[AMC]-The Official Active Mining Cooperative Discussion

[lewicki]

Just got off the phone with Ken.

• Avalon prototype boards - They will be finished within 2 weeks. He is going to provide a scan of the documents proving that that work is under way.
• AMC's proprietary chip - He will provide a scan of the NDA, he is currently talking with eASIC, and it looks like he will be able to pay the NRE, and if not, then in installments
• Storage - Springfield Underground is currently for sale. He is looking into acquiring it to host all of AMC's mining needs when the need arises.
• Klondikes - Will be arriving within a month, 300 GH
• Avalon Chips - The engineering firm that he employed for the boards has the 60 sample chips from the 2 avalon chip bulk orders, pictures will be coming for those when he gets his hands on them within 2 weeks. There are 20,000 of them incoming. Avalon will start shipping the chips at the beginning of July. AMC has pre-orders a for a few of these, the rest will be built and mined by AMC
• Avalons purchased - Ken received the 3 remaining Avalons. Team AMC is currently hashing at 435.32 GH/s on https://www.btcguild.com//index.php?page=rankings&section=teams
• Engineering - Ken wrote the code for the chip, which eASIC ran and found to be acceptable.
• Price - The shares at 0.0025 are going to remain there, since he values AMC above that price and thinks that it is a great value.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What is VMC? - VMC, Ken said was an afterthought. His main interest is in AMC(his baby). When he said that AMC gets first dibs on anything the VMC makes, he meant it. His plans for AMC is to buy as many mining machines AT COST from VMC and then leave the scraps for VMC to sell.
• The pricing of the machines are whack! - Whatever machines that are left over to buy will be priced competitively.
• What has AMC invested and why are there so many shares? - When a company looks for investment from say Angel Investors, they usually require 25-33% of the company's shares. Before AMC looked for money they had already invested in 6 avalons which are priced now at over $43,000 and a ROI much higher than that (data based on current auctions on bitcointalk, increase that value since AMC is already mining). So to say that 20 million shares are available for AMC after AMC had already invested a sizable amount of money into operations seems reasonable to me.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What happens after the NRE is paid off - After 100% of the NRE is paid off in the form of dividends, AMC will continue to get paid 100% of the mining dividends and 10% of sales from VMC. AMC will also activate the remaining 60,000,000 shares which represents the AMC's profits, which is perfectly reasonable since they havnt received a cent up until this point.

Pre NRE paid off

20,000,000	Shares for Investors
20,000,000	Shares for Reinvestment

Post NRE paid off

20,000,000	Shares for Investors
20,000,000	Shares for Reinvestment
60,000,000	Shares for AMC

Ken's workload is very high at the moment - among which people have expressed issues with the shopping cart on the website and needs to fix it), but he said that within the next day or so he will be posting receipts/documents that show that things are under way.

[ajk]

I have absolutely no idea what ken holds aside of the 20M for reinvesting,

as i said 40M shares are the only existing currently, 60M of which may or may not be added in 10 months or from what the contract says any time? I have no clue I am waiting on Ken to answer up or hopefully show up with some machines,

Everyone has brought up valid points both sides im just trying to get more information before I call it a complete failure,

[lewicki]

This is so full of fail.

So now Ken is halting dividends until he collects enough for his $1M gift to himself?

$43 000 value for an Avalon?  I have 10, how many would Ken like to buy at $43 000 each?

No one is halting dividends, the money collected from mining will be paid back to the investors at full over the next year

[lewicki]

$43 000 value for an Avalon?  I have 10, how many would Ken like to buy at $43 000 each?

https://bitcointalk.org/index.php?topic=245629.20

69 bitcoins for 1 avalon, multiple by 6.

[bigdude]

It seems now Ken intends to violate his contract and halt dividends.

Where did this come from?

[lewicki]

“Arguing with anonymous strangers on the Internet is a sucker's game because they almost always turn out to be—or to be indistinguishable from—self-righteous sixteen-year-olds possessing infinite amounts of free time.”

