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Personally I found the jokes about it being a scam was in bad taste, but Ken has had a very stressful week so I am hoping it was just a one off thing.
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Hey, The chat with Ken has caused much speculation. I have pulled some of the main useful bits of information and added them to my moderated 'knowledge' thread, but people want to dicuss this IRC chat so I decided to move that conversation here. IRC Chat 8th December with Ken: http://pastebin.com/rYFm41U5My Moderated thread: https://bitcointalk.org/index.php?topic=361930.0Begin conversation:
Dec 08 03:42:57 <AMC-CEO> No, nothing to do with them, he had a number of shares of ActiveMining that we have attached with a lien. Dec 08 03:43:08 <zefyr0s> ahh that works Dec 08 03:43:26 <AMC-CEO> So, we got luckly. Dec 08 03:43:53 <[8]> Seems fair enough. Dec 08 03:45:45 <AMC-CEO> So, we will sell them to cover the 106 plus legal fees. Dec 08 03:46:27 <chairforce1> sell the shares? Dec 08 03:46:42 <AMC-CEO> Yes Dec 08 03:47:13 <chairforce1> well this is putting a lot of faith in having enough volume to carry out that trade Dec 08 03:47:20 <zefyr0s> err that's a bunch of shares Dec 08 03:47:43 <AMC-CEO> Not all at once.  looooo *Dec 08 04:02:26 <AMC-CEO> As, I said above, I can only release certain information in our Announcement thread, due to SEC reg. Ken can't talk about chips because da SEC The fact that he can seize Ukyo's shares is actually good news.
The fact that he can seize Ukyo's shares is actually good news.
Not to the shareholders trying to unload their shares  (Those shares have to be sold) I'm not even sure it was ActM or Ken's coin. The fact that he can seize Ukyo's shares is actually good news.
Not to the shareholders trying to unload their shares (Those shares have to be sold) I'm not even sure it was ActM or Ken's coin. Have to agree with that. Was it AcTM's money on there or is Ken doing this to make up for money he lost? I doubt he'll put up a sell wall at the start of trading though. From my understanding he will let the buyers/sellers determine the price and go from there. The fact that he can seize Ukyo's shares is actually good news.
Not to the shareholders trying to unload their shares (Those shares have to be sold) I'm not even sure it was ActM or Ken's coin. Have to agree with that. Was it AcTM's money on there or is Ken doing this to make up for money he lost? I doubt he'll put up a sell wall at the start of trading though. From my understanding he will let the buyers/sellers determine the price and go from there. It's ActM's according to the Nov 30th Announcement: Bitfunder/WeExchange Problems:
We have ~106 BTC in the Bitfunder/WeExchange system which we can not obtain. We have sent Bitfunder's/WeExchange's Ukyo a Legal Demand For Payment within 72 hours. We expect this problem to result in the loss of the 106 BTC. We are meeting with our Lawyers to determine what our next steps will be. This 106 BTC has been deducted from our liquid cash position above.
The fact that he can seize Ukyo's shares is actually good news.
Not to the shareholders trying to unload their shares (Those shares have to be sold) I'm not even sure it was ActM or Ken's coin. Have to agree with that. Was it AcTM's money on there or is Ken doing this to make up for money he lost? I doubt he'll put up a sell wall at the start of trading though. From my understanding he will let the buyers/sellers determine the price and go from there. It's ActM's according to the Nov 30th Announcement: Bitfunder/WeExchange Problems:
We have ~106 BTC in the Bitfunder/WeExchange system which we can not obtain. We have sent Bitfunder's/WeExchange's Ukyo a Legal Demand For Payment within 72 hours. We expect this problem to result in the loss of the 106 BTC. We are meeting with our Lawyers to determine what our next steps will be. This 106 BTC has been deducted from our liquid cash position above.
