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

[crumbs]

"Intellihash(tm)

Intellihash is our new trademark for our new Bitcoin mining software which gives up to a 20% increase in hashing speed and has the possibility to increase the speed of our mining machines as the difficulty goes up.  We have had to modify the software in our chips to make it work with our new software.  The chips are going to be late; however, our new Intellihash software could be a game changer for the company. "

This is directly from the Report on the 30th. The bolded sentence makes me think the chips aren't going to be late due to eAsic at all. We have the chips, until they are finished being modified we won't be mining with them. I am assuming our chips will be using Intellihash and buyer's chips will not. This is why we are able to ship our first order out? Though the speculation that our chips are the first ones to have been sent out (to us) and then being modified can be just as likely and no one else has had their equipment sent yet. Though both of those sound like the same thing.

"We have had to modify the software in our chips to make it work with our new software"??  What does that even mean?
So i heard U liek intelihashing, so i modified your software to modify your software so U can hash while U hash

[VolanicEruptor]

The most sickening part is that Ken thinks we need a "GAME CHANGER" because of exploding difficulty... uhh.. hello.. the game changer was when bitcoin shot up from $100 to $1000.  He obviously doesn't want to pass the advantage of a high BTC price down to us.

[zumzero]

And this is why we can't have nice things on this board.  I think my job here is done.  I will now creep back into the depths of life.  Theres too many beautiful women out there to wory about btc.  If you read all my old stuff from the past few days and parse it. I hope you guys start coming to see my view of this company and where the BTC ecosystem is going. I gave all my questions and answers.  Like I said from the first post...........the lazy people need to do some research, slow down, and read research, and read,...and research.  It was fun  ciao.  Hope to see some of you in Miami.

Cheers Jasun.  Thanks for sharing.

[EskimoBob]

https://bitcointalk.org/index.php?topic=297543.msg3220847#msg3220847

Re: [ActiveMining] The Official Active Mining Announcement Thread [Self-Moderated]
September 23, 2013, 11:15:38 PM
   
 #2
Virtual Mining Corporation
Reports:
Balance Sheet
Profit And Loss
Cash Flow
Consolidated Active Mining Corporation and VMC reports will be release by November 30th 2013

Ken, where are the reports?

Ken, where are the reports?

[VolanicEruptor]

https://bitcointalk.org/index.php?topic=297543.msg3220847#msg3220847

Re: [ActiveMining] The Official Active Mining Announcement Thread [Self-Moderated]
September 23, 2013, 11:15:38 PM
   
 #2
Virtual Mining Corporation
Reports:
Balance Sheet
Profit And Loss
Cash Flow
Consolidated Active Mining Corporation and VMC reports will be release by November 30th 2013

Ken, where are the reports?

Ken, where are the reports?

NDA

[Jasun7211]

"Intellihash(tm)

Intellihash is our new trademark for our new Bitcoin mining software which gives up to a 20% increase in hashing speed and has the possibility to increase the speed of our mining machines as the difficulty goes up.  We have had to modify the software in our chips to make it work with our new software.  The chips are going to be late; however, our new Intellihash software could be a game changer for the company. "

This is directly from the Report on the 30th. The bolded sentence makes me think the chips aren't going to be late due to eAsic at all. We have the chips, until they are finished being modified we won't be mining with them. I am assuming our chips will be using Intellihash and buyer's chips will not. This is why we are able to ship our first order out? Though the speculation that our chips are the first ones to have been sent out (to us) and then being modified can be just as likely and no one else has had their equipment sent yet. Though both of those sound like the same thing.

keep reading s...l...o...w...l.yeeee

Well it doesn't take a genius to understand that IntelliHash is an efficient TCP three-way handshake scheme designed for fast-path processing using a two-stage intelligent hashing, which outperforms the original Cross-Producting and Binary Search Cross-Producting algorithms with 300% and 60% increase of classification speed, duh.

http://ieeexplore.ieee.org/xpl/articleDetails.jsp?arnumber=4595929
your obviously talking about this.. and it has nothing to do with Kens software.
TCP handshakes have nothing to do with mining, as you already need to have the connection to a network to mine in the first place
as you can see, this is from 2008
Hope you were joking..

