[ActiveMining] The Official Active Mining Discussion Thread

[ffssixtynine]

it's just so much easier to hit the ignore button sometimes.

Ignore them if you want but these guys actually have a point.

I've been mulling over investing for a week.  Everyone on here is singing Ken's praises the whole time.  I really wanted to wait to decide until babefoot posted the report he promised.  I'm not sure which thread he was posting to as there are three that we have to put up with but I don't think he ever posted one.

So after the wall came down I went ahead and invested.  Right after that, out of nowhere, Ken posts that he's putting up another wall and the price collapses.  That is total B.S.

After the missteps in the beginning, I should have listened to my gut and not invested at all.  I'll be rooting for this security as now I'm invested but, man, what a joke.

I'm with you all the way. I don't think ken actually realises what he's doing wrong. This was taking a big win and souring it for quite a number of people. It was totally unnecessary and a serious error of judgement.

More importantly, that it even crossed his mind is extremely worrying as you wonder what other poor decisions may be getting made (like outbidding yourself for ads, website not being properly proof read and tested, who is he using to get USD; Gox sure as hell ain't the answer - so why is he quoting gox prices? etc)

If he did feel it was necessary financially then it's because he got his IPO wrong and should have issued more shares at the start, else capitalised on the now obvious market by laying the extra share offering (for a point in the future) and terms for other future offerings here.

I'm sorry to come across so harsh but guys, he has a million bucks or so and he needs to evidence he can be trusted to make good, practical business decisions as well as engineering ones. Having nervous shareholders or people who won't touch his stock in future would be crazy, especially after today.

In my view he urgently needs to take on both business and communication help. Several people here (not the fanboys) are more than capable of smoothing over the rough edges. In the end, we have to hope he is capable of doing the actual mining and engineering side.

I take the point about having some set questions for ken and that's a good idea, but it's not the answers I'm worried about, it's the constant errors of judgement and biz 101 mistakes.

[EskimoBob]

I honestly hope that you guys are stating to understand why proper reporting is required This is a fkn amateur hours worst moments rerun.
Some of you are now upset because you have no idea wtf is going on. Why? Some of you where screaming that reporting is not needed (read: we do not care how coin is spent).

Was there a plan in place, when USD:BTC exchange rate drifts off? No. Because it's unknown, how much fiat is really needed, how much is actually spent and so on.
Was there a clear plan how much coin USD/EUR is actually needed? Not really, because same question keeps popping up: How much you need?
Did he ever list the numbers of what is invested so far? No

I am upset too, because I was expecting reports on 15th and all we got was some snapshot for June. Ken can wipe his ass with that. It's useless on it's own.

Only reason I ask for those numbers is to avoid situations like we have right now. If this makes no sense to you, you are in a wrong forum.

Have fun with your guessing game

[VolanicEruptor]

I just phoned him and told him that numbers are important, updated DAILY.. especially during a time like this.
He said he's going to start taking care of that better..

[lolstate]

...biz 101 mistakes.

I'll just chip in here while I wait for my champers to reach an optimum temperature.

Be careful of selection bias. You do not know how many good, behind the scenes decisions Ken and team have made. To get this far is frankly, imho, staggering. I dare anyone else to do it if they can. I mean, come on, if it is so easy and you can raise $1million, develop a 28nm hashing chip etc etc, what are you waiting for?

To assume a few public mistakes in domains no one here is likely expert (eg IPO) is evidence of a bleak future for ActM is a little hysterical.

As for those asking about when the IPO ends and how many shares are left a little earlier in this thread:

There are shares on sale *right now*. The price is ~0.0028. Tomorrow we will likely be >0.0035 and the IPO will be done. So why are you asking questions instead of buying?

Cheers!  

[lolstate]

I honestly hope that you guys are stating to understand why proper reporting is required

Oh God, no!

[Ozymandias]

Volcanic Erupter, are those your 120,000 shares at 0.002817 or is that the new wall?

[vlaoou321]

what happen ?

[vlaoou321]

Volcanic Erupter, are those your 120,000 shares at 0.002817 or is that the new wall?

