I voted no. Reason is this: 1. Are any commitments (with penalties for failure to meet) being made by VMC to AML in respect of delivery of the hardware? 2. What rights does AML have to cancel the agreement with VMC - specifically if VMC fails to meet deadlines/performance targets? It's pretty critical that this crystal clear if the two entities are managed by the same team - otherwise conflict of interest issues could easily arise. 3. Further to 3. can you confirm that if VMC fails (to a large extent) to meet deadlines/performance targets then AML WOULD cancel the contract and look for alternative sourcing? 4. If VMC fails to deliver in a reasonable time-frame is there any assurance that they would be able to refund AML the pre-order funds?
Where two entities run by the same team interact AND take outside investment it's absolutely key that all interaction between them is precisely defined in advance.
More general questions relating to VMC:
Obviously VMC needs a certain amount of capital to produce the ASICs. You've indicated that it may be seperately listed.
1. Would VMC be able to produce the hardware with ONLY the pre-order cash from AML (plus whatever cash you already have from other sources for it)? 2. If the answer to 1. is NO then what happens if VML fails to raise sufficient capital? What percentage (roughly) of necessary capital does the AML pre-order funds represent? 3. If the answer to 1. is YES then why would you need to float VML?
+10 Great post Deprived. I will be creating a contract between AMC and VMC that will protect the investors of AMC and be fair to VMC. I will post the proposed contract here in this thread. The contract will be executed as soon as AMC has funding. Sight of the contract between AML/VMC (and any undertakings given by VMC in respect to ability to refund preorders if VMC fails) is essential for potential investors to make any sort of informed decision on the extent to which the pre-orders with VMC have value in the event of VMC encountering difficulties. Contracts such as this particularly need to be disclsoed in advance where there's a potential conflict of interest (which there obviously is if you're acting on behalf of both parties) - as a clear contract is what stops any such conflict arising in practice. That's also why, of course, not only is the contract needed but an explicit answer to my question 3 (which can only be given once the contract is published) - so that the decision about when a refund would be requested is made now rather than having to be addressed later when there'd be an enormous conflict of interest (as it would NEVER be in VMC's interest for AML to cancel the pre-order). See https://bitcointalk.org/index.php?topic=158806.msg1979322#msg1979322 for answers to the concerns above.
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1. Are any commitments (with penalties for failure to meet) being made by VMC to AML in respect of delivery of the hardware? 2. What rights does AML have to cancel the agreement with VMC - specifically if VMC fails to meet deadlines/performance targets? It's pretty critical that this crystal clear if the two entities are managed by the same team - otherwise conflict of interest issues could easily arise. 3. Further to 3. can you confirm that if VMC fails (to a large extent) to meet deadlines/performance targets then AML WOULD cancel the contract and look for alternative sourcing? 4. If VMC fails to deliver in a reasonable time-frame is there any assurance that they would be able to refund AML the pre-order funds?
Where two entities run by the same team interact AND take outside investment it's absolutely key that all interaction between them is precisely defined in advance.
More general questions relating to VMC:
Obviously VMC needs a certain amount of capital to produce the ASICs. You've indicated that it may be seperately listed.
1. Would VMC be able to produce the hardware with ONLY the pre-order cash from AML (plus whatever cash you already have from other sources for it)? 2. If the answer to 1. is NO then what happens if VML fails to raise sufficient capital? What percentage (roughly) of necessary capital does the AML pre-order funds represent? 3. If the answer to 1. is YES then why would you need to float VML?
Specific Question Above: 1. Yes, See contract above. 2. 30 Days Written notice, See contract above. 3. Yes, it could, VMC has to take AMC's best interest into account. See contract above. 4. VMC will be selling machines to the public after AMC first 100. VMC should be making a profit, which could be used to refund to AMC, see contract above. General Questions: 1. Yes, See the contract above. 3. VMC will be selling machines to the public after AMC first 100 of each batch, so VMC will use Pre-Orders from the public and an IPO for their operating capital. VMC was originally considered, thought up, and began investigating possibilities after Avalon first gave us 3 days notice on their batch 3, the fact that they may not have a batch 4, and BFL delivery date is maybe the end of June. Also BFL track record is not very good. Avalon is also falling behind a month now on their delivery date. So VMC was thought up to solve these problems and give AMC an advantage in getting the machines, a win for the investors in AMC.
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Apologies if this is answered elsewhere, I saw some dates in the original post but I'm not sure if they are right.
