[LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 249.

BitCsByBit

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Merit: 250

Quote from: Rannasha on September 22, 2013, 03:31:43 AM

In other news: This thread has passed the ASICMINER thread in number of replies and is now that largest thread on the Securities forum.

At least LABCOIN is marketleader in something

Is there an echo in here? Grin

freedomno1

legendary

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Learning the troll avoidance button :)

Quote from: BitCsByBit on September 22, 2013, 03:26:26 AM

In the other news, we've passed the ASICMiner thread in the number of pages Grin

Lol Called it
https://bitcointalksearch.org/topic/m.3187031

Rannasha

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In other news: This thread has passed the ASICMINER thread in number of replies and is now that largest thread on the Securities forum.

At least LABCOIN is marketleader in something

burnside

legendary

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Lead Blockchain Developer

Quote from: Ytterbium on September 22, 2013, 03:05:55 AM

Quote from: burnside on September 22, 2013, 03:01:43 AM

I read the contract and to me it means they'll hold 30% indefinitely. (IE, their profit comes from dividends, thus keeping them motivated.)

Really? I remember them specifically saying that was not the case, and that they would sell up to 25% of their shares prior to the first 6 months.

Specifically in the contract, or specifically elsewhere? The contract is the basis. You can't put something in there and then post elsewhere "we didn't really mean that."

Either they meant that they'd hold them indefinitely, or they meant that they would not hold them indefinitely. What purpose is there in the statement that they'd hold X% if as soon as the IPO completes they can just list those at will? Thus my interpretation was that they meant indefinitely.

Quote from: Ytterbium on September 22, 2013, 03:22:06 AM

Lol, don't worry about it. I'm sure someone would have noticed. It shouldn't have been posted without any context, and I think selling was the right move. I still made a pretty big proft overall, and bought about half way back in

There are hundreds of pages of context here.

BitCsByBit

sr. member

Activity: 252

Merit: 250

In the other news, we've passed the ASICMiner thread in the number of pages Grin

Ytterbium

full member

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Quote from: BitThink on September 22, 2013, 03:16:52 AM

Quote from: Ytterbium on September 22, 2013, 03:13:07 AM

Quote from: BitCsByBit on September 22, 2013, 03:10:22 AM

Public 70%
Labcoin 30% - voluntary lock 75% for 12 months (show of good will - not part of the contract).

Yeah, that's what they said - I'm amazed Burnside posted that warning without actually getting clarification. But I guess the problem was he wasn't able to get a hold of them, which is another failure on Labcoin's part.

Still, I ended up selling because of that warning, before he posted the link. I made a pretty big proft off the shares that I re-bought at 0.0016, like 70% or so. And I'm pretty sure I'm still way in the black. But it is really annoying.

The way it was worded, made it sound like the stock could be delisted at any moment.

So it was you who dumped that time.

sorry, because I was the first one noticed the new warning and asked here.

Lol, don't worry about it. I'm sure someone would have noticed. It shouldn't have been posted without any context, and I think selling was the right move. I still made a pretty big proft overall, and bought about half way back in

BitCsByBit

sr. member

Activity: 252

Merit: 250

Quote from: BitThink on September 22, 2013, 03:16:52 AM

Quote from: Ytterbium on September 22, 2013, 03:13:07 AM

Quote from: BitCsByBit on September 22, 2013, 03:10:22 AM

Public 70%
Labcoin 30% - voluntary lock 75% for 12 months (show of good will - not part of the contract).

Yeah, that's what they said - I'm amazed Burnside posted that warning without actually getting clarification. But I guess the problem was he wasn't able to get a hold of them, which is another failure on Labcoin's part.

Still, I ended up selling because of that warning, before he posted the link. I made a pretty big proft off the shares that I re-bought at 0.0016, like 70% or so. And I'm pretty sure I'm still way in the black. But it is really annoying.

The way it was worded, made it sound like the stock could be delisted at any moment.

So it was you who dumped that time.

sorry, because I was the first one noticed the new warning and asked here.

It seems like a lot of people are trigger happy due to the ride so far.

I think it would be the best just to walk away and come back in a month and check how your shares are goin. Grin

yuansuyi

member

Activity: 210

Merit: 10

Quote from: burnside on September 22, 2013, 03:01:43 AM

Quote from: dexX7 on September 22, 2013, 02:47:33 AM

Quote from: burnside on September 22, 2013, 02:16:29 AM

For those that are curious about what we are currently trying to figure out, it's this clause:
...
We have asked for verification of the withholding of 30% of the shares.

Are you referreing to a breach of contract or not being in line with what they have announced?

Can you please elaborate your point of view and what exactly is the breach is? What is your definition of "will hold" according to the contract?

Quote

General shareholder contract and IPO information

Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.

Source: asset contract

Quote

Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.

Source: asset news

I read the contract and to me it means they'll hold 30% indefinitely. (IE, their profit comes from dividends, thus keeping them motivated.)

This may no longer be possible, but it should be cleared up and addressed. If it only applied to the IPO then it should probably be removed, because right now it has the potential to confuse people as it did me.

Once the contract issue is addressed, (remove it, or make it 25%?) then there's the other issue of locking the 25% of the shares as they announced they would. It's easy for me to do, I just need to know the account login. (and... it should only hold those shares, because an account lock is going to prevent any actions in that account.)

before IPO, the issuer has transfered 3M shares to other accounts, you can get those accounts if you want to.

BitThink

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Activity: 882

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Quote from: Ytterbium on September 22, 2013, 03:13:07 AM

Quote from: BitCsByBit on September 22, 2013, 03:10:22 AM

Public 70%
Labcoin 30% - voluntary lock 75% for 12 months (show of good will - not part of the contract).