I forgot to add the eye roll emoticon.

hahaha that stuff is oooold news...but you guys are on the right track.  Im proud.   Go ACTM!!!!  ok now ciao

[adameb]

I genuinely believe that Ken went into this with the best of intentions, and that he's giving this his best shot.  The pace of change for all the factors in the industry is just so fast right now that you're really throwing out the script on your business plan every 4 weeks; I don't think that's the type of challenge that I'd be able to handle alone.

Heckling him in here though really isn't going to accomplish anything, aside from a short term sense of relief from pressing Post.  That being said, it'd make a lot more sense for Ken to either commit to 1) Not at all engaging in this thread, and only posting in the official thread with announcements or 2)Having someone to reply/engage on his behalf as much as needed.  If its the former though, we do need a dedicated time where he's available for a Q&A, even if its just a moderated 30 minutes every 2 weeks.  If people are left to come to their own conclusions about questions, of course they're bound to come to the worst, look at the track record recently.

I understand that he's probably busy, and would contend that there's no reason to dispell FUD at the moment while the stocks aren't even listed, but being trusted with a million bucks does come with certain accountability and reciprocal respect towards the people that handed it over.

[SebastianJu]

This is good right? We are shipping units in two months for orders placed last week.

Considering ROI on one of these machines is currently about a week if you use it to mine,
2 months is a brutal amount of time to see a profit for VMC
and to make it worse...

Depends. Its open if miners that are for customers will be delivered first or later. And it depends very much on the delivery time. If the miner gets delivered on january then you get a nice return over time. Except the diff updates are more than http://mining.thegenesisblock.com/ anticipates. If the miner gets delivere february then its already not really worth the risk.

So either ken knows the risk is high enough to justify the current minerprice or he throws money away. Lets see...

[LorenzoMoney]

AdamEB,

We are in agreement with you on both points 1 and 2.

It would be nice if Ken avoided responding to silly requests but did respond to the important questions such as, when will the mining farm be up and running, which pool will be used and what are the projected dates for delivery and for getting on an exchange.

As far as point 2 goes, there have been many requests by shareholders/bond holders for Ken to do this, that is, have a PR person. He did choose someone who seemed to have skipped off or resigned or took ill and has not replaced him.

We have been asking Ken to do what you suggest for many months. How disappointing that someone new comes along, asks the same thing and then ends up as frustrated as us.

I genuinely believe that Ken went into this with the best of intentions, and that he's giving this his best shot.  The pace of change for all the factors in the industry is just so fast right now that you're really throwing out the script on your business plan every 4 weeks; I don't think that's the type of challenge that I'd be able to handle alone.

Heckling him in here though really isn't going to accomplish anything, aside from a short term sense of relief from pressing Post.  That being said, it'd make a lot more sense for Ken to either commit to 1) Not at all engaging in this thread, and only posting in the official thread with announcements or 2)Having someone to reply/engage on his behalf as much as needed.  If its the former though, we do need a dedicated time where he's available for a Q&A, even if its just a moderated 30 minutes every 2 weeks.  If people are left to come to their own conclusions about questions, of course they're bound to come to the worst, look at the track record recently.

I understand that he's probably busy, and would contend that there's no reason to dispell FUD at the moment while the stocks aren't even listed, but being trusted with a million bucks does come with certain accountability and reciprocal respect towards the people that handed it over.

[VolanicEruptor]

Oh OK, so why the ' ' ?

Because shareholders who are supposed to be on the same team are at each others throats.  I think it's funny because I've been through this whole thing with Labcoin.  

OK. I think you are a drama Queen? You seem to be more concerned with the personal stuff on here rather than the meat of the issue which is your 50k shares. I mean I haven't seen you post anything - ever - that would benifit those 50k shares, and ergo you.