Thank you Good news everyone! Another reason why Ken can't provide info: Dec 08 04:13:24 <Kleeck> It seems that once you're shipping miners the information is public - so why not control the flow of information by releasing your own perfomance video/announcement? Dec 08 04:13:55 <AMC-CEO> Well, it takes a lot of time, I am going to be very busy, do some programming in the next few weeks.  *The entire thing is pretty lulzy, here's the pastebin link: http://pastebin.com/rYFm41U5**Dec 08 04:15:10 <AMC-CEO> I know, but do remember when we had one and a board, what did they do. Dec 08 04:15:25 <Kleeck> Not get much information from you, if I recall. Dec 08 04:15:31 <Kleeck> And then get frustrated and leave. Dec 08 04:16:03 <AMC-CEO> I trusted them, so now it takes a lot more for me to trust someone. We will get one when the time is right. ***Dec 08 04:19:38 <AMC-CEO> I am not ignore shareholders, you have to understand that in our internet world information travels fast to our competition and vendors and customers. ****Dec 08 04:20:30 <AMC-CEO> Just talked to eASIC on Friday and they are getting a lot of emails from Investors, which is buging them. *****Dec 08 04:24:38 <AMC-CEO> Investors want to know every detail. Dec 08 04:24:47 <Kleeck> We aren't asking for every detail. Dec 08 04:24:48 <zefyr0s> would be happy with some Dec 08 04:25:06 <AMC-CEO> I gave you some and you are still not happy. Lol, please read the whole thing -- i just realized i'm posting the entire thing in small chunks The fact that he can seize Ukyo's shares is actually good news.
Not to the shareholders trying to unload their shares (Those shares have to be sold) I'm not even sure it was ActM or Ken's coin. Have to agree with that. Was it AcTM's money on there or is Ken doing this to make up for money he lost? I doubt he'll put up a sell wall at the start of trading though. From my understanding he will let the buyers/sellers determine the price and go from there. Yes if they are sold it will be supported by buyers, but at least it gives some kind of leverage before they are actually sold (that would mean all hope to see those 106 BTC is lost). The fact that he can seize Ukyo's shares is actually good news.
Not to the shareholders trying to unload their shares (Those shares have to be sold) I'm not even sure it was ActM or Ken's coin. Have to agree with that. Was it AcTM's money on there or is Ken doing this to make up for money he lost? I doubt he'll put up a sell wall at the start of trading though. From my understanding he will let the buyers/sellers determine the price and go from there. Yes if they are sold it will be supported by buyers, but at least it gives some kind of leverage before they are actually sold (that would mean all hope to see those 106 BTC is lost). Why would you think it gives leverage? Depending upon how many shares are involved Ukyo is likely to be very pleased with swapping worthless stock for 106 BTC.
Feel free to continue the discussion about the chat here: |
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LOL
3 computer IT geeks trying it out in the financial management market...
yes they know about coding a secure reliable site, but do they truly know all the legal issues around holding FIAT and being responsible for possibly millions of peoples money?
im getting a weird de ja vu image here of amir taaki, with his intersango and bitcoinca attempts.
id much prefer a proper forex management company making a bitcoin exchange rather than 3 IT scholars from oxford... just saying. but after all, the lovely freedom of bitcoin entrepreneurship.. lets let anyone have a try. and see how it goes
Hey hey, One has a physics background, another Computer science and the last mathematics. So calling them computer geeks is a little loaded. Also mathematics/physics/computer science people generally lead the world so talking them down is a bit stupid. However they need to get a Lawyer on board as a founder, this is where most new tech companies go wrong. Having a lawyer as a founder is essential and cheaper as a founder instead of being paid on retainer. |
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Mayhaps a tad more general? Card Based Gambling games, and Table Based games in two different sections?
So Blackjack, Poker, etc in one section, and Roulettes and Dices in the other section? And then there would also need to be something for those that don't fit within those two categories.
It might neaten it up, but perhaps adding childboards to a childboard will cause more disorder than not.
Card based gambling could be good. I honestly think poker is a lot more strategy than luck and should be separated from the dice games and just no skill gambling games. I agree, Poker is it's own unique thing in the world of cards. There could be a card room, dice room, and a poker room. |
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Shareholders, please amend if necessary and repost an improved version and together we can move this thing forward;
I think the shareholders should nominate ONE person to do all the talking with Ken to cut down on the noise. And I'd like to propose you, because there can be no doubt you are loyal to the company. +1 |
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The 24TH/s miners are individual machines in the same sense as the Colossus is an individual computer.
