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It's even harder when you lose hundreds of btc to MtGox.
There is no proof that he lost a single cent with MtGox. |
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Is there any legal way those that got shares not directly from the company at IPO but from trading at btct or bitfunder could get a (partial) bitcoin refund?
I never intended to pay this baboon's retirement when I sailed good 9 BTC to his venture. I guess Im still in denial, haven't yet contacted the law firms, should I? non-IPO share holder, non USA citizen... what are my chances I get a single penny out of this shitstorm?
You are as entitled to a refund as the IPO investors. Don't let any one who is not a lawyer (except for Ken's lawyer, I would ignore him if he appears too) and is not a part of the MSD investigation to tell you otherwise. If you bought 9 btc worth of IPO shares at 0.0025 that's 3600 shares you own. If you bought 9 btc worth of IPO shares at 0.0005 that's 18,000 shares you own. Some people are throwing around the figure of $0.05 per share as the refund but I dont know where they got this from. Actually Ken increased the price from 0.0005 to 0.0008 during the initial IPO. Anyway, going by the above figures, you could expect to make between $180 and $900. When you consider this relatively low sum, ones wonders if there's a chance that more money could be made from holding out for dividends as they are paid in bitcoin. @zumzero... Ken himself said it... For someone trying to convince everyone to hang on, I would of assumed you knew all the facts... or at least have read the previous posts by Ken himself... Ken, At this time, I would be willing to sell the shares I bought from you for .0005 bitcoin each. I bought just 1000 additional shares on Crypto-Trade recently, but let's just talk about the shares I bought in the original IPO. Please explain how we shall do this. The easiest way would be for you to just let me transfer the shares and then you multiply that amount by .0005 and send the bitcoin to an address I will provide. How long do you think this process will take? Lorenzo Money He needs about 20Mill usd to reimburse everyone. In 45 days that could be higher. Maybe he's making it up as he goes along again? This seemed to come from a phone call interview and he didn't even know about this secretary of state ruling so he was put on the spot and under pressure so maybe he got it wrong?
Not if he reimburses in fiat and not bitcoin.  Hash Fast tried that but it was ruled illegal? Just worked it out just incase. He will need 3.1 Million USD to reimburse 10 Mill shares at 0.0025 with BTC price at $125 which it was when most people bought in? But again people who bought in at 0.005 when btc was $600 would push the total up to 6Mill USD? Ken raised about $1,000,000 from the sale of all shares. No he raised X BTC, nobody here wants the useless USD. 10 Million shares where not sold at .0025 BTC, the tenders shares will be valued at their original purchase price of .0005 BTC @ ~$100 USD. The shareholder will have to prove that they purchased the shares from Active Mining not from someone else. All sharesholders wanting a refund will need to provide their ID information to the Missouri Securities Division. The shareholders will have to transfer the shares back to Active Mining. A long time, 15 days for our offer to get approved, if it is ok on the first revision, then 45 days for the offer, then 120 days for the payment. I have not seen the final order yet, this is based on what I have last seen. You will be getting ~$.05 X number of shares purchased plus 8% interest from the time of your purchase on the original IPO. |
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They are not giving away money they are giving out refunds.
The money came in at one point...
And yet Ken is using our freshly minted coins for the refunds. What does this tell us about the preorder funds? Lost at MtGox (yeah right). Only 450> about $300,000. Still have no proof that this actually happened btw... just Ken's word. |
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Was away for a while, and then came back to this, quite sad.
So a few quick questions, if anyone could help that would be great.
So for the investors NOT in the USA, how would this refund work? Will we even get anything out, if it has to be paid in USD? Surely the KYC/AML stuff would not be too forgiving for people outside of the US? I understand it is very doubtful that MSD will allow/force Ken to pay out in BTC, so would you suggest we just sell our shares and be done with it or should we wait to hear what the MSD has to say about all of this?
Please no "hang on, the company might still make it" advice. I want out.
Edit: spelling
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Weekly Update 4/23/2014.
Datacenter:
We are up to 64.34 Th/s and expect by the end of the month to be around ~170 TH/s. Everything is in place to expand our hash rate to this level.
VMC:
We have announced our Gold Rush boards and have had a very positive response. We are now training and switching our help to do more shipping than build of the mine.
We have 100 Gold Rush boards in stock for immediate shipping. We have worked out the logistics for this.
MSD:
Nothing new at this time.
Shares:
Nothing new at this time.
Would be nice if Ken could answer this, but i spose anyone else could take a stab at it too: Just how profitable is this current mining operation? When do we reach a ROI? |
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Thanks for the pics ken. Just to be clear though: 197 Items in stock Does this mean we have sold 3 or 103 units? |
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So Ken, when can we trade?
+1 Only question that matters, the rest is just words until there is proof. We now have to wait 2 more weeks to find out if this is real and we still do not have access to our shares. Also @Ken, can we have some kind of proof? An invoice? A btc tx id? |
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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
Thanks for the update Ken. Same position as last week except we have hired another staff member and now preorders are being delayed too. Cant wait for next week. What is happening to our shares? |
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Weekly Update 3/5/2014 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. 3.3 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. 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. Can you please give us ANY proof of ANY of the above. 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. Have you got the asset list? 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
How are you configuring and getting ready for shipping without any chips? Do you have 28nm chips? 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
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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. The above 2 posts were posted by Ken on the SAME day. 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.
