[AMC]-The Official Active Mining Cooperative Discussion

[kslaughter]

Would publishing AMC's bitcoin address add transparency since we can see proof of purchase of Avalon chips, etc.

I think it would:  Here is the address we are holding bitcoins at to purchase the chips:  16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

We would like to purchase a full batch as group purchases have a commission of about 9.5%

Where did the other 460BTC go?

We have already made deposits to VMC for machines and they have purchased Avalon chips in steamboats batch 1.

We will be posting on bitfunder a full accounting of the funds by the 15th of June for the month of May.

[abuelau]

Nice work

[kslaughter]

Nice work

Thanks

[lewicki]

Would publishing AMC's bitcoin address add transparency since we can see proof of purchase of Avalon chips, etc.

I think it would:  Here is the address we are holding bitcoins at to purchase the chips:  16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

We would like to purchase a full batch as group purchases have a commission of about 9.5%

Where did the other 460BTC go?

We have already made deposits to VMC for machines and they have purchased Avalon chips in steamboats batch 1.

We will be posting on bitfunder a full accounting of the funds by the 15th of June for the month of May.

Excellent

[lewicki]

163k left at .0005

1,503,417 shares sold.

Top 10 Shareholders:
23,482,427
15,014,050
----------
201,163
101,450
100,000
99,919
71,000
50,000
40,000
39,388
34,815
28,600

[Vbs]

BitFury ASICs also seem like an excellent choice, let's see if they can deliver the promised <1W per GH. https://bitcointalk.org/index.php?topic=185223.0

They seem to offer "special conditions" for bulk chip buying.

[rikur]

Short update: Nothing to update yet.. Still waiting for response from BitFunder. I have stated that I would be happy if I was issued more shares to bring down my average share price to .0005.

The price has been stable at .0005 since the IPO issue was brought up on this thread, so maybe calling the IPO misleading wasn't too far-fetched after all?

[abuelau]

Short update: Nothing to update yet.. Still waiting for response from BitFunder. I have stated that I would be happy if I was issued more shares to bring down my average share price to .0005.

The price has been stable at .0005 since the IPO issue was brought up on this thread, so maybe calling the IPO misleading wasn't too far-fetched after all?

Cool, keep us updated. My avg share price is also above .0005 and I would like to see it go back to .0005.

[Vbs]

Short update: Nothing to update yet.. Still waiting for response from BitFunder. I have stated that I would be happy if I was issued more shares to bring down my average share price to .0005.

The price has been stable at .0005 since the IPO issue was brought up on this thread, so maybe calling the IPO misleading wasn't too far-fetched after all?

Pointless actually, since anyone that had bids at 0.0005 got those filled. Instead of waiting, you chose to buy immediately at the ask price. Your choice.

Moral of the story: Next time, don't buy without seeing if the same thing is being offered at a better price.

[stereotype]

Still some good value options on the table, if you're quick.

[lewicki]

Still some good value options on the table, if you're quick.

They're instantly profitable, that is, if no more shares get dropped at .0005

[stereotype]

Still some good value options on the table, if you're quick.

They're instantly profitable, that is, if no more shares get dropped at .0005

Yes. Best value options ive seen for a while.

Consider this. At the moment you could bet 1.2btc, that 10,000 shares will/will not exceed 0.000570, sometime from now and the next 4 weeks.....and its there now.

Since the floor is .0005, and its a new share, and we currently have strong momentum, this is a low risk bet for the next 4 weeks.

Edit: I also have no problem with the fact, that Ken/AMC may have placed those options there. However, if i see the live order book manipulated like it was again, im out, and i trust Ken/AMC now understand that that strategy, is a wrong one.

Edit edit: Option price corrected upwards.

[Deprived]

Since the floor is .0005, and its a new share, and we currently have strong momentum, this is a low risk bet for the next 4 weeks.