The general sentiment here is correct, the 24TH/s "machine" is a rack of mining machines with the 256GH/s cards inside. (About 94 cards or 8 - 11 machines in a rack, similar to how servers are stacked up) I doubt it will be as large as Colossus though. |
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The official thread claims 24TH/s per machine, but that would be 1200 chips/machine. Sounds a bit high.
That is the top end machine. If you look on the website it looks like the 24TH beast is more a rack of machines rather than a single desktop sized device. So beginning of October, the network was hashing with 800TH/s, now with 5PH/s. End of January this will be 14PH/s or something. 1% would be 140TH/s
The Gen1-Chips will be hashing at 20GH/s max, so we'd need to have 7,000 chips hashing.
Oh yes, your estimates are pretty spot on. If we start hashing at the beginning of February we will need at minimum 200TH to claim 1% of the network. Anyone know how many chips per machine? If we say 16, then that's 430 machines.
The chips are small and many can fit on a board, unfortunately we have no idea how Ken will have the boards designed. A single machine will have multiple cards, and those 256GH cards will have about 12 - 15 chips inside them. I am sure a machine can take many cards. So either Ken is hiring in January like crazy or this will be a dud.
This really depends on how much work the engineering firm will do. They are building the boards, I'm not sure who puts the chips on the boards, probably Ken. If all Ken has to do is take eASIC chips, put them on boards and place the components into a card case he might not need many hands. Again we have no idea how much work is being outsourced. |
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So, it's more likely he will get the chips in february then?
If he will need whole dec+jan?
I think Ken meant he would like the entirety of Dec + Jan before we all start raging on the forum again. I felt that he was implying their would be chips before February but he needs time to build the rigs and start shipping. |
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On November 2, the issuer started selling BitcoinBourse PT system shares on Cryptostocks for 0.015 ( https://cryptostocks.com/securities/59 ). I bought 1 share on November 3 as part of his release on Cryptostocks. On December 7, he suddenly posted the announcement "Dear shareholders, we decide to stop using 3th partie site to sell shares. We buy back now all issued shares.Thank you for all. System shares can be still buyed on Bitcoin Bourse directly." and did a forced buyback at a price of 0.005, resulting in a loss of 0.01 BTC/share (fortunately, just 1 share in my case) and presumably a profit to the issuer of 0.01 BTC/share. If he is going to do a buyback, shouldn't he buy back the shares at the price that he originally issued them at so that he doesn't screw investors? Have other people been affected by this, or just me? Does anyone know if this was a simple mistake, or if this was done deliberately? Needless to say, I will not consider investing again in Bitcoin Bourse until this is resolved. P.S. There are two existing threads regarding BitcoinBourse started by the issuer ( https://bitcointalk.org/index.php?topic=346503.0 by forum account dotcoin and https://bitcointalk.org/index.php?topic=270625.0 by forum account forensick) but it appears that the issuer locked both of these threads, which is why I started this as a new thread. He isn't stupid. He just made pure profit for no work. This is all to common in the world of Bitcoin. Does CryptoStocks have his details on file? You should file a claim against CryptoStocks to either releases his DOX so a manhunt can begin or you need to serve CryptoStocks a lawsuit immediately for facilitating and profiting from a scammer (They make a lot of profit from fees) You only had 1 share so it's not in your best interest to follow any of this through, infact scammers frequently love lots of little shareholders because they rarely unite. See the Labcoin IPO. They restricted their IPO income to 7,000 Bitcoin and the IPO was massively over subscribed, but the way they set it up was that lots of small timers had a chance to get shares. In the end this was favourable as no single shareholder owned too much of the company to make legal recourse difficult and costly. The key is not to let the scammers walk. This guy that stole 0.01 from you, I hope he stole a lot from some larger shareholders so that they track him down and sue him. Disgusting pigs like BitcoinBourse issuer need to be taken down at all costs. |
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Feel free to post questions and your own estimates for our company below:
This thread is meant to be either facts, well researched and well formed opinions, no FUD and no screaming.
I will remove crap because this is not a general ActiveMining thread.
