Yeah. At the same time, though I think LC could use a board to oversee what's going on. And also offer assistance and in terms of how to manage things.
One of the reasons why the share price is in so much trouble is the rising difficulty. If this was a year ago, it wouldn't be much of a problem if they got delayed by a month or so. ASICMiner had issues as well. B1 Avalons were delayed a month or two, but their owners are still pretty happy.
The problem now is that with KnC, Cointerra, and the like there's not much room for error, before bitcoin mining becomes unprofitable.
The difficulty is not such a big problem here because this is not a normal mining security. This is a security that owns an asic design. That means they can create miner at cost. Thats fundamentally different to securities that have to buy miner for nearly enduser prices. Those last securities arent much better than when you buy hardware yourself. And you know it wont be a big success. But securities like labcoin can create the miners at cost and on top they will grow the mine. So the difficulty isnt a big problem.
I admit... i invested in 2 other normal mining projects, that dont own their own design, in the hope that the previous patterns of other mining securities are repeated. They went up and then slowly dropped. But since all the panic is going on in all mining securities now this wont work anymore. My bad. But companies like labcoin, that own their own asic design, are different.
Regarding the scam claims... they didnt run with the money because they wanted to earn more later? How that? I mean they still have 2million shares. Where is the sense when this would be planned as a scam? It would have been so easy to fake a miner. I could do this myself. Then when the shareprice is rising sell the 2 million shares. Easy as pie. Instead they post unfortunate news and know that it makes the price drop. So they are bagholding scammers? Really?
If this is a scam then its a scam done exceptionally bad.
I guess it could be a scam and they just fucked up in typical Labcoin fashion.
I got that thought too...
but then i think... every kid could have made such a scam a success.
The difference to scams like pirateat40 is that pirate was still earn more than he paid out all the time. When this started to change he stopped paying out. With such a security that wouldnt make much sense. The IPO-Money would be what counts. Everything above that would be to pump the shareprice high so one could sell the shares the security issuer owns. It looks like that didnt happen. And they did exceptionally bad to push the shareprice. I mean they knew exactly when they will post bad news. They posted it and still have their shares. It would be the best time to sell them before. Or even fake a miner hardware and fake a cgminer screen output. Easily doable. Instead they post more and more bad news while bagholding their own shares. That means they either believe in the divs of the project or, if still seeing a scam, they want cheap shares. But even then... they could post news looking way worse. Or not speaking at all. Then the shareprice would be even way lower. They could buy shares with a sockpuppet account since they know it will succeed.
So either way i look at it... it doesnt make much sense as a scam.
I like to think you're correct.
I wouldn't know if they are a scam or not, but one thing I can remember when
Labcoin (Samual Noi) first created the original Labcoin thread and presented this project he was involved in... and he wasn't looking at IPOing the project but he was looking for private investors, or angel investors - I can't remember the exact words. But what I can remember was that forum members here suggested it would be better to IPO as there was huge amount of interest in the project. Can anyone else remember this in the beginning..?
Also my impression at the time, was they didn't seem like professionals, especially at IPO's... that's where
theSwede comes to the rescue... REMEMBER.
So, what I'm getting at, is that this wasn't a scam intentionally, but this was a creation that evolved from this forum and everyone in it including myself.
I think that Samual Noi maybe genuine would like this to work out, but unfortunately he don't have a clue and is in over his head.
You also have to look at the fact that they really f*cked their investors (pardon my french). They might be in over their head on the hardware side, but the no-show here is just criminal.
I don't disagree... And ok this is only speculation, but...
I'm starting to think that this Samual Noi is a one man band... gave it a try and failed big time. This company Labcoin had started way before coming to this forum and original investors (Engineer's) separated, left, sold out, or something like that for what ever reason/s unknown at this point. Who knows, maybe the engineer suspected there was going to be problems and left. Then Samual Noi was left to find new investor to try and save the company
Labcoin.
Only if he just came out and just spilled the beans...
TELL US THE TRUTH SAMUAL NOI... and would be a good idea to start from the
beginning.
I think you're making excuses so as to not have to face the ugly truth. It's all plausible, mind you, but that would mean he's even more stupid than I think. Engineers are a dime a dozen on this forum. Bitfury had some issues with his chips/PCBs that the forum members either solved or at least helped improve a lot. Basically for free.
From what I gather, SHA256 asics are really simple designs and are basically self-testing. It could be a PCB issue rather than an asics one. (don't flame, I know I don't have enough working knowledge on the subject)
But we don't know whether they actually have any working original IP.
