Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 863. (Read 1079974 times)

Quote from: TheSwede75 on July 27, 2013, 09:37:13 AM

UPDATE FINAL:

(Ethan Burnside) Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)

Burnside, you really should honor the time you put, even if it was a mistake.

I apologize for the confusion around EST/EDT. It is too late to fix/change it. Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings. It's a name for the time in the area year round, regardless of the technicality around DST.

Hi Burnside,

How are we (those of us who's Bitcoins didn't go through) going to get our shares?

Thanks for answering.

Once everything has been sorted out - In the market, like any other crypto-stock.

Hi Burnside, is this your other account or just some random nobody pretending to be you?

VinceSamios

sr. member

Activity: 448

Merit: 250

Someone called me a liar - http://imgur.com/a/2gf5C

You can even check the address if you like... I had 90 seconds to place the order before the "Hour Early, but americans should understand" cutoff, but the funds vanished from btct...

HeRetiK

legendary

Activity: 3122

Merit: 2178

Playgram - The Telegram Casino

Quote from: ShroomsKit on July 31, 2013, 04:01:01 PM

Quote from: TheSwede75 on July 27, 2013, 09:37:13 AM

UPDATE FINAL:

(Ethan Burnside) Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)

Burnside, you really should honor the time you put, even if it was a mistake.

I apologize for the confusion around EST/EDT. It is too late to fix/change it. Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings. It's a name for the time in the area year round, regardless of the technicality around DST.

Hi Burnside,

How are we (those of us who's Bitcoins didn't go through) going to get our shares?

Thanks for answering.

Once everything has been sorted out - In the market, like any other crypto-stock.

TheSwede75

full member

Activity: 224

Merit: 100

Quote from: wiak2 on July 31, 2013, 03:59:32 PM

Quote from: adameb on July 31, 2013, 03:57:44 PM

As a North American layman, i never see CDT or EDT used. The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

I am American as well, and I agree you don't see it or pay attention to it often. The problem is non-American's who google search the time to convert it to their timezone will get the wrong time, so they should honor the time they posted. I even pointed out the problem two hours ago and told Swede here:

https://bitcointalksearch.org/topic/m.2841157

Unfortunately there is/was little I can/could do about the issue as Burnside runs the exchange and I only am the communications person between Labcoin and BTCT.CO

DopeFish

newbie

Activity: 23

Merit: 0

Burnside: I recon you'll prioritize the withdrawals for the people how couldn’t invest due to the site crash.

limbaugh

legendary

Activity: 1311

Merit: 1000

Quote from: mumung on July 31, 2013, 03:59:46 PM

Just delay it until tomorrow! Give everybody a chance to bid. The avg price will be a little higher for everyone, but all will be happy. What's that bs with changing times, locking orders etc. that is undermining all professionalism.

Most people ARE happy. Only procrastinators and the uninformed are complaining.

bbxx

hero member

Activity: 728

Merit: 500

cryptoshark

Simple timer at security page would solve all that.

Please burnside, add this to wishlist or todo list

ShroomsKit

hero member

Activity: 672

Merit: 500

Quote from: TheSwede75 on July 27, 2013, 09:37:13 AM

UPDATE FINAL:

(Ethan Burnside) Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)

Burnside, you really should honor the time you put, even if it was a mistake.

I apologize for the confusion around EST/EDT. It is too late to fix/change it. Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings. It's a name for the time in the area year round, regardless of the technicality around DST.

Hi Burnside,

How are we (those of us who's Bitcoins didn't go through) going to get our shares?

Thanks for answering.

Ukyo

sr. member

Activity: 448

Merit: 250

I too do this.

I Always use EST,CST, etc.

The only place I use CDT, etc is on server configs where its required for things to work right,

I agree that most North Americans follow this as most have never heard of CDT, etc.

-Ukyo

boyohi

full member

Activity: 182

Merit: 100

I vote to remove confusion in the future Zulu time is now the official time of Bitcoin.

Moebius327

hero member

Activity: 770

Merit: 500

Are we getting 55% of what we bid?

mumung

newbie

Activity: 56

Merit: 0

Quote from: VinceSamios on July 31, 2013, 03:55:13 PM

Quote from: burnside on July 31, 2013, 11:47:50 AM

Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

As quoted by burnside....

