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

[TsuyokuNaritai]

The passthrough on Havelock is consistently selling for about three times the price of the actual stock.

Seriously, WTF?

[virtualspade]

Hello SAM,

time to comfirm you are not alberto armandi and you have bought labcoin from him and he is not involved with labcoin any more.

her is a screen shoot from labcoin team skype profile



the italian number is the same as alberto armandi uses on this page:

http://incontri-amicizia.vivastreet.it/amici+firenze/cerco-amici-e-amiche-zona-firenze/80445364

from that page:

Inserito da alberto.armandi il 08/09/2013

blablabla...

il mio numero è 3886274142. Ciao!

take away country code from labcoin teams italian number and is a match

LABCOIN TEAM = ALBERTO ARMANDI

SAM = ?

[MikeyVeez]

Seriously, WTF?

Anyone buying this, at any price, is nuts... or a daytrader. This is pretty much like most altcoin trading; just hoping to sell it higher no matter what is behind.

Should we buy activemining or icedrill instead? End of the day Labcoin has 10TH

[pedrog]

Seriously, WTF?

Anyone buying this, at any price, is nuts... or a daytrader. This is pretty much like most altcoin trading; just hoping to sell it higher no matter what is behind.

Should we buy activemining or icedrill instead? End of the day Labcoin has 10TH

And Labcoin can't go under 0.0001.

[pedrog]

And Labcoin can't go under 0.0001.

There is only 17 BTC on the buy side. It can go to zero.

It was just a joke...

[jeffshed]

who wants to help me buy all the .0003 shares so we can get it to .0004 on crypto?

and then who knows what next....the moon 

[MikeyVeez]

Should we buy activemining or icedrill instead? End of the day Labcoin has 10TH

Is this a joke?
Do you understand that 10TH is nothing per share? That even at 0.0001 you won't ever see a return on your investment?
And no, you certainly shouldn't buy InactiveMining or IceDrool.

Uhh at .0001 you'll make everything back in about 2-3 months.

[JohnyBigs]

Uhh at .0001 you'll make everything back in about 2-3 months.

Do you even read?
https://bitcointalk.org/index.php?topic=312830.msg3433210#msg3433210

Difficulty is not doubling everyday, even if it doubles every single month, you still get all your investment back withing 6 months worst case scenario. Please tell people more about your magical logic.

[JohnyBigs]

If it doubles every single month, it's not going to change 3 months to 6 months; you fail hard at mathematics. But let me show you how to use a simple tool to do the math for you.

So, there are 10000000 shares and 10 TH. That is, 0.001 GH per share, and at a share price of 0.0001, we get 10 GH for 1 BTC. Let's say difficulty is going up 75% every month (in reality, it's been much more, and we're waiting on a lot of preordered hashpower, but I'll give you that). I'll also give you no pool fee, no other costs. Will you make back that 1 BTC?

*drumroll*

http://mining.thegenesisblock.com/a/36a2da91cc

NOPE.

1BTC/.0001 share = 10,000 shares
10,000 shares X .00000172 (avg daily div) = .0172/day X 30 Days a month = .516

1st month dividend .516
2nd month dividend .258
3rd month dividend .129
4th month dividend .0645
5th month dividend .03255

TOTAL : 1.00005BTC @ 100% difficulty increases/mo and Labcoin not increasing hashrate

YOU FAIL AT LIFE

[somestranger]

If it doubles every single month, it's not going to change 3 months to 6 months; you fail hard at mathematics. But let me show you how to use a simple tool to do the math for you.

So, there are 10000000 shares and 10 TH. That is, 0.001 GH per share, and at a share price of 0.0001, we get 10 GH for 1 BTC. Let's say difficulty is going up 75% every month (in reality, it's been much more, and we're waiting on a lot of preordered hashpower, but I'll give you that). I'll also give you no pool fee, no other costs. Will you make back that 1 BTC?

*drumroll*

http://mining.thegenesisblock.com/a/36a2da91cc

NOPE.

1BTC/.0001 share = 10,000 shares
10,000 shares X .00000172 (avg daily div) = .0172/day X 30 Days a month = .516

1st month dividend .516
2nd month dividend .258
3rd month dividend .129
4th month dividend .0645
5th month dividend .03255

TOTAL : 1.00005BTC @ 100% difficulty increases/mo and Labcoin not increasing hashrate

YOU FAIL AT LIFE

The error in your math is that you don't take into account difficulty rising every ~2 weeks. If you calculated it like TGB you would see that it is clearly unprofitable. Also way to go invest 1btc to get a .00005% return in 6 months, and the shares will be totally worthless like PMBs.

[Ytterbium]

If it doubles every single month, it's not going to change 3 months to 6 months; you fail hard at mathematics. But let me show you how to use a simple tool to do the math for you.

