[AMC]-The Official Active Mining Cooperative Discussion

[abuelau]

boring...zzzz

[stereotype]

Minor. Please post your business addresses. Where are you based?

More than happy to.   As soon as I ask you for $2M.  Have I asked you for $2M?   No.  Would I ask a bunch of strangers for $2M to finance my business? No.   I would risk my own money and then offer you something that may or may not be of value to you.  Would I consider raising money by crowdfunding if it was NOT against US law?   Certainly.    That will be great for start ups (but I doubt the bill will pass because Angels and VCs have more lobbyists than you and me).   
You do not get it do you?   Until the bill passes making crowdfunding LEGAL, this is not a good thing for Americans to do.   Your risk is NOT just that this may be a scam or may not succeed or the market may change, with an American based company you are ADDING the complete unknown (and outside of everyone's control) of the US government shutting it down.
Why do I not like this project?   1.  Because it breaks the law (whether you like the law or not is irrelevant).
2.  Because it is easy to prosecute if authorities want to (which is BAD for bitcoin).  3.  Because I personally have seen this scam play out so many times here, and I am not sure that Ken Slaughter is not the same person that did this before.
It is as simple as that.

Oh. I understand your concerns now. Thanks for alerting us all to this. Its certainly something to seriously consider.
While the above gets sorted out by the righteous few, can you keep us posted in your pursuit for the anonymous Ken Slaughter, please? Im really not comfortable giving my money to those anonymous Ken Slaughter types, so thanks for your help. Much obliged.

[stereotype]

Just read the ASICMiner Quarterly Report (Investor’s Take) & Updates      https://bitcointalk.org/index.php?topic=220837.0;topicseen
Just posting the below extract, as AMC got a mention, and always good to know what the competition thinks.
--------------------------

Upcoming Competition

With other startups like:
•   BitFury & 100 TH/s
•   BTC Garden
•   AMC
•   DIY Manufacturers/Kits (w/ Avalon chips)
•   Others not mentioned

ASICMiner is in the prime position as industry leader and can remain in first place, so long as friedcat and the other board members take the necessary, calculated steps to keep it that way. While these startups still appear to be very unproven (and everyone has their own opinions about them), some have started to make noticeable steps (Bitfury’s 65nm).

Hardware Sales

With Avalon and BFL coming soonTM, investors are starting to wonder if prices will start dropping on current hardware. Bitfountain must now consider (as I’m sure they are) what is the appropriate price point to maximize both profit margin and sales volume. DIY kits will start making their way to folks, providing cheaper alternatives for the mining community.

Looking Forward

Friedcat has already mentioned of 2nd generation chip, which appears to have a higher hash rate with lower power consumption. Their implementation into the next generation Block Eruptor Blades and USB will help secure the ASICMiner’s advantage as the ASIC generation matures. As to when it moves from prototype phase to production phase, is anyone’s guess. Until someone else can provide a more compelling product, ASICMiner appears to be “head and shoulders above” the other mining companies.

[nebulus]

 Or review how GigaVPS fleeced his investors.

that sucked...

[Mabsark]

So, where are the Avalons shipping from and how long will it be now before they're online.

[kslaughter]

So, where are the Avalons shipping from and how long will it be now before they're online.

As soon as they get here and we can get them configured.

[Vbs]

Very close now!

[iCEBREAKER]

So, where are the Avalons shipping from and how long will it be now before they're online.

As soon as they get here and we can get them configured.

Moar grate nooz!   

Have you got our multiple redundant stratum proxies running, tested, and ready?

[Mabsark]

Very close now!

How long do things normally take to ship from Hong Kong to the US?

[Vbs]

Very close now!

How long do things normally take to ship from Hong Kong to the US?

Less than a day it seems, as the tracking shows it already released from Customs in Cincinnati, OH (step 7).

[Mabsark]

Very close now!

How long do things normally take to ship from Hong Kong to the US?

Less than a day it seems, as the tracking shows it already released from Customs in Cincinnati, OH (step 7).

Some guy on the street asked me if I wanted an eye test this morning. I guess I should have took him up on the offer.

I was thinking it would have took a couple of weeks to arrive there. Excellent news!

[Thalum]

Ok, so I've just bought some shares via bitfunder... What happens now? I just... wait?

[kslaughter]

Ok, so I've just bought some shares via bitfunder... What happens now? I just... wait?

3 of the Avalons are on the way, should be here on Monday.  After they arrive we will configure them and they will start mining.  After about a week of mining we will pay out a dividend to all issued shares of 100% of the mining revenue for the week.  So as long as you hold your shares you will receive dividends on the mining revenue of these machines.  3 more Avalon's are to be shipped to us in their batch 2.  We also have 68 16 chips boards coming ~306,000 GH/s.  Also, we have 20,000 Avalon ASIC chips on order giving us ~5.651 TH/s of hashing power.  You can use the link below to calculate the revenue from the machines.  One other thing is that half of the revenue goes back into buying more hashing power.

http://www.bitcoinx.com/profit/

[TadpolesIsAWinner]

Ok, so I've just bought some shares via bitfunder... What happens now? I just... wait?

