Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 894. (Read 1079974 times)
July 31, 2013, 10:43:55 AM
The first stage of the plan to be announced?
July 31, 2013, 10:42:47 AM
July 31, 2013, 10:41:51 AM
I welcome you all to #labcoin
July 31, 2013, 10:41:25 AM
outstanding: 300000/10000000 
July 31, 2013, 10:41:02 AM
CLARIFICATION:
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
You did your best man! Any plan would be unfair to somebody. Just pick a plan ASAP after you guys think through. I'm sure that a lot people are keep hitting F5 (or Ctrl + R) to see your final plan. In or Out, investors will make their own decision.
Keep good working!
Thank you and yes, we are working hard on finding the absolutely best solution.
July 31, 2013, 10:39:27 AM
All this negativity regarding high bid prices is derivative of profit-seeking speculation. If you really value Labcoin and are not just profit-seeking from a quick turn on shares, then you should be happy that the increased price will put coin into the company's coffers and not into the wallets of speculators. Labcoin needs to make decisions for the good of the company, not the good of speculators. Don't try and regulate the free market.
Allowing Labcoin to set the price it wants to sell it's own shares at is not "regulating the free market" that is the free market. If they have a specific plan and need $X to do it, more money isn't going to help it's just going to reduce their overall profitability (Although on the other hand it means extra money on hand if they need to change their plan)
July 31, 2013, 10:38:37 AM
CLARIFICATION:
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
You did your best man! Any plan would be unfair to somebody. Just pick a plan ASAP after you guys think through. I'm sure that a lot people are keep hitting F5 (or Ctrl + R) to see your final plan. In or Out, investors will make their own decision.
Keep good working!
July 31, 2013, 10:36:59 AM
CLARIFICATION:
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
You did your best man! Any plan would be unfair to somebody. Just pick a plan ASAP after you guys think through. I'm sure that a lot people are keep hitting F5 (or Ctrl + R) to see your final plan. In or Out, investors will make their own decision.
Keep good working!
July 31, 2013, 10:36:34 AM
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. 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 that's a good Solution
July 31, 2013, 10:35:23 AM
The shares will be released AT IPO PRICE 0.001 BTC in 12 HOURS.
Does that mean that higher than .001 BTC bids will be filled first? Currently, no one with a bid at .001 will get any shares.
I am currently trying to reach Burnside. The best solution here is likely to halt the asset (issuer lock), cancel ALL current orders and then reopen it at 8 PM. I will need burnside's advice on this though.
Agree 100%. There was no promise of pre-IPO bidding, and I think that cancelling all the bid orders is in no way a conflicting with anything that has been said by you.
Coming from someone with a large bid higher than the IPO, this is the best, most fair option for labcoin.
-1
I vote to hit the book now :p
+1
Wiping the book and opening it @ 8PM is not an option as BTCT won't be able to handle the load.
Wiping the book and opening it 1 hour before 8 PM is not an option as the load will be nearly as big as the one mentioned above.
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.
IMHO, after several hours, but way before the designated IPO time, the asset should be locked @ a random, unannounced time, and shares should be sold according to the bids at the time of the asset lock, this way BTCT would not suffer an unbearable load, and the "randomity" of the lock will provide fairness, as nobody will know the exact time of the lock, therefore no rush, no Apache crash, no server lag, no randomly filled orders.
July 31, 2013, 10:34:23 AM
The unfair point I see with the initial plan (and thus wipeing + fix timed start) is a possible server crash but that would have happend anyway, if there would be the same demand. The difference: now we know about it.
Thanks for providing constant information and trying to stick to the initial plan.
Can you make a statement like "potential shareholders don't miss anything, if they don't read the thread for the next x hours"?
Thanks for providing constant information and trying to stick to the initial plan.
Can you make a statement like "potential shareholders don't miss anything, if they don't read the thread for the next x hours"?
July 31, 2013, 10:33:35 AM
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. 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.
We are looking into several different 'ideas' on how to solve the situation fairly. Update coming.
July 31, 2013, 10:31:58 AM
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. 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.
