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Author Topic: [AMC]-The Official Active Mining Cooperative Discussion  (Read 223246 times)
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kslaughter (OP)
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March 26, 2013, 05:36:07 AM
Last edit: August 04, 2013, 04:50:41 AM by kslaughter
 #1


NOTICE:  ALL AMC-PT SHARES WILL BE TENDERED FOR ActiveMining Shares ASAP



AMC is a hybrid Bitcoin mining and development cooperative describing itself as "the next big mining cooperative" is releasing today an offering to early-adopters of Five million (5,000,000) BitFunder virtual shares and issuing another twenty million (20,000,000) BitFunder virtual shares which will be used for the growth and expansion fund, which will receive a total of 100% of the company's virtual-currency profits after all expenses until the total dividends paid is equal to the offering price of .0005 BTC per share and 12 months have elapsed since the initial offering. The Cooperative is hoping to raise up to 2,500 Bitcoins. The offering price will be 0.0005 Bitcoins for the first 20,000,000 early-adopter shares thereafter the price will be .001 BTC per share. If demand is strong enough then share prices may increase throughout the IPO.

Active Mining Corporation (AMC) is a Belize International Business Company DBA Active Mining Cooperative and is made up of a team of dedicated Bitcoin mining professionals with over 30 years of combined experience in the ISP Business including Internet Access and Web Hosting, Graphics Design, Cloud Development, Computer Programming in Multiple Languages, FPGA Hardware And Software Design, Complete Systems Design, Web Design, and System Administration.

The team has been involved with Bitcoins since 2009. AMC has purchased and will operate Application Specific Integrated Circuit (ASIC) Bitcoin mining machines and is developing an ASIC chip and PCB that it will license to VMC for use in their Fast-Hash series of Bitcoin Mining Machines. AMC is developing ASIC chips on the 45nm and soon the 28nm process. AMC's ASIC 45nm chips will have fast speeds of 6 to 9 GH/s with low power usage. The 28nm chips are estimated to have speeds of 9 to 15 GH/s per chip which will be in VMC's Fast-Hash-XXT series of machines which will have even more speed and even lower power usage. VMC may purchase ASIC chips from different vendors if available.

AMC is using the most innovative technology available to develop their chips on the 45nm process and soon the 28nm process. Investors in AMC will receive the benefits of having dividends paid out as soon as AMC starts mining with it's purchased Avalon's and/or purchasing of G.AsicMiner-PT shares. Investors in AMC will see big benefits when AMC develops it's own ASIC chip and VMC creates its Fast-Hash series of Bitcoin mining machines. AMC will receive license fees in the form of Bitcoin mining machines at cost and royalties from VMC for it's technology.

VMC is in talks with a Major Semiconductor Company which can deliver prototype/Low Volume chips to VMC in a 5-10 week time frame after the RTL code for the ASIC chip is ported to their chip and the timing on the chip has been closed.

"In the future," AMC CEO/CTO, Kenneth(Ken) E. Slaughter writes, "the community will benefit from our hybrid mining and development cooperative by buying Bitcoin mining machines which produce income for the cooperative while the cooperative develops a Bitcoin mining chips for the cooperative's own use." AMC's shares and options are already publicly available on BitFunder.com. BitFunder is a popular Bitcoin asset platform which includes listings for several well-known Bitcoin companies, bonds, and other assets. BitFunder accounts can be funded through a developing exchange platform, WeExchange.co.

The IPO serves two purposes, The first being to spread awareness of Bitcoin, "Profit-sharing helps to bring the community together and make a stronger foundation to help support Bitcoin worldwide". A number of Bitcoin businesses have "gone public" on Bitcoin-specific stock exchanges already, most notable is the popular Bitcoin gambling site, SatoshiDice.com. SatoshiDice's virtual IPO on MPEx has given hundreds of Bitcoin users a chance to take part in the business's recent growth and success. With BitFunder, smaller businesses like AMC are aiming not just to raise capital but to benefit from the public interest and community involvement that virtual IPOs generate themselves.

The second reason for the virtual IPO is because AMC needs capital to execute the next phase of it's plan. AMC intends to utilize the capital to massively increase the number and income of Bitcoin mining machines that it operates. This means expanding far beyond the six Avalon mining machine on order and which started shipping April 5, 2013; by purchasing 400 Fast-Hash-80 Bitcoin mining machines, 100 Fast-Hash-400, 100 Fast-Hash-800, 100 Fast-Hash-1.2T, 100 Fast-Hash-2.4T, and 100 Fast-Hash-4.8T if available over the next two years. The cooperative will in next 2 years increase it's total mining speed to over 992,384,000 MH/s if the offer is fully accepted by the community and our development and VMC's purchase of chips as planned. "In the future," AMC CEO/CTO, Kenneth(Ken) E. Slaughter writes, "profits should increase due to not having to spend capital on research and development of our chips, also chip production cost should be dramatically reduced in 2014 and hash speed should dramatically increase."

"This is what the IPO is for," Mr Slaughter writes, "to expand the total speed of our mining equipment and to provide funds to develop and purchase Bitcoin mining chips and our own mining machines for the use of the cooperative."

