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

[ltiv]

Someone with more experience in this, does that means the shares held by Labcoin?

Ticker   LBC
Name   Labcoin
Listed on   October 14, 2013 09:50
Owner   info@labcoin.com
Fee surcharge [%]   0.0%
Shares issued   10,000,000
Shares held publicly   1,586,251
Total dividends paid   0.0 BTC
Web page   http://www.labcoin.com
Security type    Shares

I'm pretty sure 'Shares held publicly' refers to shares issued to share holders.

[1714844431]

1714844431

[1714844431]

1714844431

[1714844431]

1714844431

[1714844431]

1714844431

[alphaking]

Someone with more experience in this, does that means the shares held by Labcoin?

Ticker   LBC
Name   Labcoin
Listed on   October 14, 2013 09:50
Owner   info@labcoin.com
Fee surcharge [%]   0.0%
Shares issued   10,000,000
Shares held publicly   1,586,251
Total dividends paid   0.0 BTC
Web page   http://www.labcoin.com
Security type    Shares

Ticker   LBC
Name   Labcoin
Listed on   October 15, 2013 00:50
Owner   info@labcoin.com
Fee surcharge [%]   0.0%
Shares issued   10,000,000
Shares held publicly   7,994,308

10000000 - 7994308 = 2005692 should be.

[BitSugar]

I received my email from cryptostocks.com.

Still, amy questions to be answered and I'm getting annoyed.

You are annoyed that you are getting your shares back on an exchange?

[Bitcycle]

I received my email from cryptostocks.com.

Still, amy questions to be answered and I'm getting annoyed.

You are annoyed that you are getting your shares back on an exchange?

Do you know what would make your shares worth much, much more?

"Sam" answering questions fully and honestly, like any halfway credible CEO.

Sam's avoidance of questions is costing you money. 

Are you just going to let that slide?

[pedrog]

@ltiv and alphaking

Now I see, thanks.


So, Shares held publicly - Shares issued are Labcoin shares, and that should be around 2 million, right?

[Zubilica]

Tradestop till   October 18, 2013 16:59

 Verification level None

[crumbs]

Tradestop till   October 18, 2013 16:59

 Verification level None

Goin' up on an exchange, no matter what, no matter how, is awesome news.  I just hope folks remember to breathe.

[Rannasha]

@ltiv and alphaking

Now I see, thanks.


So, Shares held publicly - Shares issued are Labcoin shares, and that should be around 2 million, right?

That depends a bit on how the administrative side of Cryptostocks works. If the "labcoin2" account on BTCT (where Labcoins own shares were) is converted into a regular account on Cryptostocks, then the number of publicly held shares should go up to the full 10M. If not, then the difference between publicly held and total is the amount that Labcoin holds.

[pedrog]

@ltiv and alphaking

Now I see, thanks.


So, Shares held publicly - Shares issued are Labcoin shares, and that should be around 2 million, right?

That depends a bit on how the administrative side of Cryptostocks works. If the "labcoin2" account on BTCT (where Labcoins own shares were) is converted into a regular account on Cryptostocks, then the number of publicly held shares should go up to the full 10M. If not, then the difference between publicly held and total is the amount that Labcoin holds.

I see, so we have no way to know for sure how many shares he still holds...

[Bitcycle]

"Sam", you can keep deleting my questions and I'll keep reposting them here.

I'm amused that you're clueless enough to think this is to your benefit.


Deleted by "Sam":

Why is the hardware consistently added late night in China?

[Squirrel Dearing]

"Sam", you can keep deleting my questions and I'll keep reposting them here.

I'm amused that you're clueless enough to think this is to your benefit.


Deleted by "Sam":

Why is the hardware consistently added late night in China?

While it is amusing that he keeps deleting your posts, I think that we already know the answer to this one.. Labcoin isn't his only "job". So my guess is that he does his daily gig.. Gets home then works a little on Labcoin.

[pedrog]

"Sam", you can keep deleting my questions and I'll keep reposting them here.

I'm amused that you're clueless enough to think this is to your benefit.


Deleted by "Sam":

Why is the hardware consistently added late night in China?

I saw that, I guess we will be seeing him a lot on the forum, hehe.

Is that relevant? Maybe the technicians have a day job building iPhones.

[Bitcycle]

Questions asked by Radiumsoup and deleted by "Sam";

a few things off the top of my head:
-How many of the 20,000 chips in hand still remain to be deployed?
-On what date will all chips in hand be deployed?
-What are the approximate running costs, per board or per terahash, of outsourcing and hosting (electricity, etc.)?
-Are the current chips profitable right now at the current difficulty? If so, what is the current profit margin?
-What is the status of the next batch of chips? (the 130nm ones promised to use a thermally superior package)
-What is the status of the 65nm design? If it's still on hold, do you have anyone under contract to complete the design?
-Have you secured exclusive access to the bitcoin wallet for IPO funds yet from Fabrizio? (If so, what address?)
-When will you be in Shenzen next?
-The network difficulty has risen 40% in the last few days, and is expected to rise sharply again in less than 12 days. Can you achieve 1% of global hashrate before the next difficulty change, and can you maintain that rate in the future?
-There have been a number of well-funded competing ASIC designers now producing real hardware, and difficulty is expected to continue rising at record high levels for the foreseeable future. At what difficulty will the existing Labcoin chips cease to be profitable given the known power and hosting costs?

