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

[Zakryze]

not to mention its a full blown scam and the team apparantly all don't know each other

Fabrazzio - apparantly doesn't know who else is involved

The swede- apparantly doesn;t know who else is involved

HOward Wang -  a mystery asic student genius who created a 180nm asic chip in his student lab however you won;t find one scholaryl article by  him on the subject matter

The seven  - doesn;t know who else is involved

and that leads to

Samuel Noi - Samuel Who?? any records for samuel Noi

then we have the extras who come into this story line

we have

allesia? could possibly be two people

a convicted 23 year old marijuana grower

and an ex con artst

I MEAN COME ONNNNN

Who is scamuel noi?

[bitwhizz]

not to mention its a full blown scam and the team apparantly all don't know each other

Fabrazzio - apparantly doesn't know who else is involved

The swede- apparantly doesn;t know who else is involved

HOward Wang -  a mystery asic student genius who created a 180nm asic chip in his student lab however you won;t find one scholaryl article by  him on the subject matter

The seven  - doesn;t know who else is involved

and that leads to

Samuel Noi - Samuel Who?? any records for samuel Noi

then we have the extras who come into this story line

we have

allesia? could possibly be two people

a convicted 23 year old marijuana grower

and an ex con artst

I MEAN COME ONNNNN

Who is scamuel noi?

thats what we all want to know

[addi]

A guy that doesn't exist to cover up all the rest?

[BombaUcigasa]

not to mention its a full blown scam and the team apparantly all don't know each other

Fabrazzio - apparantly doesn't know who else is involved

The swede- apparantly doesn;t know who else is involved

HOward Wang -  a mystery asic student genius who created a 180nm asic chip in his student lab however you won;t find one scholaryl article by  him on the subject matter

The seven  - doesn;t know who else is involved

and that leads to

Samuel Noi - Samuel Who?? any records for samuel Noi

then we have the extras who come into this story line

we have

allesia? could possibly be two people

a convicted 23 year old marijuana grower

and an ex con artst

I MEAN COME ONNNNN

[ferskvare]

Like Ytterbium said. At this point, even though I got most my shares at close to IPO, they've lost so much in value, I'd be having scraps if I sold. Might as well wait it out. 90% loss or 100% loss makes no difference to me. In the astronomical chance this will actually turn into something - which I doubt strongly at this point, even for an optimist as myself - I might as well just sit on the shares.

[JoTheKhan]

Like Ytterbium said. At this point, even though I got most my shares at close to IPO, they've lost so much in value, I'd be having scraps if I sold. Might as well wait it out. 90% loss or 100% loss makes no difference to me. In the astronomical chance this will actually turn into something - which I doubt strongly at this point, even for an optimist as myself - I might as well just sit on the shares.

This is how you bring your emotions into the situation.

Everyone is proving this is scam. You are an Optimist, but even as a self identified optimist you see no hope in this. You rather just lose it all then lose a most it. You are contradicting yourself. If you were a true optimist you would rid yourself of the situation and look for greener pastures. There is NO hope in this, the only hope of salvation is to get what you can back as soon as possible. Why go down with the ship when the CEO abandoned you so long ago; when he can't spend 10mins on the forums to talk to his investors. Get the hell off the ship as soon as possible. This is super simple stuff.

[KS]

Like Ytterbium said. At this point, even though I got most my shares at close to IPO, they've lost so much in value, I'd be having scraps if I sold. Might as well wait it out. 90% loss or 100% loss makes no difference to me. In the astronomical chance this will actually turn into something - which I doubt strongly at this point, even for an optimist as myself - I might as well just sit on the shares.

This is how you bring your emotions into the situation.

Everyone is proving this is scam. You are an Optimist, but even as a self identified optimist you see no hope in this. You rather just lose it all then lose a most it. You are contradicting yourself. If you were a true optimist you would rid yourself of the situation and look for greener pastures. There is NO hope in this, the only hope of salvation is to get what you can back as soon as possible. Why go down with the ship when the CEO abandoned you so long ago; when he can't spend 10mins on the forums to talk to his investors. Get the hell off the ship as soon as possible. This is super simple stuff.

Or you short the stock and buy more at a lower price. That shows you really believe in it and it's not just indecision. If you can't do it, then you're a victim.

[AngelSky]

I think I found labcoin and it explains why he can't be online atm:

[runam0k]

Like Ytterbium said. At this point, even though I got most my shares at close to IPO, they've lost so much in value, I'd be having scraps if I sold. Might as well wait it out. 90% loss or 100% loss makes no difference to me. In the astronomical chance this will actually turn into something - which I doubt strongly at this point, even for an optimist as myself - I might as well just sit on the shares.

This is how you bring your emotions into the situation.

Everyone is proving this is scam. You are an Optimist, but even as a self identified optimist you see no hope in this. You rather just lose it all then lose a most it. You are contradicting yourself. If you were a true optimist you would rid yourself of the situation and look for greener pastures. There is NO hope in this, the only hope of salvation is to get what you can back as soon as possible. Why go down with the ship when the CEO abandoned you so long ago; when he can't spend 10mins on the forums to talk to his investors. Get the hell off the ship as soon as possible. This is super simple stuff.