For those interested in buying shares, AMC has Six Avalon batch 2 machines on order. The machines have started to ship April 15, 2013. As soon as these machines are received they will be set up to start mining on a pool and using the team name "Team AMC" so investors can keep track of AMC's mining speed. AMC's mining operation, with a fully accepted offer from the community will offer a very conservative estimated Net of 0.014058909 BTC per share over 24 months for early-adopters and an estimated Return on Investment of 2,812%/ over 24 months using an estimated .61 reduction in profitability and an increase of difficulty of 40 Times.

Although returns of this magnitude may seem extreme - in the world of Bitcoin mining startups even higher growth rates can be quite common. AMC's hybrid Bitcoin mining and development cooperative gives the investor, a two pronged path to increase the investors return. The two prongs are that of predictable income from purchased mining machines and the extreme growth rates that are possible from developing / purchasing a Bitcoin mining chips and then using that chip to mine Bitcoins. Thanks to innovative capital raising platforms like BitFunder, the average Bitcoin user can participate and potentially yield these high returns. As Bitcoin exchanges become easier to use and improve upon their services, virtually everyone will be able to take part. The IPO is only a few days old but there are still shares available. There has never been a better opportunity to invest and get your share of the Bitcoin mining profit being generated everyday.

Copyright AMC 2013 - All rights reserved
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March 26, 2013, 06:31:30 AM
Last edit: June 30, 2013, 12:02:30 AM by kslaughter
 #2

Who is Virtual Mining Corporation (VMC) a Delaware Corporation and Active Mining Cooperative (AMC)
and what do we do?

Active Mining Corporation (AMC) is a Belize International Business Company DBA Active Mining Cooperative
and is made up of a team of dedicated Bitcoin mining professionals with
over 30 years of combined experience in the ISP Business including Internet Access and Web Hosting,
Graphics Design, Cloud Development, Computer Programming in Multiple Languages, FPGA Hardware And
Software Design, Complete Systems Design, Web Design, and System Administration.
  
The team has been involved with Bitcoins since 2009.  AMC has purchased and will operate Application
Specific Integrated Circuit (ASIC) Bitcoin mining machines and is developing an ASIC chip and PCB
that it will license to VMC for use in their Fast-Hash series of Bitcoin Mining Machines.  AMC is
developing ASIC chips on the 45nm and soon the 28nm process.  AMC's ASIC 45nm chips will have fast
speeds of 6 to 9 GH/s with low power usage.  The 28nm chips are estimated to have speeds of 9 to 15
GH/s per chip which will be in VMC's Fast-Hash-XXT series of machines which will have even more speed
and even lower power usage. VMC may purchase ASIC chips from different vendors if available.

AMC is using the most innovative technology available to develop their chips on the 45nm process and soon
the 28nm process.  Investors in AMC will receive the benefits of having dividends paid out as
soon as AMC starts mining with it's purchased Avalon's and/or purchasing of G.AsicMiner-PT shares.
Investors in AMC will see big benefits when AMC develops it's own ASIC chip and VMC creates its Fast-Hash
series of Bitcoin mining machines.  AMC will receive license fees in the form of Bitcoin mining machines
at cost and royalties from VMC for it's technology.

VMC is in talks with a Major Semiconductor Company which can deliver prototype/Low Volume chips to VMC in
a 5-10 week time frame after the RTL code for the ASIC chip is ported to their chip and the timing on the
chip has been closed.

VMC will provide the Bitcoin Mining Equipment below ("Mining Equipment") to AMC at VMC's manufacturing
cost for the use of AMC's developed technology for the equipment below as a licensed fee for
VMC to use all of AMC's developed technology.  VMC will also pay AMC a 10% royalty on all other sales
using AMC's developed technology.

Web Site:    www.virtualminingcorp.com
Facebook:   https://www.facebook.com/pages/Fast-Hash/319110168218206
Twitter:    @VirtualMiningCo
Phone:      1+(855) ONE-BITCOIN (663-2482)
  
*** Business Experience:

Slaughter Vending and Amusement, Pegasus Business Systems, Advanced Learning Systems, Advanced Software
Solutions, Active Internet Communications - ISP Business axs(tm).net which produced over 2.5 Million
in revenue and over 10,000 customers in 49 states, Canada, and Puerto Rico with over 10 employees.
Turn-key Web Hosting Business running on Amazon.com, Bitcoin mining since 2009.
 
*** Software packages developed:

Internet Cruiser(tm) web browser, Virtual 3D Environments, Individual Profile System(tm) (IPS), Neural
Network, Anonymous Bitcoin Exchange software, Automobile Collision Repair System(tm) (ACRS)

*** Cloud Development:

Web Hosting Business: shopping-cart-now.com running on Amazon.com
 
*** Web Sites Developed With Graphics:

TahoeUltimateRentals.com, shopping-cart-now.com, votecliffyoung.com, and votecliffyoung.com plus many
more over the years.

*** ASIC Development:

AMC has Synthesized it's Bitcoin Mining source code to create RTL for the xc6xlt150 FPGA.  This code is in
the process of being ported to a Major Semiconductor Company's ASIC chip.  The Semiconductor Company will
then close timing on the design for the ASIC chip.  After timing closure, Prototype and Low Volume
production of the ASIC chips will begin.

