[BTCT.CO] [IPO-cancelled] BTCGARDEN MINER---Eyes to the horizon

[zoinky]

So where all the coins heading?

[Bitcycle]

I imagine a certain percentage of them will leave the market by fear.

[iCEBREAKER]

I am Chinese live in China, I do not understand too.

Force buy back all shares just because one random jerk calling to police, it's ridiculous. Ridiculous even in North Korea.

It was a scam all along.  But they got scammed by a better scammer before being able to get the pay-off.

Anyone stupid enough to give GARDEN their BTC is also stupid enough to believe their ludicrous 'lone conman' story.   



Thankfully iCE.DRiLL will not have its reputation sullied by being listed among the scams at the BTCT boiler room.

[DaSheep]

1. some other people started some serious dumping action
2. many people sold their shares for a loss to buy back later as a result
c: They are screwed

That is BTCGarden's responsibility because...?

Really?
Maybe because they wanted to do business and decided to IPO, which means they sold shares of their company to their investors (those people who are screwed because they funded them) and so they should care about them and not just go full retard and suddently close down everything without a warning because some kid talked shit.
If Mt.Gox shut down everytime some kid talked shit about them or faced some problems.. well.. you know what I mean.
  
Also, they are a mining company which tells me they should care about bitcoin and the economy and doing this isn't good for bitcoin at all.
People lost money, so they loose interest in bitcoin and just wait what happens to the exchange rate when those 32064 BTC hit the market.

Also there's always a risk when you invest in a company. Especially a bitcoin one. Even moreso when the majority of investors here don't truly understand the world these people operate in because we're westerners.

Duuude, are you trying to tell me I should only invest what I can afford to loose?  
That's the stupidest "rule" in bitcoin town.
It's like when you get your car stolen and the police tells you:
"Well, why did you drive such an expensive car?? You should only buy a car you can afford to loose!"

A few weeks ago everybody was screeming SCAM SCAM,
because there was only a "MS Paint Chip Drawing" and now everybody is totally cool with it.
I don't get it.

I think about requesting a scammer tag,

[VolanicEruptor]

Not sure how a buyback would lose peoples trust in Bitcoin.  If anything, it would earn trust.  Shareholders are being GIVEN BACK THEIR MONEY, what more could you ask for from a failed company?  That's an incredible victory for bitcoin securities. 

[really]

Well done! Real Bitcoiner.

[dexX7]

Thanks for the headsup.

[skitchen]

Duuude, are you trying to tell me I should only invest what I can afford to loose?  
That's the stupidest "rule" in bitcoin town.
It's like when you get your car stolen and the police tells you:
"Well, why did you drive such an expensive car?? You should only buy a car you can afford to loose!"

The cops should tell you exactly that, if you're uninsured.
There is no "insurance" in this particular investment ie. only invest what you can afford to lose

[aquarius]

so in other words these guys got a 0% interest loan from our community.. cool, hope their asic business does well and make them rich

[freedomno1]

I am curious though there is a possible air of legitimacy about it
Only time will tell for certain as Avalon also seems to be having these threats set against them
Makes me a bit nervous since AM is china as well but I trust Friedcat more than anything else

I do have a question Aiwill is this related to the Avalon Incident? Extortion from same entity
For those who aren't caught up on Avalon
http://www.avalon-asics.com/

Hopefully I am not seeing a trend here of extortion in Chinese IPO's becoming commonplace.

[elasticband]

Bet the bought a bunch of labcoin and asicminer shares and made a profit with thr load you all gave them, glad I neve boight at the ipo price, glad I never held thanks btcgarden I made a few btc from you guys! Best of luck

[iCEBREAKER]

Not sure how a buyback would lose peoples trust in Bitcoin.  If anything, it would earn trust.  Shareholders are being GIVEN BACK THEIR MONEY, what more could you ask for from a failed company?  That's an incredible victory for bitcoin securities. 

Sure dude, let's all just forget the suspicious circumstances under which the necessity for a buyback occurred.   

In the meantime, keep spinning like a pulsar.  Now that's entertainment!   

[yuchuanzhen]

I am curious though there is a possible air of legitimacy about it
Only time will tell for certain as Avalon also seems to be having these threats set against them
Makes me a bit nervous since AM is china as well but I trust Friedcat more than anything else

I do have a question Aiwill is this related to the Avalon Incident?
For those who aren't caught up on Avalon
http://www.avalon-asics.com/

Not the same problem.

[Ytterbium]

Here's a potential scam BTCGarden could have been pulling.

1) Do IPO to fund ASIC design, raise a ton of money.
2) Pre-Sell shitloads of ASICs, Pointing to your massive bankroll as proof you'll be able to deliver
3) Realize you just made a double shitload of money pre-selling ASICs.
4) Instead of paying massive dividends use that money to "buy back" the shares at IPO price.
5) Use the rest of the money to pay to finish ASIC production, keep 100% of the profits from chip sales and self-mining

[dhenson]

Here's a potential scam BTCGarden could have been pulling.

1) Do IPO to fund ASIC design, raise a ton of money.
2) Pre-Sell shitloads of ASICs, Pointing to your massive bankroll as proof you'll be able to deliver
3) Realize you just made a double shitload of money pre-selling ASICs.
4) Instead of paying massive dividends use that money to "buy back" the shares at IPO price.
5) Use the rest of the money to pay to finish ASIC production, keep 100% of the profits from chip sales and self-mining

Nice theory, only their prices and delivery schedule would have precluded them from selling said shit loads of pre-orders.