How quickly will VMC be able to deliver the hardware that they are creating? If looks like BFL is finally shipping some units so that will begin to have a big impact on hashrates and therefore the profitability of AMC.
Sorry for the delay in answering you post. Our estimated delivery on our Fast-Hash-XX series (20-80 GHs) is August 2013. We are purchasing Avalon chips which they say that can be supplies from TSMC is 9-10 weeks. We are ready have the machines designed, we just need to spin up the Printed Circuit Boards (PCB)s get the Avalon chips and have them installed on the board. After we receive the boards we would install them in our already design rack-mountable cases. The rest of the system is off the shelf components which are readily available. At the same time we will start our 45nm development project.
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1. Are any commitments (with penalties for failure to meet) being made by VMC to AML in respect of delivery of the hardware? 2. What rights does AML have to cancel the agreement with VMC - specifically if VMC fails to meet deadlines/performance targets? It's pretty critical that this crystal clear if the two entities are managed by the same team - otherwise conflict of interest issues could easily arise. 3. Further to 3. can you confirm that if VMC fails (to a large extent) to meet deadlines/performance targets then AML WOULD cancel the contract and look for alternative sourcing? 4. If VMC fails to deliver in a reasonable time-frame is there any assurance that they would be able to refund AML the pre-order funds?
Where two entities run by the same team interact AND take outside investment it's absolutely key that all interaction between them is precisely defined in advance.
More general questions relating to VMC:
Obviously VMC needs a certain amount of capital to produce the ASICs. You've indicated that it may be seperately listed.
1. Would VMC be able to produce the hardware with ONLY the pre-order cash from AML (plus whatever cash you already have from other sources for it)? 2. If the answer to 1. is NO then what happens if VML fails to raise sufficient capital? What percentage (roughly) of necessary capital does the AML pre-order funds represent? 3. If the answer to 1. is YES then why would you need to float VML?
AGREEMENT OF UNDERSTANDING BETWEEN VIRTUAL MINING CORPORATION AND ACTIVE MINING COOPERATIVE THIS IS A LEGAL AGREEMENT BETWEEN VIRTUAL MINING, CORPORATION A DELAWARE CORPORATION HEREINAFTER (“VMC”), WHICH MANUFACTURES BITCOIN MINING MACHINES, AND ACTIVE MINING COOPERATIVE HEREINAFTER (“AMC”) A SEPERATE BUSINESS UNIT OF VMC WHICH MINES BITCOINS FOR IT'S MEMBERS. THIS AGREEMENT APPLIES TO DELIVERY OF PRE-ORDERED BITCOIN MINING MACHINES TO BE PROVIDE TO AMC BY VMC PROVIDED IN ATTACHMENT A WHICH HEREIN IS INCORPORATED INTO THIS AGREEMENT BY REFERENCE. VMC AGREES TO: Only use per-order funds supplied by AMC to pay the manufacturer's cost of manufacturing the herefore said machines to be supplied to AMC. Deliver the herefore said machines within 60 days of the estimated delivery date stated in the herefore said Attachment A. That it has that ability to manufacture the herefore said machines with only the funds provided by AMC. To do whatsoever is in the best interest of AMC and its members and use its Best effort to provide the herefore said machines to AMC in a timely manner. AMC AGREES TO: Provide the funds for the manufacture's cost of manufacturing the here fore said machines to be supplied in Attachment A to VMC at least 120 days before the date said machines are to be delivered. TERM This Agreement is effective until terminated. VMC or AMC may terminate this Agreement by giving the other 30 days written notice and VMC returning to the other any funds not used or needed in the manufacture of the said machines to be supplied in Attachment A and AMC paying any cost that VMC may have accrued from AMC. After termination of this agreement if any funds have been used to order parts for the manufacture of the said machines to be supplied in Attachment A, said funds shall not be refunded to AMC, however AMC will have the option of VMC transferring the parts to AMC or letting VMC use the said parts in manufacture of other Bitcoin mining machines. If the said parts are used in the manufacture of other Bitcoin mining machines, then the cost of said parts will be refunded to AMC within 30 days. AMC shall take a vote of its members with each member getting one vote for each share that they own on Bitfunder.com to determine the above option. GENERAL PROVISIONS Entire Agreement. This Agreement sets forth the entire understanding between VMC and AMC with respect to the subject matter hereof. This Agreement may be amended only in a writing signed by both parties. No vendor, distributor, dealer, retailer, sales person or other person is authorized to modify this Agreement or to make any warranty, representation or promise which is different than, or in addition to, the representations or promises of this Agreement. Other. No waiver of any right under this Agreement shall be effective unless in writing, signed by a duly authorized representative of SplendidCRM. Failure to insist upon strict compliance with this Agreement shall not be deemed a waiver of any future right arising out of this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina. The parties agree that sole jurisdiction and venue for any dispute relating to this Agreement shall be in a state or federal court in Wake County, North Carolina. The United Nations Convention on Contracts for the International Sale of Goods is expressly excluded and shall not apply to this Agreement. