Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 315. (Read 1079974 times)

It's pretty clear they missed another self-imposed deadline and didn't finish mining pool integration in even their pessimistic 12 hours.

They think the way to fix it with their investors is to not talk about it and pretend it didn't happen.



So we'll wait.

What do you know about running a company? Why don't you start one and find out if you can do better.

Yes that is how finance and investment works. Most startups fail and if you don't know that then you invested more than you were prepared to lose. You have to weigh the upside against the downside to calculate the potential.
Labcoin is an international company, they probably speak all different languages from different time zones and can't communicate well amongst each other or with the Bitcoin community. But they probably had to be spread out like that for security reasons so that they don't get extorted or harassed like BTCGarden and Avalon.


There is no way to have business experience in Bitcoin mining companies. This is an industry which has never existed before with profit potential and crowd funding mechanisms which never existed before and which are not regulated yet. That means the issuer takes on a lot of risk along with the investor. It also means that these chips and the software associated with them is new, remember Labcoin isn't being asked to just buy some rigs and put it to work selling the hash at fixed rate. They are actually giving people equity in their virtual operation and virtual company.

It may take them weeks or months to get it right but if they manage to get their chips to work then they never have to worry about money again. They'll make millions or potentially billions of dollars depending on the price of Bitcoins, so honestly to scam for 10,000 Bitcoins is stupid when you can have a Bitcoin stream which never ends even while the price of Bitcoins could go up into the $10,000 a Bitcoin.

If it's a scam then they were short sighted and probably will never get to spend the money. If it's not a scam then they are incompetent but that competence can be earned over time and yeah, they are like children but thats how it always is in a new industry. BFL had people waiting for years and Bitinstant? What happened to them?


They could have seen the bidding war by looking at the bids prior to the IPO. Burnside saw the bidding war, they saw it and decided to "do the right thing". They could have got 10,000 Bitcoins for sure. The shares would have been 0.003+ at the IPO due to the bidding war which was driving the price to those levels before it even made it to the IPO time. They learned something about how to do certain things from that experience which is why you have Labcoin giving exact times and dates which drives everyone into a psychotic frenzy of speculation. Under the right circumstances if the chips were hashing and working perfectly that kind of stuff is what will drive share prices over 0.01.

Unfortunately "Buy cheap shares" has become the newest meme to replace "Amazing company".  But I really do think the shares are cheap if they are a success. If they are a success 0.01 will be the price of the shares even if it takes 3-6 months from now to reach that and I don't think it will take that long but just sayin.

Because they still milk you folks with their own shares -.-
love you gullible folks. lots of stupidity in those posts.

HAHAHA!

Here's one of mine if people want to send some my way!

13DrheL3wB3L33Pbvao4jtYCcg1hFKeNcS

They were suppose to be mining already. Who knows they probably were and they decided to issue a new address for the forum members to follow yesterday. They have yet to explain or give details in regards to what is going on. It's a circus in here right now. People are trolling Labcoin's mining address as well by randomly sending btc.

I my self have no experience in people management and I'm a techie.  I have a successful IT company.  I have staff managing people.  Some of what you say makes sense but you leave no room for reason which is wrong.  This is a gamble but that's with and share based business.    

I'm glad so many people care about me in this thread.  They think Labcoin is a scam and spend allllllllll day every day warning me about it and telling me how bad it is.  

Thanks guys!

 

especially when Labcon says it...

so, you're saying we should had over a few $million to some kids to let them build experience running a company? 

it takes no experience to post proof of hashing.  that would silence 90% of the moaners around here, if LC actually posted some real proof.
it takes no experience to lock the shares.  that takes a simple PM to burnside.

If they don't have enough business experience to know the value of communication, then they have no business running a company of this size.  They should gain experience on someone else's time, not ours.

Competence is gained by experience.
When a new company starts off and has 100's of people moaning, its hard to manage with no experience.
As money is made, people are employed with specific skills to manage customer services.

You can't shoot someone techie to manage people.

I DO!!!

even if that is true, who wants to invest in this level of incompetence?

golfclap.gif

The Swede75 posts.
https://bitcointalksearch.org/user/theswede75-90389

That would have been the safest way for them to get away with it. The longer a scam goes on with this many people and this much money at stake, the less likely it is they could get away with it. BTCGarden probably was a scam but they got away with it because it only lasted for a period of weeks and the money was sent back so there was no incentive for the community to care.

Labcoin on the other hand has had 7000 Bitcoins for months now. If they wanted 10,000 Bitcoins they could have had it from day one so I don't understand why they would take so much risk just to get what gains they could have got from an IPO bidding war.

It's more likely to be incompetence than a scam. They don't seem to care about share prices at all. If it were a scam they could have done a lot better job boosting share prices to beyond 0.005.

I have a small question. I see that labcoin's address was first seen on 18 September. Weren't they supposed to be already mining? How come this address was created on 18 September?

that's what they keep saying, too.  Maybe they are trying to sell shares...

the new Labcoin mining address

12JdkhAmFrZZ1q6NWT3Ug86WLHdwRKmnqz

Since people are sending free BTC maybe I get some you never know

small payout

No, because I don't have a clue. The only thing I know, is that labcoin received another deposit!