― Neal Stephenson

Entropy-uc ignored
TheSwede75 ignored
Bitcoin Megastore ignored
rikur ignored
ThickAsThieves ignored

[bernard75]

Anyway, whoever is buying AMC and / or VMC shares after all that is said here in last 24+ hours is either complete idiot or experinced trader idiot.

LOL. Couldnt have put it better.

[funkymunky]

Fantastic, thank you ever so much for taking the time to do this.

It is a good write up and hopefully will put a few nervous people at ease.

Just got off the phone with Ken.

• Avalon prototype boards - They will be finished within 2 weeks. He is going to provide a scan of the documents proving that that work is under way.
• AMC's proprietary chip - He will provide a scan of the NDA, he is currently talking with eASIC, and it looks like he will be able to pay the NRE, and if not, then in installments
• Storage - Springfield Underground is currently for sale. He is looking into acquiring it to host all of AMC's mining needs when the need arises.
• Klondikes - Will be arriving within a month, 300 GH
• Avalon Chips - The engineering firm that he employed for the boards has the 60 sample chips from the 2 avalon chip bulk orders, pictures will be coming for those when he gets his hands on them within 2 weeks. There are 20,000 of them incoming. Avalon will start shipping the chips at the beginning of July. AMC has pre-orders a for a few of these, the rest will be built and mined by AMC
• Avalons purchased - Ken received the 3 remaining Avalons. Team AMC is currently hashing at 435.32 GH/s on https://www.btcguild.com//index.php?page=rankings&section=teams
• Engineering - Ken wrote the code for the chip, which eASIC ran and found to be acceptable.
• Price - The shares at 0.0025 are going to remain there, since he values AMC above that price and thinks that it is a great value.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What is VMC? - VMC, Ken said was an afterthought. His main interest is in AMC(his baby). When he said that AMC gets first dibs on anything the VMC makes, he meant it. His plans for AMC is to buy as many mining machines AT COST from VMC and then leave the scraps for VMC to sell.
• The pricing of the machines are whack! - Whatever machines that are left over to buy will be priced competitively.
• What has AMC invested and why are there so many shares? - When a company looks for investment from say Angel Investors, they usually require 25-33% of the company's shares. Before AMC looked for money they had already invested in 6 avalons which are priced now at over $43,000 and a ROI much higher than that (data based on current auctions on bitcointalk, increase that value since AMC is already mining). So to say that 20 million shares are available for AMC after AMC had already invested a sizable amount of money into operations seems reasonable to me.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What happens after the NRE is paid off - After 100% of the NRE is paid off in the form of dividends, AMC will continue to get paid 100% of the mining dividends and 10% of sales from VMC. AMC will also activate the remaining 60,000,000 shares which represents the AMC's profits, which is perfectly reasonable since they havnt received a cent up until this point.

Pre NRE paid off

20,000,000	Shares for Investors
20,000,000	Shares for Reinvestment

Post NRE paid off

20,000,000	Shares for Investors
20,000,000	Shares for Reinvestment
60,000,000	Shares for AMC

Ken's workload is very high at the moment - among which people have expressed issues with the shopping cart on the website and needs to fix it), but he said that within the next day or so he will be posting receipts/documents that show that things are under way.

[Kyune]

“Arguing with anonymous strangers on the Internet is a sucker's game because they almost always turn out to be—or to be indistinguishable from—self-righteous sixteen-year-olds possessing infinite amounts of free time.”

― Neal Stephenson

Entropy-uc ignored
TheSwede75 ignored
Bitcoin Megastore ignored
rikur ignored
ThickAsThieves ignored

Generally, I am extremely hesitant to use the ignore button, even when people annoy me repeatedly.  I'd rather hold open the possibility that I can still learning something from the dialogue.  But I admit that, in a moment of weakness, reading this thread has prompted me to expand my ignore list from 1 individual to 3.  