Am i missing something? How is the possible? You have been working on something with no chips or with chips that have been canceled? How do you even have a board at this point? On a further note how does intellihash work when you don't even know what the chips look like? How were you selling pre-orders for a product you knew you were going to cancel or had already canceled or that you thought might be canceled ? How come no announcement was made about not accepting pre-orders because you had no chips or chips were going to be delayed/canceled? |
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1. What is the status of our shares? 2. How many bitcoins were on MtGox and why where they there to begin with? 3. How much did ActM lose on the cancelled 55nm deal? 3.1 Were the 55nm ever even taped out? Do you have any proof of their existence? 3.2 How much money does ACTM have? 3.3 How much money did ACTM lose in the 28nm eAsic failure? 4. Who is on the payroll (What companies are you currently working with and how many people (and who) currently work at VMC/AMC) 5. Proof of a 55nm deal, proof of a tapeout. They were offered as preorders: https://bitcointalk.org/index.php?topic=297503.msg5129392#msg5129392 and https://bitcointalk.org/index.php?topic=464145.msg5129458#msg51294586. Intellihash?? Can you please explain what this is/was and how this factors into everything? To Ken: We need proof of these things, we can not accept just another "this is what we are doing and everything is great" post. We have had no concrete evidence or proof of anything. Can we please not have another meaningless post. https://bitcointalk.org/index.php?topic=297503.msg4262711#msg4262711Weekly Update 1/1/14
Happy New Year!
The new year looks bright for Active Mining as we continue to assemble our miners for quick delivery.
Not a lot of changes from last weeks update:
We are also continuing to develop our Intellihash program and with our 2013 sales at $6,311,788.33 we have a very good share of the market.
We have been working 100% on our core business.
ActiveMining-PR Staff |
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Someone needs to be that optimistic to balance the overwhelming pessimism from posts like yours. I am not related to Ken and I have never met him. I have never spoken with him. I have only exchanged PM's on this website. I have a British passport, live I Scotland and have been in the US twice in my life way before Bitcoin was created.
I am suspicious of your posts and monitoring your contributions.
I was actively monitoring and looking for your posts during the previous thread and you seemed to be the only voice of reason among a sea of trolls and trollish posts. Thank you for that, but umm... I just don't understand how you can be so optimistic at this point, when the only good news we (apparently) have is that someone has spoken to Ken and told us "hang tight for 3 weeks, good news coming". I mean I have been lurking since the IPO and only now did I feel that I needed to create an account and voice my concerns. (I have very little trust in this site due to previous security hiccups). Surely you can't be that happy/unconcerned with the current state of affairs? |
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So are we now able to see the proof of 55nm tapeout?
How was the "February" production run cancelled on the LAST days of the month?
My biggest concern here though would be money. Where on earth are we getting money to fund a 28nm chip if all the pre-order $ is being kept for refunds? We have apparently had coins lost on mtgox (the exact amount needs to be clarified), and IPO funds have been used on 2 different projects while we have 3 (if not more) people on salary. Shareholders need to see a detailed financial report and be able to trade shares soon or this is going to go downhill fast, it's already a PR disaster.
sidenote: I cant imagine a 28nm announcement would be such "good news" unless there is proof from a third party. The excuse of shareholders bugging our suppliers is no longer valid if Ken can't stick to a plan for more than a month.
This +1 I don't own a ton of shares, ~8k, but there has been no concrete proof of anything. How about a pic/screenshot of the invoice/credit note from the tapeout (remove any company related logos/branding, if you are scared investors/trolls will contact them)? I suspect in the coming days or weeks that Ken will put more of his shares on some trading platform so that he can "recover" the lost gox coins. Our shares will still not be available to us. If there is no concrete evidence or solid news or any REAL answers to the questions posted in the last couple of days, I will have to take legal action, I see no other way. |
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Ken, whose board is in those pictures? What chips are on that board?
This is a board that our engineer designed and those are BFL Bitfury chips. He will be designing a reference board for our DIY for our 55nm and 28nm chips like this one.
Reply Does anyone remember this still? Only saying it was bitfury chips after the fact? How does a CEO get this information wrong? Pre-Order 55nm Chips Shipping April 17,2014 So was this just a lie? Ken, any updates on Intellihash? Will this be ready to go when we receive our chips in April?
I am hoping to work on it more between now and April. I have been busy on the 55nm deal.
Reply Can someone explain to me how someone can be working on a deal so hard that everything else takes a back seat and then 2 weeks later decides its a no-go esp after promising sales a week later? Weekly Update 2/12/2014
On the 55nm project:
This week has had a number of developments, our project manager is working on wrapping up all the detail of our 55nm project. We are expecting to receive our first 55nm wafers on April 10th, with next batch due on April 29th, May 5th and May 8th for a total of ~104 wafers. It will take 1-2 weeks to have the chips packaged and then shipped to our board manufacturers. We will be selling and mining with these chips and boards, depending on what makes the most since at the time. The tape-out was done on Peoples ASIC account for a shuttle run of 50 prototype chips, we have canceled the shuttle run and changed to a full production run of the chips on VMC own account. Peoples ASIC IP has been signed over to VMC and the FAB has all the legal paper work to start VMC's production run of wafers. So if there is a full production run, 2 weeks ago. Confirmed by kslaughter. How can it be canceled? And why would it be? https://bitcointalk.org/index.php?action=profile;u=1707;sa=showPosts;start=20Can everyone please look and see that the Ken starts chatting about refunds only after Ukyo's shares got sold? |
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Just to get this clear, this is what has happened over the last couple of weeks:
1) Ukyo's share get sold on CT, no one else was allowed to trade with their shares.
2) Ken starts refunding people and replying to people who want refunds on the VMC thread
3) No one can have their divs/shares/info because of some investigation.
4) We abandon (again) our current plan for manufacturing/deploying our own ASICS
5) Shareholders money/btc was being traded/kept on GOX, only told after GOX goes bang.
Can someone please explain to me how this is not a scam?
edit: spelling
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