[CRYPTOSTOCKS] Labcoin Official Thread - Self-Moderated

[Bitcycle]

I'm sure the downtime was just Sam moving all the boards to a new facility, where he'll be able to bring all 50 TH online and post pictures of the working hashers.

I'll wait right here for that to happen.

 

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[strmir]

The risk of failure was certainly higher as it was with a lot of unknowns. So, how did Labcoin manage to fail?

You can wonder if it did fail. If your measure of success is alberto's wallet, it did not.

Anyway, my best guess of what happened; howard wang really did have a design for a 180nm chip, it may even have 'taped out' at his university test fab, but it was a crappy design on an obsolete process, and even if they did manufacture some wafers, he chose an incorrect package (perhaps also packaged at the university?).  

Somehow Howard got in touch with Alberto and/or fabrizio who jumped on the opportunity to raise money for a 130 and 65nm variant without knowing a thing about the business and without really caring if it would work or not. Designing and deploying an asic is not a walk in the park, Howard didnt have the required skills, no experience with any process other than the 180nm, so they "hired" theseven, who doesnt possess the needed skills either. Alberto was told they needed a design kit from TSMC to do the physical layout for a more advanced process (130nm). TSMC doesnt just hand those out, they cost money and require signing an NDA by an actual company. Alberto tried using his brother in law's shell company for that, TSMC didnt buy it. Thats probably where they gave up and decided to IPO to get funds,  buy some external hashing power and keep up the charade. Or perhaps that is where Alberto only really got involved, until then it might have been a bit naive but genuine attempt by howard and fabrizio.

From what both Howard and theSeven said- Howard indeed designed a single core 180 nm ASIC. It was allegedly based on some open source FPGA design (theSeven mentioned an Icarus clone), and it didn't make it to tape-out at all. The next design (130 nm) supposed to be dual core which according to his own words, Howard managed to bring near completion. He then parted with Labcoin and Mr. Noi (whoever that might be, I'll use this name for lulz) was left without any clue where or how to tape it out. BTW the 180 nm design should've been produced at UMC, it was mentioned somewhere in the custom hardware thread.

Funny is, if you remember, how Labcoin announced their 130 nm design. It was meant to be a 16-core device running at 300 MHz, dissipating more than 12 W and using less area than BFL 65 nm chip, it certainly couldn't be anyone with technical background who made up those specs. During the original QA session the guy hiding behind labcoin_dev nick couldn't even tell the difference between rolled and unrolled core design (he was talking about sea-of-gates all the time :-), unfortunately hardly anyone here deemed this significant. And there was only one guy (I believe it was HorseRider, but don't remember exactly) who noticed and pointed out that Labcoin intended to use a MPW service (TSMC CyberShuttle) for the actual production of thousands of dice.

So, I don't believe it was Howard who came up with the idea of developing a bitcoin mining ASIC originally. More likely it was Mr. Noi's inflated self-assurance after he pulled off his former "failed bussines scenario" with ZenPads, which made him believe it was going to be an easy one this time.

[Alphi]

I'm sure the downtime was just Sam moving all the boards to a new facility, where he'll be able to bring all 50 TH online and post pictures of the working hashers.

I'll wait right here for that to happen.

 

bwahahaha the funniest thing ive heard all day...

hmm I wonder why all the units are throttling at the same rate now.. that doesn't look like a hardware failure or a migration..

maybe someone is intentionally throttling them to spook the markets.

[hammurabi]

today was also payment from eligius to labcoin wallet, probably some temporary hashing there

Eligius pays out in bigger chunks or if criteria for big chunk is not met after longer period of time.
So this is for old work paid out today.

[Bitcycle]

Turns out even Cryptostocks has standards.

Labcoin has been found to be out of compliance with their contract and has downgraded to a GREY rating.

The rating has 4 categories:
White - Security isuer is fulfilling his contract. This is the default level for newly listed securities.
Grey - Security issuer is in violation of his contract since less than 4 weeks.
Black - Security issuer is in violation of his contract since less than 3 months.
Delisted - Security issuer is in violation of his contract since more than 3 months. Trading is suspended.


We're on the road to delisting!

[iCEBREAKER]

Turns out even Cryptostocks has standards.

Labcoin has been found to be out of compliance with their contract and has downgraded to a GREY rating.

The rating has 4 categories:
White - Security isuer is fulfilling his contract. This is the default level for newly listed securities.
Grey - Security issuer is in violation of his contract since less than 4 weeks.
Black - Security issuer is in violation of his contract since less than 3 months.
Delisted - Security issuer is in violation of his contract since more than 3 months. Trading is suspended.


We're on the road to delisting!

Good for Cryptostocks!

Too bad your standards, based on hopes and dreams, are purely emotional.

Having rational standards based on facts would have saved you from being LabScammed.

Next time, listen when people warn you over and over not to feed the scam.   

[damiano]

Lol so it takes 3 months to get to black listing and a bit longer to get delisted

[Bitcycle]

Lol so it takes 3 months to get to black listing and a bit longer to get delisted

I think it moves to Black after 4 weeks, then stays there til the 3 month deadline.

Given that stopping the process requires Sam to reply, I think we can safely say there's no hope of that.

[MikeyVeez]

These exchanges are a joke, run by clowns who decide randomly on contract breaches and misconduct, like btct. Who flagged Labcoin but not all the other securities. 

