I really think its time for Burnside to consider taking some action regarding labcoin. The type of scandalous behavior that they are currently exhibiting is exactly the type of activity that will bring regulatory entities such as the SEC down on btc-tc. Labcoin's presence on btct could really jeopardize btct's continued existence.
I believe it would be difficult to classify some of these statements as something other than intentionally misleading.
Mining started Posted: 9 days ago
And here it comes, finally, today we are proud to announce the starting of mining operations in time with our roadmap.
The last week has been extremely busy and work is still in progress to bring online the whole hashing power.
We're currently averaging about 2 TH/s in solo mode, and expect to deploy at least 4 TH by monday 16, to reach gradually 50 TH within October.
The website will be updated this week in order to show our live hashing rate and dividends will be paid every two weeks.
More pictures of the laboratory setting where the hardware is currently deployed will be also distributed. Complete installment will be shown when our final premise will be ready. We're still considering some business aspects, including only focusing on the upcoming 65nm version for what concerns bulk chip sales. We plan to take a final decision regarding this issue during the next month.
We want to say thanks to all investors who trusted us during this long endeavor.
Labcoin Team
That's their latest official release. They waited several days after that official release to slowly announce in a piecemeal fashion on a thread that moves several pages every day that they're not meeting their official claims. They've still not updated their website or even the OP in their discussion thread to reflect their current status.
Despite the shadiness, the only statement in their contract they're obviously violating is this one and it's pretty generic:
- Regularly communicate the project financials to share holders in a way that lets share holders evaluate the performance, capital outlay and future of the project.