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

[RAVENCROW]

Sam where is the 3th?

[dhenson]

"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

I thought that the chips to be delivered in October was a batch of 100,000 chips.  Was the 100,000 chips never actually ordered?

[bitwhizz]

Someone made this (i think Qwerty)  

Interview with labcoin shareholder


http://www.youtube.com/watch?v=JfAwihDHS_A


ROFL  !!!!!!!!!!!!!!!!!!

[pedrog]

Someone made this (i think Qwerty)  

Interview with labcoin shareholder


http://www.youtube.com/watch?v=JfAwihDHS_A


ROFL  !!!!!!!!!!!!!!!!!!

This is hilarious! 

[Squirrel Dearing]

Someone made this (i think Qwerty)  

Interview with labcoin shareholder


http://www.youtube.com/watch?v=JfAwihDHS_A


ROFL  !!!!!!!!!!!!!!!!!!

That's hilarious!

[SOSLOVE868]

Someone made this (i think Qwerty)  

Interview with labcoin shareholder


http://www.youtube.com/watch?v=JfAwihDHS_A


ROFL  !!!!!!!!!!!!!!!!!!

That's hilarious!

[merv77]

Someone made this (i think Qwerty)  

Interview with labcoin shareholder


http://www.youtube.com/watch?v=JfAwihDHS_A


ROFL  !!!!!!!!!!!!!!!!!!

That's hilarious!

i'm in tears... 
who ever did this, THANKS, F'ing excellent...!

[VolanicEruptor]

Someone made this (i think Qwerty)  

Interview with labcoin shareholder


http://www.youtube.com/watch?v=JfAwihDHS_A


ROFL  !!!!!!!!!!!!!!!!!!

lol awesome

[radiumsoup]

I thought that the chips to be delivered in October was a batch of 100,000 chips.  Was the 100,000 chips never actually ordered?

In the last IRC Q&A, he indicated there were 20,000 chips on hand. Don't know why there is a discrepancy, presumably these were "sample" chips and the full order was never placed after it was apparent there were thermal issues with the package. That seems to me like an awful lot of chips for a sample, though. *shrug*

[JohnyBigs]

Well all my shares are on cryptostocks that is great, very simple and easy process. These guys did an amazing job of doing absolutely nothing to get everything set up.

We are hashing at about 3TH, Sam still sucks at communications but now it doesn't matter as the hardware is doing the talking.

Like I said before if he got lucky and actually the 3rd party people were competent than this might work out.

Anyway this is very good.

[BitThink]

I wonder where the price is going to start on this.  

Anyone wanna take a guess?  I think it was last traded around .0001700 on btct.co

The price is decided by the market. You can put your bid/ask order at any price you want. If someone agrees on your price, it becomes the trading price.

[NineLives]

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?

I feel that the shares back on an exchange is good news only if someone from Labcoin keeps us updated 'EVEN IF ITS A FAIL'.  Whats bugging me is NO ONE from Labcoin is answering important questions raised by share holders.  News from 796 isn't settling:

近几日我们按Samuel Noi向我们提供的香港公司注册文件及股东名册进行了调查分析，我们有以下疑问及需要证明的地方：

1、我们查到这家公司的董事名册上没有Samuel Noi,所以有没有这个人我们不确定。所以提出要这个人的身份证件。

2、这家公司是否授权Samuel Noi来负责这个股票转移的事，我们不确定。所以要求Labcoin出具授权书。

3、之前在bitcointalk上调查的关于Labcoin的一切，有证明Labcoin不诚实，所以我们要求跟Itec签订合同，约定我们提供服务，不对他们提供的信息作真实性保证。

4、根据股东名单，info@labcoin.com名下只有2005666股，跟他们在BTCT上承诺限售股2250000不符。

他们提供的证件是iTec-Pro Limited公司的，经我们调查，iTec-Pro Limited董事名册只有TATTI,FABRIZIO,护照号是YA2281***，董事名册上并没有Samuel Noi的名字。

另外，他们的公司注册地址是一间叫“亚洲商务”（http://www.asiabs.com/）提供的秘书代理注册。他们在香港无真实办公地址。

我们将等待Labcoin作进一步回应。

Translated:

By Samuel recent days we  have provided to us Noi Hong Kong company registration documents and the register of shareholders were investigated and analyzed, we have the following questions and the need to prove the place: one, we found a director of this company is not on the roster Samuel  Noi, so We're not sure there is no such person. Therefore proposed to the identity of this person. 2, the company is authorized Samuel  Noi to be responsible for the stock transfer thing, we're not sure. So they requested Labcoin issued authorization. 3, on the investigation before bitcointalk on Labcoin everything there is evidence Labcoin dishonest, so we requested to meet with Itec contract, agreed to provide services to us and they do not guarantee the authenticity of the information provided for. 4, according to the list of shareholders, info@labcoin.com name only 2,005,666 shares with them the promise in BTCT restricted shares 2,250,000 match. They offer documents are iTec-Pro  Limited Company, after our investigation, iTec-Pro  Limited directors register only TATTI, FABRIZIO, passport number is YA2281 ***, and there is no register of directors Samuel  Noi's name. In addition, they are a company registered address called "Asian Business" (http://www.asiabs.com/) provides secretarial proxy registration. They no real office address in Hong Kong. We will wait Labcoin further response.

