Post
Topic
Board Securities
Re: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)
by
foxykah
on 31/07/2013, 17:04:56 UTC
- 3 PM CST/4 PM EST is the cutoff for bidding.  (EDITED!)

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

http://www.thetimenow.com/est/eastern_standard_time
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.

Given an example:

7 Million shares / 9 Million orders = 0.777

I have 50,000 share order @ 0.001, total 50 btc

50,000 x 0.777 = 38,850 shares

My share become 38,850 and it's worth 0.001287 per share

The higher number of orders the higher the price per share will be.



NO, each of that 38850 will be sold to you @ 0.001, this is the reason of the whole idea.