July 31, 2013, 10:31:29 AM
All this negativity regarding high bid prices is derivative of profit-seeking speculation. If you really value Labcoin and are not just profit-seeking from a quick turn on shares, then you should be happy that the increased price will put coin into the company's coffers and not into the wallets of speculators. Labcoin needs to make decisions for the good of the company, not the good of speculators. Don't try and regulate the free market.
July 31, 2013, 10:27:49 AM
CLARIFICATION:
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
Burnside is working on presenting a few possible solution to the 'problem' at hand. Before he can weight in as an impartial party I don't want to speculate. Right now, anything we say or do runs the risk of being considered unfair or biased. I sincerely hope people understand that it is in the interest of Labcoin that we handle this as well as possible for all investors.
If there is a way of doing so by not resetting order books and disbursing shares as evenly as possible and as close as possible to IPO price we will do so. We are NOT interested in gauging our investors or raising the IPO price.
"BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea."
This is part of the reason we are relying on Ethans advice on how to proceed. The last thing we want is a technical failure or server crash.
July 31, 2013, 10:27:03 AM
The shares will be released AT IPO PRICE 0.001 BTC in 12 HOURS.
Does that mean that higher than .001 BTC bids will be filled first? Currently, no one with a bid at .001 will get any shares.
I am currently trying to reach Burnside. The best solution here is likely to halt the asset (issuer lock), cancel ALL current orders and then reopen it at 8 PM. I will need burnside's advice on this though.
Agree 100%. There was no promise of pre-IPO bidding, and I think that cancelling all the bid orders is in no way a conflicting with anything that has been said by you.
Coming from someone with a large bid higher than the IPO, this is the best, most fair option for labcoin.
BTCT can barely handle the bidding right now, following that plan would mean the server comes to a screeching halt: tears, blood, whiny kids everywhere. Bad idea.
July 31, 2013, 10:26:54 AM
seems labcoin would make more money and it would be fairer to just let the market decide the price by leaving the orderbook open. with the mad rush in about 11 hours it will be mr.apache server that determines who can get shares and labcoin will make a lot less from this IPO (and more frustrated peeps).
Please tell me at least three reaons why free bidding would be fairer than the release at a fixed time with prior announcement? It isn't even about fair or not. There is a shareholder agreement and things were set in stone even before this discussion. "IPO at fixed time with enough time before release". Statements like this are binding.
I advise those who disagree to adjust and rethink their attitude instead of calling this "bad start" which it really isn't.
July 31, 2013, 10:26:00 AM
The shares will be released AT IPO PRICE 0.001 BTC in 12 HOURS.
Does that mean that higher than .001 BTC bids will be filled first? Currently, no one with a bid at .001 will get any shares.
I am currently trying to reach Burnside. The best solution here is likely to halt the asset (issuer lock), cancel ALL current orders and then reopen it at 8 PM. I will need burnside's advice on this though.
Agree 100%. There was no promise of pre-IPO bidding, and I think that cancelling all the bid orders is in no way a conflicting with anything that has been said by you.
Coming from someone with a large bid higher than the IPO, this is the best, most fair option for labcoin.
-1
I vote to hit the book now :p
July 31, 2013, 10:25:22 AM
Well, intentional or not, Labcoin certainly knows their IPO will go well. 
Labcoin has been given a glimpse into the future, they should reward those backing them at this point with their bids.
Labcoin has been given a glimpse into the future, they should reward those backing them at this point with their bids.
July 31, 2013, 10:24:27 AM
The shares will be released AT IPO PRICE 0.001 BTC in 12 HOURS.
Does that mean that higher than .001 BTC bids will be filled first? Currently, no one with a bid at .001 will get any shares.
I am currently trying to reach Burnside. The best solution here is likely to halt the asset (issuer lock), cancel ALL current orders and then reopen it at 8 PM. I will need burnside's advice on this though.
Agree 100%. There was no promise of pre-IPO bidding, and I think that cancelling all the bid orders is in no way a conflicting with anything that has been said by you.
Coming from someone with a large bid higher than the IPO, this is the best, most fair option for labcoin.
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