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Where there is doom and gloom, I see opportunity for him. If he is truly in a confident position and feels good about ActiveScams future, providing detailed financials, screen grabs of the books coupled with his future plans and projections, people might not be so gloom and he would increase confidence/sentiment/legitimacy. If he is using some small business box software like Quickbooks, he can easily provide those grabs without divulging sensitive information that only internal accounting personnel should see.
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So, he is either stalling or he is very unorganized in terms of bookkeeping. |
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Good post, bitlind.
In my opinion, any bag-holder should be heading towards the exit at this point.
There is no evidence of a proprietary chip coming from ActM anytime in the foreseeable future. The company's reputation is in the crapper, mostly due to horrible customer service. Several suspicious activities such as unsigned refund checks, among other things. Not to mention the MSD investigation.
I'm happy I got out with something, although I am upset that I was unable to sell for almost 6 months while I watched this thing be horribly mismanaged.
People will start to smell the coffee and either call their own lawyers, or contribute to the Woodlaw investigation which will hopefully lead to a class action. Will be interesting to see how this plays out, but I hope no one else gets tangled up in this mess.
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qukkM claiming to have been waiting 5 months for a refund Ken you made an error with your quoting in your previous post, FYI. Hashfast seems to be going bankrupt. What is the plan for a proprietary chip?
Thanks, I be answering most of these question on Wednesday. Ken why did you miss your self imposed deadline? Again? Can you answer my question please? Sorry, I forgot, been busy doing customer support. Ken if you have been doing customer support can you tell me when you will reissue my cheque refund after failing to sign the original cheque. I sent the cheque back as requested and now you are ignoring all of my messages either through the store or through here. What do I need to go to get a refund that I was promised would take 10 days, it is now 5 months later and I am still waiting. |
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Point of information - it took Ken 5 days to ship after I paid, and I think 2.5 weeks in total to arrive. Because it's shipping to the UK and UK customs are slow as shit.
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Vinny, the one that took 5 days to arrive? That one's not working  Try telling the whole truth -- you'll be surprised how good it feels! ... calling it a night. this is much more of a pain than I was expecting. I have 1.5TH sitting around that I cant use. i'll try again tomorrow.
Chops, maybe something is going over my head, but you are quoting finlof there (not Vince) |
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Ken you made an error with your quoting in your previous post, FYI. Hashfast seems to be going bankrupt. What is the plan for a proprietary chip?
Thanks, I be answering most of these question on Wednesday. Ken why did you miss your self imposed deadline? Again? Can you answer my question please? Sorry, I forgot, been busy doing customer support. Perfectly reasonable. But what is your plan for a proprietary chip? |
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Trade with caution.Update [May 9 2014]Of the 31 known Prospector boards ordered from VMC: 15 Delivered are dead on arrival - still waiting for replacement - (computerjesus/ Kodemadge)4 delivered and working. (2 to bargraphics & 2 to 'unknown user')5 Delivered - waited 30 days - all confirmed working (emjay47)6 ordered by rogerli9 (ordered 2014-04-11) delivered 25 days late1 orderd by VinceSaimos - took 5 weeks to arrive - working ok.
Refunds: @Magzy- 2nd Refund check arrived - awaiting clearance at bank. @metalchain - Still waiting - I sent PM to Ken many times. He always reply to me "We will ~~, ASAP~~~, Quickly~~~, next week~~~" @cryptoconomist- still waiting - "Two weeks ago on a Friday I spoke to him again and he literally promised me he was going to ship my order on the following Monday, but haven't heard from him. Since then, when I log into my account, my initial order has now been moved to "refund" status and my new order to "cancelled" which contradicts what Ken and I discussed. I wrote so many emails to him and to the Active Mining threads but my posts keep getting deleted" @meccaflare0 - still waiting "ken owes me like $x" @greek_hephaestus - unknown -"Thank you very much Magzy for your suggestion . I will do it in a few days. [contact the AG] First I send one more message to VMC. Thank's again." @coindesk - http://www.coindesk.com/mining-hardware-companies-miners-roundup/@lenart_o - I'm waiting for refund [of $10k] since february this year there is no chance to get back my money?? I'm from Poland and I don't have idea how to get back my money . I was stupid and I was belive in company with no proof now I'm without money ... |
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I would agree. Since shareholders can now exit, it would not make sense to take legal action, from a financial standpoint.
