Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 893. (Read 1079974 times)

Quote from: foxykah on July 31, 2013, 10:35:23 AM

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

Correct, but to avoid possible 'fat fingering' of any transfer we are transferring the 3 million shares not available for sale in the IPO in batches instead of as a single lump transfer. NO shares are sold privately during or before the IPO!

+1, thank you for the explanation

TheSwede75

full member

Activity: 224

Merit: 100

NEW UPDATE:

We are working with Ethan Burnside of BTCT.CO on a solution to the overwhelming demand. IF we can find a solution that does not involve resetting the order book and opening the sale at previously announced time (8 PM CENTRAL TIME - US) we will communicate this here in advance (at least a few hours). If the solution is found to be 'good' by a majority of investors we may release share-sale earlier then previously communicated.

The reason for this would be (among many):
- Avoid possible technical malfunction of BTCT.CO
- Release the shares at IPO price and allow fair distribution among investors unable to place their orders at exactly 8 pm Central
- Avoid a situation where a large investor buys a majority of available shares at EXACTLY 8 pm Central

Once again, we are sorry for the situation at hand but had very little options in how to handle the sale as we had no control over the approval process.

PLEASE do NOT place any orders from this time until we have a solution proposed. IF we decide to fill orders in the books as a % of shares booked at IPO price (Or any other of the possible solutions proposed in this thread) we will use server time-stamps from order placement anyway and placing huge orders for purchases in any attempt to 'game' the system will only lead to added confusion, not more shares.

eastpk

member

Activity: 120

Merit: 10

WINSTARS - We are changing the face of gambling

so If we are planning to invest now - should we hold off or should we add to the order book? Right now it looks like its way way past the initial IPO shareprice of .001

Ytterbium

full member

Activity: 238

Merit: 100

Not wiping the book and letting this bloodbath continue with prices breaching the roof is not an option as this would be kind of a contract breach, as nobody will get their shares @ or even around the designated IPO price.

Not wiping the order book wouldn't be a breach of contract, as there hasn't actually yet been any transaction.

Best thing to do, IMO:

1) Take everyone's bid above 0.001 and reset the price to 0.001
2) Divide shares evenly among all the bids. So if there are 14 million orders, everyone gets half their order filled.

The problem, of course is that people with huge wallets who want X shares can bid X*(number of shares / number of orders) in order to get X shares.

TheSwede75

full member

Activity: 224

Merit: 100

Quote from: foxykah on July 31, 2013, 10:45:45 AM

Quote from: hammurabi on July 31, 2013, 09:57:17 AM

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

Correct, but to avoid possible 'fat fingering' of any transfer we are transferring the 3 million shares not available for sale in the IPO in batches instead of as a single lump transfer. NO shares are sold privately during or before the IPO!

Smidge

full member

Activity: 218

Merit: 100

In regular stock exchanges there is a reduction mechanism which is a bit unfair to small investors, but it works.
You put much more money to buy the shares and the amount you commited is used to calculate proportion what you get out of the whole pie.
Then the excess/unused money is returned.

Example:
Share price is 0.001
You want to buy 10000 shares. You pay 10000 * 0.001 = 10BTC

But demand is 10 times higher then supply, so what you get is:
1000 shares and return of 9000 * 0.001 = 9 BTC.

What I said
https://bitcointalksearch.org/topic/m.2837404

cix888

newbie

Activity: 54

Merit: 0

Quote from: VinceSamios on July 31, 2013, 10:45:33 AM

130nm .... lol, that's soooo 11 years ago....

http://en.wikipedia.org/wiki/130_nanometer

Why would people invest in this crap?

hmm maybe because it cheap... easy to deliver and actually pretty reliable...

but wtf do I know

TheSwede75

full member

Activity: 224

Merit: 100

Quote from: hammurabi on July 31, 2013, 10:31:58 AM

outstanding: 300000/10000000 Huh

+1, what is that?

This is simply transfers out of the IPO account to Founders/Developers etc. so that we can make sure to not over-sell the IPO at share-sale start. The account will at IPO start contain only the 7 million shares intended for sale in the IPO.

bitcoiner49er

sr. member

Activity: 457

Merit: 250

To summarize the idea:

1. Halt the IPO due to technical difficulties.
2. Issue a fund type security with fixed price of 0.001 and unlimited supply.
3. Set new date for this IPO and span it across much more timeframe.
4. After time is up "mr apache" makes calculations of proportions based on how many fund-like shares a person bought.

Pros:
1. No server crash as trades are distributed over whole timeframe.
2. No unfairness, everybody has same and equal chance to get involved into this IPO.
3. If fund shares are traded for at least 24h no single time zone is punished.
4. Cheaters who plan on ddosing our beloved btct.co by creating more accounts etc won't get any advantage.

Cons:
More money needed to buy same amount of shares.

below the orginal idea:

In regular stock exchanges there is a reduction mechanism which is a bit unfair to small investors, but it works.
You put much more money to buy the shares and the amount you commited is used to calculate proportion what you get out of the whole pie.
Then the excess/unused money is returned.

Example:
Share price is 0.001
You want to buy 10000 shares. You pay 10000 * 0.001 = 10BTC

But demand is 10 times higher then supply, so what you get is:
1000 shares and return of 9000 * 0.001 = 9 BTC.

+1

foxykah

full member

Activity: 126

Merit: 100

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

then it should be 3M not 300k according to the contract, or am I wrong?

E.Sam

sr. member

Activity: 393

Merit: 250

outstanding: 300000/10000000 Huh

+1, what is that?

Those are the 300000 private shares and I assume they were transfered internally.

Hum... or that Roll Eyes

VinceSamios

sr. member

Activity: 448

Merit: 250

130nm .... lol, that's soooo 11 years ago....

http://en.wikipedia.org/wiki/130_nanometer

Why would people invest in this crap? Power consumption being absolutely key to sustainable mining.

dexX7

legendary

Activity: 1106

Merit: 1026