[ActiveMining] The Official Active Mining Discussion Thread

[VolanicEruptor]

Ken, now that ActiveMining has been approved, can you confirm that the shares of AMC will automatically be converted? If this is not the case, do we need to send the shares to AMC1?

I am working on this now.  Shares will be automatically tendered.

Sorry for the impatience, but about when will they be tendered? I am really excited about the things happening these days 

posts like these are starting to piss me off..

[Stuartuk]

Ken, now that ActiveMining has been approved, can you confirm that the shares of AMC will automatically be converted? If this is not the case, do we need to send the shares to AMC1?

I am working on this now.  Shares will be automatically tendered.

Sorry for the impatience, but about when will they be tendered? I am really excited about the things happening these days  

Seriously dude you got a reply saying it is being done and you are asking again. Surely you must know how busy this guy is right now? I wouldn't be surprised if he is operating on a few hours sleep a day and you want to know exactly when it will be done. Have some bloody consideration.

[auto2nr1]

Just wait for 2-3 days after you guys have requested the tendering of your shares. I tendered my shares late last week and waited 2-3 days + the weekend and just patiently waited and saw the shares show up. Ken will get through with tendering as soon as he can. If you don't see it show up after about 3 days then shoot him a message and ask him what's going on.

[knybe]

posts like these are starting to piss me off..

Seriously dude you got a reply saying it is being done and you are asking again. Surely you must know how busy this guy is right now? I wouldn't be surprised if he is operating on a few hours sleep a day and you want to know exactly when it will be done. Have some bloody consideration.

guys... ignore button

[noah tall]

Ken,

Bitfunder sucks.  Can you allow us to exchange our shares from Bitfunder to BTC-TC?  We can wait till you get back from California.

Please?

[dhenson]

Ken,

Bitfunder sucks.  Can you allow us to exchange our shares from Bitfunder to BTC-TC?  We can wait till you get back from California.

Please?

I've been tempted to offer transfer services, but haven't as I would have to charge pretty high premium to make it worth the loss in liquidity.

If 10% doesn't scare you, PM me and we can work out the details.

[foxykah]

Ken, now that ActiveMining has been approved, can you confirm that the shares of AMC will automatically be converted? If this is not the case, do we need to send the shares to AMC1?

I am working on this now.  Shares will be automatically tendered.

Sorry for the impatience, but about when will they be tendered? I am really excited about the things happening these days  

Seriously dude you got a reply saying it is being done and you are asking again. Surely you must know how busy this guy is right now? I wouldn't be surprised if he is operating on a few hours sleep a day and you want to know exactly when it will be done. Have some bloody consideration.

I know I should be patient, and I know how busy he is right now, the only reason of that post is that I will be on vacation at the weekend and won't be able to follow what's happening, so I also won't be able to react and position myself accordingly, therefore I hope the tendering of the shares will be done at least a day before the weekend, or after the weekend. I did not want to nag Ken, nor did I want to make him feel, that I'm not satisfied with his work and efforts, he has all my respect, I just hope I don't lose a cheap buy-in opportunity to increase the number of my shares.

[adub]

First of all, thanks to Ken for all the hard work. He has to deal with share management and PR on top of all his normal duties. I know his efforts to be available to anyone who asks for his time and respond to threads here are with good intentions, but this is the kind of thing that hurts us in the PR department. (see below in red)

A better response would have been something like..., ActiveMining wants to do everything it can to be compliant and legal. To that end, our lawyers are reviewing bla bla bla...

I'm looking forward to getting a board in place that can speak on ActM's behalf in a way that instills confidence in investors and satisfies the questions from skeptics.

Meanwhile, I have sent Ken a suggestion for legal council experienced in Bitcoin and currently running the regulation committee for the Bitcoin Foundation. I hope that between his existing legal council and this one, ActM will be able to take a confident position on the SEC development and lead the Bitcoin security sector in efforts to align its operations and policies with those of a non-bitcoin security.

I've been reading up several documents on the SEC site. Here's the key wording I've found:

http://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf

Any investment in securities in
the United states remains subject to the jurisdiction
of the seC regardless of whether the investment is made
in U.s. dollars or a virtual currency. In particular,
individuals selling investments are typically subject
to federal or state licensing requirements

I've read over a lot of other material as well but I think (IANAL):

• If the exchange is in the US, it needs to comply with SEC regulation.
• If an offering is from a US company, it needs to be registered with the SEC or follow the Exception rules.
• There are no rules preventing US citizens from buying assets, shares, or anything similar from foreign exchanges
• BTCT and Bitfunder are on weak legal ground by trying to claim they aren't real investments. The core issue is that they pay dividends, i.e. real money based on buying a virtual asset of some kind. A crytpocurrency is real money as far as this is concerned. If they aren't selling securities of some kind, they're gambling. It's one or the other, and gambling is far more restrictive.
• As long as these exchanges are not based in the US, they only need to comply with the rules in the country of registration. These rules are likely to be less stringent than in the US but that doesn't mean they don't exist. A legal opinion is needed for e.g. operating out of Belize.
• As above, selling virtual assets in a company registered another country, such as Belize, may similarly need some form of local registration. A legal opinion is needed.