[Sou]

Is there anyone else really defending Labcoin at this point? It's so clear that this is not the project that people bought shares for in the IPO. This has become something extremely shady, and is almost 100% clearly not a legitimate mining company. 

[Squirrel Dearing]

Is there anyone else really defending Labcoin at this point? It's so clear that this is not the project that people bought shares for in the IPO. This has become something extremely shady, and is almost 100% clearly not a legitimate mining company. 

I dunno about "defending" them ("Sam"). but I only have like 2 BTC in this thing, bought at just over the IPO.. I could care less if I loose it (I've already considered it gone to be honest), but would like to see something happen. And besides, this whole thing is like a crazy tv series!  Drama, drama, drama..

But yes, this is CLEARLY not the project that people invested in at the IPO..

[dooglus]

11 Oct - 2,143.5070632 BTC - went to 1Db4b6Up7KhzCvrPCu3BgqugDEpH86EDm5
500 BTC went to 1ChUUPuiJByGTBFX12pXUwfzJ1ePspMvMy and then to Just-Dice
http://blockchain.info/tx/bc656cdaf03e528300a71fdba39ce0662cd0ad1eb6b1d7dba379a14c0742f4d8

11 Oct - 1,461.07586422 BTC - went to 1KFyiHGJRXRxT9TQiVuy12kdYtCiLmcnas
1,000 BTC went to 13cSk2UJwcZ3ch6xW1SqjDrFXGhjeuF13K then to Just-Dice
http://blockchain.info/tx/a32e281f2ecc10f2a675afa1cd2b7566a8b5f71d736590688ed2e7d03b2af83a

tl;dr Most of the IPO funds ended up at Just-Dice. "Sam" is either a big gambler, or he is trying to launder the money!

1ChUUPuiJByGTBFX12pXUwfzJ1ePspMvMy and 13cSk2UJwcZ3ch6xW1SqjDrFXGhjeuF13K are addresses in the Just-Dice wallet.  They are user deposit addresses.  User deposits are regularly swept up and moved to the online storage address.  So both the above are simply direct deposits to Just-Dice.

You are right it seems.

doog mentioned seeing a deposit of 1,000 coins come in recently that was then withdrawn in smaller chunks, no gambling or invest made, which looked like a drive by laundering

09:46:56 (1) <dooglus> aah: "(1) <dooglus> so some guy deposited 1k BTC, then withdrew 25, 50, 10, 20, 40 in separate transactions to different addresses"
09:47:36 (1) <dooglus> so yeah, it happened

That was before this incident.

Did you see what happened to Just-Dice profits on Oct 11th?  Dates are UTC.

[Bitcycle]

Since "Sam" keeps deleting TheSeven's posts, I think we can safely assume the next gen chips won't be designed by TheSeven.

Way to maintain those relationships, Sammy.

[Bitcycle]

"Sam" finally responded to some questions, mostly revealing he has not done the most basic planning for Labcoin.


It's pretty clear where this project stands.

Q:How many of the 20,000 chips in hand still remain to be deployed?
A:More than 60%
Q:On what date will all chips in hand be deployed?
A:To be determined
Q:What are the approximate running costs, per board or per terahash, of outsourcing and hosting (electricity, etc.)?
A:Did not run proper calculations yet
Q:Are the current chips profitable right now at the current difficulty? If so, what is the current profit margin?
A:Yes they are.
Q:What is the status of the next batch of chips? (the 130nm ones promised to use a thermally superior package)
A:We are considering a next batch.
Q:What is the status of the 65nm design? If it's still on hold, do you have anyone under contract to complete the design?
A:We are evaluating the candidates for this task.
Q:Have you secured exclusive access to the bitcoin wallet for IPO funds yet from Fabrizio? (If so, what address?)
A:Yes, address will be disclosed later
Q:When will you be in Shenzen next?
A:End of October.
Q:The network difficulty has risen 40% in the last few days, and is expected to rise sharply again in less than 12 days. Can you achieve 1% of global hashrate before the next difficulty change, and can you maintain that rate in the future?
A:Did not run proper calculations yet
Q:There have been a number of well-funded competing ASIC designers now producing real hardware, and difficulty is expected to continue rising at record high levels for the foreseeable future. At what difficulty will the existing Labcoin chips cease to be profitable given the known power and hosting costs?
A:Did not run proper calculations yet

[Puppet]

I asked Luke-JR if he could check if the IP address that corresponds to labcoins account originates from either china or sweden (knc). The answer is neither.
I did not press him for where it did originate from (im guessing italy) since Im not sure if that would violate any privacy concerns, but thought this was worth mentioning.

[Bitcycle]

I asked Luke-JR if he could check if the IP address that corresponds to labcoins account originates from either china or sweden (knc). The answer is neither.
I did not press him for where it did originate from (im guessing italy) since Im not sure if that would violate any privacy concerns, but thought this was worth mentioning.

My guess is it's vpn anyway.