How is the floor .0005?  That's more like the ceiling - any time any significant volume of orders are above that the issuer is going to sell into it (not least because if he doesn't then those with shares will sell and put up bids at .005 themselves to get their shares back cheaper next time issuer dumps a load).

That's why opaque selling policies are horrible.  There's nothing wrong with changing the price (and it SHOULD be changing - downwards as it happens - due to effectively being a USD-denominated security) but any price changes and/or new sales should be announced in advance.  Not least to prevent any suspicion of insider trading (Issuer or someone he knows can fill bids over .0005 and buy back with certainty if they know, and noone else does, that another batch will be dumped on the market).

[abuelau]

That's why opaque selling policies are horrible.  There's nothing wrong with changing the price (and it SHOULD be changing - downwards as it happens - due to effectively being a USD-denominated security) but any price changes and/or new sales should be announced in advance.  Not least to prevent any suspicion of insider trading (Issuer or someone he knows can fill bids over .0005 and buy back with certainty if they know, and noone else does, that another batch will be dumped on the market).

Anyone knows what's the situation regarding new batches? Has the OP not said anything about it? Given the issues people raised this time around, I would imagine the OP should make some statement regarding future batches.

[Vbs]

I still expect the issuer to sell more at 0.0005 if that means getting more hardware sooner than later. Mining is a time race.

[abuelau]

I still expect the issuer to sell more at 0.0005 if that means getting more hardware sooner than later. Mining is a time race.

But why does he need to sell at 0.0005 though? Why not let the market decide how much they are willing to pay per share and sell at that price or perhaps just slightly lower?

[hf]

I still expect the issuer to sell more at 0.0005 if that means getting more hardware sooner than later. Mining is a time race.

> 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.
> AMC will only issue 40,000,000 shares (20,000,00 "Early-Adopter and 20,000,000 AMC growth and expansion fund shares)

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

Vbs, I could be missing something, but since 40M shares have been issued at .0005, can AMC really sell additional shares at a lower price than .001 ?

[Vbs]

I still expect the issuer to sell more at 0.0005 if that means getting more hardware sooner than later. Mining is a time race.

But why does he need to sell at 0.0005 though? Why not let the market decide how much they are willing to pay per share and sell at that price or perhaps just slightly lower?

It really only depends on the rate at which the funds are needed.

For example, imagine he needs more coins for hardware now and starts selling at 0.0006; after awhile realizes he isn't selling anything because there are a lot of flippers dumping shares between 0.0005 and 0.0006. No income would mean less assets/missed chances for the cooperative, which is a much higher toll than selling more at 0.0005.

[Vbs]

I still expect the issuer to sell more at 0.0005 if that means getting more hardware sooner than later. Mining is a time race.

> 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.
> AMC will only issue 40,000,000 shares (20,000,00 "Early-Adopter and 20,000,000 AMC growth and expansion fund shares)

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

Vbs, I could be missing something, but since 40M shares have been issued at .0005, can AMC really sell additional shares at a lower price than .001 ?

40M were issued (created), but not sold.

[stereotype]

Since the floor is .0005, and its a new share, and we currently have strong momentum, this is a low risk bet for the next 4 weeks.

How is the floor .0005?  That's more like the ceiling - any time any significant volume of orders are above that the issuer is going to sell into it (not least because if he doesn't then those with shares will sell and put up bids at .005 themselves to get their shares back cheaper next time issuer dumps a load).

That's why opaque selling policies are horrible.  There's nothing wrong with changing the price (and it SHOULD be changing - downwards as it happens - due to effectively being a USD-denominated security) but any price changes and/or new sales should be announced in advance.  Not least to prevent any suspicion of insider trading (Issuer or someone he knows can fill bids over .0005 and buy back with certainty if they know, and noone else does, that another batch will be dumped on the market).

My definition of floor is, if it trades for 48 hours below 0.0005, its all over for the share, as far as im concerned.

The scenario you paint is valid, and i trust Ken/AMC have taken note.