In Ken's original post in one of the old ACTM threads he states that reinvestment/dividends will be 50/50
I fear this is the case, I really think that the split should happen after Ken has made ROI on the chips from hashfast. This gives the company better chance to acquire new hardware sooner and speed up R&D. edit: We're supposed to have 60-100 TH/s online right now, whats going on Ken??
Yeah I have been excited to see the increase over the past few days, but was hoping for a quicker deployment than 5TH/s per day. However I'm glad this progress has been made. Ken is always open to our ideas, let's talk more about it.
Certainly. I might make a newer more up to date model in Matlab or something over the next few days if I get a lot of my assignment out the way with. D t s you done OK for being drunk - but don't go buying any Neo bee shares, remember what happened last time you got drunk and spent all your cash on stocks (he bought ActM!)  Haha no drunk shares from me! I have my remaining coin in JustDice for the time being. :p |
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Minerpart. I'm really drunk at the moment so I can't be too detailed. But I made a simulator in MATLAB ages ago for activemining and shareholders were always better off when money was reinvested as soon as possible.
The more coin that leaves the operation back to shareholders sooner always made the shareholders worse off in the long run.
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if all of us are here for the long term and believe in ken,we will choose option 1,but not all of us ,i think a lot of people want to out.
If they want out they need to be allowed to trade their shares and leave. Option 2 will spell quick doom for the company, even myself who leans towards wanting out would never choose option 2 because it just kills the company. The company needs to be able to maintain a warchest. Option 2 just means we mine for a few months until we die and we all get back a few satoshi per share. Option 1 is long term thinking. |
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We have two options for reinvestment:
1 - Mine with hardware using 100% of funds until it ROI (This should also be tax free up until ROI because we are recovering a deduction in funds) and then after split earnings in two, first half for reinvestment and the other half for dividends (At this point tax applies)
2 - Split in two right away.
I prefer option 1 because it means that the company will always keep it's bank up before money flows outside to us.
If we start getting money back straight away we could end up where Ken is thousands of Bitcoin short when we need the money for our own chip.
Please discuss.
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I'd guess 0 BTC or 900-1500 BTC
Yeah I think doog is conservative and wouldn't put more than 1k btc into the bankroll. However I believe with current earning plus estimates of doog's wealth he could put a maximum of around 4k btc into the site if he wanted too. Although to be honest that is very risky when he already gets commision anyway. |
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3.5ph/s * 1w/gh = 3.5MW which seems like it would be more power than our little datacenter can handle Remember Bargraphics knows a guy that can host the entire amount. If we need to it's doable. DTS... weren't you jumping ship the moment our shares were available again? I see the future being dividends paid to our addresses long before trading happens. |
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3.5ph/s * 1w/gh = 3.5MW which seems like it would be more power than our little datacenter can handle Remember Bargraphics knows a guy that can host the entire amount. If we need to it's doable. |
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Bargraphics: Thanks.
Ken: What is the progress on our custom 28nm ASIC?
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Ken stated that not only would he be manufacturing 5000 Yoli-type boards in April but he would have the chips to place on them as well. The Yoli-type can mine at ~700Gh/s.
Are you certain he has the chips? I do recall Ken stating that we would be adding 100TH/s per month for the foreseeable future, I do apologise if I missed the information about the chips. I remember Ken stating that we will have the boards at least. |
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This is why eventually creating our own ASIC is important. Buying them is going to be killing us in the long run.
If we have 100TH right now that is about 0.2% of the network.
Now just to maintain this ratio we would need to have 244TH beginning June.
By the very beginning of 2015 we would need 6.9PH just to have 0.2% of the network.
With Kens rate of 100TH per month, we would be at 1PH come 1st Jan 2015 and thus almost 7 times less effective hashrate than we need just to maintain the 0.2% ratio.
This isn't even 1% guys.
If we add 100TH every month come 1st Jan 2015 we will be controlling 0.03% of the network (1 bitcoin per day)
This is what we need to be at for 1% of the network: (TH/s)
april 500
may 781
june 1221
july 1907
aug 2980
sep 4657
oct 7276
nov 11369
dec 17764
jan 27756
At the end of the year we need to be adding over 10PH a month to remain at 1% of the total network hashrate.
I am happy Ken is making progress, but we need to know if Ken is going to be able to add 10PH per month by the end of the year and if we will be doing this with our own ASIC.
If anyone thinks my estimate is off, I am using 25% increase per diff, which is actually an underestimate. I notice we might add over 30% this diff alone.
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Magzy.
If Ken doesn't have the funds he will have to pay you guys out when the farm is operational.
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Q1) Would the ACtM data centre/s be better located in Canada to avoid paying tax on the mined coins?
