I read the contract and to me it means they'll hold 30% indefinitely. (IE, their profit comes from dividends, thus keeping them motivated.)
Really? I remember them
specifically saying that was not the case, and that they would sell up to 25% of their shares prior to the first 6 months.
Specifically in the contract, or specifically elsewhere? The contract is the basis. You can't put something in there and then post elsewhere "we didn't really mean that."
Either they meant that they'd hold them indefinitely, or they meant that they would not hold them indefinitely. What purpose is there in the statement that they'd hold X% if as soon as the IPO completes they can just list those at will? Thus my interpretation was that they meant indefinitely.
Lol, don't worry about it. I'm sure someone would have noticed. It shouldn't have been posted without any context, and I think selling was the right move. I still made a pretty big proft overall, and bought about half way back in
There are hundreds of pages of context here.
Yeah, it was in the thread. Around the time of their IPO. I'm not sure if it was the Labcoin account or TheSwede. But basically they said they felt that they should be able to sell some shares since they put in so much work on the project, but wouldn't sell any more then 25% in the first year.
EDIT: here is the news on their news page:
News
Regarding shares owned by the Labcoin founders and developers.
Due to inquiries LABCOIN has received from investors, the founders and developers involved in the LABCOIN project has decided to voluntarily lock in 75% of all shares owned by the LABCOIN core team for 12-months.
This means that no founder or developer owning shares in LABCOIN will sell an excess of 25% of their shares for at least 365 days from today's date.
This is being publicly announced to set to rest any concern that the LABCOIN team has any interest in liquidating their holdings in the project.
Q: Why not lock in 100%?
A: Simply because we feel that it is only fair to allow the members of the LABCOIN team that wishes to sell smaller portions of their ownership should they need some Bitcoin for any unforeseen expense during the first year of operations.