What do we really know about AMC?

[chsados]

What are your feelings on AMC?  Granted, I only briefly browsed the massive thread - but what do we really know about the owners?

- Who owns it?
- Where are they located?
- When do they expect to start mining?
ETC

[kslaughter]

What are your feelings on AMC?  Granted, I only briefly browsed the massive thread - but what do we really know about the owners?

- Who owns it?
- Where are they located?
- When do they expect to start mining?
ETC

Kenneth E. Slaughter, CEO
Virtual Mining Corporation
www.virtualminingcorp.com
+1 (855) One-Bitcoin (663-2482) X700
Springfield, Missouri

As soon as the 6 Avalon's are received.  When I talked with Yifu at Bitcoin 2013, he indicated that they would be shipping batch 2 in about 2 weeks.

[SpaceProphet]

Ken,

Does AMC/VMC also have an outpost in San Jose, CA?

[drdanishkhan]

why dont you reply here buddy..

What percentage of shares are you keeping to yourself and will those shares be entitled to the dividents??

[hf]

Ok, did some research right now :
I found VMC here : https://delecorp.delaware.gov/tin/GINameSearch.jsp enter file number : 5324096

And if you whois virtualminingcorp.com , you'll find "Kenneth Slaughter" and the address of a house somewhere in Springfield, MO, which is consistant with all the press releases[1] starting with "SPRINGFIELD, MO"

[1] tab "news" on https://bitfunder.com/asset/AMC

Does AMC/VMC also have an outpost in San Jose, CA?

Never heard about this.

What percentage of shares are you keeping to yourself and will those shares be entitled to the dividents??

I own 40% of the company, or 40 million shares.  These 40 million shares do not receive dividends until the total dividends paid is .0005 per share and 12 months have elapsed from the date of the IPO May 1, 2013.  I have invested the 6 Avalon's which are paid for.  I am continuing to invest my time and talent developing AMC's IP which will bring the investors a 10% royalty on machines VMC sells with AMC technology.  The dividends are divided between the 40,000,000 issued shares of which 20,000,000 shares are in the growth and expansion fund.  This fund is used to purchase more mining machines from VMC or others.  AMC will receive dividends from unsold shares which will be used to purchase more mining machines, R & D, direct mining expenses, etc.

[hak8or]

Out of interest, since now the public is the majority shareholder as Kslaughter only owns 40% of the company, can't the majority shareholders other than Ksluaghter get together and force more public disclosure? Going off on the deep end, since Kslaughter is no longer the majority shareholder, theoretically, if all the remaining shareholders get together and work together, can they vote out Kslaughter and take control of his company?

[kslaughter]

Out of interest, since now the public is the majority shareholder as Kslaughter only owns 40% of the company, can't the majority shareholders other than Ksluaghter get together and force more public disclosure? Going off on the deep end, since Kslaughter is no longer the majority shareholder, theoretically, if all the remaining shareholders get together and work together, can they vote out Kslaughter and take control of his company?

That would be nice, then I could have some time to get some real work done, instead of fighting fires here on bitcointalk.  Seriously, since you brought it up, I am going to be setting up a 9 director board to govern the cooperative.  1 share = 1 vote.

[MSantori]

kslaughter: I'm interested to hear what is your view on the extent to which AMC is subject to the securities laws a US entity.  Specifically, it's issuance of what seem to be equity investments denominated in BTC.

[kslaughter]

kslaughter: I'm interested to hear what is your view on the extent to which AMC is subject to the securities laws a US entity.  Specifically, it's issuance of what seem to be equity investments denominated in BTC.

AMC has now been spun off as a foreign entity on a foreign exchange.  We have also posted a PPM on bitfunder.

[MSantori]

As is often the case, answers lead to more questions, but I won't flood the thread with them.  Best of luck!

[kslaughter]

As is often the case, answers lead to more questions, but I won't flood the thread with them.  Best of luck!

Thanks.

[burnside]

kslaughter: I'm interested to hear what is your view on the extent to which AMC is subject to the securities laws a US entity.  Specifically, it's issuance of what seem to be equity investments denominated in BTC.

AMC has now been spun off as a foreign entity on a foreign exchange.  We have also posted a PPM on bitfunder.

Where did you incorporate?  Where is the exchange incorporated?

Cheers

[kslaughter]

kslaughter: I'm interested to hear what is your view on the extent to which AMC is subject to the securities laws a US entity.  Specifically, it's issuance of what seem to be equity investments denominated in BTC.

AMC has now been spun off as a foreign entity on a foreign exchange.  We have also posted a PPM on bitfunder.

Where did you incorporate?  Where is the exchange incorporated?

Cheers

Burnside, like you told me, figure it out yourself.  The stock exchange is on a RIPE address when you do a traceroute.

