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

[redbeans2012]

I also support bitfunder, speed increased or not. I think most of us are intending on holding labcoin stock rather than daytrading it. To that I just want it kept safely somewhere and so far Ukyo's done a fine job of keeping my investments secure.

+1

[hobbymd]

I also support bitfunder, speed increased or not. I think most of us are intending on holding labcoin stock rather than daytrading it. To that I just want it kept safely somewhere and so far Ukyo's done a fine job of keeping my investments secure.

+1

+1

[tiberiandusk]

Anybody who was holding this scam stock before btct announcement was closing was crazy. Anybody who is still holding it is now legally retarded. You really think a company who literally can't do ANYTHING will be able to make this transfer smooth?

IT IS ALL OVER. Hash rate still isn't increasing (proof they are just using bought miners), they still have no pictures/vids, they still never showed proof of shares. LOL.. they can't take a picture, but they are going to be able to organize and switch exchange!?!?!

If you don't like it why are you hanging around here? What do you have to lose?

[TsuyokuNaritai]

I also support bitfunder, speed increased or not. I think most of us are intending on holding labcoin stock rather than daytrading it. To that I just want it kept safely somewhere and so far Ukyo's done a fine job of keeping my investments secure.

+1

+1

+1

[FloatesMcgoates]

Hash rate still isn't increasing (proof they are just using bought miners), they still have no pictures/vids, they still never showed proof of shares. LOL.. they can't take a picture, but they are going to be able to organize and switch exchange!?!?!

Hash rate has doubled.  Proof is the last 10 payouts to labcoin address at approximately 50% increase.  They have posted pics of their chips, boards, and reels.  Burnside confirmed 85% of shares held by labcoin principles haven't moved.

Go away.

Hash rate has declined from 800 GH --> 720 GH as per publicly visible stats available here http://www.btcguild.com/index.php?page=rankings&section=teams

Also, I do not know why you think that "Hash rate has doubled" and then follow that up with "payouts have increased 50%". Math may not add up there .

[hobbymd]

Anybody who was holding this scam stock before btct announcement was closing was crazy. Anybody who is still holding it is now legally retarded. You really think a company who literally can't do ANYTHING will be able to make this transfer smooth?

IT IS ALL OVER. Hash rate still isn't increasing (proof they are just using bought miners), they still have no pictures/vids, they still never showed proof of shares. LOL.. they can't take a picture, but they are going to be able to organize and switch exchange!?!?!

If you don't like it why are you hanging around here? What do you have to lose?

put him on ignore and save your time arguing with a wall

[ltiv]

All btct shares will be converted to direct shares as soon as we receive official communication from Ethan Burnside before 31 October.
Dividends will be paid regularly until the btct platform is available.
For what concerns the hashrate, as soon as we reach stability with another batch, we will merge it on btcguild, be patient.
We will also evaluate listing again on another exchange.

UPDATE:

I just woke up to the information that BTCT.CO is "winding down" (Shutting down, I haven't even had time to read the full release or catch up on the information thread).

Burnside has previously informed the team (at listing) that complete ownership registry is kept up-to-date (as per previous discussions reg. direct shares), and while this obviously is something no one was expecting I expect all shares to be accounted for.

As to alternate listing, direct share conversion and other alternatives for share holders i currently have not had time to consider this yet but of course we will start working ASAP on a solution.

Appreciate the updates!

[Ytterbium]

Sigh. You know math isn't a spectator sport Either you verify it yourself or it doesn't count.

If you download the figures from blockchain.info you get the last 50 transactions. Excluding the tiny ones gives 44. There are two bumps with a low period in between. The low period has an implied hashrate of 538 GH/s. The average over the last 44 transactions gives you an implied hashrate of about 716 GH/s.

Note that both of these numbers are below the team number. Please explain.

There have been 73 payments, and the average payout from the last 72 is 450.