My 50k shares are rapidly being destroyed by decisions that are working against the shareholders, and Ken won't listen to anything that any of you try to tell him... I would LOVE to talk about the meat of the issue here.  Where do we start??  

[Stuartuk]

My 50k shares are rapidly being destroyed by decisions that are working against the shareholders

That's quite a claim. Maybe you could mention one of these issues and erm, we could chat about it. In a grown up way?

[Stuartuk]

What about 3Mill USD in sales in the previous quarter replaced by 2Mill USD in sales in November alone. Good or bad? Can we discuss this surge in demand for online sales perhaps?


EDIT-


In theory 50% of the profits from that will go to you as divs wont it? Lets say 1.5Mill is profit. So 750k divs are coming our way. That would be 3,750USD for your divs in one month from sales alone? Is that right? Wrong? And sales would be expected to surge more in the coming months. Right?

[VolanicEruptor]

My 50k shares are rapidly being destroyed by decisions that are working against the shareholders

That's quite a claim. Maybe you could mention one of these issues and erm, we could chat about it. In a grown up way?

I've tried.  In a grown-up way, let's talk about the fact that Ken is already giving us excuses.  When Labcoin came up with excuses, shareholders started to get scared that they were being scammed.  Some of those shareholders fought hard against accusations, just as I see in this thread.  Who ended up being right?  Well let's put it this way -- when your CEO cannot offer you proof of any kind that things are going even SOMEWHAT smoothly, and this lack of proof is followed by discussion of "software boosts" to compensate for delays, that is a very large red flag.  Perhaps you fail to see this because you have not made other investments in the Bitcoin world.  From my experience, there are more scams in this industry than legitimate enterprises.  Perhaps Ken will do everything he can to appear "legitimate" but whether or not he will share the profits appropriately is very doubtful.  

Look at it this way, in the contract which he wrote, he wants to pay the shareholders 0.0025 bitcoins/share before he takes ANY profit for himself.  Now this seemed very realistic back when bitcoin was $100, because that only equated to a couple million.  But now if you look at how much he has to pay us first, it's $20 million dollars.  I find it very hard to believe that this old man is going to work his ass off and make the company $20 million dollars without touching a dime.  Put yourself in his position for 1 second... $20 million dollars is a lot of work, you don't think he has ANY plans to divert some of these profits to himself earlier?  Anybody would in this scenerio, especially considering that it's $20 million dollars

[Stuartuk]

OK well that's all speculation. Can we talk about the established facts first? I understand your point and we should come back to it but we should talk about the known facts first then move on.

So 750k divs are coming our way from November sales? That would be 3,750USD for your divs in one month from sales alone? Is that right? Wrong? And sales would be expected to surge more in the coming months. Right?

[VolanicEruptor]

OK well that's all speculation. Can we talk about the established facts first? I understand your point and we should come back to it but we should talk about the known facts first then move on.

So 750k divs are coming our way from November sales? That would be 3,750USD for your divs in one month from sales alone? Is that right? Wrong? And sales would be expected to surge more in the coming months. Right?

750k from refunds does not mean that we will see continuous dividends like that.  If the 750k came from doing business, then I would agree with you.  What is disappointing is that while we are going to be making slightly more FIAT than before, it will not bring us to the level we should be at with bitcoin being $1000.  In other words, we would have all profited far more by just holding onto bitcoin, because we will NEVER see .0025 paid off in our life times. 

[VolanicEruptor]

For us to have made up for the rise in Bitcoin Price, prices on products would have had to increase 1000%.  Obviously that isn't going to happen, as we can see by the 50% rise in product prices.  The only way you can make the high bitcoin price work for you is to be a mining based business.  There is a lot more money to be made that way, and this is the only way that .0025 payoff would be possible.  You can't do it with fiat sales.

