ZZ... You can take 100th and go to a mining estimate site and figure out for yourself how much that will generate over a period of time. The difficulty is only so good until BFL, Black Arrow, KNC and Asicminer start shipping. They are all really imminent. And so far, Ken hasn't shipped anything so doing any calculations against today's difficulty is a bit pointless as well since we don't know really when these miners will actually be installed and then start mining for VMC. They first have to mine for AMC refunds.
We asked Ken how much money AMC and VMC has. You can look back through his comments, I'm not going to quote him. He said AMC has 1400 some Bitcoins total and provided access to the wallet. And that VMC lost all their funds on MtGox so he could no longer conduct refunds.
Where is the rest of the money? That's a fine question. I'm with you on that one. That has never been explained. eASIC had some supposedly which likely went to fund the boards.
I believe Ken said he'd provide all the financial information at the end of March, as this was his optioning to postpone sending in a third party auditor of the operation. I think if that doesn't happen (Which it likely won't) I think we should have the auditor go in and provide us info that Ken does not. Then we'd all have our answers.
Wrong, VMC did not loose all of it funds; however, the MtGox losses reduced our cash postion to a place where we had to delay refunds. Those refunds will be paid out from VMC funds not AMC funds. |
|
|
|
... We are expecting to start sending our refunds in coming week. You should ask for a refund in our shopping cart if you have not already...
This from the guy who said they have sent refunds to anyone who asks. SCAMMER We have sent refunds of over $300,000; however, we have had to delay refunds due to our losses on MtGox. With our parent company Active Mining we are still in a position to refund 100% of our Pre-Orders. However, VMC would like to pay the refunds from its funds. |
|
|
|
|
... We are expecting to start sending our refunds in coming week. You should ask for a refund in our shopping cart if you have not already...
|
|
|
|
are we using 28nm chips in our boards? Would love to know the answer if you are able to say  Yes, we are using 28nm chips in our new boards. |
|
|
|
+1. all i see is relatively small hashrate with some crazy variance going on - looks like vardiff>1024 using <500GH
Seeing as you are a fairly knowledgeable hobby miner, would a retail ready machine hash with such volatility? Do you think it's plausible that the variance in the hashrate is due to this being a "demo board" with some kinks yet to be worked out? This seems like a very reasonable excuse for Ken not to be providing chip specs for the time being until everything is fine tuned and stable. Ken, if this is the case (or something similar) please just let us know. Some transparency on this issue would go a long way for most of us. I said it was a prototype board. Prototype board are not production quality. We are tweaking this board for the best speed possible. We will apply the tweaks to our production quality boards which will be coming off the production line this week. We expect that this version of our production boards will run @ ~600 GH/s. |
|
|
|
+1. all i see is relatively small hashrate with some crazy variance going on - looks like vardiff>1024 using <500GH That is what you should see, this is our first prototype board off of the line. We are building more. |
|
|
|
Now create another account and put the old miners on it so we can see the two side by side, proving that you're not just using the old miners. Why don't you just do this, look at the old miners on BTCGuild and the new miner on eligius. |
|
|
|
DEAR VIRTUAL MINING CORP
I HAVE HAD ENOUGH WITH THIS COMPANY
I HAVE ASKED FOR REFUNDS MANY MANY TIMES AND ALL I GET IS MORE FALSE PROMISES.
I WOULD LIKE MY REFUND NOW!!!!!
MY ORDER NUMBER IS GWLKBXZTH
AND LETS SEE IF YOU WILL RESPOND BACK
I responded to your PM. |
|
|
|
Ken,
Please either spill the beans, or explain why you can not spill the beans.
We are on your side and genuinely want to do everything we can to help.
Shareholders absolutely deserve an answer here.
Regardless of the answer and circumstances, as long as you are up front, we can & will do everything we can to help out.
I know you get a lot of flak, but the trolls are gone, so there is no concern there and we can manage it.
I remember when, during the initial IPO, you were in a corner and you held out your hand to the shareholders who answered.
Within a couple of days, it seemed things were sorted.
All I'm saying is, we are here for you now, more than we've ever been. Just say the word and it will happen.
@zumzero First, I want to thank you for your support this last year, it has really been a learning experence for me. There are a number of reasons for not spilling the beans. Here they are MSD, Competition, and Trolls just to name a few. However, me and my team are working hard out west to make it happen. The shareholders will soon see proof of what we are doing in the form of increased bitcoins flowing into our mining address. So, just stay tuned to this channel and watch the mining address. |
|
|
|
Everybody who is concerned should log on to bitfunder.com and check their transaction history. I know the website wasn't allowing logins a few weeks ago but now it does. Go login and take a screenshot of your transfer to AMC-TENDER. Might as well take any other screenies you may need now too.