Or you short the stock and buy more at a lower price. That shows you really believe in it and it's not just indecision. If you can't do it, then you're a victim.

I don't mind saying I have a small amount of BTC left in Labcoin, but it's a rounding error for me at this point so I mind. I'm betting on the tiny percentage of a chance that something comes of it (but that *does not* mean I am or should be confident enough to throw more BTC at it!). Maybe I'll bow out before BTC-TC halts trading and selling the shares becomes virtually impossible.

I am curious where all the millions of other shares are. Not too many whales in here expressing concern about the thousands of BTC they've (almost certainly) lost.

[twentyseventy]

Like Ytterbium said. At this point, even though I got most my shares at close to IPO, they've lost so much in value, I'd be having scraps if I sold. Might as well wait it out. 90% loss or 100% loss makes no difference to me. In the astronomical chance this will actually turn into something - which I doubt strongly at this point, even for an optimist as myself - I might as well just sit on the shares.

This is how you bring your emotions into the situation.

Everyone is proving this is scam. You are an Optimist, but even as a self identified optimist you see no hope in this. You rather just lose it all then lose a most it. You are contradicting yourself. If you were a true optimist you would rid yourself of the situation and look for greener pastures. There is NO hope in this, the only hope of salvation is to get what you can back as soon as possible. Why go down with the ship when the CEO abandoned you so long ago; when he can't spend 10mins on the forums to talk to his investors. Get the hell off the ship as soon as possible. This is super simple stuff.

Not quite. The outlook isn't good for labcoin, but it hasn't been confirmed to be a scam. If the probability of success (however small) * return of success > current price, then you should hold. It just depends on your risk appetite.

What ferskvare is referring to is called 'sunk cost'.

[ronaldlee0917]

Our great CEO has been absent from the forum for 24 hours now, must be working on the next big scam project?

[Luckybit]

Like Ytterbium said. At this point, even though I got most my shares at close to IPO, they've lost so much in value, I'd be having scraps if I sold. Might as well wait it out. 90% loss or 100% loss makes no difference to me. In the astronomical chance this will actually turn into something - which I doubt strongly at this point, even for an optimist as myself - I might as well just sit on the shares.

This is how you bring your emotions into the situation.

Everyone is proving this is scam. You are an Optimist, but even as a self identified optimist you see no hope in this. You rather just lose it all then lose a most it. You are contradicting yourself. If you were a true optimist you would rid yourself of the situation and look for greener pastures. There is NO hope in this, the only hope of salvation is to get what you can back as soon as possible. Why go down with the ship when the CEO abandoned you so long ago; when he can't spend 10mins on the forums to talk to his investors. Get the hell off the ship as soon as possible. This is super simple stuff.

Not quite. The outlook isn't good for labcoin, but it hasn't been confirmed to be a scam. If the probability of success (however small) * return of success > current price, then you should hold. It just depends on your risk appetite.

What ferskvare is referring to is called 'sunk cost'.

Are you in on it? You're confirmed to have done trades with Alessia so I don't think anyone can take your investment advice seriously. You have more credibility than TheSwede at this point because you posted pictures. TheSwede promised to post a redacted picture of his btct portfolio in order to restore his credibility and he did not.

Samuel Noi promised to do a Q&A and he did not. I'm not surprised that either of them broke their promises because they are confirmed liars. Liars are much more likely to be scammers because in order to be a scammer you have to be a liar first.

Here is the confirmation that both TheSwede and Samuel Noi are willing to lie to the Bitcoin community and are non-cooperative.

I just wanted to visit real quick and let people know that I will not be moderating or participating in the IRC Q/A. I was for a long time, and would still be happy to relay news for Labcoin but the fact is that I have had very little to report lately and had to withstand quite a few accusations from several people on the forum.

Without information to provide, and having been put in a situation where I had to "break my word" several times to simply to lack of communication i have full understanding that investors and the public in general is upset but the fact is that I have never had any inside information on the project and have always just attempted to relay the status and information that I have been provided with.

For what it's worth I still don't see any reason to believe the project is a Scam and I myself have not, and do not intend to sell the shares I own.

This post is not means as critique towards Labcoin, but I feel that to regain confidence the Labcoin team themselves need to answer the questions from the forum directly so that there is just no possibility for any misunderstanding or miscommunication.

Prove it. Make your portfolio public. If you do not then you've done nothing to change the opulent perception the community has of you.

I own other shares then Labcoin and prefer not to make my portfolio public, but to give some insight I can say that I currently own 30.000 shares in Labcoin at an average purchase price of around 0.0027.

Given that I purchased shares in the IPO and did sell some several weeks ago I will likely still end up making some Coin but I can assure you that any idea that I would have made anywhere even remotely close to 900BTC is absolutely false.

As for holding the shares still, I feel that the Project still has a chance of turning a bad situation around. Only time will tell if I am correct of course.

I don't accuse you of making 900BTC. Can you post a screen shot of your portfolio and redact everything except for the Labcoin portion? That would be enough to satisfy us.

