean really bad, like a meteor dropped on the factory.

[Ytterbium]

I had a day 1 KNCMiner realized it would be worthless even on day 1 delivery, got a refund, mentioned my opinion in the thread on why I got a refund and thought that it's stupid for anyone to by these machines as they won't make enough, and left.

Haven't been on that thread there since, because I have 0 interest in it's success or failure, clearly all the FUDS here have faith in Labcoin they just want to crash the price so much that they can basically buy up the company for free, and when they finally hash and mine properly make a killing.

What do you expect from low life scum that this community is filled with?

Uh, why didn't you sell it instead? You could have made a 50% profit, at least.

[gramma]

I thought about it a lot. Believe me. And yeah, maybe I could have gotten the money back. But maybe I could have lost it all. Hindsight is not something we have with stocks.

I decided that I would take the large loss due to their inability to tell the truth. The truth is worth a lot to me.

FWIW, you're not the only one.  I've made a little back since then with all the fluctuations, but I'm gambling at this point, not investing.

[SoylentCreek]

WARNING -- There is a lot of controversy over the reliability of the operator of this asset. Please place your orders accordingly.

LOL

[Vigil]

WARNING -- There is a lot of controversy over the reliability of the operator of this asset. Please place your orders accordingly.

LOL

Translation: Sell what you have as soon as possible, this thing could be going down.

Burnside initiated the sell-off with that FUD.

[4ju5tice]

When the shares, i invested in, lose 2/3 of their value i don't think about selling, i think about buying more. At least if there is no bad news out. I mean really bad, like a meteor dropped on the factory.

Usually I do the same thing. However, I bought into labcoin out of greed. I didn't have any real proof that the company was capable of accomplishing what they claimed. And every time they say something, it's a lie.

So... in this case, I'm not going to buy in more. I think I already learned my lesson. And I admit, I could have lost less. But I wanted to get out, the danger with stocks where the company constantly lies is that the share price could go to zero pretty quickly. 

[E.Sam]

Deposit amount: 0.2070555 BTC. -> http://blockchain.info/tx-index/90402519
[ New balance at that address is now 5.67161421 BTC. ]

hum....

[237]

When the shares, i invested in, lose 2/3 of their value i don't think about selling, i think about buying more. At least if there is no bad news out. I mean really bad, like a meteor dropped on the factory.

Usually I do the same thing. However, I bought into labcoin out of greed. I didn't have any real proof that the company was capable of accomplishing what they claimed. And every time they say something, it's a lie.

So... in this case, I'm not going to buy in more. I think I already learned my lesson. And I admit, I could have lost less. But I wanted to get out, the danger with stocks where the company constantly lies is that the share price could go to zero pretty quickly. 

Well, at least you can sleep well when you have nothing in Labcoin

Though i have my inital investment back and still a nice amount of shares to play with, riding the labcoin rollercoaster is stress.

[Ytterbium]

The last payment, 0.2 in 1 hour, is equivalent to 14 Avalons or so.  So either this is a different troll posting to the address, or else they're actually hashing with more then just the three Avalons. 

So, it's actually looking more likely that they're really hashing.

[damiano]

The last payment, 0.2 in 1 hour, is equivalent to 14 Avalons or so.  So either this is a different troll posting to the address, or else they're actually hashing with more then just the three Avalons. 

So, it's actually looking more likely that they're really hashing.

Baby steps in the right direction is nice.

[hobbymd]

labcoin is online!! we might get the promised update

[blastbob]

BUY all the shares!

[hobbymd]

aaaaaaaaaaaaaaaaaaaaaaand is goneeee

[4ju5tice]

Well, at least you can sleep well when you have nothing in Labcoin

Though i have my inital investment back and still a nice amount of shares to play with, riding the labcoin rollercoaster is stress.

Exactly. Yeah, I bought a lot of shares at the IPO originally then sold the next morning for about 2.5x my initial investment. So I guess the money I lost today was money that I gained from other peoples losses. I'm not too worried about it.

You seem like a reasonable individual.

[Ytterbium]

Well, at least you can sleep well when you have nothing in Labcoin

Though i have my inital investment back and still a nice amount of shares to play with, riding the labcoin rollercoaster is stress.

Exactly. Yeah, I bought a lot of shares at the IPO originally then sold the next morning for about 2.5x my initial investment. So I guess the money I lost today was money that I gained from other peoples losses. I'm not too worried about it.

You seem like a reasonable individual.

If you think that's stressful, try shorting them.  I bought put options that would profit if the price went under 0.0015 when the price was tanking. I thought for SURE it would keep tanking but people started buying again, and then there was a jump back up to 0.0014 when another transaction came in on the blockchain.

Ultimately I made money on them but for a while it looked like I was about to lose more.

[Ytterbium]

By the way - I'm surprised no one's commented on the last payment. They got 0.2 BTC in the past hour.

The other payments have been consistent with just a few hundred GH/s, possibly powered by the three Avalons we know they have.  But this last payment is consistent with about 1.2Th/s.  Which means either a completely different person is sending them saved up BTC on their BTCGuild account, or they are actually up and hashing.

So yeah, in no way am I trying to defend Labcoin's behavior - if you think that their stock will start to go up once they prove they're hashing now would really be the time to jump in, maybe with a small purchase that you're willing to lose.