Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 362. (Read 1079974 times)
September 18, 2013, 01:05:42 PM
September 18, 2013, 01:01:26 PM
Which statement? Link?
the one where he says he has no evidence of them being legit...
EDIT: I love how that Labcon has no credibility whatsoever, so now they are trying to borrow some from TheSeven...
Classic Labcon!
I'm going to call you the Court Jester.
Dance for us, Jester! Make us laugh!
September 18, 2013, 12:57:37 PM
Which statement? Link?
the one where he says he has no evidence of them being legit...
EDIT: I love how that Labcon has no credibility whatsoever, so now they are trying to borrow some from TheSeven...
Classic Labcon!
September 18, 2013, 12:56:34 PM
stop listening to them, simply they want to knock down the price again
no, what is going on is that no one is buying that fake pump. The buy orders are super thin, there is no demand, here. That rise in price was artificial.
September 18, 2013, 12:56:27 PM
Semi-/Inofficial Labcoin news:
I have talked to TheSeven the second time now. For the reference, TheSeven is a PPCoin pool operator and a contributer to the The Open Source FPGA Bitcoin Miner project. According to Labcoin, he is a generalist software developer, touched most layers from electronics to web development with a background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc.) and working mostly on the 65 nm generation. His website is fpgamining.com where he offers to design and sell custom FPGA based hardware. He acts as technical consultant and basically as HDL engineer for the second generation.
I'm really no fan of posting private messages, but he stated it's a standard response from now on, thus I feel comfortable with posting it here:
I have talked to TheSeven the second time now. For the reference, TheSeven is a PPCoin pool operator and a contributer to the The Open Source FPGA Bitcoin Miner project. According to Labcoin, he is a generalist software developer, touched most layers from electronics to web development with a background on low level software (down to the hardware interface, bare-metal software, operating systems, kernel, etc.) and working mostly on the 65 nm generation. His website is fpgamining.com where he offers to design and sell custom FPGA based hardware. He acts as technical consultant and basically as HDL engineer for the second generation.
I'm really no fan of posting private messages, but he stated it's a standard response from now on, thus I feel comfortable with posting it here:
Hi,
please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.
First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.
I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.
From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.
From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.
Please understand that I can't give you more detailed information right now.
All the best,
TheSeven
please excuse that due to the high number of messages, I'm responding with a standard reply to anything Labcoin related right now.
First of all, Labcoin is not "my" project in any way. They have hired me as an external consultant on bitcoin-related aspects, and also accepted some of my proposals on the actual chip implementation. However these proposals are for their second generation chips, and I'm not involved with their first generation hardware at all, except for giving them some general advice on how things can be optimized.
I'm currently working on part of their second generation chip implementation, but haven't been in touch with the engineers that handle the first generation chips since quite a while. I also have no insight at all into their business plans or anything related.
From what they claim right now, they do have first generation chips, which seem to be somewhat working, but showing some issues, which they are working on. I do not have more detailed information on what exactly these issues are yet, however I might be able to look into that next week.
From my point of view there are zero signs of a scamming plan (if it would be one, it would be an extremely elaborate one). However, as with any ASIC project, there is a lot of risks, and it's much too early to tell if this project will be successful in the end.
Please note that I don't have access to any physical hardware from them (yet), so I cannot verify if they actually have the chips that they are claiming to have. I have no reason to belive the contrary though.
Please understand that I can't give you more detailed information right now.
All the best,
TheSeven
for visibility.
September 18, 2013, 12:54:39 PM
no buy support, that's for sure. I guess that pump attempt statement from TheSeven didn't add any confidence.
if this thing turns ugly, it'll drop past those bids around .002 really quickly.
if this thing turns ugly, it'll drop past those bids around .002 really quickly.
Which statement? Link?
September 18, 2013, 12:54:31 PM
TheSwede just posted in an entirely unrelated thread about 3 mins ago. Why no update here?
https://bitcointalksearch.org/topic/asic-arms-race-28mn-chips-296633
https://bitcointalksearch.org/topic/asic-arms-race-28mn-chips-296633
What would he post? The guy is clueless. In more than 1 way. Since day 1 every post basically said "i don't have any info".
September 18, 2013, 12:51:42 PM
stop listening to them, simply they want to knock down the price again
September 18, 2013, 12:51:11 PM
If you're doubtful, get out now. There won't be time after the announcement (or deadline passes).
Bids are very thin.
you going to say your bids ??
No.
Doesn't change the truth of the situation, though.
September 18, 2013, 12:49:56 PM
If you're doubtful, get out now. There won't be time after the announcement (or deadline passes).
Bids are very thin.
you going to say your bids ??
September 18, 2013, 12:48:35 PM
My guess is the 130nm chips didn't pass testing and are faulty. That would explain the full month setback.
