[AMC]-The Official Active Mining Cooperative Discussion

[kleeck]

^^^

This would be a great place for Ken to freeze the thread. Eskimo's stupidity frozen in aspic for future generations to point and laugh.

 

I'm sorry... What?!

I'm a fanboy, let me get that right out front here. I love what Ken is putting into motion, but a LOT can go wrong in operations like these. Having a monthly report, that accurately and professionally demonstrates the companies financial position is simply logical. All Eskimo is saying is that 1.) A true financial report is important, and 2.) WE SHOULD ALL WANT TO SEE THIS, REGULARLY!

Nothing he is stating is stupid or worthy of a good "point and laugh". Let's not let our fanboyishness get in the way of asking, requesting, and/or demanding items that will bolster confidence and value in the company we are supporting.

Cheers!

[EskimoBob]

^^^

This would be a great place for Ken to freeze the thread. Eskimo's stupidity frozen in aspic for future generations to point and laugh.

 

Feel free to point out the stupidity.

 

[jimmy3dita]

Chill out man, if you are looking for some serious financial shit go buy on Nasdaq, or wait until each share is worth 1BTC with tons mining stuff up and running.

[lolstate]

^^^

This would be a great place for Ken to freeze the thread. Eskimo's stupidity frozen in aspic for future generations to point and laugh.

 

Feel free to point out the stupidity.

 

Eh, all of it?

[lewicki]

It's basically a 3 man operation. There is not enough time in the day to make everything 100%. What he has been releasing for the past 2 months is lacking, but understandable and something I can personally cope with.

He can use all the help that he can get. If you're knowledgable in these things, offer your services to help him.

[ArcticWolf]

It's basically a 3 man operation. There is not enough time in the day to make everything 100%. What he has been releasing for the past 2 months is lacking, but understandable and something I can personally cope with.

He can use all the help that he can get. If you're knowledgable in these things, offer your services to help him.

I agree with this. Once everything is set up and running, then Ken can hire an accountant and get out the proper reports. Im happy with the level of account keeping at the moment

[lolstate]

I'm sorry... What?!

Don't be taken in by Eskimo's schtick. I gave him the benefit of the doubt early on, but he's only interested in disrupting the thread and spreading FUD.

The risk of this venture is already priced in, currently ~0.0025. Better reports and accounting will come and along with it a corresponding price rise.

[iCEBREAKER]

Some of you are upset because people are asking for a proper financial statement? Seriously!? WTF guys? You call it FUD? Are you on crack? (those are all rhetorical questions, move along)
This is not to hurt you or scare you. After all, it's your money (and mine)! I like to know what is happening to it.

BTW, it's completely OK if you do not understand how to read a reports and are not capable to comprehend the importance of proper financial statements. Relax and go read a comic book. No need to get all hysterical about it and start pulling straw man's out of your arse.

At the same time, it is not acceptable, if companies like ActiveMining, SDICE, Asicminer etc etc can not compile a proper reports while taking our money.
If you do not give a flying fuck, where your money is going... why are you so butthurt, if someone else ask for something as simple and common as a fkn financial statement? You feel stupid, because you do not understand it? Get over it.

It's funny because, in the process of accusing others of being rabid idiot lunatics, you yourself got worked up into a sputtering, angry froth.   

That deserves the coveted Triple Facepalm.



All I asked, in a calm and polite manner, is why your rigorous scrutiny is focused exclusively on ActiveMiner, instead of being spread evenly among the other BTC enterprises with similar non-traditional approaches to transparency and accounting.

I'm not surprised my innocent inquiry got under your (thin) skin and touched a nerve.  It was obvious from the start you are here to spread FUD that nobody would put up with in the AsicMiner thread.

No wonder you blew up and got all pissed.  You got called the fuck out and nailed for your selective, vituperative outrage.   

[pneumatic5]

I dont get why everyone is so upset with EB. He has a point. It's not unreasonable to expect more out of the CEO. What's wrong with more disclosure? It's an honest criticism and I saw no malice in how he said it (to ken at least, lol).

