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

[BitThink]

How do I get my Labcoin shares out of BTCT before the shut down?

Sell them, or trust labcoin to change them to be direct shares, before they can find a new exchange.

[1713922287]

1713922287

[1713922287]

1713922287

[dave111223]

How do I get my Labcoin shares out of BTCT before the shut down?

Sell them, or trust labcoin to change them to be direct shares, before they can find a new exchange.

So there is currently no procedure for this?

[ltiv]

How do I get my Labcoin shares out of BTCT before the shut down?

Sell them, or trust labcoin to change them to be direct shares, before they can find a new exchange.

So there is currently no procedure for this?

There's no current procedure for this however labcoin did state that all shares will be converted to direct shares before the 31st October (correct me if I'm wrong).

[BitThink]

How do I get my Labcoin shares out of BTCT before the shut down?

Sell them, or trust labcoin to change them to be direct shares, before they can find a new exchange.

So there is currently no procedure for this?

TheSwede75 said he is contacting the operators of other exchanges, but there's no clear timeline. In the previous update of labcoin, all shares will become direct shares first.

[Bitcycle]

Assuming they can find a new exchange.

Which they won't be able to do if they don't immediately explain the current status of the project.

[BitThink]

The 7 Oct will be a very important day. The trading will be disabled, and most likely their promise of 20TH will break, so that will be a very ugly day for labcoin. I think most people here are just waiting for a miracle could happen before that day.

[BitThink]

Seriously, what is wrong with you people?

It is found that the key technician, the 130nm chip designer, Howard Wang, has moved to San Jose, US as a researcher in ITU on September. So it seems why their engineer team is imcompetent can be explained. Then a panic selling (dump > 20K to below 0.0009) after this news.

Well, people found a linkedin page for "Zhenghua WANG" that didn't seem to exist more then 24 hours ago, given the fact that the people who dug though the personal information of every Sam Noi in Ghana weren't able to find it.

All the information on there is stuff that people could have looked up or guessed, and there are lots of people who could have put the profile together.

Unfortunately Labcoin isn't giving out any information or keeping people up to date at all, and because of that the conspiracy theorists and trolls flourish.

No, the profile refers to the same person I found out on 9th August. Check it out, this is quote of my original post:

Back to the chip specifications...

10. How can you fit 16 cores on 6.5x6.5 ? How many cores on average per chip, what is your assumption
 The cores we have fit are not classical "unrolled cores",the cores as we mean them are the result of our engineering effort. i'll  pass the questions i can't reply to the lead developer

What are the cores as we mean them?

- Either those are classical unrolled cores, which output a result ("hash") per one clock cycle.
- Or they are rolled cores (as used by BitFury for instance), which need more than one clock cycle to output a result. In this case, how many clock cycles it is in your design?
- Or they are something else. If is it so, could the lead developer explain what it is...

One more question, can you confirm Mr Zhenhua Wang (http://cn.linkedin.com/pub/zhenhua-wang/56/962/668) as Labcoin´s head dev? There is slight confusion in names (Howard vs Zhenhua).

Thank you.

Thanks. That almost nails it down. The Howard Wang Zhenhua has indeed moved to US, and most likely he is not (at least not closely) involved in the labcoin project now.

[abuelau]

Seriously, what is wrong with you people?

It is found that the key technician, the 130nm chip designer, Howard Wang, has moved to San Jose, US as a researcher in ITU on September. So it seems why their engineer team is imcompetent can be explained. Then a panic selling (dump > 20K to below 0.0009) after this news.

Well, people found a linkedin page for "Zhenghua WANG" that didn't seem to exist more then 24 hours ago, given the fact that the people who dug though the personal information of every Sam Noi in Ghana weren't able to find it.

All the information on there is stuff that people could have looked up or guessed, and there are lots of people who could have put the profile together.

Unfortunately Labcoin isn't giving out any information or keeping people up to date at all, and because of that the conspiracy theorists and trolls flourish.

No, the profile refers to the same person I found out on 9th August. Check it out, this is quote of my original post:

Back to the chip specifications...

10. How can you fit 16 cores on 6.5x6.5 ? How many cores on average per chip, what is your assumption
 The cores we have fit are not classical "unrolled cores",the cores as we mean them are the result of our engineering effort. i'll  pass the questions i can't reply to the lead developer

What are the cores as we mean them?

- Either those are classical unrolled cores, which output a result ("hash") per one clock cycle.
- Or they are rolled cores (as used by BitFury for instance), which need more than one clock cycle to output a result. In this case, how many clock cycles it is in your design?
- Or they are something else. If is it so, could the lead developer explain what it is...

One more question, can you confirm Mr Zhenhua Wang (http://cn.linkedin.com/pub/zhenhua-wang/56/962/668) as Labcoin´s head dev? There is slight confusion in names (Howard vs Zhenhua).

Thank you.

Thanks. That almost nails it down. The Howard Wang Zhenhua has indeed moved to US, and most likely he is not (at least not closely) involved in the labcoin project now.

The guy that need to provide us answers is Mr. Fabrizio Tatti, the CEO. He's the one ultimately responsible for our money.

[Ytterbium]

How do I get my Labcoin shares out of BTCT before the shut down?

Labcoin should have your email address and 'exit address' for your bitcoins. They're supposed to manage the transition, which should go fine given how well they've kept on top of everything.... 

[BitThink]

The guy that need to provide us answers is Mr. Fabrizio Tatti, the CEO. He's the one ultimately responsible for our money.