So, there are 10000000 shares and 10 TH. That is, 0.001 GH per share, and at a share price of 0.0001, we get 10 GH for 1 BTC. Let's say difficulty is going up 75% every month (in reality, it's been much more, and we're waiting on a lot of preordered hashpower, but I'll give you that). I'll also give you no pool fee, no other costs. Will you make back that 1 BTC?

*drumroll*

http://mining.thegenesisblock.com/a/36a2da91cc

NOPE.

___

1BTC/.0001 share = 10,000 shares
10,000 shares X .00000172 (avg daily div) = .0172/day X 30 Days a month = .516

1st month dividend .516
2nd month dividend .258
3rd month dividend .129
4th month dividend .0645
5th month dividend .03255

TOTAL : 1.00005BTC @ 100% difficulty increases/mo and Labcoin not increasing hashrate

YOU FAIL AT LIFE

___
Uh... you guys are actually both right.  It's profitable if the difficulty is growth is 50%/month and unprofitable if it's 75% per month.

I don't think the difficulty will be anywhere near either 33 billion or 184 billion in a year, to be honest, 184 billion difficulty would be about 1.3 Exahashes, or about 2,634,246 KnC Jupiters or BabyJets. 


At $2/Gh, it would require an investment of 2.6 billion dollars.  Which is more then the current value of all the bitcoins left to be mined.

pankkake: do you seriously think that much hashpower will be built over the next year?

[BitThink]

1BTC/.0001 share = 10,000 shares
10,000 shares X .00000172 (avg daily div) = .0172/day X 30 Days a month = .516

1st month dividend .516
2nd month dividend .258
3rd month dividend .129
4th month dividend .0645
5th month dividend .03255

TOTAL : 1.00005BTC @ 100% difficulty increases/mo and Labcoin not increasing hashrate

YOU FAIL AT LIFE

Sorry, I have to pointed out that the difficulty increases every 10-11 days, not 30 days.

With your calculation (assume 33% increase per 10 days)
first 10 days 0.172
next 10 days 0.129
next 10 days 0.097
so first month is 0.398
0.398 * 2 = 0.796.
So you got 0.796 BTC in life time.

[JohnyBigs]

1BTC/.0001 share = 10,000 shares
10,000 shares X .00000172 (avg daily div) = .0172/day X 30 Days a month = .516

1st month dividend .516
2nd month dividend .258
3rd month dividend .129
4th month dividend .0645
5th month dividend .03255

TOTAL : 1.00005BTC @ 100% difficulty increases/mo and Labcoin not increasing hashrate

YOU FAIL AT LIFE

Sorry, I have to pointed out that the difficulty increases every 10-11 days, not 30 days.

With your calculation (assume 33% increase per 10 days)
first 10 days 0.172
next 10 days 0.129
next 10 days 0.097
so first month is 0.398
0.398 * 2 = 0.796.
So you got 0.796 BTC in life time.

yes lets assume 120% increase a month, why not 1000? clearly at 100% increases a month in 5 months you break even, without Labcoin adding any new hashrate. At 75% your even more profitable.

Not saying it's amazing, but what security is offering that? Outside of ASIC, or the physical hardware miners you can buy and never get a rate of return.

[jimmothy]

You all fail to realize that the point of an ASIC MINING COMPANY is not to get 10th/s and wait for a year but to constantly keep adding hashing power as difficulty increases. We know for a fact that the ASIC manufacturers can produce asics for cheaper than the average joe can buy them for so it is much more realistic that if anyone makes a profit from mining, it will be the asic manufacturers.

So even if labcoin does not create any more hashing power (which is highly unlikely since they are a mining company with over half their funds left) then you still will reach a reasonable ROI. Also I believe difficulty estimates are hugely overestimated because the step from gpu/fpga -> asics is much larger than going from asics gen1 -> asics gen2. So we will probably still see a huge difficulty increase but not nearly as much as has been the past few months.

[BitThink]

1BTC/.0001 share = 10,000 shares
10,000 shares X .00000172 (avg daily div) = .0172/day X 30 Days a month = .516

1st month dividend .516
2nd month dividend .258
3rd month dividend .129
4th month dividend .0645
5th month dividend .03255

TOTAL : 1.00005BTC @ 100% difficulty increases/mo and Labcoin not increasing hashrate

YOU FAIL AT LIFE

Sorry, I have to pointed out that the difficulty increases every 10-11 days, not 30 days.

With your calculation (assume 33% increase per 10 days)
first 10 days 0.172
next 10 days 0.129
next 10 days 0.097
so first month is 0.398
0.398 * 2 = 0.796.
So you got 0.796 BTC in life time.

yes lets assume 120% increase a month, why not 1000? clearly at 100% increases a month in 5 months you break even, without Labcoin adding any new hashrate. At 75% your even more profitable.

