Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 125. (Read 1079974 times)

I really suggest everyone reads the post on codinginmysleep, especially since now it's looking like it's the same guy running the scam as it was there.
The 7 lessons the author quoted are really good advice. The first 2 apply to what you're saying right now:

copy and pasted from reddit as i can;t be bothered to write this all up my self........


All this info is public so does not count as doxxing or a witch hunt. This is merely connecting the dots of Labcoin. So one of the founders of Labcoin is 'Fabrizio Tatti' owner of iTec-Pro.
People discovered his sister Alessia under her skype account Delaria, chatting about beginning the Labcoin project: http://pastebin.com/1Rq8r4UW
Confirming Labcoin = Delaria : https://bitcointalksearch.org/user/labcoin-120219
Searches of Alessia(Delaria) point to a prior scam involvement with Alberto Armandi. They are husband and wife.
http://www.ripoffreport.com/r/ENSO-Co/internet/ENSO-Co-Alberto-Armandi-Alessia-Tatti-Promoting-ZenPad-like-the-IPAd-and-will-take-you-590629 owner of the vaporware scam company Enso:
http://www.engadget.com/2010/04/09/ensos-zenpad-is-vaporware-get-refunds-while-they-last/
Alberto is also a notorious scammer in the bitcoin community:
http://codinginmysleep.com/lessons-learned-from-the-bdt-fiasco/
Upon searching Fabrizio Tatti's friends list on Facebook, we see a direct match, he is affiliated with both scammers: https://i.imgur.com/pWl3uCS.png
Labcoin overview listing main players: https://i.imgur.com/nE7pVnT.png
Noi, Wang and Sparmann downplay their affiliation with Labcoin, or are unreachable.
Fabrizio plays dumb: https://i.imgur.com/TolLKn6.png
Alberto and Alessia I believe are playing under the Labcoin account. Compare Labcoin's responses to Alberto response's during his bdt scam: http://imgur.com/SJ47B8d
There is also evidence that TheSwede, the PR spokesman, took a 950 bitcoin payment to front the scam. http://imgur.com/rbnK68T
At the time Labcoin went live, TheSwede was on the forums trying to buy cars and Rolexes. http://imgur.com/bCNv8Bk
TLDR: The Labcoin scam has stolen 7000 bitcoins from the community + countless others who bought through day-trading.
EDIT: Labcoin responds: https://bitcointalk.org/index.php?topic=263445.15960 "We will explain everything tomorrow on IRC"




Not a scam?? 

There hasn't been a single scrap of evidence showing that Labcoin is "guaranteed a known scam".

They ran this scam very successfully and I have the feeling that they could have gone on much longer were it not for Burnside closing down the site.  That really screwed up the whole thing for them because it created an additional uncertainty as to where the shares will eventually go. This really tipped the scales against them.

I've read a few pages back and can't find any of this info. I can however find info which is similar to this which shows that you are twisting things to make them look worse for Labcoin. For example, you say "1) The CEO claims no relation to Labcoin." The reality is that the iTec Pro Ltd CEO has no direct involvement in the Labcoin project and no working knowledge of it.

Do you honestly find it unusual that a CEO doesn't know the ins-and-outs of one of their companies projects?

The same is true with the rest of your points. You are simply spinning the situations to make Labcoin look as bad as possible.

Also, burnside never said that 1 million shares have been sold, so all the idiots who keep making that claim are simply full of shit.

Can we put this one to rest now?

That's really easy to answer... They just couldn't dump 3 million shares on the market in whole... There's little profit in that. That's why they need to create these waves in price with their suspiciously timed updates. It's no coincidence that this stock behaved like a day-traders wet dream.

You're falling for the sunk cost fallacy. This "meh I'm in it it so long now/I have lost so much already" thinking is bad investment strategy. If the amount you have in here is low, fine. But you shouldnt do that in the future. From wikipedia.:

Then why are over 2 million shares still in the initial account?the scam makes 0 sense unless all the shares were traded. Burnside said the other day 66% of shares are still in the initial account. A sensible answer is that wang and other team members have been paid the shares.