Screenshots likely wont help you. You need to be able to sign the address associated with your bitfunder account to prove ownership. This is assuming we ever get our shares back. Screenshots will help, our system will automatically verify your shares if you know your bitfunder username, and transaction information for shares transferred to AMC-TENDER. |
|
|
|
Vince has a good idea. Eligius does NOT charge a pool fee. In addition, it is easy for anyone to see how much is actually being mined if you have the mining address. Eligius is run by Luke-jr and his crew and is reliable. Given how many terrabytes ActM will be mining, and the fact that the amount paid by the pool fee increases the more you mine, it makes good economic sense to use Eligius Pool instead of BTCGuild. Ken, please make that change. We are currently running one of our Demo boards on BTCGuild and our total hashing rate:
Team AMC:
211435 926.93 GH/s
Go on Eligius Ken - just use the mining address as the username on cgminer/bfgminer - no need for new accounts - 0% pool fee - NMC co-mined... much better. We will be converting to Solo Mining with this much hashing. Please stop speaking in riddles. So you are implying we will be mining with much more than a few 100th's? I am sorry you can't understand a simple statement, I will make it clear, with 100 TH to 200 TH of hashing power we will be converting to solo mining over time. I believe that I said in my announcement that we would be adding more THs in the future. |
|
|
|
How are things coming along with the pre-ordered products?
We are getting ready to start issuing refunds again. We are also using our new 600 GH/s board as we get them in full production to solve our refund problem. Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet. As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks. AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners. VMC is still in a cash positive state and will start refunding Pre-Orders next week again. AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders. Also, VMC is getting ready to start selling in stock bitcoin mining cards. When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there? It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them. However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sinell. See how that works, very simple. If you were selling them on Coinbase, why on earth were they on Gox instead of your own wallet or coinbase? Again very simple, we were using MtGox to process our bitcoin transactions from Pre-Orders. That explains why they got into Gox, but not why they were sitting there. Ok, again very simple, moved some from Gox, had a hard time, but finally got some out. I was planning on getting all of them all out, but got very busy on making the 55nm deal. |
|
|
|
How are things coming along with the pre-ordered products?
We are getting ready to start issuing refunds again. We are also using our new 600 GH/s board as we get them in full production to solve our refund problem. Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet. As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks. AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners. VMC is still in a cash positive state and will start refunding Pre-Orders next week again. AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders. Also, VMC is getting ready to start selling in stock bitcoin mining cards. When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there? It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them. However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sinell. See how that works, very simple. If you were selling them on Coinbase, why on earth were they on Gox instead of your own wallet or coinbase? Again very simple, we were using MtGox to process our bitcoin transactions from Pre-Orders. |
|
|
|
How are things coming along with the pre-ordered products?
We are getting ready to start issuing refunds again. We are also using our new 600 GH/s board as we get them in full production to solve our refund problem. Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet. As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks. AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners. VMC is still in a cash positive state and will start refunding Pre-Orders next week again. AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders. Also, VMC is getting ready to start selling in stock bitcoin mining cards. When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there? It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them. However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sell. See how that works, very simple. |
|
|
|
200TH/s is 0.5% of the network hash.
Going solo is it really a good idea?
Maybe stay at eligius, until maybe 1%.
I agree, going solo with less than a few % will give us bad luck. I think its better stick to a pool until we can confidently solo mine. That is the plan. |
|
|
|
We will be converting to Solo Mining with this much hashing.
Serious question Ken. Given the complete disaster ActM has been so far, and your complete lack of achievement to date ... do you think going solo mining and hiding the hashrate will benefit investors? Did I say anywhere we are going to hide the hash rate. We have always been transparent with our mining revenue and we will continue to do that in the future. |
|
|
|
How are things coming along with the pre-ordered products?
We are getting ready to start issuing refunds again. We are also using our new 600 GH/s board as we get them in full production to solve our refund problem. Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet. As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks. AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners. VMC is still in a cash positive state and will start refunding Pre-Orders next week again. AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders. Also, VMC is getting ready to start selling in stock bitcoin mining cards. |
|
|
|
Vince has a good idea. Eligius does NOT charge a pool fee. In addition, it is easy for anyone to see how much is actually being mined if you have the mining address. Eligius is run by Luke-jr and his crew and is reliable. Given how many terrabytes ActM will be mining, and the fact that the amount paid by the pool fee increases the more you mine, it makes good economic sense to use Eligius Pool instead of BTCGuild. Ken, please make that change. We are currently running one of our Demo boards on BTCGuild and our total hashing rate:
Team AMC:
211435 926.93 GH/s
Go on Eligius Ken - just use the mining address as the username on cgminer/bfgminer - no need for new accounts - 0% pool fee - NMC co-mined... much better. We will be converting to Solo Mining with this much hashing. |
|
|
|
|
We are currently running one of our Demo boards on BTCGuild and our total hashing rate is:
Team AMC:
211435 926.93 GH/s
|
|
|
|
|
Show Posts
