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An overview and update of the Labcoin scam
Labcoin is a bitcoin mining security. Their security prospectus: https://btct.co/security/LABCOIN They raised 7000 btc in the production of asic chips. With a promise of bringing out 500TH mining power by the end of the year. It was an extremely successful IPO, sold out before it even went live. People were saying it's the next ASICMiner. Things did not go according to plan. For two months, Labcoin lied, delayed, made false promises, missed every deadline and were extremely vague and shady. It was only in the last week that users have pulled together to uncover who is actually behind Labcoin. The main player of Labcoin, as listed on the prospectus, is Fabrizio Tatti, CEO. A chat was uncovered with Alessia Tatti, his sister, during the beginning of the Labcoin project. http://pastebin.com/1Rq8r4UW Excerpt: " i am an old time miner, my name is Alessia Tatti, cool" Confirming Labcoin = Delaria : https://bitcointalk.org/index.php?action=profile;u=120219 Searches of Alessia point to a prior scam involvement with Alberto Armandi, owner of a vaporware company Enso. Alberto Armandi, an ex-boyfriend of Alessia, is a notorious scammer in the bitcoin community: http://codinginmysleep.com/lessons-learned-from-the-bdt-fiasco/ When confronted, Alessia claims ignorant: "I don't know who has used my name, I certainly did not write those words, i will call the police." Contradicting early involvement: http://i.imgur.com/AL2TMOW.png Contradicting the Labcoin account's own statement that she was involved. Agath (from the chat) believe it was Fabrizio or Alberto posing as her: "Agath said that Labcoin used the male form of some language constructs, even though the name is clearly female. We suspected that it was in fact fabrizio chatting on Alessia's account." After months of lies, the share price tanked to 1/5th of the original IPO price (from a peak of 4X), the Labcoin account logged in and promised to clarify everything in an IRC chat. The transcript of the chat: http://pastebin.com/RSa1JPvM Some gems: <@radiumsoup> What is your actual name? <+labcoin__> Samuele Noi <@radiumsoup> A lot of people are very very angry at the lack of communication. People are demanding proof of your identity. Are you willing to provide proof that you are an actual person named Sam Noi? <+labcoin__> I will consider this option as well. <@radiumsoup> Who are Alessia Tatti and Alberto Armandi, and Fabrizio Tatti, and how are they connected to the project? <+labcoin> Fabrizio Tatti was the owner of the project, and Alessia his sister, previously involved. We deny all connections of the project with other people. <+labcoin> I am the owner of the company specifically, i purchased it at this point. <@radiumsoup> I am still getting a LOT of people asking for proof of your identity. They want proof that Sam Noi is the real person in control of the “labcoin” forum account <+labcoin__> I said that i will negotiate this kind of verification with Ethan Burnside (owner of btct.co) Labcoin claims to be "Samuel Noi" . In a chat that has been uncovered, Fabrizio admits he is using the false identity 'Samuel Noi' to avoid 'direct exposure'. http://translate.google.com.au/translate?hl=en&sl=it&tl=en&u=http%3A%2F%2Fpastebin.com%2FECm7V0LT who are you? Fabrizio Tatti the owner of iTec Pro Limited, behind Labcoin this is the official presentation, here I am writing, but with the name of the nominee director (Samuel Noi) that I took the company in Hong Kong because I want to avoid direct exposure, various risks, etc. Pretty incriminating. When confronted, Fabrizio denies his involvement. http://i.imgur.com/TolLKn6.png "I release myself of any responsibility" A small but loud group of Labcoin investors see no problem with what is happening: "All of the Accusations are helping no one" "You boys really need to calm down. Its been evidenced in a number of ways that this isn't a scam" "Just be patient and wait for actual evidence, one way or another." Others are taking direct action, one member has reported their activity to the Hong Kong ICAC. I personally believe, though circumstantial, there is heavy involvement of Alberto Armandi. During his previous bitcoin scam, his responses were fairly similar to the current responses given by Labcoin. A comparison between the two: http://imgur.com/SJ47B8d He likely used Fabrizio to fulfill Burnside's identification requirements, before taking over the company privately as 'Sam Noi'. Having a tech background and scam history, he has every reason to hide his identity. However, it is also possible that Fabrizio is the sole operator of Labcoin, posing as 'Sam Noi' to avoid personal connection to the project. Regardless of who is who, the Labcoin scam is one of the biggest in Bitcoin so far, and has cost users millions. The initial IPO of 7000 btc (USD$980,000) is just a fraction of the money lost here (the stock peaked at 4X IPO).
