Yes, what you said make sense. However, one thing is that this IPO has a company and a CEO, with his name listed.
And has anyone been in contact with him? I could make an IPO and list Bill Gates as chairman.
As for the current share price, I have to say, if anything its still rather high. Am I wrong saying it IPO'd at 0.001 and its now still about half of that?
If even labcoin is legit, its clear they will be unable to meet the expectations set forth at ipo. But the current price only makes sense to me if people still believe their chip not only exists, but will start hashing fairly soon with a relatively small risk this is going absolutely nowhere. IOW, Im amazed its holding up so well and equally amazed how most of you seem to think this price is low. Facebook value dropped about as much after the IPO, no one thought FB was a scam.