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

[canth]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

As an FYI, this is likely your last shot at clearing the air from the scandal that is now surrounding this operation. It would be one thing if you had managed to bring the hashing power online by the self imposed deadline, but this hasn't happened. When you combine that with the individuals linked to the company, the general lack of clarity, the poor updates and the unclear ownership remaining with Labcoin founders, it's very hard to expect shareholders to maintain their trust and faith.

If you have a legitimate operation then you need to fully disclose the details. Otherwise, angry shareholders are going to make it impossible to continue business while you deal with potential criminal complaints.

[1714955507]

1714955507

[Duffer1]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

So you've posted a notice about an upcoming post where you will give a future date for a possible IRC chat.

Enough of this. Stay and answer questions TRUTHFULLY.  My $26k is at least worth 20 minutes of your time.

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

What is the nature of the hardware problem?

[Bitcycle]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

So you've posted a notice about an upcoming post where you will give a future date for a possible IRC chat.

Enough of this. Stay and answer questions TRUTHFULLY.  My $26k is at least worth 20 minutes of your time.

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

Can you provide a resume for yourself?  

Specifically, what is your experience in the area of hardware development?

[iCEBREAKER]

I bought some. The price seem to have stabilized now, and I think that the odds are that Labcoin will come with news in the next few days and the price will go up, even if back to .001 but that would still give me 100% profit.

For those that haven't read the last 700 pages, I have been one of Labcoin's most vocal supporters.  The following has been a long time coming, and I have held my tongue for too long.

The price has only stabilized because Vela filled his bids and is waiting for enough profit to start the cycle over again.  Once the price creeps back up around .0009-001 Velacreations will be back with his FUD show and all of his little FUDlings will follow suit and the price will crater even further.  There is no point in buying now as Labcoin is still weeks away from significant hashing increases (when their new chips arrive). Vela will have orchestrated 5 more cycles by then and the price will be 1/5th what it is now.

Bitcoin investors don't take lack of news well and we are in for a long news drought.  Combined with King FUD Vela's FUD slinging cycle you can be assured of lower stock prices in the near future.

If I sound bitter it's because I am... I have over 215 BTC invested and will most likely never see it again.  That's on me, but the lack of communication from whomever 'Labcoin' is in my opinion is the real culprit here.  Not Vela or those manipulating the price for their own gain, in fact I can applaud their success.  If Labcoin was open and honest, there wouldn't have been any room for them to sling their FUD.

Labcoin, I don't know if you have noticed or not, but your stock has completely tanked due to non-existent investor confidence.  Your strategy of withholding information so that the bad news doesn't hurt the share prices has failed.  It's time for full disclosure, warts and all.  Tell us EXACTLY what is wrong and the steps you are taking to resolve them.  Tell us why Howard Wang is no longer involved and if/when he is being replaced.  In short, and I don't use expletives casually, TELL US WHAT THE FUCK IS GOING ON!

What's going on is that you invested in an obvious scam and ignored my advice to GTFO.

You see what happens when you don't listen?  You lose all your BTC and try to blame others.

I told you to

ALWAYS BET ON iCE...

[Ytterbium]

I do confirm my identity as Samuel Noi,

Which one? There are a couple on linked in people have thought might be you.

[dexX7]

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

Which "company"? There is no company called "Labcoin", only ITEC PRO LTD..

Someone who isn't me brought some documents on www.icris.cr.gov.hk about ITEC and uploaded them:

Certificate of Incorporation
PS300014752260_01.pdf (24 KB)
https://mega.co.nz/#!et4EzBLJ!DfK8K0LgtZKwrUYhgSGeeBEF7IUHTEII3jcgspj4WN4

Memorandum & Articles of Association
PS300014752281_01.pdf (213 KB)
https://mega.co.nz/#!LthC0azQ!IoImsmVoWPQTTUKmL4ckynoDOOUnBDOtcBHN9VmVGdQ

FNC1 - Incorporation Form (Company Limited by Shares)
PS300014752281_02.pdf (185 KB)
https://mega.co.nz/#!a1gwSbJJ!MYgM_yxVQCldiBa2okELUjEo1mVZDptUHseLSp6tpBA

[canth]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

So you've posted a notice about an upcoming post where you will give a future date for a possible IRC chat.

Enough of this. Stay and answer questions TRUTHFULLY.  My $26k is at least worth 20 minutes of your time.

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

Will I-Tec Pro be the company that you'll be operating under next month?
Please disclose who you have outsourced the troubleshooting of the chip and ICB components to - we need proof that this is moving forward.

[dhenson]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

So you've posted a notice about an upcoming post where you will give a future date for a possible IRC chat.

Enough of this. Stay and answer questions TRUTHFULLY.  My $26k is at least worth 20 minutes of your time.

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

Could you please give us your qualifications?  It is the impression of your investors that Howard Wang was the 'brains' and he is now gone.  Now that you have admitted to outsourcing the troubleshooting of your current hardware problems is it safe to assume that at this point the problems are unknown and we don't know if they will be resolved?