[lolstate]

I dont get why everyone is so upset with EB. He has a point. It's not unreasonable to expect more out of the CEO. What's wrong with more disclosure? It's an honest criticism and I saw no malice in how he said it (to ken at least, lol).

If Eskimo was genuinely concerned with getting his PoV across, I'd be all ears. Unfortunately he is playing a game and trying to waste everyone's time. I mean ask yourself this: why are so many people posting on this thread desperate to save us from ourselves? As iCEBREAKER has show, their focus is very suspect ie it is exclusively on ActM and there is no criticism of other companies.

[Streets 2.0]

Guys, this is beyond retarded. Some of you are upset because people are asking for a proper financial statement? Seriously!? WTF guys? You call it FUD? Are you on crack? (those are all rhetorical questions, move along)
This is not to hurt you or scare you. After all, it's your money (and mine)! I like to know what is happening to it.

BTW, it's completely OK if you do not understand how to read a reports and are not capable to comprehend the importance of proper financial statements. Relax and go read a comic book. No need to get all hysterical about it and start pulling straw man's out of your arse.

At the same time, it is not acceptable, if companies like ActiveMining, SDICE, Asicminer etc etc can not compile a proper reports while taking our money.
If you do not give a flying fuck, where your money is going... why are you so butthurt, if someone else ask for something as simple and common as a fkn financial statement? You feel stupid, because you do not understand it? Get over it.

If Co. has no idea how much coin it has scraped together and has no idea where the coin has gone... WTF do you expect? Oh, I remember, you expect fat dividends.  At the same time, if Co. has no idea wtf is going on withe finances (no accounting and no reporting) then how do YOU know you get the fair share form profits? How is this Co knowing what to pay out in divs in a first place?

Proper accounting as a expense is NOTHING compared to what can happen, when there is no accounting at all.
"This is bitcoin, we do not need reports and accounting" type of childish nonsense is utter bull shit and only shows your ignorance.

Un-fkn-believable...  

one more [big face palm image]

Who is this post directed at?  I know I have never said it was unreasonable to request or even think it should be an automatically available financial report.  In fact, I believe that there should be as much transparency as possible, however I am also realistic.  As it was pointed out, this is just a three man team, and recognizing this as such is why I have offered up assistance for nothing.   These guys have been clearly busting their asses, and I for one can shelf emotions.  Free yourself for one second of this and allow Ken and the rest of the team to get up to speed with their new accounting software, develop some PR reps (if community members or other wise), get the rest of their warehouse in order (pictures show they are clearly not finished settling in) and then finish the NRE.  If Ken doesn't come back by then, which is only a few weeks at most away, then jump ship, get emotional and do what you need to do.

Look at what it is at this moment in time, 6 avalons, 20k chips inbound, payment for assembly of the Klondike's complete.  Now look at the other securities being gushed over (ASICMINER excluded) for picking up a BFL, or even just a few Avalon's; share prices skyrocketed for BM and CoG just on picking up a few miners, not that it is a problem either, the market dictated it.  We already had ours online or inbound imminently - all 6 are hashing as I type this.  The difference, the NRE.  Get that complete, the domino's begin to fall, 20k chips come in, share price rises, chip in production, etc.

[EskimoBob]

It's funny because, in the process of accusing others of being rabid idiot lunatics, you yourself got worked up into a sputtering, angry froth.   

That deserves the coveted Triple Facepalm.



All I asked, in a calm and polite manner, is why your rigorous scrutiny is focused exclusively on ActiveMiner, instead of being spread evenly among the other BTC enterprises with similar non-traditional approaches to transparency and accounting.

I'm not surprised my innocent inquiry got under your (thin) skin and touched a nerve.  It was obvious from the start you are here to spread FUD that nobody would put up with in the AsicMiner thread.

No wonder you blew up and got all pissed.  You got called the fuck out and nailed for your selective, vituperative outrage.   

LOL... Why do you project your impotent rage on me? I am actually calm and mildly amused how you guys manage to talk yourself in to believing all sorts of stupid ideas like "we do not need accounting" etc.

