[LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 896.

afro25

full member

Activity: 123

Merit: 100

Great to be in the UK now... Don't know if I'll be able to handle 3am with a funeral to go to 6 hours later.

I'm biased because i've already placed bids and the new opening time isn't good for me, but there are going to be hundreds/thousands of people pissed off whichever way it turns out. It may as well just be released as it is, as I would think changing it will just piss more people off.

That and I've been in situations like this where i've been one of the first to invest and managed to lose it all because the administrator decided to do a reset and open it up later Roll Eyes

hammurabi

full member

Activity: 223

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.

cix888

newbie

Activity: 54

Merit: 0

Every time I try to buy a share of ACTIVEMINING I get an error saying the time is up... their is too much overload on BTCT at the moment... Now people who will be filled on this IPO are people close to the server... I'm smelling a disaster... will be up all night just for the fun of it... not to mention that someone could place an order for all the shares easy...

aquarius

sr. member

Activity: 275

Merit: 250

Quote from: zapeta on July 31, 2013, 09:51:30 AM

There is a really easy solution to all the complaining about time. Simply place the bid in the order book at the price you are willing to pay, and then go on with your life.

If the order book is wiped, nobody is going to be able to get on the site anyway at IPO time, so you definitely have a better shot at getting the shares at the price you want to pay this way.

If I were TheSwede75 I'd just release the shares now and be done with it - he's not going to to make everyone happy anyway.

yeah I agree, just release it and let the market sort it out

San1ty

sr. member

Activity: 462

Merit: 250

Quote from: aquarius on July 31, 2013, 09:53:28 AM

doesn´t these times seem more humane to everyone?

Amsterdam (Netherlands)    Thursday, 1 August 2013, 00:00:00   CEST   UTC+2 hours
New York (U.S.A. - New York)    Wednesday, 31 July 2013, 18:00:00   EDT   UTC-4 hours
Beijing (China)     Thursday, 1 August 2013, 06:00:00 CST UTC+8 hours

Agreed, Even this variation is fine:

Amsterdam (Netherlands)    Thursday, 1 August 2013, 01:00:00   CEST   UTC+2 hours
New York (U.S.A. - New York)    Wednesday, 31 July 2013, 19:00:00   EDT   UTC-4 hours
Beijing (China)     Thursday, 1 August 2013, 07:00:00 CST UTC+8 hours

TheSwede75

full member

Activity: 224

Merit: 100

UPDATE: I am working with Ethan Burnside on a fair solution. He has several possible solutions that will be presented to the forum here once he is ready. The share sale will start at 8 pm Central and we are looking at possible ways to NOT wipe the order books but rather a hybrid solution.

I would like to point out that we are NOT trying to sell shares higher then the IPO set price, but are more concerned with a fair and honest IPO.

Ethan will post suggested solutions here when he is ready to do so.

Once again: I am sorry for the "bad start" as some people are describing it (though we have yet not sold any shares) but I had no control over when the asset was released and can honestly say I never expected it to happen so soon or with such massive interest.

ChefBorjan

full member

Activity: 148

Merit: 100

Oh boy. I might have to set an alarm for the middle of the night it seems.

blackswan

member

Activity: 82

Merit: 10

Quote from: zapeta on July 31, 2013, 09:51:30 AM

There is a really easy solution to all the complaining about time. Simply place the bid in the order book at the price you are willing to pay, and then go on with your life.

If the order book is wiped, nobody is going to be able to get on the site anyway at IPO time, so you definitely have a better shot at getting the shares at the price you want to pay this way.

If I were TheSwede75 I'd just release the shares now and be done with it - he's not going to to make everyone happy anyway.

He's already set the time the IPO will be released. Going back on his word will just make more people angry.

What's been set has been set. Either way, someone is going to be unhappy.

BitHub

sr. member

Activity: 253

Merit: 250

Can you guys please tell me as a potential investor how you guys gave yourself a valuation of over 1 million dollars and why are we paying 300k worth for the "management" team? With no sales or owning any percentage of the bitcoin mining network.

aquarius

sr. member

Activity: 275

Merit: 250

doesn´t these times seem more humane to everyone?

Amsterdam (Netherlands)    Thursday, 1 August 2013, 00:00:00   CEST   UTC+2 hours
New York (U.S.A. - New York)    Wednesday, 31 July 2013, 18:00:00   EDT   UTC-4 hours
Beijing (China)     Thursday, 1 August 2013, 06:00:00 CST UTC+8 hours

zapeta

full member

Activity: 180

Merit: 100

There is a really easy solution to all the complaining about time. Simply place the bid in the order book at the price you are willing to pay, and then go on with your life.

If the order book is wiped, nobody is going to be able to get on the site anyway at IPO time, so you definitely have a better shot at getting the shares at the price you want to pay this way.

If I were TheSwede75 I'd just release the shares now and be done with it - he's not going to to make everyone happy anyway.

BigBitz

hero member

Activity: 672

Merit: 501

Quote from: cix888 on July 31, 2013, 09:46:16 AM

Hit the book NOW and let's end this madness... I have miss many IPO's in the past... I never complained but today I was in early... why should I get penalised to be European?

That would be an horrendous approach. Let's not do that.

zy02264

member

Activity: 116

Merit: 10

I suggest wipe out all bids and allow bidding a short time (1hr or 30 mins before the 8PM)

The reason is we all know this gonna be a arms race. The bidding will go higher and higher.

People assume it gonna fly high like ACTM and AM. If we leave the bidding open for next 12 hours. The price will be 5X or 10X. Everyone lose but the issuer.

On the other hand, we need some bidding time before start as "cushion". If we all start to bid at 8 PM, the BTCT will go down.