Also, you've claimed to order 100k additional chips.  This would imply that the problem isn't with the chips, rather with the boards.  However, your initial estimates were 5GH/chip but subsequent updates mentioned 1.7GH/chip.  

Could you please give us technical details of the problems you are having and the steps you are taking to resolve them?

[Bitcycle]

Oof.

How's that emotional decision to dump at 0.0002502 looking?

Can't say I didn't tell you.

[Ytterbium]

Can you provide a resume for yourself?  

Specifically, what is your experience in the area of hardware development?

Yeah, this is a good point.  I think Labcoin needs someone with technical chops in charge, and preferably someone on the ground in China. I hate to be harsh but I think Mr. Noi has proven himself not up to the job of running this company and someone needs to be brought on who has a technical background to find out WTF is going on.  Preferably someone fluent in English and Chinese, since that's where all the work is actually being done.  We need someone who can stay in close contact with the technical team, etc.

I know in the software world, when people who don't know anything about software come up with some idea and try to "outsource" it, they often end up with total crap, because they have no way of evaluating how good the people they're trying to hire actually are.

I'm just worried about their financial situation, if they can even afford a turnaround at this point.

[labcoin]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

So you've posted a notice about an upcoming post where you will give a future date for a possible IRC chat.

Enough of this. Stay and answer questions TRUTHFULLY.  My $26k is at least worth 20 minutes of your time.

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

Could you please give us your qualifications?  It is the impression of your investors that Howard Wang was the 'brains' and he is now gone.  Now that you have admitted to outsourcing the troubleshooting of your current hardware problems is it safe to assume that at this point the problems are unknown and we don't know if they will be resolved?

Also, you've claimed to order 100k additional chips.  This would imply that the problem isn't with the chips, rather with the boards.  However, your initial estimates were 5GH/chip but subsequent updates mentioned 1.7GH/chip.  

Could you please give us technical details of the problems you are having and the steps you are taking to resolve them?

I am not qualified in hardware development, i do have a general IT background and have managed several software development projects.
We will try our best to reply all questions during the session tomorrow.

[Ytterbium]

I am not qualified in hardware development, i do have a general IT background and have managed several software development projects.
We will try our best to reply all questions during the session tomorrow.

There are lots of technically skilled people on these boards.  If you'd been up front about the problems we might have been able to help you fix them.

[pedrog]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

So you've posted a notice about an upcoming post where you will give a future date for a possible IRC chat.

Enough of this. Stay and answer questions TRUTHFULLY.  My $26k is at least worth 20 minutes of your time.

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

Could you please give us your qualifications?  It is the impression of your investors that Howard Wang was the 'brains' and he is now gone.  Now that you have admitted to outsourcing the troubleshooting of your current hardware problems is it safe to assume that at this point the problems are unknown and we don't know if they will be resolved?

Also, you've claimed to order 100k additional chips.  This would imply that the problem isn't with the chips, rather with the boards.  However, your initial estimates were 5GH/chip but subsequent updates mentioned 1.7GH/chip.  

Could you please give us technical details of the problems you are having and the steps you are taking to resolve them?

I am not qualified in hardware development, i do have a general IT background and have managed several software development projects.
We will try our best to reply all questions during the session tomorrow.

Bye bye now.

[kingcrimson]

1) labcoin is directly connected, with evidence, to some serious bitcoin scammers
2) sold a third of their locked shares

and some of you are still willing to trust them?

[🏰 TradeFortress 🏰]

A proper Q/A session will be held tomorrow on irc to clear all questions. I will give here notice of the starting time.

So you've posted a notice about an upcoming post where you will give a future date for a possible IRC chat.

Enough of this. Stay and answer questions TRUTHFULLY.  My $26k is at least worth 20 minutes of your time.

I do confirm my identity as Samuel Noi, the team structure has changed since when the project started.
Howard Wang left the project in August and left for the U.S. to complete his studies and work there.
Michael Sparmann  has consulted for us and developed software for the 65nm interface and currently is in touch with me, awaiting for a chat with the new technical team.
The ownership of the company will be passed from Mr. Tatti to me during the next month.

Could you please give us your qualifications?  It is the impression of your investors that Howard Wang was the 'brains' and he is now gone.  Now that you have admitted to outsourcing the troubleshooting of your current hardware problems is it safe to assume that at this point the problems are unknown and we don't know if they will be resolved?

Also, you've claimed to order 100k additional chips.  This would imply that the problem isn't with the chips, rather with the boards.  However, your initial estimates were 5GH/chip but subsequent updates mentioned 1.7GH/chip.  

Could you please give us technical details of the problems you are having and the steps you are taking to resolve them?

I am not qualified in hardware development, i do have a general IT background and have managed several software development projects.
We will try our best to reply all questions during the session tomorrow in two weeks.

FTFY.

[Bitcycle]

I am not qualified in hardware development, i do have a general IT background and have managed several software development projects.
We will try our best to reply all questions during the session tomorrow.

There are lots of technically skilled people on these boards.  If you'd been up front about the problems we might have been able to help you fix them.

Quote For Truth.

You can get the help you need. Ask for it.

[matt4054]

In other news, I have received this very interesting proposal in my inbox.

