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

[stslimited]

share transfer done

[canth]

I don't think there's any point in posting when you've done the share transfer. Ken already knows and quite frankly, I don't think anyone else cares.

[Bargraphics]

Transfer complete. Feeling a bit nervous about it.

My transfer from AMC to ActiveMining went smoothly, so I don't doubt Ken's ability to sort out shares.

I think hes talking about the fact that shares are being sent back to the company and that theres a chance that the company could just take off with them...I have this same concern and I havent sent shares for the same reason (although I trust ken to follow through on his promise)

Let's throw a little logic in this situation.

If he does take off with them (Hypothetically) you're shares that you hold on to become useless. So technically it doesn't matter who holds them.


What I'm trying to say is with the unknowns on Bitfunder, you are probably safer to just transfer them and be done with it since he requested you to do so and has proven himself capable of at least this task in the past.

[interJ]

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!

[Stuartuk]

I think it goes without saying that your shares are 100% safe being temporarily stored with the CEO at this time. He has 15Million of his own and not even 5% of them could be sold in this market without crashing the price so another few Mill from investors is not going to change anything.

So long as you keep a record of the transfer amount and the time, that is easily cross checked with the Bitfunder transaction log.

[VinceSamios]

Ken, are you aware of this bitfury chip auction? Might be worthwhile for ActM while the 28nm chips come online - these are fantastically power efficient: https://bitcointalk.org/index.php?topic=319965.0

2 reels;
3,000 chips each reel
= 6,000 chips @ 3GH/s = 18TH/s
This is limited opportunity to buy at the discount vs official price of $60,000/reel and $25/chip in smaller quantities.

Each reel sold separately. You can bid for 1 or both reels like : 1@$32,000 or 2@$32,000. Highest bid wins.

[Bargraphics]

Ken, are you aware of this bitfury chip auction? Might be worthwhile for ActM while the 28nm chips come online - these are fantastically power efficient: https://bitcointalk.org/index.php?topic=319965.0

2 reels;
3,000 chips each reel
= 6,000 chips @ 3GH/s = 18TH/s
This is limited opportunity to buy at the discount vs official price of $60,000/reel and $25/chip in smaller quantities.

Each reel sold separately. You can bid for 1 or both reels like : 1@$32,000 or 2@$32,000. Highest bid wins.

I would hate to see Ken focus on anything other than his own chips right now. The money spent buying these, engineering the boards, and all other included costs could literally buy 3-6 Wafers of his own chips maybe even more.

[VinceSamios]

I would hate to see Ken focus on anything other than his own chips right now. The money spent buying these, engineering the boards, and all other included costs could literally buy 3-6 Wafers of his own chips maybe even more.

I agree to a limited extent, however we don't know the timescales for ActM chips, or mass production timescales. If mass production is 2 months off it might be worth picking these up in the interim. Further, these chips are excellent on power consumption, better than the KNC 28nm chips, so if ActM chips are going to hash at the same power consumptions as KNC chips then this would be a good long-term investment (and the interim mining would pay for a few wafers of chips too)

edit: It's just an option really - and considering the Avalon chips fell through, this might be a good bridge.

[ATC]

How long will it take for weexchange to verify my identification after I submitted the documents?

[Bargraphics]

I would hate to see Ken focus on anything other than his own chips right now. The money spent buying these, engineering the boards, and all other included costs could literally buy 3-6 Wafers of his own chips maybe even more.

I agree to a limited extent, however we don't know the timescales for ActM chips, or mass production timescales. If mass production is 2 months off it might be worth picking these up in the interim. Further, these chips are excellent on power consumption, better than the KNC 28nm chips, so if ActM chips are going to hash at the same power consumptions as KNC chips then this would be a good long-term investment (and the interim mining would pay for a few wafers of chips too)

edit: It's just an option really - and considering the Avalon chips fell through, this might be a good bridge.

I understand, however these can't use any of their engineering towards the Avalon chip boards with the bitfury chips.

Also because ActM's 28nm chips will be less power efficient than KnCs we'd have bigger problems than the few dollars saved at the time buying bitfury chips.

KnC's units can run <1W/GH at the wall if underclocked. Bitfury chips are only running at .8W/GH at the wall. The .2W saved if both are hashing at 1000GH (Just for easy math sake) would be the difference of $2.88 if Ken is paying $0.02/kWH per month. You can figure out the cost for $0.04/kWH and $0.06/kWH etc.. It really doesn't add up to much. (We'd be getting dust for dividends anyways at this Difficulty for mining)

If we have to wait 2 more months for Mass Production of these units then we're screwed either way. Regardless of with or without Bitfury chips.