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, such provision shall be fully severable, and this Agreement shall be construed and enforced as if the illegal, invalid or unenforceable provision had never been a part of this Agreement. You may not assign or transfer this Agreement, and any such attempted assignment or transfer shall be null and void. The prevailing party in any action to enforce this Agreement shall be entitled to recover its reasonable attorney’s fees from the other party. Virtual Mining Corporation Active Mining Cooperative a Business Unit of VMC. ___________________________ _____________________________ Kenneth E. Slaughter, CEO Kenneth E. Slaughter, Managing Member Attachement A: https://bitfunder.com/asset/AMC
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Help Active Mining Cooperative (AMC) get listed on Bitfunder.com. Newbies can vote on this. If you would like to have a chance in the future after learning about Bitcoins to Invest in a great mining company and get mining revenue, then I would appreciate a YES vote. Just click on the link below and vote YES. https://bitcointalk.org/index.php?topic=188704.0Thanks for your help, Kenneth E. Slaughter, CEO Virtual Mining Corporation http://www.virtualminingcorp.com(855) One-Bitcoin (663-2482)
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Help Active Mining Cooperative (AMC) get listed on Bitfunder.com. Newbies can vote on this. If you would like to have a chance in the future after learning about Bitcoins to Invest in a great mining company, I would appreciate a YES vote. Just click on the link below and vote YES. https://bitcointalk.org/index.php?topic=188704.0Thanks for your help, Kenneth E. Slaughter, CEO Virtual Mining Corporation http://www.virtualminingcorp.com(855) One-Bitcoin (663-2482)
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Bitfunder asset is frozen ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) That is what this vote is about. If you want to see AMC listed on bitfunder.com and made active and unfrozen the vote YES. If you want to have a chance to invest then vote YES.
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I say fine, let 'em launch, but I think that you are being a little too ambitious.
Just give us a name and a telephone number for an investor relations contact and you should be ok.
Here is you name and number: Kenneth E. Slaughter 855-One-Bitcoin (663-2482) X700
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Vote YES if you want to have a chance to invest in the most dynamic mining company to challenge ASICMiner. If you have any questions about the offering you can give me a call at the number listed below. My extension is 700 or if you like PM me. Read the offering here: https://bitfunder.com/asset/AMCHere are some advantages AMC investors receive. First, Investors start getting revenue as soon as the 6 Avalons on order start mining and producing income. Another advantage to investors. Investors get 50% of the profit from the machines and 50% of the profit goes into a growth and expansion fund to purchase more bitcoin mining machines to produce more revenue for the Investors. The maximum expenses is 10% of revenue. This split is guaranteed for the first 12 months from the date of the IPO. Advantage to the investors in AMC. Second, AMC gets the first machines VMC produces. AMC can't get the first machines Avalon or BFl produces. Advantage to investors in AMC. Third, AMC gets the first rights on future machines VMC produces. Another advantage to investors in AMC. Fourth, AMC gets a 10% royalty from VMC on machines that use AMC technology. Another advantage to investors in AMC Last, AMC purchases machines from VMC at manufactures cost. AMC can't purchase Avalons or BFL machines at manufactures cost. This is a big advantage to investors in AMC. All of the above is why AMC is a good investment and why you should vote YES! Kenneth E. Slaughter, CEO Virtual Mining Corporation (855) One-Bitcoin (663-2482)
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Apologies if this is answered elsewhere, I saw some dates in the original post but I'm not sure if they are right.
How quickly will VMC be able to deliver the hardware that they are creating? If looks like BFL is finally shipping some units so that will begin to have a big impact on hashrates and therefore the profitability of AMC.
