Why were there coins on GOx Ken?
"No Active Mining BTC was lost."
Are you insane who's profit do you think that comes out of.
I am just talking about the entities not about profit or loss. |
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Weekly Update 3/5/2014 1. What is the status of our shares?
Active Mining Corporation (Belize) is holding shares for investors, pending the MSD investigation and colored coins. can you explain , why CT customer was able to trade ActM shares? while pending MSD investigation? did they give you exception to let you list to recover the loss? thank you The ukyo shares were being traded before the MSD investigation. |
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Why were there coins on GOx Ken?
We were using MtGox to process our bitcoin transactions. |
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Weekly Update 3/5/2014 1. What is the status of our shares?
Active Mining Corporation (Belize) is holding shares for investors, pending the MSD investigation and colored coins. 2. How many bitcoins were on MtGox and why where they there to begin with?
VMC's 453 BTC from Pre-Orders. No Active Mining BTC was lost. 3. How much did ActM lose on the cancelled 55nm deal?
Less than $1,000 plus Active Mining shares. At the same time we gained a lot of experience and the help of 2 engineers. I think in the long run it will be a net positive. 3.1 Were the 55nm ever even taped out? Do you have any proof of their existence?
The 55nm was taped out on a shuttle run. Production run was not taped out. 3.2 How much money does ACTM have?
~1500 BTC 3.3 How much money did ACTM lose in the 28nm eAsic failure?
This has not be finalized as of this date. We are working this week a plans which will recover the complete eASIC NRE. 4. Who is on the payroll (What companies are you currently working with and how many people (and who) currently work at VMC/AMC)
We don't release the names of who is on the payroll and we don't release the names of our vendors. The tapeout was the shuttle run for prototypes. This was cancelled and transferred to a production run, which was then cancelled also. 6. Intellihash?? Can you please explain what this is/was and how this factors into everything?
Not any more than what has been explained before. 7. Are said financials which are forthcoming going to be prepared to GAAP or IFRS levels? Last time financials were forthcoming they were two lines of text in a monthly update.
Active Mining - No Virtual Mining - Yes |
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I've been advised that the best first step we as shareholders could make is to have the company audited by an independent third party, if necessary funded by us as a group.
I can see no reason why Ken should not allow this unless he has something to hide - it would cost the company nothing, the information would only be provided to actual shareholders and not released into the public domain. IT would prove once and for all if our situation is a result of a scam or just simple mismanagement and incompetence and would provide us with physical evidence one way or the other. There are 3-4 members of staff that are just twiddling their thumbs at the moment and have been for the last 6 months at least, I'm sure they can find time to pull up whatever documents the auditor requires.
@Ken - will you allow an independent third party chosen by shareholders to do a full audit of the company? The shareholders will agree to collectively fund the audit and reimburse the company for any staff hours lost due to the audit.
I suggest we all continue to ask this question from Ken until we get a definitive response. If he refuses to allow this I think we have our answer as to whether or not this is an outright scam or not.
I have no problem with that; however, I don't think it is necessary as we will be releasing financials for last year by the end of the month. |
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Given that legitimate posts are being deleted by Kenneth slaughter asking where our refunds are we have created the unofficial virtual mining corporation thread to discuss these important issues: https://bitcointalk.org/index.php?topic=491609.0This thread is moderated by me and posts will not be censored. I ask for your Order Id on February 5th: We only refund with a check. We had a little problem in December with BTC processing, so all Bitcoin refunds have to be checked, so that may be the hold up. I will look into why you refund has not be sent. Do you have your Order Ref Number?
With no response, I then ask for your Order Ref number on February 27, after over 24 hours waiting with no response and no Order Ref number and then after two request it was determined that you were a troll with no order in our system, so I deleted your post. Not until the post was deleted did you send me your Order Id. |
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Hi Ken,
I've just read the article which has revealed some interesting developments.
I've got a couple of questions that I'd ask you to consider answering when you have time;
Has the 55nm chip been dropped because you have no choice in the matter?
