Re: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining)
Then why are over 2 million shares still in the initial account?the scam makes 0 sense unless all the shares were traded. Burnside said the other day 66% of shares are still in the initial account. A sensible answer is that wang and other team members have been paid the shares.
Data on this:
Labcoin's statement (asset news):
Quote
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 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.
0.75 x 3,000,000 = 2,250,000.
First response from burnside:
I hope the LABCOIN guys don't mind me disclosing this. Over 85% of the 3 million shares have not left a specific account I know is held in the Labcoin name. The other 15% could easily be held in any of the next few top shareholders, but I am not privy to who is who without some assistance.
0.85 x 3,000,000 = 2,550,000
Latest, but somewhat fuzzy response:
I see ~2 million currently held in their account. I do not know however if some were sold, or if they were simply transferred to another account that is also a holding account. So this is inconclusive information.
And also:
Some amounts of shares were used as payouts for team members, ...
I won't draw any conclusion, it's up to subjective interpretation of the situation given the vague facts.
We always knew that shares where going to be given to team members so I don't see any problem with that. Also, the fact their account has about 2 million shares, does not mean any shares at all have been sold. It simply means those shares are not in that account, which they shouldn't be if they were given to team members as payment. Those "missing shares" could very well be in team members accounts who haven't sold a single one.
There's simply no evidence suggesting what has happened to these shares. Until actual proof is brought forth, claiming that these shares have been sold is an outright lie.
OMG, still in the denial? Haven't sold yet?
I've sold and bought many times. I've made my money back (and then some) which is now sitting on BitFunder in AM shares. I also now have 10,000 LC shares. Like I've already told you and the other idiots around here, I'm in this to make profit, not because I'm some idiotic fanboy who worships companies.
If Labcoin turns out to be a complete failure or a total scam, I'll have still made a profit from them, even if those 10,000 shares become worthless. You guys are just jealous because you haven't been able to do the same.