We do not want to invade your privacy. We just want some transparency with so much money on the line and so many dreams at stake. If you have 30,000 shares then you know how it feels to see the price going to 0.00001 with no indication of recovery or even an exchange.

I am mobile right now and with no Yubikey access (my choice of 2 factor) but can definitely post a screenshot of this in a few hours at the latest.

And I totally understand how people feel. With my purchase average I can't say that the current stock price makes me smile even the least.

https://bitcointalk.org/index.php?topic=263445.msg3264948#msg3264948

I guess it's okay to allow them to play with your money, buy Rolex watches and cars, live the opulent life with 900 Bitcoins while telling everyone to buy cheap shares and lying claiming they have 30,000 shares without giving any proof?

They make these insulting and disgusting promises just so they can break them and laugh about it. A sucker is born every minute. Their non-cooperation and continued lying proves that Labcoin is a scam and TheSwede is unwilling to prove he's not a willing participant in the scam. His credibility is now lost.

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.

Samuel Noi, your credibility is lost.

[ishkur]

They got to have balls of steel.  I would scared as shit if my name was floating around the internet linking to a scam this huge.

[Luckybit]

Our great CEO has been absent from the forum for 24 hours now, must be working on the next big scam project?

They are in get-away mode. They are trying to put responsibility on other people, like a random African guy from Uganda called Samuel Noi who does not seem to have any direct connection to Bitcoin but who happens to be interested in banking & finance with a degree in communications.

http://www.linkedin.com/pub/samuel-noi/55/11/b72

I'm not claiming this is the same Samuel Noi as associated with Labcoin, I'm saying this is the Samuel Noi who popped up when I Google "Samuel Noi".

[wickedgoodtrader]

They got to have balls of steel.  I would scared as shit if my name was floating around the internet linking to a scam this huge.

Nobody will do shit. I know a few guys who ripped off the poker community to the tune of 100's of millions and yet the guys still show their face in a cardroom and nobody does a damn thing. I don't spend time in cardrooms but if I saw them, I guarantee I would be thrown out. I'm not going to go risk myself getting put in jail for physical harm or anything.

[radiumsoup]

They got to have balls of steel.  I would scared as shit if my name was floating around the internet linking to a scam this huge.

Ever had your identity stolen? I did once, it was absolute hell to clear up - it took 4 years and thousands of dollars in legal fees. All the person who did it needed to do was find my name, my address, and a phone number. From there, they started opening non-credit accounts in my name to establish 3rd party credibility, then opened checking and credit accounts using the 3rd party account as collateral, and started cashing so many bad checks that it would make a Congressman blush. All of this took just a few hours. They never even needed my social security number to start the ruse (I'm in the US).

The point is, if it's that trivially easy to convince a highly regulated bank that you're someone else simply by using their name and providing a few identifying details, it's that much easier when you're not dealing with regulated entities. Don't be so sure that anyone publically identified here are the actual people associated with said accounts.

[kingcrimson]

Good find. Yes, 'Sam' = Alberto using a made-up stolen identity. Here is an overview of the Labcoin scam and players involved, if anyone missed it:
http://www.reddit.com/r/BitcoinStocks/comments/1ncdf1/labcoin_outed_as_a_scam/

We also found additional evidence of 'Sam' being an Italian guy, due to a typo he made that wasn't properly translated.

[TheSwede75]

I know this does not prove much (I guess if you know how bad I am with photoshop it might) and I guess I was also off on my average purchase price but I did promise a screenshot of my 30k share holding so here it is. (sorry for the delay I had a lot of IRL things this weekend).



I have also been asked why I would hold on to the shares and I think my best answer would be that no matter what some people think I consider myself to have moral and integrity, and even though I don't have any insider info I think that I owe it to the community to hold on to the shares.

I still don't think that Labcoin is a scam (bad communication? Yes. Bad luck/hardware problems, team issues? Yes and very possible.) but no matter what I think, as someone who have relayed the info give I deserve to share the risk with the rest of the investors.

[Luckybit]

I know this does not prove much (I guess if you know how bad I am with photoshop it might) and I guess I was also off on my average purchase price but I did promise a screenshot of my 30k share holding so here it is. (sorry for the delay I had a lot of IRL things this weekend).



I have also been asked why I would hold on to the shares and I think my best answer would be that no matter what some people think I consider myself to have moral and integrity, and even though I don't have any insider info I think that I owe it to the community to hold on to the shares.

I still don't think that Labcoin is a scam (bad communication? Yes. Bad luck/hardware problems, team issues? Yes and very possible.) but no matter what I think, as someone who have relayed the info give I deserve to share the risk with the rest of the investors.

It's a start. This is what we needed to see to know you're willing to cooperate with the community if it turns out to be a scam.

[twentyseventy]

I'm not 'in' on anything, my only involvement is from helping Alessia sell those miners back in the summer, for which a I received a small amount of shares.

As you can see, I sold all of my original (IPO, post-IPO, and earned) shares a while ago. I've been short term speculating since, and now hold 7500 just for the heck of it (purchased on-market for an average of about .00031).

I'm ticked off that Sam Noi no-showed the Q&A, but I'm hoping he is just doing his 'head in the sand' routine until there's something of substance to announce.