3 of the Avalons are on the way, should be here on Monday.  After they arrive we will configure them and they will start mining.  After about a week of mining we will pay out a dividend to all issued shares of 100% of the mining revenue for the week.  So as long as you hold your shares you will receive dividends on the mining revenue of these machines.  3 more Avalon's are to be shipped to us in their batch 2.  We also have 68 16 chips boards coming ~306,000 GH/s.  Also, we have 20,000 Avalon ASIC chips on order giving us ~5.651 TH/s of hashing power.  You can use the link below to calculate the revenue from the machines.  One other thing is that half of the revenue goes back into buying more hashing power.

http://www.bitcoinx.com/profit/

Hey KS,

Just wondering when you'll switch from 100% mining profits going to the shares and 50% going to the shares? (See bold/underline above).

Thanks.

[Thalum]

Sounds like it's all progressing well. Good luck with the configuration and please let our faith in you and AMC be well placed!

[dhenson]

Hey KS,

Just wondering when you'll switch from 100% mining profits going to the shares and 50% going to the shares? (See bold/underline above).

Thanks.

There are 100,000,000 shares.  Of those shares only 40,000,000 will be paid until the total dividends = .0005.

Of the 40,000,000 shares currently being paid, 20,000,000 go towards new equipment purchases, and 20,000,000 go towards the early adopter IPO shares (of which only 5,000,000 have sold yet, the other 15,000,000 will be paying dividends to AMC)

Recap:
60,000,0000 not receiving dividends until after .0005 has been paid out.
20,000,0000 going to equipment fund
15,000,0000 going to AMC (a.k.a. Ken, until the shares are sold @ .0008 or higher - this is the bit people including myself generally have a problem with.  Unsold shares "shouldn't" receive dividends in my opinion.)
5,000,0000 paid out to investors

[auto2nr1]

Hey KS,

Just wondering when you'll switch from 100% mining profits going to the shares and 50% going to the shares? (See bold/underline above).

Thanks.

There are 100,000,000 shares.  Of those shares only 40,000,000 will be paid until the total dividends = .0005.

Of the 40,000,000 shares currently being paid, 20,000,000 go towards new equipment purchases, and 20,000,000 go towards the early adopter IPO shares (of which only 5,000,000 have sold yet, the other 15,000,000 will be paying dividends to AMC)

Recap:
60,000,0000 not receiving dividends until after .0005 has been paid out.
20,000,0000 going to equipment fund
15,000,0000 going to AMC (a.k.a. Ken, until the shares are sold @ .0008 or higher - this is the bit people including myself generally have a problem with.  Unsold shares "shouldn't" receive dividends in my opinion.)
5,000,0000 paid out to investors

Same here. Unsold shares should not receive dividends.

[drdanishkhan]

 why should the unsold shares receive dividends. And about the future funds. I mean when you need capital you can simply issue new shares then. This is the main problem.. apart of my shares of dividends is going back to ken for no apparent reason and then the dividend gets halved after 1 week which is a major setback..

[Surprise]

As a shareholder with a reasonable stake in this company I agree with the policy to have unsold shares receive dividends. It is my belief that Ken will reinvest those dividends into new equipment purchases. We have already entered into a period of very steep difficulty increases I and don't expect this period to stop until after September or October. Priority #1 should be getting as much hashpower online as soon as possible so that we can grow faster than our competitors during this steep climb. If we don't grow faster than everyone else we'll hold a decreasing share of network hashrate (and therefore revenue) until we fade into irrelevance and bankruptcy. Having the unsold shares receive dividends will make shareholder dividends decrease, but I'd rather we invest in growth so we don't risk the share price going to 0, rather than receive a few dividends that will only pay out <5% of the share price, if that.

[Grinny]

Hey KS,

Just wondering when you'll switch from 100% mining profits going to the shares and 50% going to the shares? (See bold/underline above).

Thanks.

There are 100,000,000 shares.  Of those shares only 40,000,000 will be paid until the total dividends = .0005.

Of the 40,000,000 shares currently being paid, 20,000,000 go towards new equipment purchases, and 20,000,000 go towards the early adopter IPO shares (of which only 5,000,000 have sold yet, the other 15,000,000 will be paying dividends to AMC)

Recap:
60,000,0000 not receiving dividends until after .0005 has been paid out.
20,000,0000 going to equipment fund
15,000,0000 going to AMC (a.k.a. Ken, until the shares are sold @ .0008 or higher - this is the bit people including myself generally have a problem with.  Unsold shares "shouldn't" receive dividends in my opinion.)
5,000,0000 paid out to investors

3 Avalons = 3*65 GH/S (according to their website) @Current Diff (15605632.6813) = 43.99 BTC per week / 100,000,000 shares = 0,0000004399 BTC in Dividends per share per week
The price for one share is at 0.0006590 BTC - so the ROI per share is 1498 weeks? ^^

Is this right?