I could be wrong on any or all of the above. Please can a lawyer turn up

Edit: I'm sure those behind the exchanges have had a legal opinion, but we've seen this all go wrong before. Also, those selling 'investments' need to be aware too. Those based in Belize et al are probably fine. Those based in the US are definitely breaking the law unless already registered with the SEC.

Edit2: Ukyo says on IRC that Bitfunder is registered in a 3rd world country that has no securities division.

This all looks good for AMC as the stock exchanges are in another country and AMC is not a US company, it is a Belize company.

LMAO.  You, and all the operations of AMC are in the United States.  Registering in Belize is going to slow down the SEC like a toilet paper wall stops a bulldozer.

[Ukyo]

Ken,

Bitfunder sucks.  Can you allow us to exchange our shares from Bitfunder to BTC-TC?  We can wait till you get back from California.

Please?

Hi Noah,

What about Bitfunder are you unhappy about that we can try to work on?
It may already be in progress.

Thanks,
Ukyo

[FloatesMcgoates]

Ken,

Bitfunder sucks.  Can you allow us to exchange our shares from Bitfunder to BTC-TC?  We can wait till you get back from California.

Please?

Hi Noah,

What about Bitfunder are you unhappy about that we can try to work on?
It may already be in progress.

Thanks,
Ukyo

Well this is a random complaint, but when I click on any security and go to the bid/ask screen there will be about a 2 second freeze sometime in there. This is especially prevalent on mobile devices. What happens is that the whole page loads fine, then all of a sudden the thing locks up.

[ArcticWolf]

Ken,

Bitfunder sucks.  Can you allow us to exchange our shares from Bitfunder to BTC-TC?  We can wait till you get back from California.

Please?

Hi Noah,

What about Bitfunder are you unhappy about that we can try to work on?
It may already be in progress.

Thanks,
Ukyo

Personally I prefer the look and feel of bitfunder, but the extra step of using we exchange puts some people off.
Some things I would personally like is the current bid and ask in the my assets page, 2fa for bids and asks, and a real time ticker (because watching live sales is pretty fascinating)

[kslaughter]

Just to clarify Active Mining Corporation (Belize) (AMC) position:

The operations in the US are Virtual Mining Corporation (VMC) only which is wholly owned subsidiarity of AMC and is not issuing public securities of any kind.  ActiveMining shares are being issued by Active Mining Corporation (Belize).  Because AMC owns VMC which is a Delaware Corporation does not put them under the SEC.  VMC is also running all of the mining operations for AMC here in the US.

[knybe]

yo! this is not the thread to discuss BitFunder vs. BTC-TC!!!

back on track people!!

[kslaughter]

Ken,

Bitfunder sucks.  Can you allow us to exchange our shares from Bitfunder to BTC-TC?  We can wait till you get back from California.

Please?

Hi Noah,

What about Bitfunder are you unhappy about that we can try to work on?
It may already be in progress.

Thanks,
Ukyo

Personally I prefer the look and feel of bitfunder, but the extra step of using we exchange puts some people off.
Some things I would personally like is the current bid and ask in the my assets page, 2fa for bids and asks, and a real time ticker (because watching live sales is pretty fascinating)

Transferring shares takes up valuable time that we need to work on our companies plans, so at this time we won't have a transfer plan available.

[identityunknown]

Can ActiveMining engage in arbitrage on the 2 exchanges? That would allow the price on both exchanges to be reasonably similar, and the earnings from arbitrage could be added to dividends. You could do it once a week, and that would be much less work than allowing transfers of shares.

[ffssixtynine]

Well this is a random complaint, but when I click on any security and go to the bid/ask screen there will be about a 2 second freeze sometime in there. This is especially prevalent on mobile devices. What happens is that the whole page loads fine, then all of a sudden the thing locks up.

It's very off putting, yes. It's the graphing code I expect. Kills iDevices and it's slow on my Mac.

[Ukyo]

Well this is a random complaint, but when I click on any security and go to the bid/ask screen there will be about a 2 second freeze sometime in there. This is especially prevalent on mobile devices. What happens is that the whole page loads fine, then all of a sudden the thing locks up.

It's very off putting, yes. It's the graphing code I expect. Kills iDevices and it's slow on my Mac.

We are working on fixing it. An easy fix for the moment is to go to settings and disable the chart.

-Ukyo

[kslaughter]

Can ActiveMining engage in arbitrage on the 2 exchanges? That would allow the price on both exchanges to be reasonably similar, and the earnings from arbitrage could be added to dividends. You could do it once a week, and that would be much less work than allowing transfers of shares.

We really don't have time to do anything like that.  Getting this going takes all of our time.

[ffssixtynine]

ActiveMining should concentrate on signing with eASIC and, given today's reports, any additional regulatory compliance (pending legal advice asap).

Both of these items, alongside formation of a board, will give shareholders confidence.

Everything else really should wait.

[canth]

Can ActiveMining engage in arbitrage on the 2 exchanges? That would allow the price on both exchanges to be reasonably similar, and the earnings from arbitrage could be added to dividends. You could do it once a week, and that would be much less work than allowing transfers of shares.

We really don't have time to do anything like that.  Getting this going takes all of our time.

+1. Why bother helping out speculators? Long term investors are the ones who Ken should be concerned about. If you're going to concentrate your time on anything, I would prefer that concerns about possible SEC targeting for VMC be addressed since that could affect all of us (yourself most of all). Please do take the advice and get a legal opinion on the matter and let us know what comes of it.