[LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 339.

velacreations

sr. member

Activity: 476

Merit: 250

Quote from: Ukyo on September 18, 2013, 04:51:26 PM

Quote from: Ytterbium on September 18, 2013, 04:50:15 PM

One interesting thing - anyone can send coins to this address. Someone holding a lot of btc could send to that address to pump the stock. They could potentially make a profit doing so.

Would be silly though unless that someone is using freshly generated coins.

Not really, you'd be surprised how shareholders react around here. After all, they have purchased shares AFTER it has been shown that the issuer repeatedly lied about performance details.

tucenaber

sr. member

Activity: 337

Merit: 252

Quote from: Ytterbium on September 18, 2013, 04:50:15 PM

One interesting thing - anyone can send coins to this address. Someone holding a lot of btc could send to that address to pump the stock. They could potentially make a profit doing so.

That would be the financial equivalent of a perpetuum mobile...

KCBitcoin

full member

Activity: 224

Merit: 100

Quote from: ?? on ??

Quote from: TheSwede75 on September 18, 2013, 02:53:40 PM

Every time I think you can't do worse, you do.
A signed address that is not solo mining is of no use.
If you want prove mining on a pool, you have to use a pool with public stats.

But hey, investors are going to be angry at me, not at you, again. Wonderful.

yea, as usual, they will just do things wrong in every possible way.

Ukyo

sr. member

Activity: 448

Merit: 250

Quote from: Ytterbium on September 18, 2013, 04:50:15 PM

One interesting thing - anyone can send coins to this address. Someone holding a lot of btc could send to that address to pump the stock. They could potentially make a profit doing so.

Would be silly though unless that someone is using freshly generated coins.

Ytterbium

full member

Activity: 238

Merit: 100

One interesting thing - anyone can send coins to this address. Someone holding a lot of btc could send to that address to pump the stock. They could potentially make a profit doing so.

well.attenuated

newbie

Activity: 41

Merit: 0

2 no votes from BTCT.co mods now

Zakryze

sr. member

Activity: 308

Merit: 250

Quote from: Multi on September 18, 2013, 04:44:15 PM

More BTC

https://blockchain.info/pl/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

wow we're getting close to 1 satoshi per share... in a week

Multi

member

Activity: 90

Merit: 10

More BTC

https://blockchain.info/pl/address/17psAW21J4twanAFWmbcd5WdX2pKeX3trm

tucenaber

sr. member

Activity: 337

Merit: 252

Quote from: Ytterbium on September 18, 2013, 04:36:56 PM

Quote from: tucenaber on September 18, 2013, 04:20:45 PM

Quote from: keeron on September 18, 2013, 04:13:14 PM

The level of stupidity on this thread continues to amaze me. Someone just signs a BTC address, and folks start believing Labcoin is mining!

Deadlines after deadlines pass, yet they can't gather a camera and a half ounce brain to take a picture of the equipment or mining in progress.

I'm not particularly worried about pretend mining, but how about thinking about the more plausible scenario:

Some fraction of the hashrate is diverted for private use. There is no way of knowing if 100% is accounted for, unless Labcoin arranges some kind of auditing. Can we get a policy for this?

This was always a risk with labcoin, and would have been a risk if they'd done everything right from the beginning. It's also a risk with ASICMiner, IceDrill and ActM. Of course, now that they've had all these fuckups, it will seem more plausible to people, that's one reason why transparency and technical clarity are so critical.

I guess it can only go up from here Wink

Or not?

velacreations

sr. member

Activity: 476

Merit: 250

Quote from: Ytterbium on September 18, 2013, 04:36:56 PM

This was always a risk with labcoin, and would have been a risk if they'd done everything right from the beginning. It's also a risk with ASICMiner, IceDrill and ActM. Of course, now that they've had all these fuckups, it will seem more plausible to people, that's one reason why transparency and technical clarity are so critical.

the risk increases substantially when management repeatedly lies and misleads the shareholders.

Ytterbium

full member

Activity: 238

Merit: 100

Quote from: tucenaber on September 18, 2013, 04:20:45 PM

Quote from: keeron on September 18, 2013, 04:13:14 PM

The level of stupidity on this thread continues to amaze me. Someone just signs a BTC address, and folks start believing Labcoin is mining!

Deadlines after deadlines pass, yet they can't gather a camera and a half ounce brain to take a picture of the equipment or mining in progress.

I'm not particularly worried about pretend mining, but how about thinking about the more plausible scenario:

Some fraction of the hashrate is diverted for private use. There is no way of knowing if 100% is accounted for, unless Labcoin arranges some kind of auditing. Can we get a policy for this?

