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

[ishkur]

The public LC wallet address still gets 0.05BTC per hour consistently. Shouldn't we see more if the hash rate has increased to more than 600G?

They might have it set to only pay out .05 every hour

They could be mining much more.  Need to see the manual payouts


Actually i'm positive they are mining much more. 

Just wait a few hours

[BitThink]

Unless they still work during public holiday, otherwise Labcoin should post an update as soon as possible. If they keep quite and most people do not realise that the whole next week is the national day holiday of China, I am afraid there will be a terrible sell off.

[lavalampoon]

It's easy here in the present, with the benefit of hindsight, for genuine progressives like DK to see the evils their dreams of regulating the market to perfection inadvertently caused.

But at the time the hyper-regulatory state was being constructed, only the libertarians warned of the dangers of deep capture and told the progressives their path paved with good intentions would lead us nowhere desirable.

I wouldn't give progressives credit for hindsight. Collectivists always give the excuse "Socialism would have only worked if...". The only thing they seem capable of is seeing a better life and then slowly conforming it to their image (which of course destroys what grew the prosperity). Once it is obvious that they've consumed all the seed-crops then they blame a production deficiency and consume production rights too. It doesn't end until people see an opportunity to abandon the system entirely.

[BitThink]

The public LC wallet address still gets 0.05BTC per hour consistently. Shouldn't we see more if the hash rate has increased to more than 600G?

They might have it set to only pay out .05 every hour

They could be mining much more.  Need to see the manual payouts


Actually i'm positive they are mining much more. 

Just wait a few hours

Shouldn't the 0.05 be just the minimum payout threshold, or no matter how many coins mined only 0.05 is paid. If it's the latter, then some previous manual pay can be explained  now.

[ishkur]

Unless they still work during public holiday, otherwise Labcoin should post an update as soon as possible. If they keep quite and most people do not realise that the whole next week is the national day holiday of China, I am afraid there will be a terrible sell off.

Looks to me the sell off is pretty much done...

I'm sure a lot of the big holders don't even bother reading the garbage in here

[moribana]

The public LC wallet address still gets 0.05BTC per hour consistently. Shouldn't we see more if the hash rate has increased to more than 600G?

They might have it set to only pay out .05 every hour

They could be mining much more.  Need to see the manual payouts


Actually i'm positive they are mining much more. 

Just wait a few hours

Shouldn't the 0.05 be just the minimum payout threshold, or no matter how many coins mined only 0.05 is paid. If it's the latter, then some previous manual pay can be explained  now.

The minimum automatic payout at btcguild is 0.01.

[auto2nr1]

Unless they still work during public holiday, otherwise Labcoin should post an update as soon as possible. If they keep quite and most people do not realise that the whole next week is the national day holiday of China, I am afraid there will be a terrible sell off.

Looks to me the sell off is pretty much done...

I'm sure a lot of the big holders don't even bother reading the garbage in here

+1

Most of the big holders are hanging on until the end.

[KS]

(...) they had to be stupid in the first place to buy into Labcoin.

To the Core!

Buy, sell, make more BTC. Just don't be a bag-holder.

[physalis]

(...) they had to be stupid in the first place to buy into Labcoin.

To the Core!

Buy, sell, make more BTC. Just don't be a bag-holder.

The last words of a typical bag-holder.

[bitrich]

amazing company!

[KS]

(...) they had to be stupid in the first place to buy into Labcoin.

To the Core!

Buy, sell, make more BTC. Just don't be a bag-holder hold.

The last words of a typical bag-holder.

Fixed.

[arousedrhino]

20TH in "2 weeks" labcoin to he moon...

What's really amusing about this situation is that even if Sam came in here and said the chips are half fucked but we have an engineer on route to help us fix the situation, then the stock would double in price.

I think he wants the stock low now, I bet the team are buying now and will end up with 50% of the company on the cheap

OT, but I find it fascinating that time after time, this bitcoin experiment shows us the usefulness of so many existing regulations that die hard libertarians love to hate. Things like registering a security, so that potential investors know all the relevant facts about the people and the business they are investing in. Rules against insider trading and stock manipulation as hinted at above,  and disclosure requirements that would force labcoin to come clean about the actual status of their business making this more an investment than a lottery. The need for an organisation that verifies and enforces this, since you cant trust the exchanges, let alone the issuers.  We already learned what happens when you allow ponzi schemes (pirate) or known felons to play 'bank' (mybitcoin). BFL customers are finding out that FTC rules about shipping delays and refunds perhaps arent so daft. Heck, they are even learning that evil old Paypal has its uses too.

Many libertarians were or are convinced bitcoin would show just how good a totally free market can work. Its showing me the exact opposite: t doesnt work without some sensible regulation, it becomes a scammer's and gamblers paradise, not a functional economy.

This was always a questionable security, anyone who did the research and watched the whole thing unfold should have known that. If you want stable investments with low returns go back to regulated markets where the investor is protected by his big government big brother.

[Puppet]

So it is beyond a shadow of a doubt that the government is responsible for defining who is a sophisticated investor?

yes, there is legal definition for that. Unfortunately for a person it boils down to be being rich:
http://www.sec.gov/answers/accred.htm

I question if there is a clear definition of what constitutes a security that government assumed the authority to regulate.

Then read the securities act, its pretty damn clear these are securities. Game credits typically would not constitute a future contract, company share or profit sharing agreement, and therefore wouldnt be securities even if they are sold on ebay for real money. That bitcoin securities are traded for bitcoins rather than dollar is irrelevant, they are traded for "value". This has been explained a gazillion times on this forum.

[KS]

I don't understand the ppl buying Labcoin at >.0005. Is the lack of news now = buy instead of sell?? Do they think the storm will not come to pass anymore??

[Zubilica]

inside traders

[KS]

or pump?

[MikeyVeez]

Labcoin had flatlined like a dead patient lol

[ishkur]

Labcoin had flatlined like a dead patient lol

I'm watching the live order book and it's starting to get a bit interesting.

[TMAN]

Swede/LC.

we need some questions answering,

1) what is the current hash rate.
2) what is the issue with the chips
3) why is the hash rate not increasing as promised
4) if there are issues with the chips why have you bought more
4) what are you doing to fix the stability issues.

I think we deserve some answers.

I simply relay information from the team and trust me I am as frustrated as you are. I own a considerable (for me) amount of shares I have not sold and have no intention of selling. I have contacted Sam and TheSeven and requested information. According to Sam the team is hashing at around 700 GH/s due to hardware issues and I am currently doing my best to find out what is wrong and why it's taking such time.

The above is the pm reply from swede, I had posted the message in the thread and pm,d both swede and labcoin, this was the only reply. And I hope he doesn't mind me posting it here

[ssshhh]

Labcoin had flatlined like a dead patient lol

I'm watching the live order book and it's starting to get a bit interesting.

Yes! 

99845   0.010000

Why this?