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Information regarding our first generation chip and it's comparisons to the competition:
Everything about the chip and the cost is mostly unknown. We know it should be rated for 16GH/s and overclockable to 20GH/s. Entropy makes a good point about the power requirements for the racks being perhaps requiring too much power; At best easic might match KNC's 28nm W / Gh/s performance, which is on the order of 1.5 W/Gh/s. It's more likely this chip will perform worse than that, but let's give Ken the benefit of the doubt.
So 24 Th/s would consume 36 KW of power. High density racks only support 10-12 KW per unit, and that is with sophisticated water cooling radiators on the doors. 36 KW requires 165A of 220V. If you have any familiarity with the type of industrial rental spaces that Ken is pictured in, you would know that they typically have 100A of 220 available.
A solution could be to invest in a liquid cooled system such as our competitor ASICMINER. Please PM me if you think there would be reason this is not possible (Or feel free to talk about it below)
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Notes
I believe in Ken and believe that this operation can be profitable, I will post my math as evidence later on today or tomorrow.-> I am leaving to go out and am busy but I will post my workings out.
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Please see https://bitcointalk.org/index.php?topic=361930.msg7133625#msg7133625 for latest information.ActiveMining is currently under investigation from Missouri Securities Division.Until the investigation concludes; 99% of trading and all dividends are suspended.
Please do not be offended if I delete your post!!! Most of the deleted posts are simply me consolidating information to make the thread have a higher signal:noise ratio!This thread is not a replacement for any other ActiveMining thread, but rather a gathering of information. Feel free to post information or even ask questions. Questions that have no answer will be considered information because a negative can still tell a story. Because I want the thread to be very high density in information, I may delete valid posts and consolidate the information on the front page. I will leave long discussions alone as long as they are making decent progress in developing an idea and it would be difficult for me to take that discussion and summarize the facts. See my "Notes" post below to see opinions on the information. Please note that some information is speculation and other information is confirmed by Ken. If it's confirmed by Ken I will quote the appropriate post.
What is the expected timeline for chips?Based on Ken's responses in the thread, the current estimate is around January. I want the whole month of December and January. When can we expect trading to begin on CryptoTrade?This estimate was made on the 8/9th December 2013: The security is ready but the time consuming part is Ken setting up the process where we can claim shares and this being loaded into accounts on the CryptoTrade platform. My own estimate is within the next 10 days. When can we expect dividend payouts to resume?This estimate was made on the 8/9th December 2013:Once all the shares are allocated on CryptoTrade dividend payments should resume. One unknown is what happens if there are lots of unallocated shares for a long time? I assume Ken will hold back the dividend for those shares until the shareholders go through the process, and this should not affect us. Therefore we might get the dividend in the first week once we trade. What 'product' was sent out to the customer?This estimate was made on the 8/9th December 2013:Due to the fact that the large manual payments have stopped being added into the mining address we can assume the shipped product was infact a miner using the eASIC chips. However nothing can be confirmed until a customer receives this product and posts a tear down analysis on the forum. Another possibility:Just going to make a little prediction here - the products which shipped were probably Fast-Hash-80's which are the avalon clones.
Has Ken got a solution to the funds being held/lost by Ukyo?We believe Ken will seize Ukyo's shares in ActiveMining as an exchange for the lost funds. The fact that he can seize Ukyo's shares is actually good news.
Bitfunder/WeExchange Problems:
We have ~106 BTC in the Bitfunder/WeExchange system which we can not obtain. We have sent Bitfunder's/WeExchange's Ukyo a Legal Demand For Payment within 72 hours. We expect this problem to result in the loss of the 106 BTC. We are meeting with our Lawyers to determine what our next steps will be. This 106 BTC has been deducted from our liquid cash position above.
Please note that if the shares are sold off too low or too fast we may never get that 106 Bitcoin back. What is intellihash?Possibilities:https://bitcointalk.org/index.php?topic=297503.msg3906441#msg3906441This was deleted from the thread: IntelliHash
I can't see how intellihash could possibly work... the only thing it possibly could be is an over-clocking utility. It cannot change a chip (Ken said it would work on avalons too), it cannot fake proof-of-work (and if it can, bitcoin is broken), so the only option is an over-clocking utility. Which would be coherent with the 20% increase quoted, as that would be about the max you could reliably overclock.