However, the intersection of your ignore list and my ignore list is the null set.

[lolstate]

Just got off the phone with Ken.

Thank you lewicki! I'm happy with the responses Ken has given. This gives me greater confidence going forward, however, without being smug about it, this is exactly the type of development I expected.

Everyone, please note the immediate, negative, knee-jerk comebacks after lewicki's post. There are too many people here who are not interested in the facts. They are spreading FUD, sometimes of the most ridiculous type. I mean, I can appreciate the better brand of FUD as the next man, but the rubbish originating with Megamouth and his ilk is clearly absurd.

   

[lewicki]

However, the intersection of your ignore list and my ignore list is the null set.

To each his own.

[auto2nr1]

Just got off the phone with Ken.

• Avalon prototype boards - They will be finished within 2 weeks. He is going to provide a scan of the documents proving that that work is under way.
• AMC's proprietary chip - He will provide a scan of the NDA, he is currently talking with eASIC, and it looks like he will be able to pay the NRE, and if not, then in installments
• Storage - Springfield Underground is currently for sale. He is looking into acquiring it to host all of AMC's mining needs when the need arises.
• Klondikes - Will be arriving within a month, 300 GH
• Avalon Chips - The engineering firm that he employed for the boards has the 60 sample chips from the 2 avalon chip bulk orders, pictures will be coming for those when he gets his hands on them within 2 weeks. There are 20,000 of them incoming. Avalon will start shipping the chips at the beginning of July. AMC has pre-orders a for a few of these, the rest will be built and mined by AMC
• Avalons purchased - Ken received the 3 remaining Avalons. Team AMC is currently hashing at 435.32 GH/s on https://www.btcguild.com//index.php?page=rankings&section=teams
• Engineering - Ken wrote the code for the chip, which eASIC ran and found to be acceptable.
• Price - The shares at 0.0025 are going to remain there, since he values AMC above that price and thinks that it is a great value.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What is VMC? - VMC, Ken said was an afterthought. His main interest is in AMC(his baby). When he said that AMC gets first dibs on anything the VMC makes, he meant it. His plans for AMC is to buy as many mining machines AT COST from VMC and then leave the scraps for VMC to sell.
• The pricing of the machines are whack! - Whatever machines that are left over to buy will be priced competitively.
• What has AMC invested and why are there so many shares? - When a company looks for investment from say Angel Investors, they usually require 25-33% of the company's shares. Before AMC looked for money they had already invested in 6 avalons which are priced now at over $43,000 and a ROI much higher than that (data based on current auctions on bitcointalk, increase that value since AMC is already mining). So to say that 20 million shares are available for AMC after AMC had already invested a sizable amount of money into operations seems reasonable to me.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What happens after the NRE is paid off - After 100% of the NRE is paid off in the form of dividends, AMC will continue to get paid 100% of the mining dividends and 10% of sales from VMC. AMC will also activate the remaining 60,000,000 shares which represents the AMC's profits, which is perfectly reasonable since they havnt received a cent up until this point.

Pre NRE paid off

20,000,000	Shares for Investors
20,000,000	Shares for Reinvestment

Post NRE paid off

20,000,000	Shares for Investors
20,000,000	Shares for Reinvestment
60,000,000	Shares for AMC

Ken's workload is very high at the moment - among which people have expressed issues with the shopping cart on the website and needs to fix it), but he said that within the next day or so he will be posting receipts/documents that show that things are under way.

One thing i don't like is why is AMC only entitled to 10% of the profits out of sales. Shouldn't AMC be entitled to 100% of the profit from hardware sales since AMC put up the money to fund the project to begin with?

[lewicki]

One thing i don't like is why is AMC only entitled to 10% of the profits out of sales. Shouldn't AMC be entitled to 100% of the profit from hardware sales since AMC put up the money to fund the project to begin with?

