[ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated]

[Stuartuk]

looks like this Ukio character has fallen flat on his face. Time to transfer the shares and hope we can get out of this shit storm, brewing on the horizon, before it hits the town.

Ken is form US, kens Co is form US, did he ever mention, how is this new "exchange" of his going to be safe form SEC's grabby sweaty sausage fingers?

Yep. Why don't you read the thread a bit.

One solution is an exchange that won't hold securities but coins. Crypto-coins are legal and unregulated in 99% of the world. Our interest in the company will take the form of Coins.

At the end of the day the SEC are only seriously interested in the prevention of fraud. If ACtM has a coin based exchange and has it's books inspected by the SEC they will give Ken no trouble. It's when you have an exchange like BF or btc-tc which can host multiple fraud setups thnt the SEC act to safeguard US citizens interests. It's their job and the legislation over registration of securities is there to aid them in that end. By contacting btc-tc and BF they are trying to prevent people being ripped off by an anonymous LabCoin type setup. They are not out to stifle legitimate business like ACtM and if they tried to shut down a legitimate business like ACtM they would be subject to a multi-million dollar law suit - but then our money would come from US tax payers (damages payout)  rather than mining. Either way we hit pay-day so don't worry. If ACtM was not a legitimate business you could worry. 

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[Stuartuk]

Le'Duck, If he is still busy with task you listed, we do not see a single mining rig before February 201X.

That's speculation based on what? A pretty useless comment, but thanks for joining in.

[Stuartuk]

You miss the point..Even if he's ACTUALLY busy, he can still get away with paying himself $500,000/year salary, calling it "engineering cost".  Instead of being effective with the money, he could be showering himself with it, why wouldn't he?  He keeps his books a secret for a reason

You miss the point that if he makes a successful business he will be making many millions of USD for years to come not a poxy one off 500k then end up with a nothing company. The only way Ken wins big time here is if he makes ACtM a big success. This is elementary stuff, don't you know the ownership and div payment structure of the company you invested in? A bit sloppy on your part.

[zumzero]

Why invest in any security if there is a chance the CEO could run away with shareholders money?  This argument of VE's is lame.  It has no substance and is an attempt to undermine Ken's credibility once again which is falling on deaf ears.

[Effayy]

Ken,

My verification as a non-US resident as gone through on WeExchange, so I'm fully clear to trade on BitFunder. I just wanted to clarify that it's fine to leave my shares on BitFunder. I think SumZero was asking for clarification on this as well.


Cheers!

I would like some clarification on this as well please. Non-US resident, account verification processing now.

1. Do we have the option of keeping shares on BF at all?
2. If so, and we choose to stay on BF, will dividends still be paid to our public address or through BF?

[neilol]

Ken still stands to gain more than all of us combined if this succeeds...the issues are competency and execution.

[kslaughter]

Ken,

My verification as a non-US resident as gone through on WeExchange, so I'm fully clear to trade on BitFunder. I just wanted to clarify that it's fine to leave my shares on BitFunder. I think SumZero was asking for clarification on this as well.


Cheers!

I would like some clarification on this as well please. Non-US resident, account verification processing now.

1. Do we have the option of keeping shares on BF at all?
2. If so, and we choose to stay on BF, will dividends still be paid to our public address or through BF?

Non-US residents that have been verified will be able to trade our shares on Bitfunder.  I have not heard any different from Ukto the operator of Bitfunder.

Dividends will be paid on Bitfunder, just like they have been paid before thru the end of the year.

[interJ]

Sounds good to me.  I may need the (unfortunately poor) liquidity of having shares tradeable on BitFunder. I do look forward to seeing what will come with your coloured coin solution though. Until then, BitFunder it shall be...

[kslaughter]

All of our Klondikes have been received and we are in the process of getting them up and hashing.

We expect that each Klondike will hash at ~5 GH/s for a total of ~340 GH/s increasing our total hashing power to ~770 GH/s.