[Entropy-uc]

kslaughter: I'm interested to hear what is your view on the extent to which AMC is subject to the securities laws a US entity.  Specifically, it's issuance of what seem to be equity investments denominated in BTC.

AMC has now been spun off as a foreign entity on a foreign exchange.  We have also posted a PPM on bitfunder.

Where did you incorporate?  Where is the exchange incorporated?

Cheers

Burnside, like you told me, figure it out yourself.  The stock exchange is on a RIPE address when you do a traceroute.

Great transparency for a guy trying to raise money from the public.

Any sheep who give you money deserve the shearing they will get.  But shame on Bitfunder for allowing it.

[iCEBREAKER]

What do we really know about AMC?  

Any sheep who give you money deserve the shearing they will get.  But shame on Bitfunder for allowing it.

we know AMC has ordered 7 Avalon boxes and 20,000 Avalon chips.

Please man up and take your FUD to a Scam Accusation thread, if you're so sure the facts are on your side.

[burnside]

kslaughter: I'm interested to hear what is your view on the extent to which AMC is subject to the securities laws a US entity.  Specifically, it's issuance of what seem to be equity investments denominated in BTC.

AMC has now been spun off as a foreign entity on a foreign exchange.  We have also posted a PPM on bitfunder.

Where did you incorporate?  Where is the exchange incorporated?

Cheers

Burnside, like you told me, figure it out yourself.  The stock exchange is on a RIPE address when you do a traceroute.

Indeed, in case you forgot, last time you were asking when it is clearly stated in the footer of every page of our site.  A courtesy not extended anywhere that I can find on virtualminingcorp.com.  Not here: http://www.virtualminingcorp.com/about.html ... not here: http://www.virtualminingcorp.com/contact.html  (which plants a flag somewhere in Missouri) ...  Not on the official thread: https://bitcointalk.org/index.php?topic=158806.0  ... surely I'm missing something.  And ahhh, ok, I found Vanuatu on the Bitfunder Details page.  That was a fun game.   

Regarding Bitfunder, I'd expect an old ISP guy like yourself to know the difference between country of incorporation and choice of hosting locale.  Not to mention the complexity adding Cloudflare up front adds.  So I can trace it to a Cloudflare POP, what does that buy me?  I was curious, because I don't think they say anything anywhere on their site either.  I'll ping Ukyo later I guess.

Cheers.

[burnside]

Doh.

REPUBLIC OF VANUATU
INTERNATIONAL COMPANIES ACT
NO. 32 OF 1992

...

RESITRICTIONS ON INTERNATIONAL COMPANIES
10. (1) An international company shall not:-
  (a) carry on business in Vanuatu;
  (b) acquire or own an interest in immovable property situate in
    Vanuatu other than a lease referred to in subsection (2)(b);
  (c) carry on banking business as defined by the Banking Act [Cap. 63]
  (d) carry on trust business as defined by the Trust companies Act [Cap.69];
  (e) carry on insurance business as defined by the Insurance Act [Cap. 82];
    or
  (f) carry on company management business;
  (g) at any time have less than one member;
  (h) make any invitation to the public to –
    (i) subscribe for any shares or debentures in the company; or
    (ii) deposit money with or lend money to the company.

I did find it amusing that they misspelled RESTRICTIONS in their document. 

[LorenzoMoney]

Doh.

REPUBLIC OF VANUATU
INTERNATIONAL COMPANIES ACT
NO. 32 OF 1992

...

RESITRICTIONS ON INTERNATIONAL COMPANIES
10. (1) An international company shall not:-
  (a) carry on business in Vanuatu;
  (b) acquire or own an interest in immovable property situate in
    Vanuatu other than a lease referred to in subsection (2)(b);
  (c) carry on banking business as defined by the Banking Act [Cap. 63]
  (d) carry on trust business as defined by the Trust companies Act [Cap.69];
  (e) carry on insurance business as defined by the Insurance Act [Cap. 82];
    or
  (f) carry on company management business;
  (g) at any time have less than one member;
  (h) make any invitation to the public to –
    (i) subscribe for any shares or debentures in the company; or
    (ii) deposit money with or lend money to the company.

I did find it amusing that they misspelled RESTRICTIONS in their document. 

Yes, maybe I am naive, but what if Ken/AMC succeeds in getting delivery of those ASIC chips? What if he does use the money raised by offering shares to hire a good technical team and actually gets those mining rigs up and running?  Yes, I agree that he did some things in a sloppy way, and tends to some hyperbole, but so far, I do not see any evidence of outright fraud, only lack of some transparency. And yes, I am an adult who took a risk by investing with AMC. But, all of the people who invested in AMC, (I hope) are aware of the risks involved in any and all Bitcoin ventures. I am curious why those who have no horse in this race seem obligated to save and educate those of us either stupid enough or who like gambling or are willing to take risks?

