[LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 274.

Vigil

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Quote from: dexX7 on September 20, 2013, 05:10:39 PM

Quote from: Vigil on September 20, 2013, 05:02:31 PM

Between yesterday and this morning there was plenty of time for Labcoin to come on and say something - they obviously can see that the share price is tanking and that people are worried that the ship has been abandoned. Yet, they make no attempt to say "Don't panic, we are still here, our miners have crashed - we have been working through stability issues but this can be fixed." Thats all that had to be said. But they watch as it goes down and say nothing.

There was this:

Quote from: TheSwede75 on September 20, 2013, 01:03:10 PM

I am not going to call this an update because it really isn't. I just wanted to say that I have been in touch with Sam and he has promised me that he will post an update today. I fully understand the anger and frustration among share holders (of which I am one) and can unfortunately do nothing but apologize.

I have been wanting to post an update ever since the set timeframe for the pool merge passed, unfortunately I can only relay information I am given by the team and I have been (until this morning) unable to reach the team in China.

There has been several forum members that has sent me PM in the last 24 hours and while some have been very supportive, some others obviously have been very much the opposite. I can honestly say that I absolutely understand anger and frustration and wish there was more I can do.

Quote from: TheSwede75 on September 20, 2013, 01:10:02 PM

If the share holders feel that I should stop communicating on the projects behalf I can absolutely do so. I am simply relaying the information I get from the team, unfortunately if I have no information I cannot pass any on.

Quote from: TheSwede75 on September 20, 2013, 01:17:29 PM

For what it is worth I would definitely want to apologize for the delays, miscommunication and frustration. If there was anything I could do I would do it. I have and will communicate these problems to the team.

That was after the fact - after it hit IPO, twice.

dexX7

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Quote from: Vigil on September 20, 2013, 05:02:31 PM

Between yesterday and this morning there was plenty of time for Labcoin to come on and say something - they obviously can see that the share price is tanking and that people are worried that the ship has been abandoned. Yet, they make no attempt to say "Don't panic, we are still here, our miners have crashed - we have been working through stability issues but this can be fixed." Thats all that had to be said. But they watch as it goes down and say nothing.

There was this:

Quote from: TheSwede75 on September 20, 2013, 01:03:10 PM

I am not going to call this an update because it really isn't. I just wanted to say that I have been in touch with Sam and he has promised me that he will post an update today. I fully understand the anger and frustration among share holders (of which I am one) and can unfortunately do nothing but apologize.

I have been wanting to post an update ever since the set timeframe for the pool merge passed, unfortunately I can only relay information I am given by the team and I have been (until this morning) unable to reach the team in China.

There has been several forum members that has sent me PM in the last 24 hours and while some have been very supportive, some others obviously have been very much the opposite. I can honestly say that I absolutely understand anger and frustration and wish there was more I can do.

Quote from: TheSwede75 on September 20, 2013, 01:10:02 PM

If the share holders feel that I should stop communicating on the projects behalf I can absolutely do so. I am simply relaying the information I get from the team, unfortunately if I have no information I cannot pass any on.

Quote from: TheSwede75 on September 20, 2013, 01:17:29 PM

For what it is worth I would definitely want to apologize for the delays, miscommunication and frustration. If there was anything I could do I would do it. I have and will communicate these problems to the team.

Vigil

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Activity: 378

Merit: 250

Between yesterday and this morning there was plenty of time for Labcoin to come on and say something - they obviously can see that the share price is tanking and that people are worried that the ship has been abandoned. Yet, they make no attempt to say "Don't panic, we are still here, our miners have crashed - we have been working through stability issues but this can be fixed." Thats all that had to be said. But they watch as it goes down and say nothing.

kingcrimson

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Price already crashed to IPO today. Only fools are buying right now.

The real dump hasn't even begun yet, once shareholders slowly realize there are going to be months of delays.

superduh

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at least it aint' BFL /end thread

btw even avalon fucked up (stole?) 2 months late on a product that was already working

honesty would have been so much better regardless

creativex

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Once a particular asset issuer is proven to be dishonest there's little reason to invest. It makes everything else meaningless.