Not saying it's amazing, but what security is offering that? Outside of ASIC, or the physical hardware miners you can buy and never get a rate of return.

Do I have to explicitly point out where your mistake is?

10,000 shares X .00000172 (avg daily div) = .0172/day X 30 Days a month = .516

You are assuming dividend will keep the same for one month, which is impossible. Difficulty will increase at least twice in a month. Even let's assume each of them increase only 25% and assume the period is 12 days, 0.0172 * 12 + 0.0172 / 1.25 * 12 + 0.0172 / 1.25 / 1.25 * 6 = 0.437
0.437 * (1 + 0.5 + 0.25 + 0.125 + ...) = 0.437 * 2 = 0.874.

Moreover, I just want to point out it does not break even, but not saying its not 'amazing'.
 
Actually the ROI is 87%, which is very good if you believe labcoin is still live after several months and the share price is still 0.00001.  (Anyway that's the minimum allowed price there).

Unfortunately, it seems nobody believe labcoin will survive next several months, and I guess that's the reason why you are trying prove it will break even.

[Bitcycle]

You guys are cute when you try to do math.

[BitThink]

You guys are cute when you try to do math.

Yes, agree with you. Doing math on an apparent scam is really pathetic. It makes me more sad when people seems are satisfying with the current 10Th and forget the IPO price is 0.001.

[Puppet]

You all fail to realize that the point of an ASIC MINING COMPANY is not to get 10th/s and wait for a year but to constantly keep adding hashing power as difficulty increases. We know for a fact that the ASIC manufacturers can produce asics for cheaper than the average joe can buy them for so it is much more realistic that if anyone makes a profit from mining, it will be the asic manufacturers.

So even if labcoin does not create any more hashing power (which is highly unlikely since they are a mining company with over half their funds left) then you still will reach a reasonable ROI.

Did you have a brain seizure between the first (quite accurate) paragraph and the second one where you draw a nonsensical conclusion from it? Indeed the whole point of an asic company is that they can almost arbitrarily up their hashrate at extremely low marginal cost, but that only pays dividends if they actually do that. If they dont, they would end up with the most expensive asic miners imaginable due to the NRE.

More over, its quite obvious labcoin is not an asic provider, they are just buying some off the shelve hardware at the same unprofitable prices as everyone else.

Also I believe difficulty estimates are hugely overestimated because the step from gpu/fpga -> asics is much larger than going from asics gen1 -> asics gen2.

That doesnt matter. Even if we were stuck for eternity at gen1, hashrate would still go up rather dramatically, we were no where near equilibrium between production cost and mining profitability even for 65nm hardware

[silvermario]

...and while people painfully try to argue it might be profitable at 0.0001 per share, it's actually trading between 0.0002 and 0.0003. Fascinating.

it might be profitable at 0.0001 even if the labcoin hashrate doesn't grow in the future, but i'm sure Alberto/Fabrizzio/Sam has ordered more KNC miners to slowplay the investigation of his scam so in a couple of days the labcoin hashrate may rise

[virtualspade]

so no surprise that sam deleted my posts and Alberto deleted his message with labcoin team phone number.

here is a repost with screen shoot from deleted page

Hello SAM,

time to comfirm you are not alberto armandi and you have bought labcoin from him and he is not involved with labcoin any more.



                                                                               

the italian number is the same as alberto armandi uses on this page:



from that page:

Inserito da alberto.armandi il 08/09/2013

blablabla...

il mio numero è 3886274142. Ciao!

take away country code from labcoin teams italian number and is a match

LABCOIN TEAM = ALBERTO ARMANDI

SAM = ?



and this was also deleted

remember this from irc logs 8/8 before the Q&A on #labcoin chan

[11:41:30] * labcoin_dev (~alberto@host173-29-dynamic.49-82-r.retail.telecomitalia.it) has joined #labcoin
[11:41:53] * labcoin_dev (~alberto@host173-29-dynamic.49-82-r.retail.telecomitalia.it) has left #labcoin
[11:43:32] * labcoin_dev (~labcoin_d@host173-29-dynamic.49-82-r.retail.telecomitalia.it) has joined #labcoin
[12:27:59] * labcoin_dev (~labcoin_d@host173-29-dynamic.49-82-r.retail.telecomitalia.it) Quit (Quit: labcoin_dev)
[12:33:46] * labcoin_dev (~labcoin_d@31.3.155.166) has joined #labcoin
[14:17:47] * labcoin_dev (~labcoin_d@31.3.155.166) Quit (Quit: labcoin_dev)
[14:17:56] * labcoin_dev (~labcoin_d@31.3.155.166) has joined #labcoin

alberto@host173-29-dynamic.49-82-r.retail.telecomitalia.it resolves to Sardinia home of Fab, Alessia and Alberto

http://www.iplocationtools.com/82.49.29.173.html

so who was doing the Q&A? Fab Alessia or Alberto