I am a big fan what ActiveMining team is doing and I support it via investing my coin but this will not change my views about proper reports.
Writing down your numbers every day takes about 10 min. for a small operations like those Co's.
3 man operation? Good, it takes you less than 5 min on average per day to do the accounting. If you let it slide, you spend few hours at the end of the month. Big fkn deal indeed and tiny price to pay for something as important as knowing where your Co is financially.

Lolstate and other idiots a like are willing to spend hours on pulling speculations out of their arse and wasting time on guessing games, counting imaginary profits and making up wild estimates and what not. This is a total waste everyone's time. Look at ASICMINER thread. 500+ pages of "I believe they have made blaa blaa blaa..."  LOL!

[Technologov]

OK, let's ask Ken to improve accounting. Find someone who understands accounting and Bitcoin.

[lolstate]

OK, let's ask Ken to improve accounting. Find someone who understands accounting and Bitcoin.

It will improve over time, no need to force the issue. I'd rather the next 2-3 weeks were spent by Ken and his team bedding down and minimal attention spent on financial reports that Eskimo will vomit all over in any case.

 

[EskimoBob]

OK, let's ask Ken to improve accounting. Find someone who understands accounting and Bitcoin.

Actually, "understanding of bitcoin" is not really needed at all. BTC can be handled as an investment (like a foreign currency for example) for accounting. They converts BTC to fiat and back so basically this is buying and selling BTC.

Everything else can be in fiat because no matter what I or you like to see, real world still uses fiat.
I had to test out few different approaches and because *coin is practically never used to acquire equipment or materials, it is easier to use fiat as base currency.

Cheers.

[Thalum]

Active Mining need good accounting just like it needs a decent website; these are basic business essentials, and if Ken doesn't have the skillset to do it (and it's not a big deal if he doesn't), then he needs to hire folk to do it for AM. Just because Bitcoin Mining is a relatively new venture doesn't mean that business fundamentals should be thrown out of the window.

[kslaughter]

Active Mining need good accounting just like it needs a decent website; these are basic business essentials, and if Ken doesn't have the skillset to do it (and it's not a big deal if he doesn't), then he needs to hire folk to do it for AM. Just because Bitcoin Mining is a relatively new venture doesn't mean that business fundamentals should be thrown out of the window.

Active Mining will have accounting, we are setting up our manufacturing software as we speak, this is different than AMC which only had basic accounting due to the fact that all it did was mine bitcoins and pay out dividends.  AMC in its description did not have provisions for any kind of advanced accounting.  FYI I made straight A's in accounting.  I also was hired and became the lead programmer on an accounting project.

[ArcticWolf]

Active Mining need good accounting just like it needs a decent website; these are basic business essentials, and if Ken doesn't have the skillset to do it (and it's not a big deal if he doesn't), then he needs to hire folk to do it for AM. Just because Bitcoin Mining is a relatively new venture doesn't mean that business fundamentals should be thrown out of the window.

Active Mining will have accounting, we are setting up our manufacturing software as we speak, this is different than AMC which only had basic accounting due to the fact that all it did was mine bitcoins and pay out dividends.  AMC in its description did not have provisions for any kind of advanced accounting.  FYI I made straight A's in accounting.  I also was hired and became the lead programmer on an accounting project.

Good to hear on all fronts Ken.

[pneumatic5]

Didnt he state that he is invested into the company also though?

[VolanicEruptor]

Active Mining need good accounting just like it needs a decent website; these are basic business essentials, and if Ken doesn't have the skillset to do it (and it's not a big deal if he doesn't), then he needs to hire folk to do it for AM. Just because Bitcoin Mining is a relatively new venture doesn't mean that business fundamentals should be thrown out of the window.

Active Mining will have accounting, we are setting up our manufacturing software as we speak, this is different than AMC which only had basic accounting due to the fact that all it did was mine bitcoins and pay out dividends.  AMC in its description did not have provisions for any kind of advanced accounting.  FYI I made straight A's in accounting.  I also was hired and became the lead programmer on an accounting project.

I don't think he was asking for any advanced accounting.  You don't even have to use special manufacturing software..  just open up Excel and start typing in current numbers.  Update those numbers on a regular basis and post the worksheet.  Correct me I'm wrong, but I think this is all they're asking for.