Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 886. (Read 1079974 times)

FYI: That's 22:00 CEST or 20:00 GMT.

where we're going we don't need roads

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.

+1

but we dont work like the real world. this is bitcoin world  

Free market? Blasphemy I say. Give me all 7million for free and I'll put it on the market.

And what if someone decided to buy 7,000,000 share at 0.004 BTC? Would you be happy with that? Free markets simply favour the rich and greedy. The cap and percentage idea is by far the fairest so far.

Up to 12.5 mill orders at or above the IPO price.

I kind of want to order more now but I'm holding off since you said not too.

I still think capping large orders and distributing shares as much as possible to smaller orders would be the most 'fair' way to do this. In the real world IPOs aren't fair at all - banks give shares to themselves and their preferred clients first.

God help, maybe this can solve all our problems.

I think you just described free market.

Solution suggestion

The IPO shares are the first 7 Million bids @ 0.001
The rest will become bid orders, they want to buy at higher price anyway, those who bought 0.001 will be happy to sell it at higher price.

LOL 2 IPO's up, take your pick

I'm sure its an easy fix. Just don't include regions that at an inconvenient time like 10PM-7AM.

+1

At first I just want to make a quick profit from this IPO to be honest. But now I truly have faith on your success as I see your integrity.

intersting IPO, how to get some shares, I put early order for 0.001, but seems that I will miss... anyway, thanx folks for cheap AsicMiner and ActiveMining

this is the next reason why this is not a solution

+1.

Earliest it can be released. Labcoin announce it will release 8pm CST. The real question should be what about people that don't live in US or Europe.

Been following this thread since the inception and just want to say that this is probably the most transparent and well coordinated IPO ive seen to date, from what it seems like the demand is absolutely overwhelming and cant wait to put some coins to work with this company, hopefully I can buy faster than the bots!!!