Will you soon be releasing more information specifying the details of the mining equipment being used?
It is our Fast-Hash One 600 GH/s board, soon to be on our website. Have you implemented an intermediate 'stop-gap' solution for the business while we develop our own 28nm chips or are we much further ahead than we thought?
I would not call it a 'stop-gap' solution. We are doing what is required in the business to make the company and our shareholders successful. There are a number of strategies we are using to make this happen. 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. Are you able to give us an update on the MSD investigation specifically referring to the status of our shares?
My lawyer has just responded to the MSD with the information they requested. I think that due to the couterparty risk with these bitcoin exchanges, that we will be using colored coins. CC is getting very close to being usable. I do want to get everyone where they can trade; however, I need to consult with my lawyer before doing anything. |
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Weekly Update 3/19/2014
Here is the good news for March, we are rolling off the production line ~100 TH/s of mining gear which will be installed in our soon to be leased data-center. We are expecting to have the 100 TH/s up and running on our BTCGuild account in the next 2 weeks, so everyone will be able to see the new hashing power. We will then convert to sole mining over the next month. After the first 100 TH/s is on line we will be increasing our hashing power on a regular basis. We are expecting the next increase in hashing power to be ~100 TH/s within a month for a total of ~200 TH/s.
Active Mining PR Staff
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Hi,
any of you guys have also had the refund cheque sent with a misspelling in your name (twice), so that cashing it in is impossible?
Thanks.
Cashing it would be impossible regardless of how he spelled your name. Bad check is bad  We don't issue "Bad Checks" not one of our refund checks have been returned. |
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Hi,
any of you guys have also had the refund cheque sent with a misspelling in your name (twice), so that cashing it in is impossible?
Thanks.
CS can fix that for you. |
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Hi,
any of you guys have also had the refund cheque sent with a misspelling in your name (twice), so that cashing it in is impossible?
Thanks.
Have you talked to our CS. We can fix this for you. |
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Why doesnt the customer service email work anymore on the website? I am trying to find out whats going on with my order I placed back in December. Is this unit going to ship or not? If not, I would like a refund immediately. Order Reference LIVDPQJKR.
Please respond.
Please use the shopping cart message system to contact us. |
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There are no refunds, there are no miners, there is no actm, no vmc. Just people content with waiting for ken to get away with it all.
We have paid out over $200,000 in refunds. So may I ask where my money is then Kenneth? I have attempted converse with your 'customer service' only to be met with tumbleweed (and no refund) Shed some light on this if you can! Have you checked our on-line shopping cart, it shows we did a refund on 1-15-14. I see you have two address, have you check both of those address for the check? Yes I can see that it says "refund" but this was a month ago, the check has not arrived. The two addresses (billing and delivery) are the same if you look. By what method did you send it? with tracking? signature on delivery? any clues would be helpful to track it down. I will have customer service check this out. Kenneth, You mentioned that you would check this out with customer service over 3 weeks ago and have not got back. Please tell me what's going on with my refund. We have replaced VMC's customer service staff with Kris. Kris is going through all of the refunds and we expect to start sending refunds out again in the next 2-4 weeks. This delay in refunds was due to our loss of bitcoins on MtGox; however, we will be covering all refunds 100%. |
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Weekly Update 3/12/2014
VMC has hired Kris as their new customer service rep and she is getting all of the old messages caught up.
VMC is expecting to start sending out refund check again in about 2-4 weeks. This delay in refund checks
was caused by VMC's loss of bitcoins on MtGox. All refunds will be covered 100%.
I will be in California this next week and I am expecting to announce some really good news next week.
Active Mining PR - Staff
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Ken, we have been waiting on chips since the end of last year. You have kept us largely in the dark as our competition has been ramping up. Remember that you started ACTM so that you could provide a quicker solution to bitcoin mining? Is this going to happen? Or is all of the money going to drain out of this company before it does? Ken, get your act together. Get help where you need help to get this project completed promptly, or liquidate the public shares. Get people involved that have a passion for bitcoin mining and pay them with the company's half of the shares. I know that there have been a lot of mishaps and things out of your control. That's partly how the bitcoin world is right now, everything moves so fast. Either you can handle the task at hand in this environment and provide a return to the investors or you cannot. Do you have what it takes? If not, throw in the towel. If so, get us something to show for all this time and money.
Well written, so do I have what it takes you ask, well ask again in about 14 days. |
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Ken thanks for the quick reply. I'm looking forward to getting some of this info in the near future.
On No 3, does this mean that we are just waiting for Colored Coins and not the MSD issue you alluded to yesterday?
I think Colored Coins is the answer. |
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1. Setup a site for us to input our timestamps, public address, email etc. so we can verify our shares.