After production begins, the ASIC chips can be delivered to VMC in a 5-10 week time frame.  VMC will-at
the same time-start the high production process for 28nm chip with an estimated maximum time of 12
months.  VMC will use the 45nm Low Volume production process for VMC products until the 28nm high
production process is ready.  VMC has also received licenses on Printed Circuit Board (PCB) designs for
xc6xlt150 FPGA Boards.  The ASIC chip will be developed as a drop in replacement for the FPGA chips on
these boards.  AMC may purchase Bitcoin Mining Chips or PCB from other vendors if available.  

*** Bitcoin Network:

With AMC adding hashing power over the next 24 months, AMC does not expect to have over
50% of the hashing power at any one time on the Bitcoin network.  If AMC excedes 45% of
the hashing power on the Bitcoin Network, AMC will not add anymore hashing power until
AMC is below 40% of the hashing power on the Bitcoin Network.  Also other Bitcoin
manufacturing companies and miners like Avalon, BFL, ASICminer, and our own VMC will
be selling Bitcoin Mining Machines to the public or will be using their own ASIC's to
mine for Bitcoins.

=============================================================================================================

AMC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income.

Bitcoin ASIC Mining Equipment Purchased:

6  Avalon Batch 2   @  64 GH/s each for a total of:
         384 GH/s (Batch 2 started shipping April 15, 2013) (Purchased and Confirmed)


See Images For Avalon confirmations.       

Units to be provided to AMC by VMC at manufacturers cost:

The following will be ordered from VMC if funds are available and the units are developed.
AMC will have the first right of refusal on the below units developed by VMC and any future
developed units.  Additional units will be provided at lowest retail value minus the 10%
royalty fee.

100 Fast-Hash-80's**   @  80 GH/s each for a total of: 8 TH/s
                        Specifications: 110nm 282 MH/s chip 75 chips per board 4 boards per unit
                        Estimated retail value @ ~$6,000 each for a total of $600,000
                        (Estimated to be delivered August 2013)

100 Fast-Hash-80's**   @  80 GH/s each for a total of: 8 TH/s
                        Specifications: 110nm 282 MH/s chip 75 chips per board 4 boards per unit
                        Estimated retail value @ ~$6,000 each for a total of $600,000
                        (Estimated to be delivered October 2013)

100 Fast-Hash-80's**   @  80 GH/s each for a total of: 8 TH/s
                        Specifications: 110nm 282 MH/s chip 75 chips per board 4 boards per unit
                        Estimated retail value @ ~$6,000 each for a total of $600,000
                        (Estimated to be delivered December 2013)

100 Fast-Hash-80's**   @  80 GH/s each for a total of: 8 TH/s
                        Specifications: 110nm 282 MH/s chip 75 chips per board 4 boards per unit
                        Estimated retail value @ ~$6,000 each for a total of $600,000
                        (Estimated to be delivered February 2013)

100 Fast-Hash-400's**   @  400 GH/s each for a total of: 40 TH/s
                        Specifications: 45nm 6 GH/s chip 75 chips per board 1 board per unit
                        Estimated retail value @ ~$30,000 each for a total of $3,000,000
                        (Estimated to be delivered March 2014)

100 Fast-Hash-800's**   @ 800 GH/s each for a total of: 80 TH/s
                        Specifications: 45nm 6 GH/s chip 75 chips per board 2 boards per unit
                        Estimated retail value @ ~$60,000 each for a total of $6,000,000
                        (Estimated to be delivered May 2013)

100 Fast-Hash-1.2T's**   @  1.2 TH/s each for a total of: 120 TH/s
                        Specifications: 28nm 9 GH/s chip 75 chips per board 1 board per unit  
                        Estimated retail value @ ~$100,000 each for a total of $10,000,000
                        (Estimated to be delivered July 2014)

100 Fast-Hash-2.4T's**   @  2.4 TH/s each for a total of: 240 TH/s
                        Specifications: 28nm 9 GH/s chip 75 chips per board 2 board per unit  
                        Estimated retail value @ ~$200,000 each for a total of $20,000,000
                        (Estimated to be delivered September 2014)

100 Fast-Hash-4.8T's**   @  4.8 TH/s each for a total of: 480 TH/s
                        Specifications: 28nm 9 GH/s chip 75 chips per board 4 board per unit  
                        Estimated retail value @ ~$400,000 each for a total of $40,000,000
                        (Estimated to be delivered December 2014)




We will also be buying shares of G.AsicMiner-PT on Bitfunder as they become reasonably priced to
provide dividend income to AMC share holders.  These shares will be sold as AMC needs capital for it's
ASIC development and to purchase Bitcoin Mining Equipment.

We currently own 0 shares of G.AsicMiner-PT as of the Initial Public Offering date.  Check the reports
on bitfunder.com for the current mining companies and number of shares owned.

* Different quantities or other Bitcoin Mining Machines may be provided if the above are not
available, developed, specification changes, or the market changes.  All specifications and delivery
dates are subject to change.