As soon as my shares are listed, I'm out. I simply don't see this venture succeeding. He has made improvements, but the communication issues alone are too much. Customer service is a mess, and who knows where the financials are?
I'm not sure I get your point. You were a victim for the duration you held your shares, selling them does not make a difference from a legal standpoint. You can be "out" and still try to get back what kslaugther stole. You raise a good point. My knowledge of law is limited, but it would seem like a class action could recoup some coin for victims. It also seems like lawyer fees, etc. could eat up most of what is gained. Class members often receive little or no benefit from class actions. Examples cited for this include large fees for the attorneys, while leaving class members with coupons or other awards of little or no value...
That being said, I don't think class members would have to pay any fees, would they? So, in a worst-case scenario they would receive nothing (compared to a solo action suit they might have to pay more than they originally bought into ActM). Correct me if I'm wrong, as I'm just going off of what I've researched. If that is the case, I feel like the primary motivation here would be the ethical argument, which is that Ken should be brought to justice. |
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Just received my shares.
Also took ~36 hours
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i submitted my transfer request email 17 hours ago and haven't heard back yet. Anyone else still waiting that long or longer?
Going on 28 hours for me. Edit: It took 48 hours for my shares to be tendered from AMC to ActiveMining during the Bitfunder days. I'm not too concerned (yet) |
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I'm a very large shareholder, and I would be strongly against any legal action at this moment.
We are finally seeing some movement by Ken, and I think it is best to give him time to keep the momentum going.
We now have our shares, mining is happening, there is improvement.
We still need to know more, and for more to happen, but now is the time to allow that to happen.
If it doesnt, then we can revisit thoughts of legal action.
Taking action now would be shooting ourselves in the foot, and a sure way of killing any hope of return of wealth.
I would agree. Since shareholders can now exit, it would not make sense to take legal action, from a financial standpoint. As soon as my shares are listed, I'm out. I simply don't see this venture succeeding. He has made improvements, but the communication issues alone are too much. Customer service is a mess, and who knows where the financials are? |
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Yay got my shares
Awesome. How long did it take? |
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Hmmmm how long did it take anyone to get a Crypto-Trade account confirm email? ... 2 hours and counting here ...
Many people got their confirms very fast but that was when Ken was awake. I am sure Ken is asleep at the moment and when he wakes up he'll have a mountain of email to get through! I am waiting too. Just sent mine as well. 10:36 AM in Missouri, so Ken's probably digging into these as we speak. |
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Weekly Update 5/7/2014
We are starting the migration to Crypto-Trade.com for ActiveMining shares transferred to AMC-TENDER on Bitfunder
The following limitations apply:
1. You must initiate this migration request before May 21st, 2014 00:00 GMT.
2. Dividends will not be paid until after this migration.
3. We can make no guarantees that Crypto-Trade or any other exchange in the future will not impose additional limitations on trading or will not be shutdown.
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THANK YOU, KEN!This is the only thing I wanted. Sending my email now... once these are on CT I will finally be at rest. Again, thank you. |
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I agree with zumzero,
The best course of action Ken could take, is to simply lay everything out, show what position we are in, and then let us help.
He is one man, he has failed until now, and he must see that. But he can still make this venture a success by drawing on shareholders who have a lot to lose, and a lot to gain.
But, will Ken listen, or keep digging a hole I believe this is the fundamental question that is dividing us as shareholders: "Will Ken listen?" I, personally, do not believe he wants to listen to shareholders. He didn't want to listen to the advisory board back then, and he hasn't been listening now with regards to providing a financial report, or the updating the website. The website is a great example because he doesn't need to lay that out. Everyone (including Ken, I'm sure) can see that updating the website would help the company immediately drive more sales. I'm sure there are plenty of shareholders today that would help him with this for free. Yet he appears to be ignoring this completely. |
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I am not merely showing blind optimism as my personal belief is that we can all pretty much write our investments off as a loss.
