Re: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)
UPDATE:
I have taken the longest nap of my life and will be communicating with the Labcoin team today. Before anything I figured I would to the best of my ability answer a few questions that have come in from PM. So here we go!
Q: Can we expect regular updates on less than weekly basis?
A: Yes and No. I think weekly updates is what can be expected on average. I will attempt to keep up with the thread and answer the questions I can as they come in. Obviously there will be periods (first-run, production start etc.) that will be very update intensive, and other periods (prob the next few days) that will have less 'news' as things happen behind the scenes (BTC - FIAT conversion for first run, management projects etc.)
Q: How do you plan to convert 7000 Bitcoin into fiat? No need for full disclosure, but this question is critical.
A: I am not privy to the exact nature of this but I can say that the BTC will be sold outside of the open market in China. I do believe there is still some discussion around if ALL 7k should be sold ASAP or if a portion should be held for dividend payments etc. I believe the reason for the Chinese sale is that not only would it be somewhat cumbersome to move a large amount of fiat between western exchanges and Chinese accounts, but also the fact that Bitcoin (don't quote me on this) actually is quite a bit more valuable on average in China then on many US exchanges.
Q: Please send a dev over to discuss the technical questions about the chip specifications?
A: This is going to happen shortly (I am guessing after the weekend, early/mid next week). I have already talked to Sam about someone from the Development team doing a Q/A session and also for Founder Fabrizio to visit the forum and take questions.
I will be visiting this thread at least once every day (unless I am without computer. Yes it happens that I go fishing or something 'out of range') to check in on the discussion and answer the questions I can.
Here is to everyone having a great end of the week, and a fantastic weekend.
I have taken the longest nap of my life and will be communicating with the Labcoin team today. Before anything I figured I would to the best of my ability answer a few questions that have come in from PM. So here we go!
Q: Can we expect regular updates on less than weekly basis?
A: Yes and No. I think weekly updates is what can be expected on average. I will attempt to keep up with the thread and answer the questions I can as they come in. Obviously there will be periods (first-run, production start etc.) that will be very update intensive, and other periods (prob the next few days) that will have less 'news' as things happen behind the scenes (BTC - FIAT conversion for first run, management projects etc.)
Q: How do you plan to convert 7000 Bitcoin into fiat? No need for full disclosure, but this question is critical.
A: I am not privy to the exact nature of this but I can say that the BTC will be sold outside of the open market in China. I do believe there is still some discussion around if ALL 7k should be sold ASAP or if a portion should be held for dividend payments etc. I believe the reason for the Chinese sale is that not only would it be somewhat cumbersome to move a large amount of fiat between western exchanges and Chinese accounts, but also the fact that Bitcoin (don't quote me on this) actually is quite a bit more valuable on average in China then on many US exchanges.
Q: Please send a dev over to discuss the technical questions about the chip specifications?
A: This is going to happen shortly (I am guessing after the weekend, early/mid next week). I have already talked to Sam about someone from the Development team doing a Q/A session and also for Founder Fabrizio to visit the forum and take questions.
I will be visiting this thread at least once every day (unless I am without computer. Yes it happens that I go fishing or something 'out of range') to check in on the discussion and answer the questions I can.
Here is to everyone having a great end of the week, and a fantastic weekend.
I love your description of napping since I'm catching up through the pages brings the official reply back to the current page.
I agree right now that dividends are not as important as growth once you have some chips ready to market then dividends start becoming more important as there are no preorders capital is very important so you can maintain your capital base to prevent selling shares.
That said your bitcoin assets can still be used for other purposes if you are willing to earn interest on your bitcoin capital you can either hold it and make sure they are secure or put them in some bonds such as coinlenders or just-dice for a period of time.
Another possibility is to use AM as they are still providing yields on their shares in the inter-min period before your chips are developed and become a shareholder on the Friedcat list which is pretty secure less price risk of course.
Either way this is all pocket advice I would prefer the bitcoin going to development but if there is any bitcoin left sitting around it would be nice to have it doing something