Want to invest in bitcoin but willing to accept more risk for more return? Maybe investing would be right for you!
As we all know, companies such as AsicMiner are currently kicking butt with their asics by releasing the eruptor blades and Erupter USB sticks for mining. This combined with their 28% or so of total hashing power for the entire bitcoin network is resulting in fantastic growth over the past few months, and their dividends are doing quite well. If you are interested in shares of AsicMiner , check out either Direct Shares or Pass Through shares, which is just one share of AsicMiner. You can find them in auctions on bitcointalk as well as sites such as BTCT.TO
There are other shares too, such as AMC which just recieved a few Avalons they purchased a while ago. Keep in mind that the owners relations with others on the forum is quite poor and very unprofessional, so I would still consider it rather risky.
There are also companies which are not based on bitcoin but experimenting with it as a source of capital, such as KenilWorth on bitfunder, who are a mining company which finds raw material deposits and then sells them to another company (I think). The people with that company are VERY responsive on bitcointalk and seem to be very professional.
You can even if you wish bet on funds which are reliant upon BFL's shipping, such as HaveLock's Investments Mining Fund. The owner of that fund is also rather response on bitcointalk and is a very down to earth person from what I have seen. For example, they just purchased a single Jupiter rig from KnCMiner in an effort to diversify so if BFL fails they will not be destroyed.
They are also other funds out there which are designed to represent an amount of Mhash/s per each share, for example RedStarMining which aims to have 180 Ghash/s eventually, with each share containing 2.818 Mhash/s.
Also, a very cool thing about these funds is that they are very present on bitcointalk in the securities section, so you can see up to date discussion about each fund. For example, for red star mining, here is their thread: https://bitcointalk.org/index.php?topic=63257.0 You can even get a fund in an exchange, such as Crypto-Trade! Though, they seem to be having some major issues with their site for a while now, which is unfortuntate.
There are tons of such securities available for lots of different styles people could choose, and because of bitcoin buying these shares is a very painless process. But do keep in mind that this is riskier than just holding bitcoin, and there are a good bit of scams prevalent in such securities, but if you keep an eye out and read their associated threads on bitcointalk you will be for the most part safe. Also, investing in companies like AsicMiner increases the network hash rate, making it even harder for a single entity to barge in and get more than 50% of the network hash rate, resulting in an even more secure network! These sometimes even hare shares which cost less than five dollars, so to get started you don't need much BTC at all. And here is the link to bitcointalk for anyone who wants to do more research and look at any other funds which might be of interest. Don't forget that there are some funds which are not exchanged on these sites, for example group buys where each buyer holds a certain percentage of proceeds from a very expensive miner they pool together to buy. As earlier though, be careful.
There is also a really good subreddit for discussing these securities as well as others on /BitcoinStocks ! Edit: Added in bitcointalk threads for each security I listed. Edit: It seems that there are nearly half as many downvotes as there are upvotes. Can anyone clarify?
I've been using them for a few days with good results so fsr, but I havent seen much talk of them yet. Edit: For those who don't know - btct.co is bitcoin stock exchange site. Can't get ypur hands on an ASIC miner? Then buy stock in a mining company and collect weekly dividends.
So, you’ve made your millions, and now you want to know how to cash out Bitcoin?Well, this guide will tell you everything you need to know! This guide will include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit!I will show you how to withdraw Bitcoins to cash using a broker (namely, Coinbase) and through a peer-to-peer exchange. The creators of bter.com just started an IPO for their mining project MYMINER. The plan is to buy large quantities of ASIC chips from different... I'm completely new to Reddit and Bitcoin, so I'm sorry if this doesn't belong here. I was trying to understand how mining works and how to make my first Bitcoins, but seems like I'm a bit late for that, since I only have two HD7770 to use. So I started looking for ways to convert the few bucks I have into Bitcoins and invest them. The ASIC hardware being produced will probably have a very low resale price and even the slightest change to the bitcoin protocol will make them obsolete. That is why we are thinking of going into opensource-hardware due to the logic its production costs will be a race to the bottom and therefore in the long term more major adoption. So then less chance of them being made obsolete. GPU mining rewards go to individuals worldwide, instead of mostly to ASIC warehouse owners, recreating network effects that Bitcoin used to have. BTG aims to extend the crypto space with a blockchain that is closely compatible with Bitcoin (with SegWit and Lightning Network). but without using resources like Bitcoin hashpower or vying for the 'real Bitcoin' title.
Bitcoin USB Block Erupter Installation and Mining in Windows
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