** Fast-Hash-XXX is a trademark of VMC developed Bitcoin Mining Machines.  AMC will receive the
above machines at manufacturers cost.  AMC will also receive a 10% royalty from VMC on all other
VMC sales using AMC's technologies.
=============================================================================================================

Total Bitcoin Mining Equipment Speed by March 2015 (992,384,000 MH/s * 992,384 GH/s * 992.384 TH/s)

=============================================================================================================
=============================================================================================================

AMC Offering:

AMC's offering is comprised of 100,000,000 shares in total.

1 share of AMC on BitFunder represents 1/100,000,000th of 100% of the monthly profits after all expenses.

AMC shares offer no voting rights. Shares of AMC on BitFunder do not represent real world shares of the
company.  The shares are solely a distribution mechanism for rights to profits.

20,000,000 shares will be retained by AMC to maintain a growth and expansion fund.

As of the time of this writing, up to 40,000,000 will be released over time to the public on a varying
time scale as capital is required to complete the project.  Any remaining shares not included in the
IPO are owned/maintained/controlled by AMC. These shares will be used at the issuers discretion
for any uses deemed fit. These uses are not limited to, but may include employment.

The funds from the IPO will be used to create a fund for purchasing ASIC chips, research and development,
manufacturing deposits, chip production and development, PCB production and development, licensing fees,
and other necessary needs for developing an ASIC chip and PCB for Bitcoin mining.  The funds will be
invested in G.AsicMiner-PT on Bitfunder.com or other Bitcoin mining shares that pay dividends until
the funds are needed for the above usages.  The funds may also be used to purchase Bitcoin Mining Machines
from VMC or any other manufacture of Bitcoin Mining Machines or any other source of Bitcoin Mining
Machines which will increase the dividends for investors.

Should the Cooperative be sold or closed, the full amount of the purchase price, liquidated income,
and any mining revenue not distributed will be evenly distributed to the 100,000,000 shares.

So long as AMC is a company of less than 4 employees, no salaries will be paid as expenses,
and are only paid as dividend payments.

Mining Expenses:

Expenses will only be charged for the following direct mining equipment expenses:  Utilities,
Equipment Maintenance and Repair, Mining Equipment Space Rental, Internet Access, Mining Equipment
System Administration and Maintenance, Mining Pool Fees, and any other necessary direct miscellaneous
mining equipment operational expenses. Total Mining Expense will not exceed 10% of the Yearly Gross
Revenue.

Early-Adopters:

AMC may issue up to 20,000,000 "Early-Adopters" shares which may be posted for no less than 0.0005 BTC
each and will also issue 20,000,000 growth and expansion fund shares to AMC.  The "Early-Adopter" shares
may be posted in batches with the first batch being 5,000,000 shares.  Only the first 40,000,000 issued
shares will receive 100% of the monthly profits after all expenses until the total dividends paid is
equal to .0005 BTC per share.  AMC will only issue 40,000,000 shares (20,000,00 "Early-Adopter and
20,000,000 AMC growth and expansion fund shares) until the total dividends paid is equal to 0.0005 BTC
per share and 12 months have elaped from the date of the initial offering.  Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

Additional shares may be sold at no less than .001 BTC each.

Statements and Accounting:

Detailed statement and accounting will be provided on Bitfunder.com

Dividends:

Dividends will be paid within 48 hours for the prior weeks profits.  Reports will be posted on Bitfunder.

Dividends paid on unissued shares after the early-adopter phase will be retained by AMC and added to
AMC's growth and expansion fund above until the shares are issued.

Mining Pools:

AMC will initially use mining pools, but AMC may also use solo mining.

Forced Buy Back:

No forced buyback may be enforced for shares of AMC.

Equipment:

All equipment listed in this offer will be sold to AMC at the average manufacturing cost for
the unit or a like unit.

After VMC's initial delivery of the above mining equipment, AMC will have first right
of refusal on any equipment manufactured by VMC and said equipment will be paid for by AMC.  
VMC will not charge AMC a price which is higher than the lowest price VMC has sold the
equipment or like equipment to any other customer or if the equipment has not been sold
before, then the posted price on VMC's web site.

Bitcoin Network:

With AMC adding hashing power over the next 24 months, AMC does not expect to have over
50% of the hashing power at any one time on the Bitcoin network.  If AMC excedes 45% of
the hashing power on the Bitcoin Network, AMC will not add anymore hashing power until
AMC is below 40% of the hashing power on the Bitcoin Network.  Also other Bitcoin
manufacturing companies and miners like Avalon, BFL, ASICminer, and our own VMC will
be selling Bitcoin Mining Machines to the public or will be using their own ASIC's to
mine for Bitcoins.

Estimated AMC 24 Months Projections:

Difficulty for this estimate is 40 times the current difficulty.

Estimated Net Income for AMC through for the first 24 months of operation:

Estimated as of this writing with 40 times the current Difficulty of 8,974,296 or
a Difficulty of 358,971,840 (~6,903,305 per difficulty adjustment) and a decline
in profitability of .61 per year.

See images of a screen-shot of the "Bitcoin mining profitability calculator" of our projections.