This was always a risk with labcoin, and would have been a risk if they'd done everything right from the beginning. It's also a risk with ASICMiner, IceDrill and ActM. Of course, now that they've had all these fuckups, it will seem more plausible to people, that's one reason why transparency and technical clarity are so critical.

velacreations

sr. member

Activity: 476

Merit: 250

Quote from: Luckybit on September 18, 2013, 04:28:56 PM

Maybe they started mining but then the miner overheated and broke, or didn't work, or was unreliable. There are plenty of logical explanations for why they could have stopped mining. They promised a dividend so then a miscalculation. It's not exactly easy to deploy something like this, lets be real.

Ok, let's be real.

They said they were mining on Sep 10:

Quote from: labcoin on September 09, 2013, 02:01:09 PM

We're currently averaging about 2 TH/s in solo mode, and expect to deploy at least 4 TH by monday 16, to reach gradually 50 TH within October.

Then again:

Quote from: labcoin on September 09, 2013, 02:11:36 PM

We're mining in solo mode

and again:

Quote from: labcoin on September 09, 2013, 02:58:01 PM

Not really a drop to 2 TH, this is roughly the speed we're mining at now, it will reach 4 TH next monday.

and again:

Quote from: labcoin on September 14, 2013, 11:16:59 AM

We are indeed mining

If you want to be reasonable, how can we trust ANYTHING they say after repeatedly lying to us about something so simple.

But, we now know why they wouldn't post the mining address before, as they said many times they would. They were not mining, and could not get things to work.

dexX7

legendary

Activity: 1106

Merit: 1026

Quote from: laustcozz on September 18, 2013, 04:33:41 PM

Current Dividend @ 0.00000000062166 BTC/Share Shocked

Amazing Company!!!! Grin

Quote from: dexX7 on September 18, 2013, 04:01:45 PM

*redactedquote*

Just to be crystall clear:

The transaction of 0.0062166 BTC was not from Labcoin, but a demonstration why "posting an address and moving coins from another address" is not sufficient.

See #11166.

tucenaber

sr. member

Activity: 337

Merit: 252

Quote from: 237 on September 18, 2013, 04:30:17 PM

Quote from: tucenaber on September 18, 2013, 04:29:05 PM

Quote from: TheSwede75 on September 18, 2013, 04:08:05 PM

Update:

Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

Take away the space and add an "=" Wink

Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA=

rest stays

Edit: It keeps adding the space. dont know why...

Ah. Thanks.

Code:


$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA= "Labcoin mining address"
true

damiano

legendary

Activity: 1246

Merit: 1000

103 days, 21 hours and 10 minutes.

There is some BTC in the address now!

laustcozz

newbie

Activity: 32

Merit: 0

Current Dividend @ 0.00000000062166 BTC/Share Shocked

Amazing Company!!!! Grin

Zakryze

sr. member

Activity: 308

Merit: 250

If Theswede's parents are following this thread: you raised a liar. congratz! please stop raising kids!

Luckybit

hero member

Activity: 714

Merit: 510

Quote from: 237 on September 18, 2013, 04:30:17 PM

Quote from: tucenaber on September 18, 2013, 04:29:05 PM

Quote from: TheSwede75 on September 18, 2013, 04:08:05 PM

Update:

Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

Take away the space and add an "=" Wink

Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA=

rest stays

Edit: It keeps adding the space. dont know why...

That kind of mistake would have crashed the price to 0.

Ytterbium

full member

Activity: 238

Merit: 100

Quote from: ajk on September 18, 2013, 04:10:54 PM

Wow he signed the address that can prove nothing thats perfect, hold on let me open Bitcoin-QT I can do the exact same thing by creating new receiving address and signing it,

That's also all they had to do to create the mining address. Which is why people were confused about why they hadn't posted it yet, since it required zero technical work.

237

sr. member

Activity: 264

Merit: 250

Quote from: tucenaber on September 18, 2013, 04:29:05 PM

Quote from: TheSwede75 on September 18, 2013, 04:08:05 PM

Update:

Just a small update with the address signed so that there is less confusion and fud when pool mining is running.

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm

Code:

$ bitcoind verifymessage 17psAW21J4twanAFWmbcd5WdX2pKeX3trm HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmpsCuP8cWQA "Labcoin mining address"
error: {"code":-5,"message":"Malformed base64 encoding"}

The sig seems to be malformed. Can you please post the correct signature?

Take away the space and add an "=" Wink

Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA=

rest stays

Edit: It keeps adding the space. dont know why...

Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 339. (Read 1079974 times)