Yeah, that's what they said - I'm amazed Burnside posted that warning without actually getting clarification. But I guess the problem was he wasn't able to get a hold of them, which is another failure on Labcoin's part.

Still, I ended up selling because of that warning, before he posted the link. I made a pretty big proft off the shares that I re-bought at 0.0016, like 70% or so. And I'm pretty sure I'm still way in the black. But it is really annoying.

The way it was worded, made it sound like the stock could be delisted at any moment.

So it was you who dumped that time.

sorry, because I was the first one noticed the new warning and asked here.

ssshhh

sr. member

Activity: 336

Merit: 250

https://bitcointalksearch.org/topic/m.2568628

Quote from: labcoin on June 24, 2013, 02:01:15 PM

We own and run several machines. checkout the team labcoin at btcguild

Please post some photos of the working/hashing "Labcoin" mining hardware.
Please note I am a supporter, I want this project to be "real".

Ytterbium

full member

Activity: 238

Merit: 100

Quote from: BitCsByBit on September 22, 2013, 03:10:22 AM

Public 70%
Labcoin 30% - voluntary lock 75% for 12 months (show of good will - not part of the contract).

Yeah, that's what they said - I'm amazed Burnside posted that warning without actually getting clarification. But I guess the problem was he wasn't able to get a hold of them, which is another failure on Labcoin's part.

Still, I ended up selling because of that warning, before he posted the link. I made a pretty big proft off the shares that I re-bought at 0.0016, like 70% or so. And I'm pretty sure I'm still way in the black. But it is really annoying.

The way it was worded, made it sound like the stock could be delisted at any moment.

BitCsByBit

sr. member

Activity: 252

Merit: 250

Public 70%
Labcoin 30% - voluntary lock 75% for 12 months (show of good will - not part of the contract).

ThePeshMod

newbie

Activity: 46

Merit: 0

Quote from: demzie on September 22, 2013, 03:02:59 AM

Quote from: ?? on ??

22 labcoin 815.01 GH/s

Edit: Now 855. Looks like they're bringing more online.

Yes Yes

Come on guys, be realistic and stop counting every gigahash. The hash rate estimation of all pools is greatly variable (read +/- 10% at least). So don't concern yourself with the small numbers. If you wake up tomorrow and they are over 1 TH, then you want to let out the cheers, I know I will

Ytterbium

full member

Activity: 238

Merit: 100

Quote from: ?? on ??

22 labcoin 815.01 GH/s

Edit: Now 855. Looks like they're bringing more online.

It's going to fluxuate.

Ytterbium

full member

Activity: 238

Merit: 100

Quote from: burnside on September 22, 2013, 03:01:43 AM

I read the contract and to me it means they'll hold 30% indefinitely. (IE, their profit comes from dividends, thus keeping them motivated.)

Really? I remember them specifically saying that was not the case, and that they would sell up to 25% of their shares prior to the first 6 months.

demzie

sr. member

Activity: 266

Merit: 250

Quote from: ?? on ??

22 labcoin 815.01 GH/s

Edit: Now 855. Looks like they're bringing more online.

Yes Yes

burnside

legendary

Activity: 1106

Merit: 1006

Lead Blockchain Developer

Quote from: dexX7 on September 22, 2013, 02:47:33 AM

Quote from: burnside on September 22, 2013, 02:16:29 AM

For those that are curious about what we are currently trying to figure out, it's this clause:
...
We have asked for verification of the withholding of 30% of the shares.

Are you referreing to a breach of contract or not being in line with what they have announced?

Can you please elaborate your point of view and what exactly is the breach is? What is your definition of "will hold" according to the contract?

Quote

General shareholder contract and IPO information

Labcoin.com aims to raise 7.000 Bitcoin (BTC) through the issue of 7.000.000 shares in the IPO. The shares will be issued at a price of 0.001 BTC per share. The total amount of shares in labcoin.com will be 10.000.000 shares, with labcoin employees, representatives and owners will hold 30% of outstanding shares.

Source: asset contract

Quote

Regarding shares owned by the Labcoin founders and developers.

Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.

This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.

This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.

Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.

Source: asset news

I read the contract and to me it means they'll hold 30% indefinitely. (IE, their profit comes from dividends, thus keeping them motivated.)

This may no longer be possible, but it should be cleared up and addressed. If it only applied to the IPO then it should probably be removed, because right now it has the potential to confuse people as it did me.

Once the contract issue is addressed, (remove it, or make it 25%?) then there's the other issue of locking the 25% of the shares as they announced they would. It's easy for me to do, I just need to know the account login. (and... it should only hold those shares, because an account lock is going to prevent any actions in that account.)

Anotheranonlol

hero member

Activity: 588

Merit: 504

Quote from: demzie on September 22, 2013, 02:57:38 AM

Ill think ill do the same; this is getting out of hand..

yes, that's best tactic.. close your eyes and it stops being real

demzie

sr. member

Activity: 266

Merit: 250

Ill think ill do the same; this is getting out of hand..

Ytterbium

full member

Activity: 238

Merit: 100

Welp, my stake has been reduced. I made a pretty huge profit on my trades so I can't complain, but I'm still really irritated by that rather dire warning posted with no explanation whatsoever. Simply posting that it was "flagged" could have indicated anything, like if they'd run off with the money or something.

Quote from: demzie on September 22, 2013, 02:53:00 AM

Serious; still trying to fuck this? Where are the timestamps/dates.. jezus your a real moron anotheranonLUL

I just have this guy on ignore.

Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 249. (Read 1079974 times)