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

[auto2nr1]

Where are you right now, Sam?

I am in Italy at the moment.

Why were you absent for over 10 days before showing up here again? This is not a good way to keep in touch with the shareholders. We need you to prove your identity immediately and take actions on promises made.

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[Sou]

Let him answer the other questions. We don't need any soft pitches right now. We don't need to know about his vacation when he could be copying and pasting BTC addresses for the funds.

[E.Sam]

October 13 Update

Monday we will start deploying the first batch of finalized hardware, amounting to 10 TH/S.
According to our estimations, we will reach 3 TH/s on monday, and about 5 TH/s  within Saturday.
Within Saturday 19, full hashing speed of the first batch will be deployed.
We will receive more batches of hardware in the following weeks and deploy it accordingly.

This week dividends deposit on btct.co has been "confiscated" by Burnside, thus we were unable to push it to shareholders.
Given recent developments at bitfunder we are again looking for a platform to move our shares.

I m confused, by Saturday you're planning on having 5TH/s or 10TH/s?

[auto2nr1]

Let him answer the other questions. We don't need any soft pitches right now. We don't need to know about his vacation when he could be copying and pasting BTC addresses for the funds.

I think we should be focusing on everything at this point. We need more transparency.

[Sou]

Let him answer the other questions. We don't need any soft pitches right now. We don't need to know about his vacation when he could be copying and pasting BTC addresses for the funds.

I think we should be focusing on everything at this point. We need more transparency.

Unless you seriously think his attitude towards the project is going to change in the next few minutes we need to get the most solid points addressed. Period.

[Sou]

Transaction https://blockchain.info/pl/tx/3f22c73e677709ce39dfba1b23d6f5e1923238e7566d25dc806812af4e72856f never showed up on btct wallet.

Wait, why is Labcoin using blockchain.info in Polish?

Probably a Virtual Private Network.

[auto2nr1]

Let him answer the other questions. We don't need any soft pitches right now. We don't need to know about his vacation when he could be copying and pasting BTC addresses for the funds.

I think we should be focusing on everything at this point. We need more transparency.

Unless you seriously think his attitude towards the project is going to change in the next few minutes we need to get the most solid points addressed. Period.

There is so much that needs to be answered so i am with you on getting everything addressed. But i think we need more than just words posted on this thread. We need pictures and proof of the project.

[Sou]

I was just fishing for information.  I hope you realize that Labcoin shareholders know almost NOTHING about this security, things we need and desperately want to know.

We have learned, and uncovered, the fact that almost NOTHING in the BTC-TC security contract is accurate or true in any way.

-H.Z. Wang has verified to us that Labcoin never took receipt of his finished chip design.  Who's gear are you hashing with?  

-Why has 65nm development been suspended?

-Why do you refuse to properly identify (video skype) yourself?  Video chat with TheSeven right now.  Prove you are who you say you are.

-What's the fund address?  Show us the money.

-We're down to 10TH now?!  What happened to 50?

[Bitcycle]

Actions for the next 24 hours.

• Skype session with Ukyo regarding Bitfunder listing
• Posting to the forum the amount of BTC left in the company funds.
• Change pool to Eligius
• Make the labcoin portfolio public on BTCT

Other actions to complete ASAP

• Verification of ID.  A good start would be writing "I am Samuele Noi of Labcoin" and the date on a piece paper, and photograph yourself holding it.
• Photos of the hosting facilities as well as the operational boards
• Send a sample board to TheSeven.  This should be done immediately as the sooner he gets the board the sooner he can provide advice. Delays have a direct cost.
• Exact power consumption figures for the chips/boards

Do you not plan to do these things that you promised to do?  Why not?

[labcoin]

I was just fishing for information.  I hope you realize that Labcoin shareholders know almost NOTHING about this security, things we need and desperately want to know.

We have learned, and uncovered, the fact that almost NOTHING in the BTC-TC security contract is accurate or true in any way.

-H.Z. Wang has verified to us that Labcoin never took receipt of his finished chip design.  Who's gear are you hashing with?  

-Why has 65nm development been suspended?

-Why do you refuse to properly identify (video skype) yourself?  Video chat with TheSeven right now.  Prove you are who you say you are.

-What's the fund address?  Show us the money.

-We're down to 10TH now?!  What happened to 50?

- Someone else completed his work. We are hashing with our own gear.
- Resources are used according to priorities. Development will restart next week.
- My identity will be proven upon a meeting with someone nominated as a community representative when we open our mining facility.
- I need to shuffle funds located in different wallets  for which i don't have control now.
- We are not down to 10 TH, this is the first batch total hashing power.

[auto2nr1]

October 13 Update
This week dividends deposit on btct.co has been "confiscated" by Burnside, thus we were unable to push it to shareholders.
Given recent developments at bitfunder we are again looking for a platform to move our shares.