There are costs in and of themselves that are associated with sales. 100% of sales gets poured back into AMC and to pay off the shareholders to get off the ground for the first year. We are investing in a mining operation. If AMC was building the machines we would still have to pay for the cost of them. On the side, and machines that are left over that AMC can't handle will be sold off and we receive 10%.

If VMC wasnt selling we would still receive a crap ton of money from dividends.

[kslaughter]

Just got off the phone with Ken.

• Avalon prototype boards - They will be finished within 2 weeks. He is going to provide a scan of the documents proving that that work is under way.
• AMC's proprietary chip - He will provide a scan of the NDA, he is currently talking with eASIC, and it looks like he will be able to pay the NRE, and if not, then in installments
• Storage - Springfield Underground is currently for sale. He is looking into acquiring it to host all of AMC's mining needs when the need arises.
• Klondikes - Will be arriving within a month, 300 GH
• Avalon Chips - The engineering firm that he employed for the boards has the 60 sample chips from the 2 avalon chip bulk orders, pictures will be coming for those when he gets his hands on them within 2 weeks. There are 20,000 of them incoming. Avalon will start shipping the chips at the beginning of July. AMC has pre-orders a for a few of these, the rest will be built and mined by AMC
• Avalons purchased - Ken received the 3 remaining Avalons. Team AMC is currently hashing at 435.32 GH/s on https://www.btcguild.com//index.php?page=rankings&section=teams
• Engineering - Ken wrote the code for the chip, which eASIC ran and found to be acceptable.
• Price - The shares at 0.0025 are going to remain there, since he values AMC above that price and thinks that it is a great value.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What is VMC? - VMC, Ken said was an afterthought. His main interest is in AMC(his baby). When he said that AMC gets first dibs on anything the VMC makes, he meant it. His plans for AMC is to buy as many mining machines AT COST from VMC and then leave the scraps for VMC to sell.
• The pricing of the machines are whack! - Whatever machines that are left over to buy will be priced competitively.
• What has AMC invested and why are there so many shares? - When a company looks for investment from say Angel Investors, they usually require 25-33% of the company's shares. Before AMC looked for money they had already invested in 6 avalons which are priced now at over $43,000 and a ROI much higher than that (data based on current auctions on bitcointalk, increase that value since AMC is already mining). So to say that 20 million shares are available for AMC after AMC had already invested a sizable amount of money into operations seems reasonable to me.
• When do I get my money? - 100% of the money raised for the NRE will be payed off first. Either through sales or mining.
• What happens after the NRE is paid off - After 100% of the NRE is paid off in the form of dividends, AMC will continue to get paid 100% of the mining dividends and 10% of sales from VMC. AMC will also activate the remaining 60,000,000 shares which represents the AMC's profits, which is perfectly reasonable since they havnt received a cent up until this point.

Ken's workload is very high at the moment - among which people have expressed issues with the shopping cart on the website and needs to fix it), but he said that within the next day or so he will be posting receipts/documents that show that things are under way.

This is so full of fail.

So now Ken is halting dividends until he collects enough for his $1M gift to himself?

$43 000 value for an Avalon?  I have 10, how many would Ken like to buy at $43 000 each?

Nice to hear from you again Entropy-uc, since you are a competitor as you say above with the 10 Avalon's you own, we must be doing something right to make you worry so much.  I do have to point out that nowhere have I said that we are not going to pay dividends to shareholders.  That is the nice thing about VMC is we are going to be building our own machines for AMC, 40 for August 31, 2013 and then ~22 for September.

[Entropy-uc]

I think I might understand the dividend situation now.  It's all very confusing since Ken likes to confuse himself and AMC, never mind VMC which scoops the cream of this farm in the first place.

So dividends look like so:

Code:

Shares outstanding
Ken:               60 000 0000
AMC capital fund:  20 000 000
Treasury shares :  12 000 000 (?)
Shareholders:       8 000 000 (?)