==========================================================================================================
**********************************************************************************************************

Estimated Gross(less power, less 10% expenses) Revenue 24 Months                                            562,356.353353846 BTC

**********************************************************************************************************
Early Adopters: 40,000,000 Issued Shares
Estimated Gross(less power, less 10% expenses) Revenue 24 Months / Share                                          0.014058909 BTC

Fully Diluted: 100,000,000 Issued Shares
Estimated Gross(less power, less 10% expenses) Revenue 24 Months / Share                                          0.005623564 BTC

**********************************************************************************************************

Return on Investment(ROI) Early Adopters: 40,000,000 Issued Shares

  Net Estimated ROI/24 Months Early-Adopters @ .0005 BTC/Share                        2,812%/24 Months for an APR of  1,405%

Return on Investment(ROI) Fully Diluted: 100,000,000 Issued Shares

  Net Estimated ROI/24 Months Early-Adopters @ .001 BTC/Share                           562% /24 Months for an APR of     281%

**********************************************************************************************************
==========================================================================================================
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March 27, 2013, 04:12:24 PM
Last edit: July 03, 2013, 02:09:56 AM by kslaughter
 #3

[AMC] Hardware discussion and F.A.Q.

Update: AMC is merging with VMC, so all AMC shareholders will have the possibility to convert their shares into VMC shares, at a 1:1 ratio. This FAQ will also be updated in the future to reflect these changes.

So, where can I see the current AMC hashrate and mining profits?
Currently AMC mines on BTC Guild at around 430GH/s, as User 211435 and as Team AMC. Accumulated mining profits are stored in BTC address 1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa. Here's a graph of that.

So, what do shares represent? Ownership?
Shares do not represent ownership, they are "solely a distribution mechanism for rights to profits", and used as a means to liquidation.
Quote
1 share of AMC on BitFunder represents 1/100,000,000th of 100% of the monthly profits after all expenses. AMC shares offer no voting rights. Shares of AMC on BitFunder do not represent real world shares of the company. The shares are solely a distribution mechanism for rights to profits.

Should the Cooperative be sold or closed, the full amount of the purchase price, liquidated income, and any mining revenue not distributed will be evenly distributed to the 100,000,000 shares.

Wait a minute... I'm not "owning" a part of AMC, just a piece of the "profits" Huh
Welcome to the bitcoin stock exchange game. Learn the risks and stay, or don't. Please read https://bitcointalk.org/index.php?topic=245713.msg2616979#msg2616979

So, shares represent a part of profits then. How are they distributed?
- Until at least May 2014, on the initial 40M, a minimum of 20M are retained for growth and expansion and a maximum of 20M can be sold to investors.
- In May 2014, or when 0.0005 is payed by share, whichever happens later, an extra 60M are created, for the final total of 100M. On these remaining 60M, a minimum of 20M are retained for growth and expansion and a maximum of 40M can be sold to investors, with 40M being retained by AMC/Ken.
Quote
20,000,000 shares will be retained by AMC to maintain a growth and expansion fund.
As of the time of this writing, up to 40,000,000 will be released over time to the public on a varying time scale as capital is required to complete the project. Any remaining shares not included in the IPO are owned/maintained/controlled by AMC. These shares will be used at the issuers discretion for any uses deemed fit. These uses are not limited to, but may include employment.

So, I heard I am earning a lot from AMC right now, by bagging the dividends from all the unsold shares out of the 40M?
Wrong. The contract specifies that all dividends from "issued" shares still on AMC's hands are retained by the growth and expansion fund (the contract was originally written using correct terminology, but BF considers all shares "issued").
Quote
Dividends paid on unissued shares after the early-adopter phase will be retained by AMC and added to AMC's growth and expansion fund above until the shares are issued.
The first time I get a part of AMC will be after a year of work (May 2014), when the rest of the 60M are issued. At that time, more 20M can be sold to investors, and I retain the remaining 40M.

So, how can AMC be valued since shares do not directly represent ownership, but profits?
You can use a simple conversion for it: [#investor's_shares * current_price], with [1 - #investor's_shares/40M] (%) of dividends being kept for reinvestment.
Using current values (2nd July 2013), there are ~6M shares sold to investors and ~34M in the growth/expansion fund. At a price of 0.001, AMC is valued at 6M*0.001 = BTC6000, with 1-6/40 = 85% of dividends being kept for reinvestment.

I've read a lot of announcements, but have yet to see real documents. Can you please provide some?
Engineering Firm quote for Avalon machines: http://axs.net/AMC/SB-Prototype-Quote.jpg
eASIC NDA: http://axs.net/AMC/eAsic-NDA0001.jpg and http://axs.net/AMC/eAsic-NDA0002.jpg

So, how will the division between AMC and VMC be implemented, in respect to chip/machine sales?
Roughy, AMC takes care of the chips, VMC takes care of the machines:
- AMC develops the chip, pays the chip's NRE and sells the chip in bulk to customers (using VMC as intermediary).
- VMC uses AMC's chip (or any other chips) and builds bitcoin miners, paying a royalty cost to AMC whenever its IP is used.