+1111111

Well they are going to have to run and hide with that money from the police, as i think its safe to say we now do know their real names are valid and they can be tracked down

Because this was planned as a long con, not just a quick 700k. They made a lot more than that.

"Why waste so much time just for the rest 30%?"
First, it wasn't as much time as you're thinking... What did they have to do? just follow this thread like most of us did, and post delay after delay in stupid one-liner posts. Make some bad photos/photoshops when pressure for proof gets too high (since there are enough suckers who'll gladly fall for some fake proof - yeah ytterbium, that's directed at you) - but that's about it. It's not really a job that keeps them very busy...

Second, these "rest 30%" were at times traded at 4x the IPO price. And they probably planned on pushing it up further, meanwhile gaming the market and making lots of money by trading. There is absolutely no doubt that they could make more money this way compared to just running away after IPO.

And third, and most importantly, because doing it as a long con (con comes from "confidence") creates an uncertain atmosphere around the victims, exactly what we have right now. Some people still believing that it's not a scam, some frustrated, everyone just falling over each other discussing it to death...
If they just ran away immediately with the money, everyone here would be happy holding hands and trying to bring them to justice. Instead, right now, how many are talking to the police, how many are planning to? It gives them time and it exhausts the collective need for justice.

Read the past 5 pages to aknowledge this is guaranteed a known scam, you are not gambling you are throwing your money down the bin.but hey maybe  you hit my sell orders

It is looking bad, but this has altered the risk reward ratio.. More risk and a much higher reward. I've bought some more as I love a gamble.. The whole premise of this from the beginning was a 1 in 10 shot of it happening. Now they have chips, but they are fucked or the pcb is fucked. Either way I don't believe it is vapourware or a scam. Ill be a bag holder if it is a scam, but that's why I've invested what I can afford to lose. I won't be bankrupt, I will be pissed off that I made a bad call. If people are investing more than they can afford to lose then they are the fools

so you're still seeing some risk/reward ratio in this?  it's avalanche waiting to slam hard... the exchange is closing in a week time and labcoin hasn't even come up with proper share migration plans...
sure you can try to flip few times on its way down but i think that opportunity window is gone by now... too risky imho...

It does not matter how much we spent on this before. The only thing matters is whether the current price justifies the risk reward ratio.

so spot on mate...wish i saw this coming when it was getting so obvious (refusing to post pictures, avoiding answers and etc)..

Yes, manipulating the market could bring them some benefits, but because of the sheer order book, they can only get much, compared  with 7000 BTC they got already. Much less than they just slowly selling all their shares and disappear for ever. I guess even finally this becomes a scam, at least in the beginning they still want to build something real to bring them much more than 7k BTC.

i'm done with this charade by labcoin...  there's just too much shady stuff going on that i don't think there's any strong reason left for me to even consider investing in this fiasco.. i mean come on: not a f..ng single picture nor straight answer... lucky for me it was a small amount worth the risk... and i pity those who probably lost their savings.... pulled out as much as i could before losing entirely everything...

For the longest time I kept going back to the IPO and wondering the same thing.  Then it dawned on me that theSwede wasn't in on it.  He was acting in good faith and was in charge of the IPO.  At this point I don't feel we can assume the same for 'Sam'/Alessia/delaria.

edit... for completeness as I hate when people just pick pieces of my posts to respond to.  The only explanation I can think of is that they are using the long delay's in updates to game the share price.  Imagine how much you could have made if you knew exactly when to buy and sell based on what you were going to say?  It's weak, but all I can come up with to explain it.

I know all of these. I am not asking why we think they are scammers. I am asking how the scam works. Why they chose to stay after IPO? Why they chose to give up the chance to double their money on IPO, but to stay just for their 30% shares? Why they kept skewing up their share price and at least  2/3 of their shares are not sold now? What's the motive for them to appear today? Try to pump up the price to get just some hundreds of BTC more?

I'm not saying it is definitely not a scam. I just cannot understand all these if it is a scam. All these are much easier to understand if it is a project poorly managed.