I suspect that might be the case as it would explain their creepy behavior. If it is and management is going through all these contortions to hide this fact then there's no reason to hold shares. Their 65nm chips are still a ways off and management has already demonstrated a disturbing lack of transparency.
If you held this long and you know for certain its an issue they can fix within a matter of weeks then why not hold for another few weeks? I don't see a point in dumping at a loss when you can hold and know for sure its not a scam.
The issue is people would rather know the chips didn't pass the test and failed than to not know anything at all. If the chips wont work until October 30th that would be perfectly fine as something could be arranged. They could do what Ciphermine is doing and offer a bond/loan and let investors buy that instead of shares and then use the bond/loan money to fix the problem with the bad chips. They can produce more chips to make up for it or outsource deployment.
My guess is they messed up on the deployment side and on the chips. My guess is the chips don't work but they are stuck holding millions of dollars and not knowing how to explain that the chips don't work. They also probably don't want to alert the competition that the chips don't work.
Transparency would be better here but there may be cultural differences. Chinese culture is very difficult in this.
September 18, 2013, 12:48:20 PM
If you're doubtful, get out now. There won't be time after the announcement (or deadline passes).
Bids are very thin.
September 18, 2013, 12:48:12 PM
TheSwede just posted in an entirely unrelated thread about 3 mins ago. Why no update here?
https://bitcointalksearch.org/topic/asic-arms-race-28mn-chips-296633
https://bitcointalksearch.org/topic/asic-arms-race-28mn-chips-296633
he doesn't have anything to update, obviously.
the crowd is getting nervous... uh oh....
September 18, 2013, 12:46:45 PM
If you dont even believe theseven, than you aint gonna believe it when you see the chips mining live in front of you.. Glass is half empty right?
bullshit, even TheSeven says he can't verify anything. If they show evidence, then we can judge the evidence, but as of yet, there has been nothing of substance.
TheSeven's comments are speculation, at best, as he has received the same amount of evidence as the rest of us: none.
stop trolling again, every day talking about identity, it's getting boring already
September 18, 2013, 12:46:01 PM
TheSwede just posted in an entirely unrelated thread about 3 mins ago. Why no update here?
https://bitcointalksearch.org/topic/asic-arms-race-28mn-chips-296633
https://bitcointalksearch.org/topic/asic-arms-race-28mn-chips-296633
September 18, 2013, 12:44:25 PM
Anotheranonlol, whats with your signature?
Have there really been no scams larger than 7,000 since Pirate?
Quote
Will Labcoin be biggest BTC Heist since PirateAt40's theft?
Have there really been no scams larger than 7,000 since Pirate?
September 18, 2013, 12:44:17 PM
no buy support, that's for sure. I guess that pump attempt statement from TheSeven didn't add any confidence.
if this thing turns ugly, it'll drop past those bids around .002 really quickly.
if this thing turns ugly, it'll drop past those bids around .002 really quickly.
September 18, 2013, 12:43:36 PM
Maybe I over reacted a few days ago. It's possible that Sam Noi and TheSwede don't know whats going on. Who is Howard Wang? He's like a Satoshi Nakamoto, no one knows for sure if he exists at all but he's the team lead. It's probably a situation where Sam Noi receives instructions from Howard Wang on progress and then it gets passed to TheSwede.
I wonder what amount shareholder will pay for information that demonstrate beyond any reasonable doubt that Samuel Noi does not exist in relation to this project
I will send you a big roflcopter to your home address
September 18, 2013, 12:39:28 PM
I can't think of a reason but whatever reason they might have it doesn't look like anything positive.
I actually have problems believing they will post it by now.
I think they will anounce a new date without explaining why.
that will kill the share price.I actually have problems believing they will post it by now.
I think they will anounce a new date without explaining why.
At this point, they should just level with us and let us know wtf is going on over there. If it's a scam, they'll keep up the charade, but if they are legit, they can explain their situation.
September 18, 2013, 12:39:22 PM
Maybe I over reacted a few days ago. It's possible that Sam Noi and TheSwede don't know whats going on. Who is Howard Wang? He's like a Satoshi Nakamoto, no one knows for sure if he exists at all but he's the team lead. It's probably a situation where Sam Noi receives instructions from Howard Wang on progress and then it gets passed to TheSwede.
For this reason it's best to hold. Still wouldn't buy it, but its stupid to dump it if you have a lot of it and waited this long, and even more stupid to dump it if you have a very small amount. This is why I think most people are holding or buying in small amounts.
I think most people can stand to wait until October 30th.
For this reason it's best to hold. Still wouldn't buy it, but its stupid to dump it if you have a lot of it and waited this long, and even more stupid to dump it if you have a very small amount. This is why I think most people are holding or buying in small amounts.
I think most people can stand to wait until October 30th.
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