The average over the past 44 payments is 731.4, The average over the past 22 is 781.86, and the average over the past 15 is 827.   That's consistent with an increasing amount. (I assume it was different for you since you calculated it at a different point in time)

Anyway, we haven't seen any more inexplicable payments come in so far other then the one at 9/23 at 16:17.  It's likely that was built up earnings, but it's not clear who built it up.  Since it was only once it could actually have been from someone outside of labcoin. On the other hand we haven't seen any other manual payments since then.

The automatic payments only pay out exactly your threshold, and leave excess in your account it only sets a floor for the hashrate.  The manual payments are the ones that are "informative" and tell you what the actual hashrate is. If any come in.

If was only one account hashing, then a manual payment would only be for the excess since the last manual payment plus whatever was made since the last auto-payment. If there are multiple accounts (Whether it's labcoin or someone just trying to pump their stock), then the excess could be built up in the second account.

But clearly there were multiple accounts pointed at that address at 16:17.  Whether that was labcoin or someone else is unknown.

If you're only looking at a 2 day average you're obviously not going to see short term movement.

[TheSwede75]

This is not a real update on anything that concerns the future of Labcoin but I figure sometimes just showing up is a good thing.

Me and Sam have been in close contact today and we are evaluating marketplaces for listing. So far we are looking at any possibilities including havelock (that already have a pass through listed), Bitfunder and even 796 (a Hong Kong based exchange), as well as running the shares as "direct shares" as per the ASICMINER model.

We are aware that the up coming closure of BTCT is a major event and besides hash rate increase this is something that we are working on finding the best possible solution to.

As the process matures we will post more information and likely ask for share holder input on listing place etc. we are however very confident that Burnside has records of share holders and holding as we will be making a decision on a new marketplace well in time before the final closure of BTCT.co.

[TheSwede75]

Sigh. You know math isn't a spectator sport Either you verify it yourself or it doesn't count.

If you download the figures from blockchain.info you get the last 50 transactions. Excluding the tiny ones gives 44. There are two bumps with a low period in between. The low period has an implied hashrate of 538 GH/s. The average over the last 44 transactions gives you an implied hashrate of about 716 GH/s.

Note that both of these numbers are below the team number. Please explain.

There have been 73 payments, and the average payout from the last 72 is 450.

The average over the past 44 payments is 731.4, The average over the past 22 is 781.86, and the average over the past 15 is 827.   That's consistent with an increasing amount. (I assume it was different for you since you calculated it at a different point in time)

Anyway, we haven't seen any more inexplicable payments come in so far other then the one at 9/23 at 16:17.  It's likely that was built up earnings, but it's not clear who built it up.  Since it was only once it could actually have been from someone outside of labcoin. On the other hand we haven't seen any other manual payments since then.

The automatic payments only pay out exactly your threshold, and leave excess in your account it only sets a floor for the hashrate.  The manual payments are the ones that are "informative" and tell you what the actual hashrate is. If any come in.

If was only one account hashing, then a manual payment would only be for the excess since the last manual payment plus whatever was made since the last auto-payment. If there are multiple accounts (Whether it's labcoin or someone just trying to pump their stock), then the excess could be built up in the second account.

But clearly there were multiple accounts pointed at that address at 16:17.  Whether that was labcoin or someone else is unknown.

If you're only looking at a 2 day average you're obviously not going to see short term movement.

While I am not confident in giving exact figures I can say that the team will be (and is) testing and bringing more miners online on a daily basis.

[Ytterbium]

This is not a real update on anything that concerns the future of Labcoin but I figure sometimes just showing up is a good thing.

Me and Sam have been in close contact today and we are evaluating marketplaces for listing. So far we are looking at any possibilities including havelock (that already have a pass through listed), Bitfunder and even 796 (a Hong Kong based exchange), as well as running the shares as "direct shares" as per the ASICMINER model.

We are aware that the up coming closure of BTCT is a major event and besides hash rate increase this is something that we are working on finding the best possible solution to.

As the process matures we will post more information and likely ask for share holder input on listing place etc. we are however very confident that Burnside has records of share holders and holding as we will be making a decision on a new marketplace well in time before the final closure of BTCT.co.