Not defending labcoin here, but what part of the contract are they breaching?  Ohh let me guess cryptostocks, them not communicating? Which isn't part of the contract?  Ohh wait a better one not paying dividends for 10 days, guess what in the contact its dividends every 2 weeks, so they aren't breaking that either.

Labcoin sucks balls, but so do these exchanges run by complete morons.

[Bitcycle]

Status recap-

  Dividends have not been paid 9 days. No explanation has been given, we don't know if dividends will ever be paid again.
  
  Hashrate is currently 4.8 TH.  This is less than half the 10 TH "Sam" claimed was stable.

  There are NO plans announced for a future increase in hashrate.

  The entire system goes down for hours at a time.
 
  The stock has been downgraded to "Grey" status, putting it on the path to being delisted.

  A group of shareholders is in contact with an attorney to bring legal attention to "Sam" and any others involved in Labcoin.

 
 
  Not the rosiest picture.
 

[mr_random]

These exchanges are a joke, run by clowns who decide randomly on contract breaches and misconduct, like btct. Who flagged Labcoin but not all the other securities. 

Not defending labcoin here, but what part of the contract are they breaching?  Ohh let me guess cryptostocks, them not communicating? Which isn't part of the contract?  Ohh wait a better one not paying dividends for 10 days, guess what in the contact its dividends every 2 weeks, so they aren't breaking that either.

Labcoin sucks balls, but so do these exchanges run by complete morons.

There's no regulation what do you expect.

[MaxwellsDemon]

There's no regulation what do you expect.

Yep, what we need is more regulation!

I think you're on the wrong forum, you're looking for FinCENtalk.org   

[crumbs]

These exchanges are a joke, run by clowns who decide randomly on contract breaches and misconduct, like btct. Who flagged Labcoin but not all the other securities. 

Not defending labcoin here, but what part of the contract are they breaching?  Ohh let me guess cryptostocks, them not communicating? Which isn't part of the contract?  Ohh wait a better one not paying dividends for 10 days, guess what in the contact its dividends every 2 weeks, so they aren't breaking that either.

Labcoin sucks balls, but so do these exchanges run by complete morons.

When you read the terms, there's no need to guess

Reasons for delisting
The Exchange may choose to delist a project for reasons such as (but not limited to):
violation of terms and conditions
very low trading volume, with very low trading volume defined as less than an equivalent of 10 USD in a period of 100 days.
fraud, scams, illegal activities
discretion of the Exchange

[pedrog]

These exchanges are a joke, run by clowns who decide randomly on contract breaches and misconduct, like btct. Who flagged Labcoin but not all the other securities. 

Not defending labcoin here, but what part of the contract are they breaching?  Ohh let me guess cryptostocks, them not communicating? Which isn't part of the contract?  Ohh wait a better one not paying dividends for 10 days, guess what in the contact its dividends every 2 weeks, so they aren't breaking that either.

Labcoin sucks balls, but so do these exchanges run by complete morons.

There's no regulation what do you expect.

Neo & Bee are planning a regulated bitcoin stock exchange.

[iCEBREAKER]

Status recap-

  Dividends have not been paid 9 days. No explanation has been given, we don't know if dividends will ever be paid again.
  
  Hashrate is currently 4.8 TH.  This is less than half the 10 TH "Sam" claimed was stable.

  There are NO plans announced for a future increase in hashrate.

  The entire system goes down for hours at a time.
 
  The stock has been downgraded to "Grey" status, putting it on the path to being delisted.

  A group of shareholders is in contact with an attorney to bring legal attention to "Sam" and any others involved in Labcoin.

 
 
  Not the rosiest picture.
 

That's enough of your angry mob talk.

I know you are feeling disappointed, but pitchforks and torches aren't going to help.

Let's give LabScam Sam more time to prove himself.  Because Amazing Company.

[Bitcycle]

They're likely flagged for being in violation of the part of the contract that says 30% of the shares will be held back.

WTG with that copy/paste action, Sammy.


If you look at the procedure for flagging, anyone can submit a request to have a security reviewed, as long as they include documentation of the violation.

What probably happened is when the number of public shares increased, someone submitted a review request. It's immediately apparent that Sammy is in violation of the terms of the contract, but he has a week to respond.

LOL Sammy respsonding to an email.

LOL.

So that's probably what happened.  Sammy's sloppiness and laziness copy/pasting the contract, and then Sammy's sloppiness and laziness in not responding.

[Alphi]

looks like fabrizio has been scamming for a while now.. a quote from a website back in 2011


"At 5:36pm on April 12, 2011, Eden said…
I was told by the administrators that they need to do a real background check first before approving your profile.Those hundreds of  half naked pics of yours are a threat to the wholesomeness of zhn.:)They will notify you after 3 months, don't worry!:)"

http://www.gzstuff.com/profile/FabrizioTatti

looks like the meetup site does better Due dilligence than cryptostocks lol...

[superduh]

prob been mentioned earlier: "My QQ 1280522795" - fabrizio

[Bitcycle]

Hashing down to about 3.5 TH, or 1/3 of "Sam's" claimed stable 10 TH.

The current ask for the stock is 0.000009, or less than 1/100th of the IPO price.



Quite the success, Labcoin.

[bitmoon]

labcoin was online today, hours ago

any fix or something?