AngelSky

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Quote from: redbeans2012 on September 20, 2013, 04:00:45 PM

[15:28] <[7]> given that I have not much contact to the front team, and next to zero to the 130nm team, I can't really judge how communication works between them
[15:29] <[7]> I don't have any real proof that they have chips, but I have no reason to believe the contrary either
[15:32] <[7]> they suggested something along the lines of the chips "crashing and rebooting" every couple of seconds, but I don't know details yet, not have I spoken to the engineer dealing with it yet. I'm also not sure how much information I may even release here, but I hope that this piece of information is more positive than the general sentiment here.
[15:38] <[7]> The honest overall picture that I have is: They're chaotic, but at least trying to release something working. No signs of any scam intent. However as we all know, an ASIC project can easily fail without a scam intent. You never know. Communication between me and them isn't working well, but I guess I'm considered low priority right now as I'm only working on the next generation.
[15:42] <[7]> just like me, and I have quite a bunch of other projects, pushing this one down on my todo list from time to time
[15:43] <[7]> they never even asked me for a schedule on that
[15:43] <[7]> and they're making me write HDL code, which isn't really my area of expertise
[15:55] sec i'll get the picture
[15:55] http://i.imgur.com/4yuBc9A.jpg + http://i.imgur.com/4qqgoPD.jpg
[15:56] <[7]> I've already asked them what the hell that is supposed to be, didn't receive a reply yet
[15:58] <[7]> that board design doesn't make much sense to me either
[15:58] <[7]> does somewhere know where that picture originated from?
[15:58] <[7]> did some labcoin employee post it?
[15:59] <[7]> I'm wonderin what those traces to these cap-like-looking things are good for
[15:59] <[7]> the connector pins basically go to one of these each, with one more pin for ground, or something like that

Reassuring, yes. Everything is going to be fine. Amen.

Vigil

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Activity: 378

Merit: 250

Quote from: Bitcycle on September 20, 2013, 04:43:27 PM

Quote from: Vigil on September 20, 2013, 04:41:16 PM

Quote from: Bitcycle on September 20, 2013, 04:39:04 PM

Quote from: Vigil on September 20, 2013, 04:37:39 PM

Quote from: JohnyBigs on September 20, 2013, 04:35:10 PM

Quote from: dexX7 on September 20, 2013, 04:32:50 PM

Quote from: Vigil on September 20, 2013, 04:29:16 PM

Interesting but not really much different than the email from a few days ago.

Agreed.

So the summary is: mostly PR miscommunication and they are working on the problem that they are facing and it's probably fixable rather sooner than later. 65 nm is not near a completion though, but that's not what they recently said anyway.

LOL at the people who panic sold.

Its still dropped by 60%. What do you expect people to do when the thing looked like it was going to the bottom?

Sell and buy back cheaper like the rest of us. Grin

I tried to do so but couldn't get back in at the bottom it keep just missing my bids. I've lost over half my Bitcoins in the last week between ActM and Labcoin.

I could have done much better if I'd traded at the actual top and bottom, but I was too conservative. I have more shares than I did, but I've still lost a ton of value.

No shares here. Everything I made in the last 5 weeks is gone.

Quote

Nice loaded BS statement. Everything has not been a lie. TheSwede is their PR guy true, TheSeven working on their 2nd gen chip true, they are delayed true confirmed by the swede which they themselves mentioned. Updated us on friday like they said they would, posted, signed, temporarily mined on Wednesday like they said they would.

What planet are you on? They weren't hashing, the boards they showed are likely not actual boards for hashing, etc. Of course it has been a lie, they were covering their f-ups to make it look like everything was going according to plan. There is no reason to take anything they said at face value until they come clean and prove themselves. They put up a random address that had a a few fractions of a Bitcoin trickling in and then has gone completely dry with absolutely no word which caused huge panic sells and cleared-out many people's bitcoins.