I know it isn't purely blind optimism, and I do see your point about a 'happy forum' driving sales. I know that you want to hold on to the hope that there might still be a chance to turn this around, despite the track-history of this company. My concern is if we wait until the fat lady sings, it may be too late. This is about when to pull the trigger and cut our losses. |
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How many shareholders do we need for the class action lobbes? Count me in I know Ken won't be getting back on any of these points - if he even got a chance to read them before they were deleted by his really smart Mod team.
Great question, but I am certainly no lawyer. My main purpose of this thread is to get the ball rolling. This source says 'Although it sometimes helps if several people are named as plaintiffs in the suit, a single person is generally enough to file a lawsuit so long as the attorney for the class has a good faith belief that a number of other people were injured in a similar way. It generally takes at least 30-50 people with similar claims, and sometimes many more, to qualify as a class action.' I would love it if someone who is a little more versed in the law could weigh-in. Either way, if you are in, it wouldn't hurt to contact Wood Law Firm: http://www.woodlaw.com/cases/virtual-mining-corporation-and-active-mining-corporation@bitlind - let us know any info you can once you speak with your lawyer. |
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Personal drama aside, the damage to this company lies squarely on Ken's shoulders. We can fight all we want about the censorship issue, or trolling, or FUD, but that is just a red herring. Always has been. Hell, I wouldn't be surprised if Crumbs was actually Ken at this point. Zum has a point that we shouldn't be wasting our time attacking each other, however I would say we need to be rallying against the true cause of this (Mr. Slaughter) If we weren't living in a vacuum of information, Trolls wouldn't have too much to troll about. EDIT:
If we go down the Woods Law class-action route we could at least get 10% of our money back. That will be a lot better than 0% which is what we are facing right now as Ken continues to slowly run this company into the ground.
+1 My point, exactly |
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Instead of all the in fighting why not unite and get behind Ken? The reason I'm suggesting this is because I think it's the only way we'll ever see any money from our investments. It's understandable that people are posting through anger, frustration and resentment given our predicament and Ken's unwillingness to be transparent is fuelling all this negativity. If we could all put our emotions to one side and realised that together we have an opportunity to affect things positively then we reduce the likelihood of losing everything. Legal action won't make anyone any money apart from the lawyers. I propose a think tank. Let's get organised. Identify what needs attention. Prioritise it. Give Ken some ideas and offer quick fix solutions to the issues he's facing. If we do this then we open a dialogue with Ken and inevitably learn more about the business. We get answers to some of our questions. Come on guys there is plenty of talent here to turn this around. Don't do it for Ken, do it for yourselves.
tl;dr Venting in this thread and having a go at people; it might make you feel better for a time but is an emotional response which won't improve your chances of making money from your investment. Let's work together to turn things around. We did it before and can do it again.
Zum, I applaud your continued optimism in the face of sheer FUD. However, I think we have reached a point where we HAVE been identifying the problems Ken needs to address, and he continues to do nothing. One 'quick fix' would, of course, be the website. No answer at all.. Legal action will certainly give the majority of the pie to the lawyers, however, to continue to back Ken at this point means betting that he will A) return our shares to us (may take years) and B) the company will be turning a profit years down the line when that happens. ---- That being said, if Ken is willing to buy people out who want out then I see no need to jump on a lawsuit bandwagon. I just doubt that he would be willing dump tons of coin buying out everyone who wants it. |
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This keeps getting deleted from the official thread. I hope shareholders deliver on this deadline. Investors have given Ken plenty of chances: Ken I've had more than enough of this silence and enough of being deleted from this thread.
At this point with the website remaining unchanged I don't believe your aim is to make a success of this company.
So i'll be joining the shareholders side of the Wood Law case against ACtM if you don't come clean and answer to what everyone is asking you about:
verification of shares
situation with msd
accounts
staff pay
profits from mining and sales
ACtM chip
ACtM savings
3 month plan
None of this will be forth coming - so i'll be contacting Woods in 48 hours.
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