I think i missed the part.. where they say: we dont mine atm; we dont have the 2th.. someone has that on his clipboard?
I think it's something inbetween. They have working chips, which are hashing, but they don't operate on a productional scale yet.
Also, I'll give the following a requote, because I noticed it just now:
NOT AN UPDATE, JUST PERSONAL OPINION:
To be brutally honest. I realize that has been delays, and I also realize that communication has not always been what I wish we could provide. BUT, supporting day trading or providing updates at the whim of every single person that owns a share is just not priority.
If you do not believe Labcoin can deliver, or that somehow the team is running the world most advanced long-con ever you are well in your right to sell your shares.
The project is fully funded and I have personally 100% faith that Sam and the developers can and will deliver and though mining has been delayed, every single (even the most pessimistic) calculation I have done makes selling my shares anywhere near current price a bad idea.
I am not saying this to influence share price, but simply because it is getting a little tiring to see people yell and scream completely irrelevant information.
The chips that have been developed perform well within variance of what can be expected, boards have arrive and are arriving as we speak and mining will according to the team be up and running at production speeds within a week or two.
With 100,000+ chips already ordered I see no reason as to why the project would not yield a very healthy profit within the next month.
The next update will not be scheduled but rather I will see to it that we update the forum and btct.co when mining is running and the team can show more details on the operation.
I know its easy to have 20/20 hindsight but I feel that frequent updates do more harm then good. Feel free to voice your opinion of course (as I am sure you will).
I guess asking for some measure of reason is futile but the best I can do is to inform as best as I can. Hopefully I will be able to look back at this thread in a few months and smile.
Edit: I can personally guarantee that no one on the Labcoin team has the Photoshop skills to fake the chip/board images. Source; engineers are not artists.