Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 305. (Read 1079974 times)

You overestimate the attention span & memory of the average bitcoin speculator. Also remember, each BTC of dividends from Labcoin is worth just as much as a BTC of anyone else's dividends, and if the ROI gets silly high, people will buy. If they get their act together, this entire clusterfuck will mean nothing in a couple of months.

So I guess those unlocked shares could be getting dumped in order to lower the share price therefore labcoin can afford a buy back?

Is everyone still supposed to wait until Oct 30 for news just because they posted a mining address?

Yup, it's over.

From a technical perspective - you could argue they, technically, have a shot.  But if they screwed up their 130nm design, they may screw up their 65nm design as well. And if they screwed up the boards for their 130nm design, they may screw up those boards as well.

And the problem is, like I said - no credibility left with anyone.  So even if they get their chips working no one is going to buy if they make an announcement or even get some btc deposited to their address

They clearly either dumped BTC from pooling accounts into their signed address or stayed quiet while someone else tried to manipulate the market by doing so.  They fact they seem to have 3x Avalon worth of hashpower is really problematic.

then labcoin will come with an announcement of an announcement to prop up prices

I think one possibility is that they were too aggressive in optimizing the chip design. They wanted to get the highest performance they could out of 130nm tech, and perhaps they went to far in trying to optimize the "analog" aspects of the chips and got something that just doesn't work very well.

Their original plan was to do a sample run first, then if those chips worked do a follow on run.  But, now it sounds like those chips don't work. Or maybe only work under certain ideal conditions.  Of course we don't really know - and they won't even clear up what's going on with the blockchain, whether they're responsible for the payments or what.

Anyway, interpolating their hashrate at this point: they got 0.37 in 9 hours and 27 minutes from BTCGuild, and BTCGuild's PPS Rate is 0.0000002053209458.  So, going by the PPS rate (which will be close to the PPLNS rate) they would have had to submit about 1.8 million shares. That comes out to 190k shares per hour or 53 shares per second.  

Since a diff 1 share takes takes the hashing of 2³² nonces on average, that comes out to 227 billion nonces hashed per second, or 227Gh/s - which actually is roughly equivalent to about 3x 3 module Avalons.

So yeah... it definitely seems like they're mining with the 3x Avalons they pictured. If it's really the case that they're so stupid they think they can trick people this way, then it means they really have turned into incompetent scammers.

I hate to say it but that seems to be what's going on - the fact that they had so much trouble being forthright about technical problems plus the fact that they don't even want to communicate indicates to me that they're so embarrassed about failing to deliver that they're willing to try to fake it or something. Or else they're trying to sell their own shares or whatever.

It's B.S. They may make the changes they need to the chips for the second 130nm run, or they may just go out and buy a bunch of bitfury chips to try to string things along but really, their credibility is long since shot.

Anyway, I got in really early so my average price was pretty low, so I didn't lose too much money on this.  Oh well.

That's a really pointless trolling attempt, whoever did that.  They should do something else with their time.  

That statement, and the various other statements by TheSwede about "cheap shares"and suggesting we buy are what set off alarm bells for me. So much so that I sold my whole Labcoin stake. It all sounded good according to the prospectus but there's too many reasons to want to get out for me to stay in - there have been so many chances to conclusively show that things are as they should be, and every time they've failed.

I don't give up any hope that they might in the future, but based on their record to date, I got out.

Public Note: "I am going to let the mining speak for itself."

http://blockchain.info/address/1BA782NB1jiAmfAPAM5Bcn8BZkcXCie6FJ

http://blockchain.info/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

It's actually just one guy.

Something someone posted earlier made me think, but I'm not sure, so I'll put it to you guys.

Why would labcoin suggest for people to buy shares low? It honestly should make no difference to them what the price of their stock is, as they've already IPO'd and gotten their money. Only investors would really have an incentive to build up or knock down the price.

Labcoin should be focused on their business, not what the market is doing.

Yes, exactly. They are expecting 65nm testing chips be available at the end of October. So labcoin kept saying 'make decision at the end of October.'

Thank you, much better now!

And maybe this mythical end of October is when they plan on having 65nm....

Hence why they are "concentrating on 65nm"

There were some words in their previous updates could back up my guess.
1) they said they will give out test chips to public for testing and even have some private preorders. But after they got their chips, they announced the 1 gen chips will only be used in self mining. I believe nobody got the testing chips, not even TheSwede75.
2) labcoin described the chips as "design was rough but works". TheSwede75 admitted that 6T was changed to 4T due to under performance. Seems nobody officially claimed the chips worked to their specification.
3) they once tried to show us a screenshot of hashing rate but never did it.

I may be wrong in my guessing. But it is really their responsibility to show the results of testing chips to their shareholders weeks ago.

O.k then BEST case is you have incompetent liars running a company in a competitive business. What would make you think they can beat out the other honest knowledgeable players?

My suspicion is that they're having trouble on an operational level. They've likely gone with a data center that's simply not capable of making this work, perhaps in terms of power consumption, or climate control with so much heat generated.  Or their ops guy(s) is completely incompetent.

But who knows?

Because....yes, they still aren't talking to us.

+1