I need to check with my lawyer before doing this. 2. Give us the public address where the avalon refunds are sitting. Show proof of ownership of said address with ~1,500 BTC by signing.
Check the Active Mining threads for the address. 3. Brief us on the status of the MSD investigation and the trading platform(s) with regard to their effect on the timeframe for us having complete access to our shares. Do this regularly.
Had a meeting with our lawyer yesterday, does not sound like it will cause VMC or AMC to much trouble. 4. Publish a schedule which identifies key targets/objectives and corresponding dates from now until customer hardware ships and mining farm operation commences.
I will be announcing this in the near future. 5. Inform the shareholders as part of the Weekly Update if we are on schedule.
Ok 6. Give us a specific date for your announcement that will reveal details of the 28nm chip that is in development.
I wish I could, this is a moving target at the moment |
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Perhaps go into the bank and run Armory there?
Yes that's possible if they allow you to take a Laptop into the secure area to generate the signing code. Being safe is an area I'm sure Ken is highly aware of due to him being a known face and having an open work address. Security is everything both online and in the real world. A lot of people would do almost anything to get their hands on a million untraceable dollars. With the previous VE threats I warned Ken about taking his own personal security seriously and he assured me he had taken steps to increase it and was treating it very seriously. I have PM'd etotheipi asking him to kindly join in the discussion about how to best sign a paper wallet. Ken this needs to be done ASAP once we get clear and concise information on how to do so. Ken, how did you create the cold storage wallet? Is it via a paper wallet or a secure offline computer? If on a computer what client are you using? I am using Armory with an offline wallet. In addition, I created a program that keeps SHA256 ASIC from breaking the key. I also have the keys stored in a paper wallet in a fire safe in 2 locations. |
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Can a signed message be sent from a cold wallet without compromising the private key? ie entering it online?
Armory can do this. Ken hasn't said he is using Armory though I don't think. There is a security issue here we need to be aware of. You are asking Ken to confirm he has a million dollars of BTC on a laptop with Armory on it (for example) and his work address is public knowledge. Do you see the issue? I would think the cold wallet keys are kept in a safety deposit box in a bank in Springfield or Kansas City and there they should stay until they are needed and their safety shouldn't be compromised just to supply a signed message. Surely we want evidence of chips and not just company cash deposits? There is no issue. Ken just needs to use the private key on a clean, offline computer to create a signed message and copy it to external storage then an online computer. I am using Armory with an off-line wallet. |
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ken,you get 25000 from ipo.and how many btc left now? did you have enough money to made the 28nm chips??
Active Mining did not get 25,000 BTC from our IPO. The first IPO was at .0005 BTC and a lot of those sharesholders tendered their shares for Active Mining shares. |
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The way I understand it VMC and AMC are two different entities.... So if VMC was to go bankrupt, would AMC still have it's assets and be able to continue building a mining farm for its shareholders? (I don't actually see this happening but would like to know the answer)
This is not going to happen to VMC. |
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The way I understand it VMC and AMC are two different entities.... So if VMC was to go bankrupt, would AMC still have it's assets and be able to continue building a mining farm for its shareholders? (I don't actually see this happening but would like to know the answer)
Not the most sensible question to ask - unless you want a wave of cancelled pre-orders to refund in the morning. Ken has always said customers and shareholders are the number one priority. If VMC succeeds then so does Active Mining so there is no possibility of one side going bankrupt over the other. edit- and with a near full refund from eASIC the company will have more than enough money to go round so there is no need or benefit from bankruptcy. Quite the opposite in fact. I would not expect a full refund from eASIC; however, as I have said we have a plan, which with a partial refund from eASIC we could recoup eASIC's NRE. |
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Ken while you are on and answering concerned shareholders questions.
Can you tell us about the 28nm chip. Will it actually become a product/ what are the dates?
We are continuing to work with our vendors on our 28nm project. Are you willing to do a google group chat with shareholders to ease tension?
Not at this time. We are doing Weekly updates to keep shareholders up to date. Remember we gave you lots of money and in return have nothing but empty promises. I am sure you understand.
Remember Active Mining has paid out or is going to pay out $ 462,115.81 in dividends. So, Active Mining has gave a lot of money back. |
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Ken,
Who is our new BTC payment processor?
Thanks
Most likely Coinbase. |
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Why were there coins on GOx Ken?
We were using MtGox to process our bitcoin transactions. How were you getting money out? We only had bitcoins on MtGox no USD. |
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These remaining Bitcoins need to be kept offline in multiple cold wallets otherwise they could be lost to a hack. Ken can you confirm you are storing the coins in cold wallets? It's crucial.
Yes, all of our bitcoin's are in a cold wallet. |
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