Quote from: TheSwede75 on July 27, 2013, 02:37:13 PM

UPDATE FINAL:

(Ethan Burnside) 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.

sounds sane
Cheers.

THIS IS OUR SOLTION. TRADING WILL START AT 8 PM CST/9 PM EST

UPDATE:

There is an update coming shortly from Ethan Burnside. The situation as it is is very hard to solve fairly, and as BTCT.CO has never encountered a IPO where committed investments outweighs the amount of available shares Ethan is constructing a solution to the problem customized. The solution will mimic the behavior of regular IPO's and will be presented by Ethan himself here shortly!

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.

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.

UPDATE

LABCOIN asset is now open for vote on BTCT.CO

Excecutive summary:

Labcoin started out as a privately funded experiment, managed by iTec-Pro Limited back in September/October 2012, with the aim of exploring the development of novel mining technologies.

In early 2013 development of a 180 nm ASIC chip was started and in late spring this chip design became the foundation for the current development of and production of a highly competative and cost effective 130 nm ASIC chip. This is the chip that the company now has secured production of for it's first ASIC Bitcoin miner product.

ASIC is an acronym that stands for "Application Specific Integrated circuit", and indeed, in our case, the specific application we are interested in, is Bitcoin mining.

The company is running two separate development teams in both Europe and China, enabling the paralell development and production of 130 nm ASIC and the future 65 nm ASIC chips.

Developing a custom integrated circuit is no simple task, requires time, highly skilled, trained team of engineers, and a deep, low-level knowledge of hardware, and Bitcoin mining process.

Currently many companies are attempting at cutting a share of the market but only a few of them actually shipped real hardware (though intermittently) and proved as real competitors.

It is our ultimate future goal to control a "fair share" (approx 10-15% or more) of the Bitcoin network global hashrate, and position us both in the market of IC manufacturing, Bitcoin mining and mining hardware sales, for profit and benefit of the Bitcoin community and network decentralization / security.

Through our strategy, hard work and good communication channels with several foundries, (eased by one of the key team members being a researcher at the `Research Institute of Tsinghua University in Shenzhen`) we believe to possess the right combination of skills, know-how and industry connections for being able to compete successfully in this niche segment, where time-to-market is critical.

The planned IPO, if filled will vitalize Labcoin with between $600.000-$650.000 (at a bitcoin/USD value of between $80-$90) enabling first run and mass production of 130nm chips and miners as well as continued development of 65 nm ASIC technology and miners.

In our mind there is no doubt that the funds raised will enable labcoin to become a power player in ASIC chip production, ASIC Miner sales as well as Bitcoin mining. Enabling Labcoin to thrive as a profitable company for investors and owners old and new.

Latest development news (latest we are ready to release pre-IPO at least).

Chip Specs: Multi-core 130 nm chip with power consumption of: 2.7 w/Ghash. Each chip runs at 4.7 GH/s @ 12.8W
Chip estimated cost (full production run post First-run): $9-$10 USD per chip or $2 per GH

Cell Image:

Saving this for the inevitable moment when the 100 post forum sock made two months ago turns out to have been...a 100 post forum sock made two months ago.

There are no words to describe just how low the average IQ is around here.