Chip sales: AMC holds IP rights on the Fast-Hash-ONE chips, so AMC contracts with VMC the following services: (a) the representation services to negotiate chip production with eASIC and (b) the re-selling of AMC's chips in bulk. AMC also guarantees chip exclusivity to VMC, so that AMC won't negotiate a chip supply contract to any other bitcoin systems manufacturer. AMC gets 70% back from the profits on the sale of bulk chips, while VMC gets 30%. All of VMC's expenses, including representation, chip stock management and re-shipping expenses to final customers are taken from their 30% profit.

System sales: AMC also allows VMC to buy chips directly from eASIC at the lowest cost, for the manufacturing of bitcoin mining systems. On every sale of these systems or parts of it that contain AMC chips or IP, AMC receives a 10% royalty fee from the total gross sales revenue. Example: if a customer purchases a system for BTC100, AMC receives BTC10, whatever the profit margins for VMC are.
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March 27, 2013, 04:20:17 PM
 #4

The offering on Bitfunder.com AMC has been reworked to provide the community with more information about the source of revenue that will be provided by this Hybrid mining and development cooperative.  The ASICMiner part of the plan is designed to provide income to cooperative when funds raised by the offering is idle.

Since I do not believe in censorship, I will not be deleting any comments (positive or negative) in this thread, however I will be replying to them to explain any concerns.
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March 27, 2013, 05:31:54 PM
 #5

SPRINGFIELD, MO, – March 23, 2013 – AMC a hybrid mining and development cooperative has announced today that they are in talks with a Major Semiconductor Company which can provide ASIC's with lower up-front development cost, time, and reduced risk which are greatly reduced over other ASIC's. AMC said "With their simplified design flow, the time from RTL to device tape-out is typically only five to ten weeks for prototypes. This enables AMC's designers to bring new Bitcoin mining products on line quickly; then rapidly develop derivative products to cater to the Bitcoin's changing market requirements.
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March 27, 2013, 06:41:07 PM
 #6

Interesting.
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March 27, 2013, 09:05:00 PM
 #7

I don't like the centralization of bitcoin much so I'm not going to support this.
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March 27, 2013, 09:45:50 PM
 #8

I don't like the centralization of bitcoin much so I'm not going to support this.

I don't either, did you hear that ASICminer is going to put 200TH on line in the next few months, so AMC will not centralize Bitcoin at all.
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March 27, 2013, 11:04:42 PM
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Regarding AMC: Hello everyone, I finally got my wings to post. I'd like to repost what I put in the newbie forum about AMC.

I'm a long time computer professional...Hardware, Software, etc. I have a Business friend/acquaintance who recently made and offering on BitFunder and I would like to contribute to the discussion. I personally have known the proprietor of AMC for over 30 years and can testify that he is serious about his business, has operated many businesses, some very successful. He has sent me info relating to his plans to build the mining machines, including diagrams. How many people would be as open as he has been about themselves if they were not serious! Some people have questioned his authenticity because of his grand plans. That is the way he always goes about things. He thinks bigger than most people. To me that is the mark of someone who has the ability to accomplish big things. What ever the human mind can conceive of and believe, it can achieve...(Quote from Conrad Hill, Think and Grow Rich)
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March 27, 2013, 11:28:44 PM
 #10

If only they would tell us who they are instead of just saying "professionals".

GPG keys, ANYTHING?

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March 28, 2013, 12:11:32 AM
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Regarding AMC: Hello everyone, I finally got my wings to post. I'd like to repost what I put in the newbie forum about AMC.

I'm a long time computer professional...Hardware, Software, etc. I have a Business friend/acquaintance who recently made and offering on BitFunder and I would like to contribute to the discussion. I personally have known the proprietor of AMC for over 30 years and can testify that he is serious about his business, has operated many businesses, some very successful. He has sent me info relating to his plans to build the mining machines, including diagrams. How many people would be as open as he has been about themselves if they were not serious! Some people have questioned his authenticity because of his grand plans. That is the way he always goes about things. He thinks bigger than most people. To me that is the mark of someone who has the ability to accomplish big things. What ever the human mind can conceive of and believe, it can achieve...(Quote from Conrad Hill, Think and Grow Rich)

I'm sure you mean well, but ask yourself this:

How much reliance are forum users likely to put on a vouch from a brand new account made specifically to give that vouch? 

For a vouch to have any value the person making it needs to have a reputation themselves to back that vouch with.  One account I've never seen before vouching for another account I've not encountered before has no more value than the single account already had.

I have no idea whether kslaughter has some other account on which he's been active here in the past.  If he HAS and he won't use it then the obvious question is why?  If he hasn't then he needs to realise that someone effectively new is going to have a much harder tiem selling anything than someone with an established reputation.

If he's run past very successful businesses (as you claim) then why hasn't he linked to them or identified them?  All he's claimed so far is he was going to make FPGAs and didn't and he was going to do some semiconductor business and didn't.  Being an expert at not actually doing things isn't the perfect qualification for much.

If there's a team with 30+ years of experience then identify them.  Otherwise we have to assume the team is one person aged 48 or more who's done a bit of all the listed things - and that the use of team rather than "I" was an intentional attempt to mislead.  If there IS a team then what is it?  A partnership?  a sole trader?  Now we know the company already listed doesn't actually exists any more, just what type of business structure IS it?