Have you been in contact with Burnside? Contact him immediately.

Have you contacted Ukyo as you were suppose to?

[Bitcycle]

- Someone else completed his work. We are hashing with our own gear.
- Resources are used according to priorities. Development will restart next week.
- My identity will be proven upon a meeting with someone nominated as a community representative when we open our mining facility.
- I need to shuffle funds located in different wallets  for which i don't have control now.
- We are not down to 10 TH, this is the first batch total hashing power.

Who has control of Labcoin funds? Please name the people who do.  This is absolutely crucial information and cannot be kept secret.

[auto2nr1]

On the passthrough details it says Labcoin is not accepted at this moment, anyway i'm getting in touch with them as well.

You never contacted BitFunder and you are going to tell us again you are going to get into touch with Havelock/Labcoin PT? Get real man. Hurry up and take action now.

[auto2nr1]

I was just fishing for information.  I hope you realize that Labcoin shareholders know almost NOTHING about this security, things we need and desperately want to know.

We have learned, and uncovered, the fact that almost NOTHING in the BTC-TC security contract is accurate or true in any way.

-H.Z. Wang has verified to us that Labcoin never took receipt of his finished chip design.  Who's gear are you hashing with?  

-Why has 65nm development been suspended?

-Why do you refuse to properly identify (video skype) yourself?  Video chat with TheSeven right now.  Prove you are who you say you are.

-What's the fund address?  Show us the money.

-We're down to 10TH now?!  What happened to 50?

- Someone else completed his work. We are hashing with our own gear.
- Resources are used according to priorities. Development will restart next week.
- My identity will be proven upon a meeting with someone nominated as a community representative when we open our mining facility.
- I need to shuffle funds located in different wallets  for which i don't have control now.
- We are not down to 10 TH, this is the first batch total hashing power.

- Who completed the work? When? Take a picture now. Provide proof.
- Who is going to be developing the 65nm chip? Name? Company?
- When will the mining facility be open? Where? We need more information.
- Who has control of the wallets? Why is it not in your control? Show us the different wallet addresses now.
- When is the 2nd batch going to be hashing? How much power?

You need to hurry up and answer all questions in detail. Be very detailed.

[Bitcycle]

If we aren't told who has control of Labcoin wallets, I feel we have to contact the various exchanges and make them aware of that situation.  

This company should not be listed anywhere until the identity of the people controlling the existing funds is firmly established.

This is by far the most pressing issue, and it must be resolved immediately.


Burnside of course has the address the funds were sent to.  He should make this information public.  The funds are not in control of the company, this is an emergency situation.

[TheSeven]

-H.Z. Wang has verified to us that Labcoin never took receipt of his finished chip design.  Who's gear are you hashing with?  

- Someone else completed his work. We are hashing with our own gear.

"Completed". Aha. That implies that you actually got any results of his work, which he says you didn't. If you did, please also pay him appropriately. 10btc is a joke.

-Why has 65nm development been suspended?

- Resources are used according to priorities. Development will restart next week.

So who's going to do this? Are you still counting on me to do any work for you?

-Why do you refuse to properly identify (video skype) yourself?  Video chat with TheSeven right now.  Prove you are who you say you are.

- My identity will be proven upon a meeting with someone nominated as a community representative when we open our mining facility.

Why do you refuse to even tell people who's actually involved with the project, and what your real identity is?
That is something that you should really publish here ASAP.
Your answer suggests that you're just trying to buy more time before people figure out who you really are. (Alberto?)

-What's the fund address?  Show us the money.

- I need to shuffle funds located in different wallets  for which i don't have control now.

Whatever that means...

-We're down to 10TH now?!  What happened to 50?

- We are not down to 10 TH, this is the first batch total hashing power.

You previously said that you're going to deploy 20 TH/s by the 15th. That's now down to 3 TH/s in your previous announcement.


Also, I hereby publicly request that you take down any web site or shareholder information that mentions my name. I already asked you to do that privately weeks ago, but you just ignored it. Please remember that you never had my consent to abuse my name and reputation in such a way.

[auto2nr1]

Thanks for posting TheSeven. I know you try to stay away from this thread.

[Puppet]

I see theseven sees the light.

[Bitcycle]

If Labcoin doesn't control the wallets, how are the contractors being paid for fixing the overheating problem?

How will developers for phase 2 be paid?

[silvermario]

- Someone else completed his work. We are hashing with our own gear.
- Resources are used according to priorities. Development will restart next week.
- My identity will be proven upon a meeting with someone nominated as a community representative when we open our mining facility.
- I need to shuffle funds located in different wallets  for which i don't have control now.
- We are not down to 10 TH, this is the first batch total hashing power.

Amazing Company!