Q2) The US IRS says taxation applies to coins mined in the past - so Ken has to pay 20% on the coins mined already?
Also Ken might be able to work it so that he is mining on our behalf and thus we need to pay our mining taxes as individuals. |
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I thought all chip projects are cancelled at this point.
In reality they may be cancelled, but based on what Ken says, ActM is still working on one. It's up to the reader to decide whether they trust Ken's word or not. Ken does seem to avoid talking too much about our current ASIC efforts. |
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FAST-HASH ONE PROSPECTOR SPECIAL $1,499 On the first unit ordered, Limit of 5 orders per customer. 24 Hour Special on our Fast-Hash One Prospector using this voucher code: Q3W984BM Limited To The First 50 units Sold. People will be more willing to purchase from us once they see our 200TH - 1000TH hashrate. ASICMINER flew off the shelf because they had 30% control when they first started selling hardware. |
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I just want to centralize questions and unknowns so Ken can give us answers when he sees fit.
- How far into development is our own ASIC chip?
- Do we have an estimated time frame for refunding all customers to avoid any lawsuits?
- Time frame for getting dividends.
- Time frame for trading on CryptoTrade in the short term.
- Time frame for long term trading solution.
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Someone ask the other mining companies how they deal with this issue there must be a solution that protects us.
Well Avalon and ASICMINER exit in a quasi legal state, I'm not sure if you would succeed in filing claims against them. KNC has so much money they probably don't mind refunding a card or two. |
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...
Are you for real? The unsold IPO shares are their shares and they are fully entitled to them.
We play this game: I IPO my company, let's call it RetroBee, and issue 1000 shares, keeping 10 of those shares for my ... expertise. The IPO is meant to raise $1000, selling at $1/share, making my 10 shares worth $10 -- a reasonable price to pay for my contribution  The IPO doesn't sell out -- you buy 100 shares, and ... no one else does. Since I am the issuer, I keep the unsold shares. After you've paid your hundred dollars, you have a 10% stake in RetroBee, a company worth one hundred dollars. A winrar is you! I completely agree, a under-subscribed IPO is a disaster and should have been cancelled. |
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I agree with you DTS. What Ken can't do though is just claim "no warranty" and expect that to fly in the EU.
I completely agree. Very few jurisdictions will let such behaviour pass as they have closed many loopholes used by the big boys. You cannot say no warranty and if you ship to a place, you must obey the law of that place. To Ken, if you read this please do the following: - Make it clear on the packaging and the website that the cards need cooling and must have some amount of assembly. Do this to avoid any customers litigating based on false advertisment. - Make sure the cards by default are not blazing at highest power that will cause high thermal stress after a year. This way the users can offer tutorials on the forum about how to reclock the cards to make them run faster. If they can shit on Apple, they will shit on us. And the last thing we need is a bunch of miners asking for refunds after they have mined the crap out of their cards. Also before you say "wait a minute, if they want a replacement then fine I'll just send them the same card in a years time" think about this: You will have no cards of that type in stock in a year and you'll be forced to either send the miner a brand new card to mine bitcoin or you'll have to offer the usd value refund. Be smart about this. We don't want to send a new card or refund cash in a years time, we don't want to hold onto old stock just for this eventuality, we want to make sure under default sale these cards do not fail, therefore underclock and make them safe as burgers. |
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Another solution is to force the cards to last 2 years by underclocking the chips so thermal stress on the board is minimal. Many PC manufacturers do this.
Make sure it is known that changing the clock speed voids the warranty.
The users can post tutorials for changing the clock speed of the card.
Remember these devices are high performance but we need to dial them down a notch otherwise all the customers will ask for refunds in a years time when they are no longer pulling in bitcoin.
If Ken isn't smart about this we will be taken for a ride. A mining card is extremely high performance and will eventually break due to thermal stress.
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it does NOT ship with cooling solution (it suggests the H80i), but has absolutely no warranty because the units are 'tested' - how can you not offer a basic warranty for a product that has an exposed chip and ask that the customer apply the heatsink/WC themselves? its begging for the chip to be scratched or the heatsink mounted poorly
In the EU, a 2 year warranty is standard regardless of what the manufacturer or reseller says. This is true, but if the product requires user 'installation' and they fudge it, the warranty would not apply. Warranty covers defects that lay within scope of the product design. If the product requires cooling to operate (similar to a electric kettle needing water inside so it doesn't burn out) and the user opts to not cool or install the product correctly then they lay outside the scope of the warranty. I would urge Ken to make the demands of the product explicitly clear on the packaging AND the product description on the website. Leaving this information off of the specifications will allow the consumer to litigate based on false advertising. |
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