796 may have the best 'legal' option.  From what I understand they actually have a money services license even. I'm not sure what the details are or what the legal issues are there, though.

[redbeans2012]

This is not a real update on anything that concerns the future of Labcoin but I figure sometimes just showing up is a good thing.

Me and Sam have been in close contact today and we are evaluating marketplaces for listing. So far we are looking at any possibilities including havelock (that already have a pass through listed), Bitfunder and even 796 (a Hong Kong based exchange), as well as running the shares as "direct shares" as per the ASICMINER model.

We are aware that the up coming closure of BTCT is a major event and besides hash rate increase this is something that we are working on finding the best possible solution to.

As the process matures we will post more information and likely ask for share holder input on listing place etc. we are however very confident that Burnside has records of share holders and holding as we will be making a decision on a new marketplace well in time before the final closure of BTCT.co.

Direct shares are kind of a pain in the ass for the issuer right?  

[Ytterbium]

While I am not confident in giving exact figures I can say that the team will be (and is) testing and bringing more miners online on a daily basis.

If you can pass this along - it would be helpful if they just mined with an 'unstable' hashrate on the labcoin team rather then having inexplicable payments going to their address so we don't have to guess

[BitCsByBit]

This is not a real update on anything that concerns the future of Labcoin but I figure sometimes just showing up is a good thing.

Me and Sam have been in close contact today and we are evaluating marketplaces for listing. So far we are looking at any possibilities including havelock (that already have a pass through listed), Bitfunder and even 796 (a Hong Kong based exchange), as well as running the shares as "direct shares" as per the ASICMINER model.

We are aware that the up coming closure of BTCT is a major event and besides hash rate increase this is something that we are working on finding the best possible solution to.

As the process matures we will post more information and likely ask for share holder input on listing place etc. we are however very confident that Burnside has records of share holders and holding as we will be making a decision on a new marketplace well in time before the final closure of BTCT.co.

796 may have the best 'legal' option.  From what I understand they actually have a money services license even. I'm not sure what the details are or what the legal issues are there, though.

796 has very high trading fees.

Edit: IMO BitFunder would be the best option.

[KCBitcoin]

This is not a real update on anything that concerns the future of Labcoin but I figure sometimes just showing up is a good thing.

Me and Sam have been in close contact today and we are evaluating marketplaces for listing. So far we are looking at any possibilities including havelock (that already have a pass through listed), Bitfunder and even 796 (a Hong Kong based exchange), as well as running the shares as "direct shares" as per the ASICMINER model.

We are aware that the up coming closure of BTCT is a major event and besides hash rate increase this is something that we are working on finding the best possible solution to.

As the process matures we will post more information and likely ask for share holder input on listing place etc. we are however very confident that Burnside has records of share holders and holding as we will be making a decision on a new marketplace well in time before the final closure of BTCT.co.

796 may have the best 'legal' option.  From what I understand they actually have a money services license even. I'm not sure what the details are or what the legal issues are there, though.

796 has very high trading fees.

correction: 796 has very high withdraw fees.

[Rannasha]

we are however very confident that Burnside has records of share holders and holding as we will be making a decision on a new marketplace well in time before the final closure of BTCT.co.

Ehm... I hope you know that the asset issuer also has those records as they're emailed periodically (daily, I believe) by the exchange.

[dhenson]

While I am not confident in giving exact figures I can say that the team will be (and is) testing and bringing more miners online on a daily basis.

If you can pass this along - it would be helpful if they just mined with an 'unstable' hashrate on the labcoin team rather then having inexplicable payments going to their address so we don't have to guess

Not to mention we would enjoy seeing the progress.

[xiaopeifeng]

anybody see this address?
20Th online?
http://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

[Ytterbium]

correction: 796 has very high withdraw fees.

Screw them, then.

[drawingthesun]

anybody see this address?
20Th online?
http://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

The rise of Labcoin!