Of course, this is not what we expected by this time to be hashing after we ordered 20,000 Avalon chips @ 5.64 TH/s which did not arrive at the stated time and had to be refunded.

[chairforce1]

All of our Klondikes have been received and we are in the process of getting them up and hashing.

We expect that each Klondike will hash at ~5 GH/s for a total of ~340 GH/s increasing our total hashing power to ~770 GH/s.

Of course, this is not what we expected by this time to be hashing after we ordered 20,000 Avalon chips @ 5.64 TH/s which did not arrive at the stated time and had to be refunded.

Cool, when are they expected to be fully operational?

[kslaughter]

All of our Klondikes have been received and we are in the process of getting them up and hashing.

We expect that each Klondike will hash at ~5 GH/s for a total of ~340 GH/s increasing our total hashing power to ~770 GH/s.

Of course, this is not what we expected by this time to be hashing after we ordered 20,000 Avalon chips @ 5.64 TH/s which did not arrive at the stated time and had to be refunded.

Cool, when are they expected to be fully operational?

We are hoping tomorrow, if everything works as expected.

[somestranger]

The SEC is our friend here, they JUST passed crowdfunding laws and still I doubt we are on their radar.

We need to stop acting like this is a big deal and just carry on with business

We're probably not yet on their radar, but I don't see the SEC as being our friends here. Unless they come up with some new, more relaxed regulations then they are going to suffocate the Bitcoin securities market because of a high cost of compliance.

[chairforce1]

All of our Klondikes have been received and we are in the process of getting them up and hashing.

We expect that each Klondike will hash at ~5 GH/s for a total of ~340 GH/s increasing our total hashing power to ~770 GH/s.

Of course, this is not what we expected by this time to be hashing after we ordered 20,000 Avalon chips @ 5.64 TH/s which did not arrive at the stated time and had to be refunded.

Cool, when are they expected to be fully operational?

We are hoping tomorrow, if everything works as expected.

Thanks for the update.

[somestranger]

All of our Klondikes have been received and we are in the process of getting them up and hashing.

We expect that each Klondike will hash at ~5 GH/s for a total of ~340 GH/s increasing our total hashing power to ~770 GH/s.

Of course, this is not what we expected by this time to be hashing after we ordered 20,000 Avalon chips @ 5.64 TH/s which did not arrive at the stated time and had to be refunded.

Cool, when are they expected to be fully operational?

We are hoping tomorrow, if everything works as expected.

Cool. Any news when the new exchange will go live? Is that what the transfer deadline is about? I would also love an update on chips but that is probably futile.

[kslaughter]

The SEC is our friend here, they JUST passed crowdfunding laws and still I doubt we are on their radar.

We need to stop acting like this is a big deal and just carry on with business

We're probably not yet on their radar, but I don't see the SEC as being our friends here. Unless they come up with some new, more relaxed regulations then they are going to suffocate the Bitcoin securities market because of a high cost of compliance.

Yes, we are on there radar, as they have talked to Ukto about us last month.  I sent Ukto our Belize documents so he could send them to the SEC.

Edit:  Ukto never sent the documents to the SEC.

[minerpart]

Ken, just wondering if you can help on this one - are VMC going to be giving 'updates' about when they get the first test chips or will the first news we hear be when mining rigs start getting shipped?

Just wondering if there will be a 'we are shipping' release out of the blue one day or we will hear 'updates' leading up to that release?

Also is VMC offering a shareholder price on rigs or do we need to pay retail price?

[kslaughter]

Ken, just wondering if you can help on this one - are VMC going to be giving 'updates' about when they get the first test chips or will the first news we hear be when mining rigs start getting shipped?

Just wondering if there will be a 'we are shipping' release out of the blue one day or we will hear 'updates' leading up to that release?

Also is VMC offering a shareholder price on rigs or do we need to pay retail price?

We will be releasing some updates this next month.

We would love to give our shareholder special prices on rigs and may in the future; however, in this very competitive environment margins are very tight.

[minerpart]

OK thanks for that Ken. I understand the pricing issue.