There's nothing wrong with having grand ideas - in fact it's great that people do.  But running a business is more about the small details than the big concepts - you only need one big concept to run a business, you need a LOT of small details.  And the plan is amazingly sparse on details.  Some businesses you can get away with that on - as they're pretty simple.  This one's a bit more complex - and for all the world looks like he's trying to run before having proven he can walk.
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March 28, 2013, 12:18:33 AM
 #12

There's also this issue of discussion threads being self moderated. It allows the asset issuer to delete posts critical of the venture, and mislead people into believing that the community thinks the asset is a good idea when it is a bag of shit.
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March 28, 2013, 12:26:46 AM
 #13

There's nothing in the contract about what happens if the company (is it a company anyway?) closes or is sold.  That's a pretty key item to have misssed out - especially given ambiguity over ownership of the already ordered Avalons.

It's also not clear what the relevance of the growth/expansion shares are - given that shareholders returns are defined as a fixed percent of profit.  What happens with rest of shares is pretty meaningless - giving a vague definition for 20% and no definition for the other 40% is pointless.

It's also terrible value to use funds from IPO to buy shares in other companies.  100% of the purchase price of those shares comes from IPO funds and only up to 40% of profit from them gos to shareholders - a poor substitute for them just using those funds to invest directly themselves.  If you think you'll be more profitable than the other companies then use the funds for your own operation.  If you think you'll be less profitable then cancel the IPO and invest in the other companies yourself.

100 Avalon Batch 3   @  85 GH/s each for a total of:
         8.5 TH/s (to be shipped: End April 2013)    (Ordered 2 orders of 50 each)

Are you saying you've already ordered 100 Batch 3 Avalons?
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March 28, 2013, 12:38:34 AM
 #14

You are right Deprived, both Mac65 and I are more doers that talkers, so I just read post here most of the time I don't log in.  Now, I see
I should have been logging in.  I have now post in my thread my business experience and named the one of my most successful companies.

Mac65 is running two very successful businesses right now.  I have been talking to him about Bitcoins, over the last year.  He has just now
ordered some units from BFL to get started in mining.  

I started mining in 2009, got off on another track until early 2012 when I started mining with GPU's

Just because we have not been logged in to this board does not mean that we are not real. I am kind of unsociable and more of a doer.

But, you can take it for what it is worth.  It just will take a little time to build up trust, so I have started down that road.

The team is made up of Independent Contractors that I have known for a long time that have different skills in different areas, which I
pay for their services.   Yes. the devil is in the details.  I use lot of professionals to get the details done.  I am working with a Major
Semiconductor Company now with lots of professional I can hire, if needed to complete the project.

So, just sit back and watch as we put this project together, start paying dividends from our ASICminer fund, the purchased Avalon's, and
our ASIC 45nm chip that we can get prototypes in a 5-10 week time-frame after delivering them our RTL.
 
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March 28, 2013, 12:51:44 AM
 #15

There's nothing in the contract about what happens if the company (is it a company anyway?) closes or is sold.  That's a pretty key item to have misssed out - especially given ambiguity over ownership of the already ordered Avalons.

It's also not clear what the relevance of the growth/expansion shares are - given that shareholders returns are defined as a fixed percent of profit.  What happens with rest of shares is pretty meaningless - giving a vague definition for 20% and no definition for the other 40% is pointless.

It's also terrible value to use funds from IPO to buy shares in other companies.  100% of the purchase price of those shares comes from IPO funds and only up to 40% of profit from them gos to shareholders - a poor substitute for them just using those funds to invest directly themselves.  If you think you'll be more profitable than the other companies then use the funds for your own operation.  If you think you'll be less profitable then cancel the IPO and invest in the other companies yourself.

100 Avalon Batch 3   @  85 GH/s each for a total of:
         8.5 TH/s (to be shipped: End April 2013)    (Ordered 2 orders of 50 each)

Are you saying you've already ordered 100 Batch 3 Avalons?

Deprived, Yes the plan if you would read it completely does say what happens if it is sold.

The ASICMiner shares are just a hold place for funds until we have to use them, lot better to be getting dividends for our share holders that to have the funds sitting in a account
earning anything.  It was Ukto suggestion to do that and I agreed that it was good.  The ASICMiner shares are very liquid, so as we need funds to execute our plan we will sell
the ASICMiner shares.

I also have the paper work here to rescidn the administrative dissolution of Virtual Mining, Inc. and a form to
register a fictitious name.  I will be completing this in the next few days.

Yes, I did order the 2 orders of 50 by sending an email to  ngzhang as he instructed in his email, however I have not receive a confirmation on them.

Here is the source of the email which you will say I forged, but here it is:

From - Thu Mar 21 20:12:50 2013
X-Mozilla-Status: 0001
X-Mozilla-Status2: 00800000
X-Mozilla-Keys:                                                                                 
Message-ID: <514BB00C.30008@axs.net>
Date: Thu, 21 Mar 2013 20:12:44 -0500
From: AXS CEO <ceo@axs.net>
User-Agent: Mozilla/5.0 (X11; Linux x86_64; rv:17.0) Gecko/20130106 Thunderbird/17.0.2
MIME-Version: 1.0
To: ngzhang@avalon-asic.com
Subject: Batch 3 Order
X-Enigmail-Version: 1.5.1
Content-Type: text/plain; charset=ISO-8859-1
Content-Transfer-Encoding: 7bit

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Ngzhang,

I would like to place 2 orders in batch 3 of 50 units each of the 85
GH/s for 115 BTC each.

