Post
Topic
Board Securities
Re: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)
by
Ytterbium
on 19/09/2013, 02:20:37 UTC
I mean I could show a BTC address that regularly receives 5-7 BTC payments (I send them so I know it exists).  What mining power does that prove it has (it has none that I am aware of but does receive other transactions)?


You could.  But could you also sign a message using it, saying "Labcoin mining address"?

Message: Labcoin mining address
Signature: HJRjzVPG3CC5OjInesByNcdfkI2kz6hONR3LjVUABUVDq03Z3ARcmEfdXWeJwzX0zUqoWkyx1rNjmps CuP8cWQA
Address: 17psAW21J4twanAFWmbcd5WdX2pKeX3trm


Quote
Obviously if the address listed is getting 3 BTC every 10 minutes (and those transfers are directly from freshly mined coins) then it strongly suggests it has a bit over 10% of network hashing power but I sense that isn't the case.

It's not.  It got 3.2btc, once.  And since then slush hasn't sent out any more payments.  Another one should be sent when it gets another (at the current point in time) 21 confirmations.

Quote
EDIT: Let me clarify my point.  Right now my fund (LTC-ATF) has 77.209 BTC on Bitfunder.  If one of my investors asked me to prove it (which they are perfectly entitled to do) I'd screen-share, log in to Bitfunder and show them a balance of 77.209 BTC.  I would NOT show them a BTC address that had an incoming transaction of 77.209 BTC and ask them to accept that was from Bitfunder.  Do you see where I'm coming from?  There's a HUGE difference between proving you have X BTC and proving you have/had X BTC at a specific place/from a specific source.  Doubt anyone thinks Labcoin people couldn't RAISE 3 BTC (anyone with a net connection should be able to come up with 3 BTC in a few hours) - issue is whether they actually mined it.  And I'm not grasping where the proof is that it was mined - I'd happily stipulate that I agree they can control an address with 3 BTC in.

You know how easy it is to fake screenshots, right?