Agree. But the point is that he will not refund anyone if the project failed, and in that case it is even legal to not refund anyone. Now the risk is not a scam, but a project failure. People are worrying about whether the current engineers know enough about the chip to fix the stability problems. Even Fabrizio will not have this answer, only the engineer himself knows.

[Sou]

I've literally watched other teams on the btc guilds top 25 double their hash rate over the last 24 hours. They probably should just give them the chips - at least someone would get them hashing.

[ampu]

Is this https://www.facebook.com/fabrizio.tatti Labcoin's Fabrizio Tatti?

[abuelau]

The guy that need to provide us answers is Mr. Fabrizio Tatti, the CEO. He's the one ultimately responsible for our money.

Agree. But the point is that he will not refund anyone if the project failed, and in that case it is even legal to not refund anyone. Now the risk is not a scam, but a project failure. People are worrying about whether the current engineers know enough about the chip to fix the stability problems. Even Fabrizio will not have this answer, only the engineer himself knows.

I don't think so, especially if he mislead investors. Where's the 7000 BTC they raised at IPO?

I am not saying he mislead investors, but IF HE DID, he will need to return the money for sure.

They still have the chance to come to this forum during the day today and explain themselves.

[BitThink]

Is this https://www.facebook.com/fabrizio.tatti Labcoin's Fabrizio Tatti?

Actually this one: http://www.linkedin.com/in/fabriziotatti

He is not difficult to find since he has an company iTec Pro.

[abuelau]

Is this https://www.facebook.com/fabrizio.tatti Labcoin's Fabrizio Tatti?

Yes, I think so (same person as the Linkedin profile)

[Ytterbium]

The guy that need to provide us answers is Mr. Fabrizio Tatti, the CEO. He's the one ultimately responsible for our money.

Agree. But the point is that he will not refund anyone if the project failed, and in that case it is even legal to not refund anyone. Now the risk is not a scam, but a project failure. People are worrying about whether the current engineers know enough about the chip to fix the stability problems. Even Fabrizio will not have this answer, only the engineer himself knows.

I don't think so, especially if he mislead investors. Where's the 7000 BTC they raised at IPO?

I am not saying he mislead investors, but IF HE DID, he will need to return the money for sure.

They still have the chance to come to this forum during the day today and explain themselves.

It would be helpful to know how much of the 700Btc they have left.

[Puppet]

it is even legal to not refund anyone.

You dont really believe that, do you? Even the IPO was illegal. I know nothing of Chinese law, but it was certainly illegal in the US and EU and almost certainly in China too. You cant just publicly solicit money (or btc) for tradable shares in a company; thats an unregistered security. Thats why BTCT is closing.

moreover, even if the IPO somehow were legal, management cant just close down a company and claim all the IPO funds were spent without proving that. There is no way all coins could have been spent. Lets begin by seeing those "100K chips". Lets see some bookkeeping and invoices. If they cant provide that, its fraud, and even in China thats not legal.

[abuelau]

He is definitelly Italian, probably born in Sardinia
http://matadornetwork.com/community/members/tepepa/

initially worked as a store manager in Italy on a company called Brico
http://www.linkedin.com/in/fabriziotatti

Around 2009, he moved to Zhuhai, Guangdong, China and became an English teacher in a Kindergarten
http://www.localyte.com/profile/187968--China--Guangdong--Zhuhai

Eventually he moved to Shenzhen, Guangdong (which is not far away from Zhuhai), he founded iTec Pro (owner of Labcoin) and he also works with "International Marketing" in OPPO, a smarthpone manufacturer.
http://www.linkedin.com/in/fabriziotatti
http://www.zoominfo.com/p/Fabrizio-Tatti/1950368090

He was born on Jul 3 1982 (Age 31).
http://www.oppoforums.com/members/fabrizio-t.10738/

He's a vegetarian
http://www.happycow.net/members/profile_pb.php?id=65643

Likes to play badminton and rock climbing
http://www.gzstuff.com/groups/group/listForContributor?user=103wtqabccjz8

[Ytterbium]

it is even legal to not refund anyone.

You dont really believe that, do you? Even the IPO was illegal. I know nothing of Chinese law, but it was certainly illegal in the US and EU and almost certainly in China too. You cant just publicly solicit money (or btc) for tradable shares in a company; thats an unregistered security. Thats why BTCT is closing.

China has different laws in different SARs.  Hong Kong has it's own laws.  796 operates there and trades ASICMiner shares.

BTCT.co is closing due to US law, not Chinese law.

Presumably if it is a total scam they'll be liable under HK law for fraud.

[BitThink]

it is even legal to not refund anyone.

You dont really believe that, do you? Even the IPO was illegal. I know nothing of Chinese law, but it was certainly illegal in the US and EU and almost certainly in China too. You cant just publicly solicit money (or btc) for tradable shares in a company; thats an unregistered security. Thats why BTCT is closing.

moreover, even if the IPO somehow were legal, management cant just close down a company and claim all the IPO funds were spent without proving that. There is no way all coins could have been spent. Lets begin by seeing those "100K chips". Lets see some bookkeeping and invoices. If they cant provide that, its fraud, and even in China thats not legal.

Yes, it is definitely illegal in China. But Hong Kong, a special district of China, has its own law. I'm not sure how things work there.

I know they have to return all coins not spent. But I guess it's very easy for them to provide evidences that most coins are already spent.

At last, even they can refund the coins remaining, that's likely 0.0002-0.0003 per share. Do you think that makes much difference?