Kenneth E. Slaughter
Active Mining Cooperative
1951 S. Oak Grove Ave.
Springfield, Missouri 65804-2703
USA
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)
Comment: Using GnuPG with Thunderbird - http://www.enigmail.net/

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=QgbG
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March 28, 2013, 01:48:45 AM
Last edit: March 28, 2013, 01:58:50 AM by chriswen
 #16

There's nothing in the contract about what happens if the company (is it a company anyway?) closes or is sold.  That's a pretty key item to have misssed out - especially given ambiguity over ownership of the already ordered Avalons.

It's also not clear what the relevance of the growth/expansion shares are - given that shareholders returns are defined as a fixed percent of profit.  What happens with rest of shares is pretty meaningless - giving a vague definition for 20% and no definition for the other 40% is pointless.

It's also terrible value to use funds from IPO to buy shares in other companies.  100% of the purchase price of those shares comes from IPO funds and only up to 40% of profit from them gos to shareholders - a poor substitute for them just using those funds to invest directly themselves.  If you think you'll be more profitable than the other companies then use the funds for your own operation.  If you think you'll be less profitable then cancel the IPO and invest in the other companies yourself.

100 Avalon Batch 3   @  85 GH/s each for a total of:
         8.5 TH/s (to be shipped: End April 2013)    (Ordered 2 orders of 50 each)

Are you saying you've already ordered 100 Batch 3 Avalons?

Deprived, Yes the plan if you would read it completely does say what happens if it is sold.

The ASICMiner shares are just a hold place for funds until we have to use them, lot better to be getting dividends for our share holders that to have the funds sitting in a account
earning anything.  It was Ukto suggestion to do that and I agreed that it was good.  The ASICMiner shares are very liquid, so as we need funds to execute our plan we will sell
the ASICMiner shares.

I also have the paper work here to rescidn the administrative dissolution of Virtual Mining, Inc. and a form to
register a fictitious name.  I will be completing this in the next few days.

Yes, I did order the 2 orders of 50 by sending an email to  ngzhang as he instructed in his email, however I have not receive a confirmation on them.

Here is the source of the email which you will say I forged, but here it is:

From - Thu Mar 21 20:12:50 2013
X-Mozilla-Status: 0001
X-Mozilla-Status2: 00800000
X-Mozilla-Keys:                                                                                
Message-ID: <514BB00C.30008@axs.net>
Date: Thu, 21 Mar 2013 20:12:44 -0500
From: AXS CEO <ceo@axs.net>
User-Agent: Mozilla/5.0 (X11; Linux x86_64; rv:17.0) Gecko/20130106 Thunderbird/17.0.2
MIME-Version: 1.0
To: ngzhang@avalon-asic.com
Subject: Batch 3 Order
X-Enigmail-Version: 1.5.1
Content-Type: text/plain; charset=ISO-8859-1
Content-Transfer-Encoding: 7bit

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Ngzhang,

I would like to place 2 orders in batch 3 of 50 units each of the 85
GH/s for 115 BTC each.

Kenneth E. Slaughter
Active Mining Cooperative
1951 S. Oak Grove Ave.
Springfield, Missouri 65804-2703
USA
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v1.4.11 (GNU/Linux)
Comment: Using GnuPG with Thunderbird - http://www.enigmail.net/

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=QgbG
-----END PGP SIGNATURE-----


Why 115 btc each?
Also, why didn't you use http://store.avalon-asics.com/?

And for some reason I can't buy any shares on bitfunder?
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March 28, 2013, 02:28:25 AM
Last edit: March 28, 2013, 02:42:02 AM by kslaughter
 #17


Why 115 btc each?
Also, why didn't you use http://store.avalon-asics.com/?

And for some reason I can't buy any shares on bitfunder?

I received an email from Avalon, I believe on March 20, 2013, then I think I found a post on BitcoinTalk which stated that the price for a 3 unit model was 88 BTC
and that a 4 unit model was 115.  It also said to send Ngzhang an email if you wanted to order 50 units or more, so that is what I did.  I was hurrying to change my
offering because of the over 4X price increase and the fact that it said they where going to start selling on Friday.  I did not use the link because I sent the email, however
I was working hard to get the offer up and raise the money to purchase at least 50 units if I could.  That is why there is 2 orders of 50.

Working with Ukto at bitfunder on getting AMC back up.
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March 28, 2013, 06:23:15 AM
 #18

TXIDs for ordering your 2x50 Avalon Batch 3 orders?
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March 28, 2013, 02:34:05 PM
 #19

TXIDs for ordering your 2x50 Avalon Batch 3 orders?

I ordered them, but they are not confirmed.  Even if I had them you still would
not believe it.
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March 28, 2013, 02:36:09 PM
 #20

Reworking the offering.


Check out info on the offering here:

https://bitfunder.com/asset/AMC

I will unlock this thread when we get the offering reworked.
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