So I just thought I'd pass it on to Labcoin investors, as they seem to like such opportunities, I hope the e-mail is still active ;-)

Date: September, 2013 Email: kuenyang@hotmail.com

To Whom It May Concern,

               INVESTMENT PROPOSAL OF $8.350 MILLION DOLLARS

I would respectfully request that you keep the contents of this email confidential and respect the integrity of the information you come by as a result of this letter. I contact you independently and no one is informed of this communication.

My name is Kuen Yang working with Hong Leong Bank, Hong Kong; I am getting in touch with you regarding the estate of a deceased client with similar last name and an investment placed under the banks management.

In 2001, Mr. Albert came to my office to engage in business discussions with our private banking division. He informed us that he had a financial portfolio of $8.350 million United States Dollars, which he wished to have us invest on his behalf.

Based on my advice, we spun the money around various opportunities and made attractive margins for our first months of operation, the accrued profit and interest plus capital stood at this point at over 10 million United States Dollars. In mid 2002, he instructed that the principal sum ($8.350 Million USD) be liquidated because he needed to make an urgent investment requiring cash payments.

We got in touch with a specialist bank namely Public Bank who agreed to receive this money for a fee and make cash available to our client. However Public Bank got in touch with us last year that this money has not been claimed. On further enquiries we found out that Albert was involved in an accident. He has no next of kin, which means he died intestate and the reason I am writing you is because you are namesakes sharing the same last name.

What I propose is that since I have exclusive access to his file, you will be made the beneficiary of these funds. Public Bank will contact you informing you that money has been willed to you. On verification, which will be the details I make available to Hong Leong Bank. Public Bank will be instructed to make payments to you after all the necessary verification and application is done. You do not need to have known Albert. I know this might be a bit heavy for you but please trust me on this. For all your troubles I propose that we split the money in half. In the banking circle this happens every time. The other option is that the money will revert back to the state after the stipulated time span.

Nobody is getting hurt; this is a lifetime opportunity for us. I hold the KEY to these funds, and as a Hong Kong National we see so much cash and funds being re-assigned daily. I would want us to keep communication for now strictly by the above telephone and email.

Please, again, note I am a family man; I have a wife and children. I send you this mail not without a measure of fear as to the consequences, but I know within me that nothing ventured is nothing gained and that success and riches never come easy or on a platter of gold. This is the one truth I have learned from my private banking clients. Do not betray my confidence. If we can be of one accord, we should act swiftly on this. Please get back to me immediately via the email above.

I await your response.

Your Friend and Partner.

Mr. Kuen Yang

However, you may want to be careful with large investments in questionable opportunites...

[Anotheranonlol]

Quote For Truth.

You can get the help you need. Ask for it.

yes, so true. bitcycle if you need any assistance with your gambling problem, welcome to pm anytime

[SebastianJu]

Outsourcing sounds like a sane decision. If one cant do it alone he should let others, with more knowledge, do it. Sometimes admitting that you dont know further is a hard thing. So i see this as a good sign.

Anyway... keeping aside all this emotions, the fear and talk... i still see a company that has slight results, problems with hardware and time problems. As if this is something new for asic companies...

Besides that i did not find a real reason that this is would be a scam. And it doesnt make sense anyway to move this on after you already got all the money from IPO.

Whatever... the price is low enough to buy in. Panic is not a real indicator for the worth of future divs. And im only interested in divs. With this shareprice the relation between potential reward and total loss is good.

Some people should keep the saying "never trade on emotions" in mind. Thats prone to errors. And i fall for it often enough. Saying that... its still possible to lose everything... but what i see doesnt look to me like something that justifies crashing the price.

At the end its a gamble like every investment... and the lots are cheap now.

[Ytterbium]

Outsourcing sounds like a sane decision. If one cant do it alone he should let others, with more knowledge, do it. Sometimes admitting that you dont know further is a hard thing. So i see this as a good sign.

Anyway... keeping aside all this emotions, the fear and talk... i still see a company that has slight results, problems with hardware and time problems. As if this is something new for asic companies...

Besides that i did not find a real reason that this is would be a scam. And it doesnt make sense anyway to move this on after you already got all the money from IPO.

Whatever... the price is low enough to buy in. Panic is not a real indicator for the worth of future divs. And im only interested in divs. With this shareprice the relation between potential reward and total loss is good.

Some people should keep the saying "never trade on emotions" in mind. Thats prone to errors. And i fall for it often enough. Saying that... its still possible to lose everything... but what i see doesnt look to me like something that justifies crashing the price.

At the end its a gamble like every investment... and the lots are cheap now.

Yeah.  At the same time, though I think LC could use a board to oversee what's going on. And also offer assistance and in terms of how to manage things.

One of the reasons why the share price is in so much trouble is the rising difficulty.  If this was a year ago, it wouldn't be much of a problem if they got delayed by a month or so.  ASICMiner had issues as well.  B1 Avalons were delayed a month or two, but their owners are still pretty happy. 

The problem now is that with KnC, Cointerra, and the like there's not much room for error, before bitcoin mining becomes unprofitable.