[burnside]

Doh.

REPUBLIC OF VANUATU
INTERNATIONAL COMPANIES ACT
NO. 32 OF 1992

...

RESITRICTIONS ON INTERNATIONAL COMPANIES
10. (1) An international company shall not:-
  (a) carry on business in Vanuatu;
  (b) acquire or own an interest in immovable property situate in
    Vanuatu other than a lease referred to in subsection (2)(b);
  (c) carry on banking business as defined by the Banking Act [Cap. 63]
  (d) carry on trust business as defined by the Trust companies Act [Cap.69];
  (e) carry on insurance business as defined by the Insurance Act [Cap. 82];
    or
  (f) carry on company management business;
  (g) at any time have less than one member;
  (h) make any invitation to the public to –
    (i) subscribe for any shares or debentures in the company; or
    (ii) deposit money with or lend money to the company.

I did find it amusing that they misspelled RESTRICTIONS in their document.  

Yes, maybe I am naive, but what if Ken/AMC succeeds in getting delivery of those ASIC chips? What if he does use the money raised by offering shares to hire a good technical team and actually gets those mining rigs up and running?  Yes, I agree that he did some things in a sloppy way, and tends to some hyperbole, but so far, I do not see any evidence of outright fraud, only lack of some transparency. And yes, I am an adult who took a risk by investing with AMC. But, all of the people who invested in AMC, (I hope) are aware of the risks involved in any and all Bitcoin ventures. I am curious why those who have no horse in this race seem obligated to save and educate those of us either stupid enough or who like gambling or are willing to take risks?

Anyone with even a fraction of a bitcoin to their name has a horse in this race.  If those that know what they're doing allow new bitcoin users to blindly get scammed into oblivion, what future does bitcoin really have?  Not everyone can be a legal pro, or a technical pro, or a social pro, or a management pro.  We all have our strengths and weaknesses.  I tend to value insight from all walks, as it helps to form an overall picture of the risk involved in going with one investment or another.  (and really, all bitcoin investments should be considered gambles more than anything.)

What I dug up above is a minor legal oversight.  Minor just because no one cares much.  Even if the gov't of Vanuatu found out it'd probably be some pretty serious fines or something and AMC would just ignore them.

All AMC has to do is re-incorporate on a different island elsewhere and they should be just fine.  

[kslaughter]

Doh.

REPUBLIC OF VANUATU
INTERNATIONAL COMPANIES ACT
NO. 32 OF 1992

...

RESITRICTIONS ON INTERNATIONAL COMPANIES
10. (1) An international company shall not:-
  (a) carry on business in Vanuatu;
  (b) acquire or own an interest in immovable property situate in
    Vanuatu other than a lease referred to in subsection (2)(b);
  (c) carry on banking business as defined by the Banking Act [Cap. 63]
  (d) carry on trust business as defined by the Trust companies Act [Cap.69];
  (e) carry on insurance business as defined by the Insurance Act [Cap. 82];
    or
  (f) carry on company management business;
  (g) at any time have less than one member;
  (h) make any invitation to the public to –
    (i) subscribe for any shares or debentures in the company; or
    (ii) deposit money with or lend money to the company.

I did find it amusing that they misspelled RESTRICTIONS in their document.  

Yes, maybe I am naive, but what if Ken/AMC succeeds in getting delivery of those ASIC chips? What if he does use the money raised by offering shares to hire a good technical team and actually gets those mining rigs up and running?  Yes, I agree that he did some things in a sloppy way, and tends to some hyperbole, but so far, I do not see any evidence of outright fraud, only lack of some transparency. And yes, I am an adult who took a risk by investing with AMC. But, all of the people who invested in AMC, (I hope) are aware of the risks involved in any and all Bitcoin ventures. I am curious why those who have no horse in this race seem obligated to save and educate those of us either stupid enough or who like gambling or are willing to take risks?

Anyone with even a fraction of a bitcoin to their name has a horse in this race.  If those that know what they're doing allow new bitcoin users to blindly get scammed into oblivion, what future does bitcoin really have?  Not everyone can be a legal pro, or a technical pro, or a social pro, or a management pro.  We all have our strengths and weaknesses.  I tend to value insight from all walks, as it helps to form an overall picture of the risk involved in going with one investment or another.  (and really, all bitcoin investments should be considered gambles more than anything.)

What I dug up above is a minor legal oversight.  Minor just because no one cares much.  Even if the gov't of Vanuatu found out it'd probably be some pretty serious fines or something and AMC would just ignore them.

All AMC has to do is re-incorporate on a different island elsewhere and they should be just fine.  

Burnside, since you love doing it check this out: Seychelles.