It was the right decision base on all of the facts. How are the company financials at present?
We are in great shape and moving forwared. You mentioned the 'March good news' recently. Is it related to the schedule for the 28nm full custom and when will you share this news?
It is related to a 28nm full custom chip. As soon as I can. Still working on some of the details. I've been on the ActM irc channel and the sentiment is one of pessimism. The shareholders are disappointed that they got this news from the media and not yourself directly and they unanimously want you to reconsider reinstating the 55nm development. Are you going to be making an official announcement before Wednesday's update considering the major changes to the business plan?
I am sorry that the 55nm news came from the media; however, I was waiting to announce that with the good news. Regards,
zumzero
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Nice to see everyone's attitudes are becoming more positive, I'm very much looking forward to our developments in the coming months.
It really is amazing just how much noise was in the other thread and how much cleaner everything is when the trolls are kept under their bridges instead of in our halls. In a related note, I'm more than happy to offer my services to help moderate this thread if need be. Ken, considering the funds that we may not recover from the eASIC NRE and the fallen price of bitcoin, are we still in the black (i.e. if all pre-orders demanded refunds, would ActM/VMC be able to cover them all)? Yes |
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Crypto-trade is up and running in audit mode. As specified on their page during the 2-3 weeks audit "All people can either withdraw their funds or can keep in our site. Trading and API will be disabled during the auditing period. All the withdrawals will be processed manually.". I hope Ken will get the shares list and keep it secured.
Ken please get the asset list ASAP.I will get it today. |
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this may be way off topic but it reads very similar to a certain CEO of a certain company that we are all invested in, especially in regards to PR: EXCLUSIVE: Charlie Shrem Speaks Out About Mt. Gox...Shrem believes the company should have, long ago, hired an agency to handle its PR, but it didn’t, because Karpeles didn’t want anyone to know Mt. Gox’s inner workings (read: didn’t want anyone to know what a dire mess it was in). Except we aren't in a dire mess. |
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Virtual Mining Corporation 02/27/14
Virtual Mining is currently processing and confirming pre-order refund requests. It is a very timely process because we are in the final stages of configuration before all of our pre-orders are shipped. Look to your email for product shipping order schedule. At the current time we are not immediately moving every order to a refund status due to our final staging and rigging our products for shipping.
We are contacting all of our valued customers with pre-orders with our new product specification details that includes an increase in hashing power. This increase in hashing power will make up for our delay in shipping. Should any of our customers still wish to receive a refund even with the increase in hashing power please contact our customer service department.
Thank you for your continued patience and good luck on your Mining Ventures
You would need to increase the hashing power by a factor of 10 in order to account for the increased difficulty for non delivery at the end of December. This is assuming you can deliver in April (serious doubts going off track record - please prove us wrong) Even then, miners will not turn a profit because of the current price of BTC. (~$570) Refund for me please. I have already PM'd you. and have already contacted CS. You also said the refund was already sent. The fact that you are offering unviable trinkets both here and on PM determined that was a lie. I don't think so. we have sent out refunds last week. @magzy, I can't seem to find in any of you PM's an Order ID, so I don't even know if you have an order. I seen your info to CS and I have now PMed you to get your Order ID. We would have sent your refund last week if your order could have been confirmed. |
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Virtual Mining Corporation 02/27/14
Virtual Mining is currently processing and confirming pre-order refund requests. It is a very timely process because we are in the final stages of configuration before all of our pre-orders are shipped. Look to your email for product shipping order schedule. At the current time we are not immediately moving every order to a refund status due to our final staging and rigging our products for shipping.
We are contacting all of our valued customers with pre-orders with our new product specification details that includes an increase in hashing power. This increase in hashing power will make up for our delay in shipping. Should any of our customers still wish to receive a refund even with the increase in hashing power please contact our customer service department.