TLDR; IntelliHash is, in my judgement, an overclocking utility. Perhaps this is on the right track?
TimelineI've brought this timeline over from the other thread as I think it may be useful to keep a copy here. The dates in bold are confirmed by announcements, while the others are projected from estimated timelines in the prospectus. - 26th July [source] - Ken estimates two weeks for NRE to be paid (during visit to eASIC)
- 3rd August [source] - Ken returns from his trip to eASIC and the Engineering firm
- 4th August [source] - Ken posts to say he is busy working on eASIC deal
- (sometime before August 28th) [used for guesstimates below] - NRE Funds paid
- 28th August [source] - Ken confirms NRE funds were converted 'some time ago'
- 4th September [source] - eASIC issue press release
- 12th September [source] - Avalon refund confirmed as having been received
- 1st November [original guesstimate] - Chip samples delivered in 9 weeks;
- 30th October [source] - Ken announces gradual hashrate increase including 'other resources' [source]
- 25th November [original guesstimate] - Low-volume chip production starting in 12 weeks, using an e-beam process;
- 30th November [source] - Ken announces delays due to further R&D and upcoming Intellihash(tm) technology
- 12th December [source] - Weekly announcement states "we are continuing to bring in all the parts for mass production of our miners"
- 18th December [source] - Weekly announcement states "working with eASIC and our engineers to get our chip and boards in full production"
- 25th December [source] - Weekly announcement states "working on assembling [for] when our boards and chips arrive"
- 24th December - 9th January [original guesstimate] - Normal volume chip production starting in 16-18 weeks.
- 1st January [source] - Weekly announcement states "The new year looks bright ... as we continue to assemble our miners for quick delivery"
- 9th January [source] - Weekly announcement states "engineers are still designing our board ... hired ... competent RTL design team to make sure ... Low-Power and ... most speed from the chip"
- 15th January [source] - Weekly announcement states "in San Jose working with our partners ... The RTL problem has been solved ..."
- 27th February - 10th March - assuming an 8 week delay (from Jan 9) or 12 week delay (from Nov 30), chips may be forthcoming at this point in time
* Note: As of 30th November, probable delays have been introduced into the timeline. (I will be trying to keep this updated as more facts are revealed. In an effort to keep this thread tidy, please PM me with any suggestions.)
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Hey guys I spoke with Ken and I am sure this is not a scam, however we need to be quiet towards our contractors (eASIC) as they are receiving too many emails from people in this thread.
I am now sure the best course of action is to let this place chill for a little while, ignore VE (And ignoring me would probably be a good idea as I am a little emotional at the moment), and let Ken get through December. Either he manages to get this to work or not, but our emails/PM's/etc.. are not helping and slowing him down.
I really think we should sit back and give Ken the whole of December to sort out this situation, we can pray something comes out good in January.
Also if we all start shouting scam it's likely the SEC will get involved and remember, we have already spent all the money on eASIC, so getting outside organizations involved will simply rob Ken of completing his work and we will never make any money, at least if we wait out December we then give Ken a fighting chance.
Thanks.
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its nothing that have been shown to anybody before
I must admit that you can speak very good English for a non-English speaker, what's your first language? I am genuinely curious. what makes you think I am a non-english speaker Oh. |
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its nothing that have been shown to anybody before
I must admit that you can speak very good English for a non-English speaker, what's your first language? I am genuinely curious. |
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Ken, I expect conclusion from you to my PM within 1 hour or post the information.
Tune in for an episode of "Babefoot unmasked" in our Christmas special, narrated by the masterful VolanicEruptor[sic]! Yes that 'c' is meant to be missing! Can someone post a timer
1 - Nope, stop being lazy you attention seeking whore, and... 2 - You replaced your own post with the time inside. |
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Is this in reference to the 15Million shares of his or his own smaller personal amount (I'm pretty sure someone said he had a smaller personal amount of shares.) DAE see that price dip? Crazy man. =) (I jest).
The smaller amount Ken purchased with his own Bitcoin. |
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