JohnyBigs

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Activity: 560

Merit: 250

Quote from: Vigil on September 20, 2013, 04:41:16 PM

Quote from: Bitcycle on September 20, 2013, 04:39:04 PM

Quote from: Vigil on September 20, 2013, 04:37:39 PM

Quote from: JohnyBigs on September 20, 2013, 04:35:10 PM

Quote from: dexX7 on September 20, 2013, 04:32:50 PM

Quote from: Vigil on September 20, 2013, 04:29:16 PM

Interesting but not really much different than the email from a few days ago.

Agreed.

So the summary is: mostly PR miscommunication and they are working on the problem that they are facing and it's probably fixable rather sooner than later. 65 nm is not near a completion though, but that's not what they recently said anyway.

LOL at the people who panic sold.

Its still dropped by 60%. What do you expect people to do when the thing looked like it was going to the bottom?

Sell and buy back cheaper like the rest of us. Grin

I tried to do so but couldn't get back in at the bottom it keep just missing my bids. I've lost over half my Bitcoins in the last week between ActM and Labcoin.

Lesson to all the people who think they can sell and have their orders filled at the bottoms.

JohnyBigs

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Activity: 560

Merit: 250

Quote from: Vigil on September 20, 2013, 04:39:45 PM

Quote from: dhenson on September 20, 2013, 04:38:31 PM

They stated that they ordered 100k chips after the first batch came out of fab. They wouldn't have done that if they were abandoning the Gen 1 project. People are just overreacting and impatient.

But everything has been a lie so there isn't any reason to believe that they did so and thus no reason to draw any kind of conclusions from such statements as you just did.

Nice loaded BS statement. Everything has not been a lie. TheSwede is their PR guy true, TheSeven working on their 2nd gen chip true, they are delayed true confirmed by theSeven which they themselves mentioned. Updated us on friday like they said they would, posted, signed, temporarily mined on Wednesday like they said they would.

Bitcycle

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Activity: 420

Merit: 250

Quote from: Vigil on September 20, 2013, 04:41:16 PM

Quote from: Bitcycle on September 20, 2013, 04:39:04 PM

Quote from: Vigil on September 20, 2013, 04:37:39 PM

Quote from: JohnyBigs on September 20, 2013, 04:35:10 PM

Quote from: dexX7 on September 20, 2013, 04:32:50 PM

Quote from: Vigil on September 20, 2013, 04:29:16 PM

Interesting but not really much different than the email from a few days ago.

Agreed.

So the summary is: mostly PR miscommunication and they are working on the problem that they are facing and it's probably fixable rather sooner than later. 65 nm is not near a completion though, but that's not what they recently said anyway.

LOL at the people who panic sold.

Its still dropped by 60%. What do you expect people to do when the thing looked like it was going to the bottom?

Sell and buy back cheaper like the rest of us. Grin

I tried to do so but couldn't get back in at the bottom it keep just missing my bids. I've lost over half my Bitcoins in the last week between ActM and Labcoin.

I could have done much better if I'd traded at the actual top and bottom, but I was too conservative. I have more shares than I did, but I've still lost a ton of value.

Pompobit

hero member

Activity: 736

Merit: 508

Quote from: JohnyBigs on September 20, 2013, 04:33:45 PM

OHHH no 28nm!!! you guys do realize that 500TH in 28nm and 500TH in 128nm is still 500th? the only difference being electricity costs, which isn't that big of an issue. If they deploy 500TH with whatever nm # they will be profitable.

You're right, but I see extremely unlikely they will deploy 500TH for december, as the things are going. I hope I'm wrong

Vigil

sr. member

Activity: 378

Merit: 250

Quote from: Bitcycle on September 20, 2013, 04:39:04 PM

Quote from: Vigil on September 20, 2013, 04:37:39 PM

Quote from: JohnyBigs on September 20, 2013, 04:35:10 PM

Quote from: dexX7 on September 20, 2013, 04:32:50 PM

Quote from: Vigil on September 20, 2013, 04:29:16 PM

Interesting but not really much different than the email from a few days ago.