Thank you for your continued patience and good luck on your Mining Ventures
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Virtual Mining Corporation 02/27/14
Virtual Mining is currently processing and confirming pre-order refund requests. It is a very timely process because we are in the final stages of configuration before all of our pre-orders are shipped. Look to your email for product shipping order schedule. At the current time we are not immediately moving every order to a refund status due to our final staging and rigging our products for shipping.
We are contacting all of our valued customers with pre-orders with our new product specification details that includes an increase in hashing power. This increase in hashing power will make up for our delay in shipping. Should any of our customers still wish to receive a refund even with the increase in hashing power please contact our customer service department.
Thank you for your continued patience and good luck on your Mining Ventures
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Hi, One user, coindesk12, has received a refund, but only after filing a complaint with the Attorney General ( https://bitcointalk.org/index.php?topic=206488.msg4699254#msg4699254 ). Others are pretty much where you are: ...
It's now been 8 weeks since I requested my refund and still have not got my money back.
Ken Slaughter is being investigated for securities fraud, Weekly Update 2/19/2014
...
Management is preparing for the MSD investigation, management believes that the MSD will clear VMC of any wrong acts in Missouri as VMC has NOT offered ActiveMining shares.
...
@ ...so, in all likelihood, your shares are a total loss. On the other hand, consumer fraud is an entirely different kettle of fish, and would be extremely damaging to Ken's securities case. You're likely to get a refund if you follow coindesk12's example. This is a moderated thread, and this post is likely to get deleted. I'm sending you a copy via PM. All the best. @V2Rocket, you should get your facts correct coindesk12 contacted the Attorney General to get a shipping date. VMC issued a refund due to the fact that at the time we did not have a confirmed shipping date for coindesk12. Coindesk12 did not want a refund. |
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Weekly Update 2/26/2014
We have hired a really good lawyer for the MSD problem. I am out west working with our Project Manager working with our vendors to move our projects into high gear. Expect good news in March.
Active Mining Staff
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No bitcoins on CT.
Do you have a copy of the share holders list from CT? No, I don't at the present time. Crypto Trade should be up tomorrow for a short while so people can pull their BTC off of. Can you see if you can grab it while it's up? Does Crypto Trade allow you to see an asset list? I will try. |
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No bitcoins on CT.
Do you have a copy of the share holders list from CT? No, I don't at the present time. |
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What's important is that Ken took the Bitcoin he made from UKYO's shares off of the site as soon as possible. What if the $30,000 stolen is Ken's money? Another hurdle for us to overcome.
Ken, please update and confirm you had no Bitcoin on crypto trade at the time of the hack. Thanks.
No bitcoins on CT. |
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Reposting a comment without the giant spammy text. The concern of customers receiving refunds is legitimate. This was already posted in the unmoderated thread, but I think it's relevant so I'll re-post it here.
VMC's rating was demoted from B to E, because of refunds being ignored and no products on the horizon.
I can't blame them on the "no product on the horizon", but refunds being ignored can't be good for business.
Ken, can you address this?
We have processed refunds this week and mailed out checks. With the volume of refunds being processed, we are running behind. |
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What do we think cost price will be of these cards inserted into our farm rigs? Lets say 20% of retail. Is that reasonable? Well if that is the case and we have them running by June then with BTC again at 2k USD ROI would be 23days. There are a lot of variables, some of them still to be set as manufacturing progresses. One thing is for sure the higher BTC is by Q3 the sooner these chips will ROI. Is that a face-palm statement? Pretty obvious I guess. http://thegenesisblock.com/mining/a/b1ebec17ea~correct link inserted~ Edit we are on target to get to market around the same time as CoinTerra with their GSX I ready in June 'At just $1,599 and delivering over 400 gigahash per second'. Except we will be 100dollars cheaper for 32GH more. And as our offering is air cooled and theirs water do we have a cooler running chip? Our project manager and engineers have worked to get a chip that can be air cooled, this will work in our expansion cases. The project manager with our engineers has managed to reduce the cost of the expansion cases to about 25% of what the cost was. This will be changed on our website soon. |
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