SOURCE:  http://blog.sina.com.cn/s/blog_41b3e6f70101g9zy.html


Which means my 5k shares, irrelevant of where they are worth NOTHING if Labcoin doesn't prove their identity or prove that his chips are genuine and not mined using 3rd party equipment.  All the offices registered and even the name Sam Noi could be fake.  If he is unwilling to open the doors to anyone, then these numbers doesn't mean anything.. Doesn't matter where my shares are?  

I don't think its a scam.  I think Labcoin has issues with hardware and their chips simply don't work and are buying time.  There approach is:  Keep the share holders happy by dividend that will buy them time to fix major hardware failures.  They have 0 concept in business and a pure geeks approach.  They can't tell us that this isn't working BUT have full intentions of making it work.

I do believe Sam Noi 'or who ever it is' are having sleepless nights and due to the amount of childish abuse they get on the forums, they don't want to respond with more fails but instead, once they have got it right, come back on the forums and smile with a 'I TOLD YOU SO'.  But that is unacceptable.  WE NEED TO BE UPDATED EVERY STEP OF THE WAY.

I could be wrong.  Time will tell.

[BitCsByBit]

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.

Hi dooglus,

thank you for confirming that the funds were received into the Just-Dice wallets.

However, I don't understand the significance of the graph. Can you please explain.

[pedrog]

Hi dooglus,

thank you for confirming that the funds were received into the Just-Dice wallets.

However, I don't understand the significance of the graph. Can you please explain.

Big profit?

[bigpot]

labcoin - 17psAW21J4twanAFWmbcd5WdX2pKeX3trm
3 hours   2,999.45 Gh/s   7542334
22.5 minutes   2,840.62 Gh/s   892866
256 seconds   3,064.79 Gh/s   182676
128 seconds   3,041.20 Gh/s   90635
 

[JohnyBigs]

labcoin - 17psAW21J4twanAFWmbcd5WdX2pKeX3trm
3 hours   2,999.45 Gh/s   7542334
22.5 minutes   2,840.62 Gh/s   892866
256 seconds   3,064.79 Gh/s   182676
128 seconds   3,041.20 Gh/s   90635
 

this is all that matters, as long as this continues to grow.

[BitCsByBit]

Hi dooglus,

thank you for confirming that the funds were received into the Just-Dice wallets.

However, I don't understand the significance of the graph. Can you please explain.

Big profit?

I understand that much, but I was wondering if the funds that were received from the above wallet were invested, gambled away (profit shown on the graph), or withdrawn in smaller chunks (money laundering).

The graph shows that someone lost a fair amount of money at about the same time when the Labcoin funds were transferred in, but there is also a statement that someone withdraw a 1000 BTC is smaller chunks at about the same time.

[pedrog]

Hi dooglus,

thank you for confirming that the funds were received into the Just-Dice wallets.

However, I don't understand the significance of the graph. Can you please explain.

Big profit?

I understand that much, but I was wondering if the funds that were received from the above wallet were invested, gambled away (profit shown on the graph), or withdrawn in smaller chunks (money laundering).

The graph shows that someone lost a fair amount of money at about the same time when the Labcoin funds were transferred in, but there is also a statement that someone withdraw a 1000 BTC is smaller chunks at about the same time.

Oh, I see, the coins could have been gambled and not invested...

[BitCsByBit]

Doog is saying JD received the 1000 coins earlier in the day on Oct 11 and withdrawl a total of 145 coins to separate addresses when the site profit was +2000 coins.

Later that day someone lost 2500 coins so the site profit went to +4500 coins.

Interesting.

Is there any way of telling what happened to deposits from these wallets:
http://blockchain.info/address/19Z6WwLtmhCT1xZyQAvnHg5tRKg24naeDS
http://blockchain.info/address/1Db4b6Up7KhzCvrPCu3BgqugDEpH86EDm5

1500 BTC tranfered to Just-Dice on 11th Oct.

Invested, gambled or withdrawn?

EDIT: I thought 1000 BTC was invested and then divested in smaller chunks, but it seems like only 145 BTC was divested in smaller chunks. Thanx

[dooglus]

Doog is saying JD received the 1000 coins earlier in the day on Oct 11 and withdrawl a total of 145 coins to separate addresses when the site profit was +2000 coins.

No, I'm saying that the 1000 coin deposit which was withdrawn in small amounts was a separate incident, happening before Oct 11th.

The "<dooglus> so some guy deposited 1k BTC, then withdrew 25, 50, 10, 20, 40 in separate transactions to different addresses" was from Sun Oct  6 18:40:41 2013.

I don't think it would be proper to say whether the 1500 coins you traced to the JD wallet have any relation to the 2500 BTC that were lost shortly after the deposits.  But if so, you might have missed another 1000 BTC deposit to JD.