VMC for its Fast-Hash-XX series will be purchasing chips from Avalon. Avalon has said that the chips can be provided in 9-10 weeks. VMC has already done the design work on all the other components of the system. VMC will use a low volume production method for the PCB to have them ready when the chips arrive. The chips will then be added to the board. Estimated to be delivered August 2013. The investors will start receiving dividends as soon as the 6 Avalon get here and AMC receives revenue from them. Hash Rate Question: From the AMC Offering: Estimated as of this writing with 40 times the current Difficulty of 8,974,296 or a Difficulty of 358,971,840 (~6,903,305 per difficulty adjustment) and a decline in profitability of .61 per year. End AMC Offering We have been very conservative on our projections. See complete offering here: https://bitfunder.com/asset/AMC
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1. Are any commitments (with penalties for failure to meet) being made by VMC to AML in respect of delivery of the hardware? 2. What rights does AML have to cancel the agreement with VMC - specifically if VMC fails to meet deadlines/performance targets? It's pretty critical that this crystal clear if the two entities are managed by the same team - otherwise conflict of interest issues could easily arise. 3. Further to 3. can you confirm that if VMC fails (to a large extent) to meet deadlines/performance targets then AML WOULD cancel the contract and look for alternative sourcing? 4. If VMC fails to deliver in a reasonable time-frame is there any assurance that they would be able to refund AML the pre-order funds?
Where two entities run by the same team interact AND take outside investment it's absolutely key that all interaction between them is precisely defined in advance.
More general questions relating to VMC:
Obviously VMC needs a certain amount of capital to produce the ASICs. You've indicated that it may be seperately listed.
1. Would VMC be able to produce the hardware with ONLY the pre-order cash from AML (plus whatever cash you already have from other sources for it)? 2. If the answer to 1. is NO then what happens if VML fails to raise sufficient capital? What percentage (roughly) of necessary capital does the AML pre-order funds represent? 3. If the answer to 1. is YES then why would you need to float VML?
+10 Great post Deprived. I will be creating a contract between AMC and VMC that will protect the investors of AMC and be fair to VMC. I will post the proposed contract here in this thread. The contract will be executed as soon as AMC has funding.
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Yes, InstantBTC, tries to show that AMC is not a good investment. However, he miss a few points in the discussion above. First, AMC purchases machines from VMC at manufactures cost. AMC can't purchase Avalons or BFL machines at manufactures cost. This is a big advantage to investors in AMC. Second, AMC gets the first machines VMC produces. AMC can't get the first machines Avalon or BFl produces. Advantage to investors in AMC. Third, AMC gets the first rights on future machines VMC produces. Another advantage to investors in AMC. Fourth, AMC gets a 10% royalty from VMC on machines that use AMC technology. This is the only point that InstantBTC uses to make his case. Last, Investors start getting revenue as soon as the 6 Avalons on order start mining and producting income. Another advantage to investors than InstanceBTC misses. All of the above is why AMC is a good investment! Kenneth E. Slaughter, CEO Virtual Mining Corporation http://www.virtualminingcorp.com1+(855) One-Bitcoin (663-2482)
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Reworked Offering posted above in the first posting of the thread.
Looking a lot better. http://www.virtualminingcorp.com/index.html: Fast-Hash is a trademark of Virtual Mining Corporation.
You should probably register that if you're going to claim trademark. US PTO Trademark search comes up empty. Cheers. Thanks, I tried to include all of the communities valid points in the offering.
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You should probably register that if you're going to claim trademark. US PTO Trademark search comes up empty.
Cheers.
This. Should also fix "Caption Image". Thanks.
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Reworked Offering posted above in the first posting of the thread.
Looking a lot better. http://www.virtualminingcorp.com/index.html: Fast-Hash is a trademark of Virtual Mining Corporation.
You should probably register that if you're going to claim trademark. US PTO Trademark search comes up empty. Cheers. Thanks, I know all about trademarks. If you would like to look, you can check out where I defended my AXS mark against Swiss Air, and EDP.
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Reworked Offering posted above in the first posting of the thread.
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Yes, that is very true. It doesn't look good.
Yes I'm glad you agree no one should use them. I didn't say that no one should use them, I said it doesn't look good. We will just have to wait and see.
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CoinLenders currently pays 0.51% / week compound interest (paid daily, prorated) - that's more than 30% APR on personally insured deposits. Although in case of a massive default I will make every attempt to pay everyone back including from my personal assets, it is not a FDIC insured bank and don't put more coins than you're willing to lose there. Your coins would be used for funding low risk loans (aka not the typical btcjam crap), and other bitcoin denominated investments. For more info, see this page!This is just another Pirateat40 scam!
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