Treasury + Shareholders should be equal to 20 000 000 but I have no idea of the current split.

1 BTC in dividends delivers

Ken:  0 *  - until he repays the planned $1M no interest, no recourse loan to his other company VMC
AMC capital:   0.5 BTC
Treasury:      0.3 BTC
Shareholders:  0.2 BTC
 

Note that Ken is 60% owner of AMC, as well as 100% owner of VMC.  Each dividend pays 80% back to AMC at present.

Far from not getting any compensation as Ken claims, 48% of income goes to his pocket.

If he ever pays back the $1M gift, the dividends will be:

Code:

1 BTC in dividends delivers

Ken:           0.60 BTC
AMC capital:   0.2 BTC
Treasury:      0.12 BTC
Shareholders:  0.08 BTC
 

That's one hell of an investment you've got going.  If you are Ken Slaughter.

[Entropy-uc]

Just got off the phone with Ken.


Ken's workload is very high at the moment - among which people have expressed issues with the shopping cart on the website and needs to fix it), but he said that within the next day or so he will be posting receipts/documents that show that things are under way.

This is so full of fail.

So now Ken is halting dividends until he collects enough for his $1M gift to himself?

$43 000 value for an Avalon?  I have 10, how many would Ken like to buy at $43 000 each?

Nice to hear from you again Entropy-uc, since you are a competitor as you say above with the 10 Avalon's you own, we must be doing something right to make you worry so much.  I do have to point out that nowhere have I said that we are not going to pay dividends to shareholders.  That is the nice thing about VMC is we are going to be building our own for AMC, 40 for August 31, 2013 and then ~22 for September.

You are too awesome for me Ken.  I would never consider you a competitor.

Once again, I offer you as many Avalons as you like at your valuation, $43 000 each.  I am confident I can get far more than 10 for you at that price.  You might just get every Avalon ever built!

[Flashman]

• The pricing of the machines are whack! - Whatever machines that are left over to buy will be priced competitively.

Well that's one of my concerns cleared up. I guess at the time of writing that earlier projection the price was "competitive", continuous adjustment to the realities of the market is a good thing, rather than blindly sticking to a carved in stone policy.

TL;DR we got moves.

[lolstate]

Note that Ken is 60% owner of AMC

So, if theoretically he could cash-out right now at 0.00135, just there he would get over $8M holly cow, nice work there Ken, very nice work!

I get it, Megamouth. You're a fecking marxist. That explains why you won't direct you energies to a productive endevour like improving your website. You do have lots of time, it seems, to attempt to undermine people like Ken who get off their arse and create something of value.

What's next, comrade, Bitcoin redistribution from the likes of Ken to the likes of you and your cronies? What a waster, lol.

Finally, got you figured out. I consider myself enlightened  .

Edit: I see you edited your post to remove criticism of the American Dream. Faker.

[lolstate]

I get it, Megamouth. You're a fecking marxist. That explains why you won't direct you energies to a productive endevour like improving your website. You do have lots of time, it seems, to attempt to undermine people like Ken who get off their arse and create something of value.

Value? Where? It never occured to you I might be rich enough to not bother wasting most of my time making more money but just to what I love
to, like destroying retards around me? Ohh, wait, you are retard that can't comprehend the term "enough money".

Edit: I see you edited your post to remove criticism of the American Dream. Faker.

USA sux and I would not hesitate even a second to sunk it on the bottom of the ocean if there is a button next to me that allows that. Satisfied?

You are a fecking idiot. Don't dare address me again you fake.

[lolstate]

Don't dare address me again you fake.

Dream on. Now run, quick, and inform your bellowed DHS of yet another terrorist threat!  

You're hardly a terrorist threat. N-U-T-T-E-R, more like. Also, quit with editing your posts after the fact, it clearly shows you are struggling to keep up.

END OF TRANSMISSION.