发生什么事？``

[EskimoBob]

I honestly hope that you guys are stating to understand why proper reporting is required

Oh God, no!

I guess you are in the wrong forum, shitbird.  
 

[knybe]

the gnashing of teeth, pulling of hair and general freaking out in here is manic... and mildly entertaining.

[stslimited]

eh.

caveat emptor due to the fact that there are more than 10,000,000 shares outstanding between the two AMC-PT, I don't fully understand what will happen to those shareholders after July 31st

caveat emptor due to the fact that additional walls are put up by the issuer at different share prices without warning

caveat emptor due to the fact that the additional walls are in bitcoins that are immediately liquidated into fiat at random exchange rates, which are pushed lower by the amount of bitcoins that must be sold for USD

caveat emptor due to the fact that the aforementioned caveats create an accounting blackhole

[VolanicEruptor]

Volcanic Erupter, are those your 120,000 shares at 0.002817 or is that the new wall?

Not mine.. I'm giving Ken one last chance to step up and be a little more professional

[stslimited]

So why are you asking questions instead of buying?

quote for lolz.



just liquidated half my position on ActiveMining bitfunder

[stslimited]

Volcanic Erupter, are those your 120,000 shares at 0.002817 or is that the new wall?

Not mine.. I'm giving Ken one last chance to step up and be a little more professional

deduce it real quick.

all Ken can come in here and do is instill confidence with a few excuses, to rationalize these obvious red flags that make zero sense

over the last century "Confidence Man" has been shortened into a different word, don't let your cognitive dissonance get in the way. The reported pre-sale estimates should more than compensate for the new share wall.

[lolstate]

caveat emptor

That means 'seize the day'.

[ffssixtynine]

I just phoned him and told him that numbers are important, updated DAILY.. especially during a time like this.
He said he's going to start taking care of that better..

Too much money is involved to still be messing up like this and there's no evidence it'll change, only that he is trying his very best (and is probably overworked). The mistakes have to stop. You do not see this stuff from friedcat - that's all much more to the point and goes to a plan, and there is a board to keep an eye on things.

Most of all, he needs to accept he needs someone else to help. It sounds like he feels he can do it all himself and he clearly can't. Nor can most CEOs which is why we hire in or contract out.

Ken should concentrate on the engineering side and have someone else handle the financial/communication side. I'm sure I'm not the only one who can see this.

Questions:

How do you plan on avoiding mistakes such as we have seen, and to take the pressure off yourself?

How many more shares are to be issued, where, for what price, and when?

How are you planning on cashing out to pay suppliers and how do you plan to mitigate what may be a volatile exchange rate, where - if anything - BTC could go down significantly ($50) in the near term?

What happens if you can't cash out and the price has changed? What's the backup plan, and please don't say suddenly issue more shares!

What % of dividends will be held back for growth?

Can you confirm when proper bookkeeping will be available, done in a timely,  regular and fully detaled fashion?

I want this to succeed, but I'm not going to be afraid to ask questions that need to be asked.

Edit: obviously the core idea is good and ken has worked really hard to mitigate mistakes. However, making the kinds of ones that have been made, and in public, risks undoing that good work. Moreover, it genuinely raises operational concerns and they cannot be ignored. This isn't about having a go at Ken, this is about finding a proper way to avoid mistakes happening in future.

[knybe]

caveat emptor

That means 'seize the day'.

that would be Carpe Diem

[knybe]

First of all if any of you have sold the farm to invest in any of these BTC mining stocks, including the successful ones, then you've got bigger balls than me.
Yeah, I guess I'd be freaking out too but: "you shouldn't invest more than you can afford to lose..."

Sitting and watching the exchanges and scrutinizing and guessing every single move is creating FUD. FUD will break this.

If you can sit tight and let this thing play out, you just might be happy with the results.

otherwise... "the sky is falling."

[deltanine]

caveat emptor

That means 'seize the day'.

Nope.  it means "Buyer beware".  you are thinking of carpe diem.

[stslimited]

caveat emptor

That means 'seize the day'.

It means buyer beware in the modern lexicon, as well as in latin