[int3ractivodular]

Transfer to AMC-TENDER completed. Here's hoping we don't have to deal with anymore nonsense from third party companies.

[finlof]

Le'Duck, If he is still busy with task you listed, we do not see a single mining rig before February 201X.

That's speculation based on what? A pretty useless comment, but thanks for joining in.

his speculation is based on no information from Ken.  your speculation as i understand it from your posts (that everything will be just fine and we will be hashing with machines as soon as next month) is based on your wish/hope/trust/faith/etc, not any real information or proof.  we really have almost 0 info here.  if you cant see and admit that then i hate to see what else you are lying to yourself about. 

this isnt mindless FUD being spread.  we can only go off real information and proof, and because Ken cant/wont tell us any concrete info we have to go off what we know from what he's told us and other real world experience.  lets say we base how this will go on how other companies (BFL, KNC, Avalon, etc) products have turned out:
 1. they ARE delivering product (a LOT of it) but it's significantly past original projection
     - we have no product, no information about even just the sample chips, and we have no projection details about when we will have product
 2. they have missed or will miss their deadlines, but at least they are communicating with their clients (even if it's BFL's infamous 2-weeks).
    - we have no communication about being close to deadlines, no pictures, no PR, no mention or proof of additional staff with them posting in this thread (or anywhere in the forum)
 3. if they have shipped they have had some reports of problems with their product both before and after shipping
    - we HAVE to expect to have time to work out bugs and issues - ie delays to the very tight timelines he gave us.  even if we say two-weeks extra (© BFL)

now tell me what is so awesome about Ken or ACtM that will prevent them from having these problems?  what information do we have as to the status of chips, status of boards to put those chips in, status of other hardware needed to run these boards (power supplies, cases, cables, etc), status of production line capabilities, status of staff, status of ANYTHING important (other than the all important share transfers)?  you CANT be so blind to these issues.  I just cant believe you choose to ignore all these MAJOR holes in the plan.  you cant have a book that has a page 1 and then skips all the way to page 250.  nothing works that way.

Ken - great news on the Klondikes, except for this: the extra $75/day TOTAL (USD value of 0.43BTC/day minus expenses) is hardly worth talking about when we want to know about the potential TENS/HUNDREDS of thousands from sales/mining of this chip under development, especially when you take into account that that daily mining amount goes down every 10 days or so by 33-40%.

Why invest in any security if there is a chance the CEO could run away with shareholders money?  This argument of VE's is lame.  It has no substance and is an attempt to undermine Ken's credibility once again which is falling on deaf ears.

where is Ken's credibility?  has he shown/given you all the answers to these questions we've been asking? 

I am doing everything in my power to make this work out.

so KEN, we know you are working hard as we've heard that a lot.  we know you have had several requests by several different shareholders for more info.  we know you read EVERY post (as proven by my many deleted posts).  we know you are choosing to say nothing substantial.  here's yet one more chance to change that.  instead of taking ANY more time to delete ANY posts, take 10 min and answer the questions that have been asked you many times.  Hell, pick 1 major question and give a good answer.  spend 10 min a day and answer one question, and not with a 1 word answer.  i think most visitors to this thread believe you are intelligent, so show us a little more detail.  or if you have no real details then tell everyone that so speculators can stop speculating and FUDsters can go pick another thread to spread FUD.  below are just some of the many posts that you could choose to give us some kind of substantial response to.

https://bitcointalk.org/index.php?topic=297503.msg3403165#msg3403165
https://bitcointalk.org/index.php?topic=297503.msg3397789#msg3397789 (except for the Klondike status)
https://bitcointalk.org/index.php?topic=297503.msg3373314#msg3373314
https://bitcointalk.org/index.php?topic=297503.msg3370055#msg3370055
https://bitcointalk.org/index.php?topic=297503.msg3353861#msg3353861
https://bitcointalk.org/index.php?topic=297503.msg3430112#msg3430112 (specifics on what you are currently doing)