[freedomno1]

I am curious though there is a possible air of legitimacy about it
Only time will tell for certain as Avalon also seems to be having these threats set against them
Makes me a bit nervous since AM is china as well but I trust Friedcat more than anything else

I do have a question Aiwill is this related to the Avalon Incident?
For those who aren't caught up on Avalon
http://www.avalon-asics.com/

Not the same problem.

Considering that they are both Chinese and have been given extortion threats I would not dismiss it too lightly for now.
It might be a coincidence but it is worth noting even if they are slightly different cases

"In August 05th , 2013, a chinese BTCer posted threads/mailed us several times at btcman.com with extreme bad tone, threatening that he need to inspect and review our company to see whether we are real and trustworthy, otherwise he would do something bad to us.  Being the nature of the business, such request can not be satisfied."

"With those information, we realize that we were being extorted and obviously refused to transfer first.We banned his account at btcman.com after he continued to attack us there."

"It all begin a few weeks ago when we received an email attached with a PDF containing the person information of some Avalon team members in China. Extortion, a familiar tactic when it comes to the Bitcoin scene and business in China. Threatened to release this information public if we do not pay up; we choose to ignore the demands because the information is quite outdated and some even are inaccurate, making this a low threat."

[aquarius]

Here's a potential scam BTCGarden could have been pulling.

1) Do IPO to fund ASIC design, raise a ton of money.
2) Pre-Sell shitloads of ASICs, Pointing to your massive bankroll as proof you'll be able to deliver
3) Realize you just made a double shitload of money pre-selling ASICs.
4) Instead of paying massive dividends use that money to "buy back" the shares at IPO price.
5) Use the rest of the money to pay to finish ASIC production, keep 100% of the profits from chip sales and self-mining

yeah it would not surprise me

I mean who has ever heard of a multi-million dollar business shutting down due to a troll trying to scam them for some pocket change

[dexX7]

Considering that they are both Chinese and have been given extortion threats I would not dismiss it too lightly for now. It might be a coincidence but it is worth noting even if they are slightly different cases

If you're interested, do some research:

https://bitcointalk.org/index.php?action=profile;u=109596

The information is even in this thread:

Exactly. He was trying to scam BtcGarden into buying back his "shares" which he allegedly does not own any at all. He was angered BtcGarden did not send the bitcoins first and fall to his trap, so he retaliated by spreading false rumours and tarnish the reputation of BtcGarden. Morever he had a long history of scamming people, spreading trojans, so what he said could be safely ignored.

[...]

This guy tried so hard that he even announced in the chinese subforum that trading has been halted and "burnside stopped GARDEN" when there was the "lock issue" thing..

[yuchuanzhen]

Considering that they are both Chinese and have been given extortion threats I would not dismiss it too lightly

"In August 05th , 2013, a chinese BTCer posted threads/mailed us several times at btcman.com with extreme bad tone, threatening that he need to inspect and review our company to see whether we are real and trustworthy, otherwise he would do something bad to us.  Being the nature of the business, such request can not be satisfied."

"With those information, we realize that we were being extorted and obviously refused to transfer first.We banned his account at btcman.com after he continued to attack us there."

"It all begin a few weeks ago when we received an email attached with a PDF containing the person information of some Avalon team members in China. Extortion, a familiar tactic when it comes to the Bitcoin scene and business in China. Threatened to release this information public if we do not pay up; we choose to ignore the demands because the information is quite outdated and some even are inaccurate, making this a low threat."

Avalon:Failed to delivery the chips.Lots of people are pissed off.
BTCGARDEN--The IPO issue.

[boyohi]

I am curious though there is a possible air of legitimacy about it
Only time will tell for certain as Avalon also seems to be having these threats set against them
Makes me a bit nervous since AM is china as well but I trust Friedcat more than anything else

I do have a question Aiwill is this related to the Avalon Incident?
For those who aren't caught up on Avalon
http://www.avalon-asics.com/

Not the same problem.

Considering that they are both Chinese and have been given extortion threats I would not dismiss it too lightly for now.
It might be a coincidence but it is worth noting even if they are slightly different cases

"In August 05th , 2013, a chinese BTCer posted threads/mailed us several times at btcman.com with extreme bad tone, threatening that he need to inspect and review our company to see whether we are real and trustworthy, otherwise he would do something bad to us.  Being the nature of the business, such request can not be satisfied."

"With those information, we realize that we were being extorted and obviously refused to transfer first.We banned his account at btcman.com after he continued to attack us there."

"It all begin a few weeks ago when we received an email attached with a PDF containing the person information of some Avalon team members in China. Extortion, a familiar tactic when it comes to the Bitcoin scene and business in China. Threatened to release this information public if we do not pay up; we choose to ignore the demands because the information is quite outdated and some even are inaccurate, making this a low threat."

It seems that Labcoin might have known about this in advance and during their Q&A session they might have hinted at it.

[12:05] <+labcoin_dev> i for one,do not think we're going to see 28nm chips in September, i do not think we'll be going to see any btcgarden chip

I might be looking too deep into this.