[Stuartuk]

OK well that's all speculation. Can we talk about the established facts first? I understand your point and we should come back to it but we should talk about the known facts first then move on.

So 750k divs are coming our way from November sales? That would be 3,750USD for your divs in one month from sales alone? Is that right? Wrong? And sales would be expected to surge more in the coming months. Right?

750k from refunds does not mean that we will see continuous dividends like that.  If the 750k came from doing business, then I would agree with you.  What is disappointing is that while we are going to be making slightly more FIAT than before, it will not bring us to the level we should be at with bitcoin being $1000.  In other words, we would have all profited far more by just holding onto bitcoin, because we will NEVER see .0025 paid off in our life times.  

Sorry but you are just voicing your opinion again. That's fair enough, I'm about to voice mine: you do not know what hardware we are going to deploy on our farm. You are assuming infact a great deal that is negative. The thing is you state this as fact on the thread - but it's not factual atall.

Your main concern seems to be Ken's trustworthyness. You said 'imagine yourself in his position'. So you are suggesting that if YOU were Ken, YOU would rip investors off by mining in secret. Maybe YOU would. Does that mean everybody would? And what if that secret mining opened you up to being locked away for the rest of your life for fraud - would it make sense to do it? If Ken can mine millions for himself he has a very very successful chip, and if he has a very very successful chip, he can roll it out to mass production and mine on out farm and make 10X more money that way. And that is legitimate, that does not put himself at risk of being locked up for fraud. So why would he commit fraud? There is no financial benifit - if he can mine for himself he can mine for ACtM.

He has openly said we have enough liquid assests for chip runs.

So when you examine it, nothing of your conspiracy theory makes sense. There are not even any facts to back it up.

[Stuartuk]

For us to have made up for the rise in Bitcoin Price, prices on products would have had to increase 1000%.  Obviously that isn't going to happen, as we can see by the 50% rise in product prices.  The only way you can make the high bitcoin price work for you is to be a mining based business.  There is a lot more money to be made that way, and this is the only way that .0025 payoff would be possible.  You can't do it with fiat sales.

Personally I suspect 80% of this business profits will be mining based. Why do you think otherwise? Because we sell hardware? We haven't sold enough hardware for it to impact on our mining farm. So why all of a sudden do you think Ken is NOT going to build a substantial farm.

You can not have both of your scenarios existing at the same time - it's not logical. We cannot have Ken successfully mining in secret and selling hardware for not much money but not also having an ACtM  farm. There is no logistical reason that we know of for Ken not to roll out a farm if he has a good chip - so why won't he?

edit I need to go to bed VE, I'll catch up tommorow with your posts/replies.

[thefunkybits]

For us to have made up for the rise in Bitcoin Price, prices on products would have had to increase 1000%.  Obviously that isn't going to happen, as we can see by the 50% rise in product prices.  The only way you can make the high bitcoin price work for you is to be a mining based business.  There is a lot more money to be made that way, and this is the only way that .0025 payoff would be possible.  You can't do it with fiat sales.

Personally I suspect 80% of this business profits will be mining based. Why do you think otherwise? Because we sell hardware? We haven't sold enough hardware for it to impact on our mining farm. So why all of a sudden do you think Ken is NOT going to build a substantial farm.

You can not have both of your scenarios existing at the same time - it's not logical. We cannot have Ken successfully mining in secret and selling hardware for not much money but not also having an ACtM  farm. There is no logistical reason that we know of for Ken not to roll out a farm if he has a good chip - so why won't he?

edit I need to go to bed VE, I'll catch up tommorow with your posts/replies.

Very true, the easiest way for to Ken to put the fiat profit to use is to buy mountains of chips at a discount and start mining for us. The sooner we come on to the mining scene with a bang will bring us exponentially more publicity and legitimacy to fuel the business.
I wish we had any idea about the mining farm because this is getting frustrating.

[redbeans2012]

Anyone notice the big hashrate spike.   If that is ken I will apologize to him and eat my own feces.