Just delay it until tomorrow! Give everybody a chance to bid. The avg price will be a little higher for everyone, but all will be happy. What's that bs with changing times, locking orders etc. that is undermining all professionalism.

wiak2

sr. member

Activity: 560

Merit: 250

Quote from: adameb on July 31, 2013, 03:57:44 PM

As a North American layman, i never see CDT or EDT used. The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

I am American as well, and I agree you don't see it or pay attention to it often. The problem is non-American's who google search the time to convert it to their timezone will get the wrong time, so they should honor the time they posted. I even pointed out the problem two hours ago and told Swede here:

https://bitcointalksearch.org/topic/m.2841157

jerfelix

sr. member

Activity: 266

Merit: 250

Quote from: adameb on July 31, 2013, 03:57:44 PM

As a North American layman, i never see CDT or EDT used. The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

No, TV programs say "9, 8 Central". they NEVER mention Daylight or Standard Time.

adameb

member

Activity: 76

Merit: 10

As a North American layman, i never see CDT or EDT used. The most common use of time zones I see is on TV when shows are promoted for their starting time, and it's always EST/CST (I think at least..)

VinceSamios

sr. member

Activity: 448

Merit: 250

Quote from: burnside on July 31, 2013, 11:47:50 AM

Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)
- Sometime shortly after that time I will lock the asset.
- All bids below 0.001 will be thrown out.
- All bids posted after the cutoff will be thrown out.
- We will then add up all the bids and use the total to create a ratio of number of shares ordered to number of shares available. (eg, 9,000,000 ordered, 7,000,000 available gives us a ratio of 0.777)
- We will multiply everyone's orders times the ratio and extract a whole number of shares on a per order basis. The orders will then be filled according to the result at 0.001 BTC. (regardless of what they actually bid.)
- This will leave some number of shares available due to rounding down to a whole number on every calculation. We'll figure out a way to deal with these fairly. Most likely recipients will be chosen at random from the pool of bidders but they will be a very small portion of the overall issue.
- 8 PM CST/9 PM EST we remove the admin lock and everyone can start trading.

Wednesdays are already full days for me with ASICMINER-PT related duties and my day job. So please be patient today. Responses to customer service and related requests will unfortunately be delayed significantly so that I can write and test all the code necessary to execute the plan above.

Cheers.

As quoted by burnside....

ShroomsKit

hero member

Activity: 672

Merit: 500

Quote from: limbaugh on July 31, 2013, 03:52:42 PM

Quote from: jerfelix on July 31, 2013, 03:51:47 PM

Well fuck me sideways for not being an american... I guess being accurate when running a stock exchange isn't important... fucking retarded mate.

You had as much time as anyone else. If you didn't make the cutoff it's no ones fault but your own. Stop spamming, the case is closed.

I made the cutoff on confirmations - but they didn't appear in the account... this is layers of fuck ups.

Ignore that pos. He knows he's wrong but his greed is more important than being a honest person.

Pale Phoenix

sr. member

Activity: 420

Merit: 250

It's a common problem, but anybody with any knowledge about time, ESPECIALLY people in the computer/programming field, need to know that there's a HUGE difference between EST and EDT, and the time zone (Eastern Time Zone).

Like I said, I have ZERO stake in this, and so am just a potential arbiter, and you are wrong on this point.

This is why everything should be quoted in UTC, but if I recall the error was made by TheSwede, not burnside.

wiak2

sr. member

Activity: 560

Merit: 250

Quote from: TheSwede75 on July 27, 2013, 09:37:13 AM

UPDATE FINAL:

(Ethan Burnside) Hi all, I'm posting this somewhat blind. (haven't caught up with the last 10 or so pages...)

TheSwede75 and I have talked a bit and here's what we've come up with:

- 3 PM CST/4 PM EST is the cutoff for bidding. (EDITED!)

Burnside, you really should honor the time you put, even if it was a mistake.

I apologize for the confusion around EST/EDT. It is too late to fix/change it. Unfortunately those of us in north america almost always refer to the zones as PST/CST/EST/etc regardless of daylight savings. It's a name for the time in the area year round, regardless of the technicality around DST.

And to add to this, I am Swedish which of course never improves matters when it comes to 'those Murcans and their time zones'. Not trying to make light of this but simply stating that I didn't even realize there was a possible issue.

Swede, I told you there was an issue two hours ago and that you should fix it, and you responded:
https://bitcointalksearch.org/topic/m.2841157

Since you did not, you should have honored the originally posted time.

limbaugh

legendary

Activity: 1311

Merit: 1000