Topic: [CRYPTOSTOCKS] Labcoin Official Thread - Self-Moderated - page 48. (Read 96918 times)

Hopefully it will get ugly for the scammers. As an investor, you have little to fear from the SFC, although in all likelihood, also little to look forward to.


It means colored coins. I dont like it, its a neat concept but if its integrated in the bitcoin blockchain, its putting bitcoin itself at risk IMO.

This is gonna get ugly

SFC is getting involved

Sell while young still can

I doubt that a bit since they paid so late. They paid 11 hours earlier the day the last days. Time to earn more bitcoins in these hours.


Friedcat stated something interesting:


Though its open what that really means.

Agreed, if they use the blockchain to represent colored coins/securities, it will give them ammo to go after the entire Bitcoin protocol. Or if Ken creates an alt coin, then the exchange it's hosted on would be targeted.

These solutions are a step ahead right now, but only one step.

Well, if the numbers are correct, then the dividend per share went up so, in theory, LC hashed more..

He gave up deleting posts here (it was quite the work though) and posting images. The ghash.io public account isnt available either.
If things dont move soon, be it answers, pictures or growing hashrate ill connect with NineLive and stock up his budget for the PI.

looks like he decreased hash.  sam most likely got medical problem, some personality lackness, i bet on it.

Looks like we got a div today finally... though its lower than 2 days.

in other news a dividend of 16.75BTC was paid, maybe this was due to down time, or maybe they increased hash. With Sam who knows! Still awaiting magical hash.io guest account

I did not start just now, Ive warned of this when GLBSE opened its doors. Its always been just a matter of time, the laws are completely unambiguous when it comes to trading unregistered securities. At the latest I would have expected people to open their eyes when Pirate was charged for selling unregistered and fraudulent securities.

As for bitcoin itself, I dont see anything clearly illegal about that. There is some faint doubt as to whether or not mining in the US could be considered money transmission and fall under those regulations, but that seems like a stretch to me and no one expects that to be enforced.

Of course once colored coins get used, that may change, if these colored coins represent securities, that has the potential to threaten bitcoin, but the prime risk always has been and always will be issuing and selling of unregistered assets. Thats true for Asicminer just as well, if he is selling to US (EU, Japan, whatever) investors and taking no measures to prevent that, he is breaking US (EU,..)  security regulations. Clearly, exchanges will be the target of SEC and similar regulators first, so I dont expect any action against asicminer, but if you ever feel duped, you have a legal slam dunk case.


btw, for the record: buying unregistered securities is not against the law, in case you wondered.

Puppet... till now no one feared the chinese government because of selling shares. btcgarden only closed because of the risks involved with chinese crowdfunding, as far as i know. And friedcat always checked out such potential legal risks to Asicminer. I mean it would be pretty stupid to risk all his income. So if you now start to generally question the legality then why not start at bitcoins? Its still a gray area and governments would have any right to forbid bitcoins. That happened with many regional currencies before often too.

So far i trust friedcat more than your legal advice in a anyway legal gray area.

sam, we've been waiting. it's almost end of oct when you "reassured" us that labcoin was undervalued and we would be surprised. can you come back and let us know the state of affairs. it's looking worse by the day and you logging in and saying nothing DOESNT help.

Oh man, how often does one have to explain this? US law applies to the US market. A chinese selling stock in a Lebanese company through an unlicensed exchange based in Malta and hosted in Belize *is* breaking US security laws if those stocks are readily available to US investors. Why do you think BSTCT closed its doors? Why do you think BF doesnt want US investors?

Now, here is the clue.  In the above sentence replace "US" with any other civilized country in the world you want, and the same applies. Didnt I just quote the relevant part that concerns Hong Kong's SFC ? You want me to dig up the same laws for EU countries? Japan? Russia? The essence is identical everywhere. Well, who knows,  maybe not in Nauru, but since these securities are offered on all other markets too, that doesnt change a bloody thing other than that the Nauru government may not care.

It's worth considering that these "shares" were offered on a US-based unlicensed exchange to US persons, making the entire enterprise fraud in the eyes of US regulators, and putting it under SEC jurisdiction.  Unpleasant, but that's how it is.

Please get your facts straight before claiming to know anything. US-Law is not World-Law. Asicminer was only illegal in china as long as they didnt paid the investment back to the shareholders. They did so now are they legal.
And if its illegal to sell shares to US-Citizens doesnt care me either. Iam no US-Citizen so its a legal security. So let me see the try of the USA to threaten a chinese security run by chinese persons.
*sigh*

Silence and/or vague promises is no longer an effective strategy, Sam.

The only hope of recovering this situation is to produce a full and open account of exactly where things stand, and to do so immediately.


A detailed response of where every BTC has gone, proof of your ID, photos of the hashers, and an exact, detailed roadmap forward.

This is not something where a few sentences with promises for more in the future is going to work.  If you need to take time off from your day job, then do it.  This is pretty much the last chance to save this operation.

I know you were hoping that paying dividends would silence your critics.  It hasn't worked.  That strategy is no long a possibility.

The only successful path forward involves full openness.

Remaining accounted for BTC. They have to show documented amounts that were spent and on what, if they cant then the full amount. At least my understanding. But they will never be able to refund 7000btc if they spent some already.

Yeah.  My drug deal analogy holds.  The dealer gets to ride in the party van, but the buyer still doesn't get his money back. Or, rather, he may or may not, depending on the mood of the clowns in the van.

The clowns are capricious, picking and choosing amongst the multitude of laws which are simultaneously run afoul of here.  They often wish to chat with the parties involved, and peruse their financials -- something which may not be attractive to everyone.  Something along those lines.

+1

I think we have run out of patience already. Let's move forward and take some kind of action.

ya it's almost the end of october. we were promised real things by sam. he needs to deliver, prove it and communicate. i think patience is about to run out for most people