Based on the above two points, I think 1hr or 30 mins would be reasonable.

cix888

newbie

Activity: 54

Merit: 0

Hit the book NOW and let's end this madness... I have miss many IPO's in the past... I never complained but today I was in early... why should I get penalised to be European?

wiak2

sr. member

Activity: 560

Merit: 250

Quote from: 1Pakis on July 31, 2013, 09:40:42 AM

Quote from: TheSwede75 on July 27, 2013, 10:37:13 AM

UPDATE

THE IPO SHARE SALE HAS NOT YET STARTED!

We had MANY requests to not start the IPO at an arbitrary time, but give advanced notice of a time. This could NOT be done until voting was over and while we slept the IPO was approved. We will release ALL IPO shares for sale at IPO price at 8 PM CENTRAL TIME tonight (12 hours from NOW!)

We hope people understand that we are doing this to guarantee a 'fair' start to the IPO. I will communicate with Burnside on how to best release the shares.

You are doing an IPO to raise 7,000 BTC or 700,000 USD and you sleep?
Nice attitude.
Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.
Anyway the time you say you will release the shares is my sleeping time so I'm OUT.

P.S. The biggest volume in FOREX trading is during LONDON trading ours.

The IPO hasn't started yet, and the voting on BTCT can take weeks sometimes. When was he suppose to sleep?

He gave an exact time with time zone, you can do the conversion to your local time and be there if you want to buy shares. Sorry he isn't spoon feeding you.

TheSwede75

full member

Activity: 224

Merit: 100

Quote from: 1Pakis on July 31, 2013, 09:40:42 AM

Quote from: TheSwede75 on July 27, 2013, 10:37:13 AM

UPDATE

THE IPO SHARE SALE HAS NOT YET STARTED!

We had MANY requests to not start the IPO at an arbitrary time, but give advanced notice of a time. This could NOT be done until voting was over and while we slept the IPO was approved. We will release ALL IPO shares for sale at IPO price at 8 PM CENTRAL TIME tonight (12 hours from NOW!)

We hope people understand that we are doing this to guarantee a 'fair' start to the IPO. I will communicate with Burnside on how to best release the shares.

You are doing an IPO to raise 7,000 BTC or 700,000 USD and you sleep?
Nice attitude.
Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.
Anyway the time you say you will release the shares is my sleeping time so I'm OUT.

P.S. The biggest volume in FOREX trading is during LONDON trading ours.

Please see my answer. I am fairly certain most people realize that since the asset can be released at any time with over a weeks interval I could not simply stay awake for 7 days waiting to release the shares for trading.

Also, and not to be a dick but you complain that I was asleep and then tell us that you are "out" since we plan release time of shares when you sleep?

TheSwede75

full member

Activity: 224

Merit: 100

Quote from: yxxyun on July 31, 2013, 09:34:45 AM

what a bad start

I absolutely understand the criticism. I will discuss with Ethan Burnside what the best solution is. Please do try to understand that we did not have any control over when the asset was unlocked and I woke up to a massive order book. I am sure that no matter how we handle the IPO from now on some people will be disappointed but unfortunately there is little I can do to make it everyone 100% happy. No matter what, I will spend the next few hours reading everyone's suggestions and attempt to start the share sale as fairly as possible.

Again, I am sorry for the situation but the nature of how assets are approved and released on BTCT.CO leaves us little room for how to handle this kind of demand.

Updates coming!

1Pakis

full member

Activity: 227

Merit: 100

Quote from: TheSwede75 on July 27, 2013, 10:37:13 AM

UPDATE

THE IPO SHARE SALE HAS NOT YET STARTED!

We had MANY requests to not start the IPO at an arbitrary time, but give advanced notice of a time. This could NOT be done until voting was over and while we slept the IPO was approved. We will release ALL IPO shares for sale at IPO price at 8 PM CENTRAL TIME tonight (12 hours from NOW!)

We hope people understand that we are doing this to guarantee a 'fair' start to the IPO. I will communicate with Burnside on how to best release the shares.

You are doing an IPO to raise 7,000 BTC or 700,000 USD and you sleep?
Nice attitude.
Also the world doesn't revolve around CENTRAL TIME USA you better give times in UTC when doing IPO.
Anyway the time you say you will release the shares is my sleeping time so I'm OUT.

P.S. The biggest volume in FOREX trading is during LONDON trading ours.

aquarius

sr. member

Activity: 275

Merit: 250

Quote from: E.Sam on July 31, 2013, 09:35:55 AM

Quote from: aquarius on July 31, 2013, 09:34:36 AM

Quote from: davos on July 31, 2013, 09:28:29 AM

I can't really stress enough how bad an idea it is to wipe the order book at this point.

Going to sleep? Place a higher bid - you'll probably get some shares.

All wiping the order book does is ensure that only people awake when the IPO sale is actually placed (or when the order book is re-opened) will get shares. Let people do their own math and place their bids accordingly - deliver the sale per the terms you've agreed to at the time you've agreed to it.

------------

And an update,

When 7,000,000 shares are sold by issuer at 0.001

All bids in equal to or greater than 0.001011 will be filled
The first 553,680 shares bid at 0.00101 will be filled
Any lower bids will NOT be filled.

As of the last time I pulled it (so 13:24 forumtime)

I am a bit confused. if I place my bids higher than 0.001 in the order book am I not then guaranteed to get my shares before those who bid lower?

That was just a typo. I m sure he meant 0.00110 and not 0.00101

yes but I mean should I put all my pre-order bids @ 0.001 to be sure to be amongst the first in line to get shares. or should I place bids higher to be sure to get shares before those who bid at the IPO price of 0.001

beardays

newbie

Activity: 39

Merit: 0

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).

tough call to know what to do in this situation, its a shame it accepted bids so early this will really boost the price Cheesy

Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 896. (Read 1079974 times)