Agreed.

So the summary is: mostly PR miscommunication and they are working on the problem that they are facing and it's probably fixable rather sooner than later. 65 nm is not near a completion though, but that's not what they recently said anyway.

LOL at the people who panic sold.

Its still dropped by 60%. What do you expect people to do when the thing looked like it was going to the bottom?

Sell and buy back cheaper like the rest of us. Grin

I tried to do so but couldn't get back in at the bottom it keep just missing my bids. I've lost over half my Bitcoins in the last week between ActM and Labcoin.

VolanicEruptor

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Activity: 392

Merit: 250

Quote from: dhenson on September 20, 2013, 04:38:31 PM

They stated that they ordered 100k chips after the first batch came out of fab. They wouldn't have done that if they were abandoning the Gen 1 project. People are just overreacting and impatient.

sorry but you lost everyones interest after you said "they stated"...

Vigil

sr. member

Activity: 378

Merit: 250

Quote from: dhenson on September 20, 2013, 04:38:31 PM

They stated that they ordered 100k chips after the first batch came out of fab. They wouldn't have done that if they were abandoning the Gen 1 project. People are just overreacting and impatient.

But everything has been a lie so there isn't any reason to believe that they did so and thus no reason to draw any kind of conclusions from such statements as you just did.

abuelau

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Activity: 750

Merit: 500

www.coinschedule.com

Quote from: Bitcycle on September 20, 2013, 04:35:34 PM

There is NOTHING in the transcript indicating that we will have to wait until Q1 2014 for hashing to start. That was someone's extremely poor reading.

Instead, it sounds like the problem is something they can fix quickly.

Exactly!!

This is the correct summary:

Quote from: dexX7 on September 20, 2013, 04:32:50 PM

Agreed.

So the summary is: mostly PR miscommunication and they are working on the problem that they are facing and it's probably fixable rather sooner than later. 65 nm is not near a completion though, but that's not what they recently said anyway.

Bitcycle

sr. member

Activity: 420

Merit: 250

Quote from: Vigil on September 20, 2013, 04:37:39 PM

Quote from: JohnyBigs on September 20, 2013, 04:35:10 PM

Quote from: dexX7 on September 20, 2013, 04:32:50 PM

Quote from: Vigil on September 20, 2013, 04:29:16 PM

Interesting but not really much different than the email from a few days ago.

Agreed.

So the summary is: mostly PR miscommunication and they are working on the problem that they are facing and it's probably fixable rather sooner than later. 65 nm is not near a completion though, but that's not what they recently said anyway.

LOL at the people who panic sold.

Its still dropped by 60%. What do you expect people to do when the thing looked like it was going to the bottom?

Sell and buy back cheaper like the rest of us. Grin

dhenson

legendary

Activity: 994

Merit: 1000

They stated that they ordered 100k chips after the first batch came out of fab. They wouldn't have done that if they were abandoning the Gen 1 project. People are just overreacting and impatient.

Vigil

sr. member

Activity: 378

Merit: 250

Quote from: JohnyBigs on September 20, 2013, 04:35:10 PM

Quote from: dexX7 on September 20, 2013, 04:32:50 PM

Quote from: Vigil on September 20, 2013, 04:29:16 PM

Interesting but not really much different than the email from a few days ago.

Agreed.

So the summary is: mostly PR miscommunication and they are working on the problem that they are facing and it's probably fixable rather sooner than later. 65 nm is not near a completion though, but that's not what they recently said anyway.

LOL at the people who panic sold.

Its still dropped by 60%. What do you expect people to do when the thing looked like it was going to the bottom?

Bitcycle

sr. member

Activity: 420

Merit: 250

There is NOTHING in the transcript indicating that we will have to wait until Q1 2014 for hashing to start. That was someone's extremely poor reading.

Instead, it sounds like the problem is something they can fix quickly.

Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 274. (Read 1079974 times)