[drawingthesun]

These will mine about 600 Bitcoins by the beginning of 2014.

To account for delays getting them delivered and all the chips running lets kick out the next 2 weeks and say just over 500 Bitcoins will be mined with 18 TH/s by the end of 2013.

Because this is a risk we want at least 2x return on our money and thus we have to account boards and power. Lets say the chips should be worth 25% - 35% of projected profits by years end.

So the absolute top price these are worth is around 150 Bitcoins or a total of $25,000 - $30,000 for both reels combined. Anymore and the risk for little gain is not worth it.

I have a feeling these are going to auction end a lot higher than $12,000 a reel.

Bid under 150 Bitcoins for both, sure, Bid over 150 and you are throwing our money away. it will never be made back factoring boards, other costs and delays.

EDIT: Although personally I would not go into any Bitcoin mining venture without expecting 10 - 20 times return as the risk is just so massive. I have already been burned by ActiveMining so I would prefer Ken either buy eASIC or return money to investors, please don't go near anything else with our money.

[drawingthesun]

How long will it take for weexchange to verify my identification after I submitted the documents?

It has taken about 6 days for mine.

[LorenzoMoney]

Ken is not going to run off with anyone's shares.

Ken does have a sense of integrity and he DOES want to make money and wants his share holders to make money.

Ken's problem is NOT integrity. His problem is communication.

He also needs to accept help when it is offered.

Transfer complete. Feeling a bit nervous about it.

My transfer from AMC to ActiveMining went smoothly, so I don't doubt Ken's ability to sort out shares.

I think hes talking about the fact that shares are being sent back to the company and that theres a chance that the company could just take off with them...I have this same concern and I havent sent shares for the same reason (although I trust ken to follow through on his promise)

[drawingthesun]

Ken is legitimately trying to run off with peoples money.  What do you think most of these "costs" are?  It's his salary.  He can do the shittiest job imaginable but he is still able to pay himself off with a healthy chunk of the IPO funding, which he has referred to in the past as "engineering costs".  If the business fails, who cares, he can still purchase 28nm chips for his own personal use because we paid for his rights to buy chips right off the factory floor.  we so smrt

Is Ken actually taking a salary from the IPO funds? Even when there is nothing for him to do until the eASIC chips arrive?

[drawingthesun]

according to him he is very busy getting the boards designed etc.  he is always claiming to be working hard, why?  so he can pay himself a salary.  not all the money was for NRE.  the engineering costs are quite hefty and he even had to put up another sell wall when the first .0025 one was eaten up.  these engineering costs are an excuse to pay himself as much as he wants

Damn. Most CEO's/Founders pay themselves a very small salary in a start-up, if you have no skin in the game of course it doesn't matter when the eASIC chips arrive.

This is disappointing if true, especially considering most CEO's/Founders end up owning a small part of their company (10 - 30%) but in this case Ken owns over 50%. I really hope VE is lying here. We have already lost so much money and have delayed chips, nothing more.

I will give Ken the benefit of the doubt.

[coinfresh]

More FUD from VE, why don't you go to the doc and get some prozac and calm down.

Of course Ken is paying himself. How else do you expect him to eat and live when trying to start up this company? You think he is going to go collect foodstamps and welfare checks? This was kind of a given. If it is a surprise to anyone that ken is paying himself, then you must not understand how all this works.

[EskimoBob]

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?

[Stuartuk]

Even when there is nothing for him to do until the eASIC chips arrive?

Nothing? Are you being serious?

Website maintenance, orders, payment processing, book keeping
Product design and product engineering - including software design
Product manufacturing (PSBs, PCI cards, Cases etc)
Share issues including transfers/tenders, new exchange design and implementation, coloured coins
Legal issues, legal consultation
Thread moderation

Lets take one of those and you tell us how long it would it take you to design and manufacture a PCI card for an ASIC chip?

[thefunkybits]

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

[EskimoBob]

Even when there is nothing for him to do until the eASIC chips arrive?

Nothing? Are you being serious?

Website maintenance, orders, payment processing, book keeping
Product design and product engineering - including software design  <- a bit too late for that?
Product manufacturing (PSBs, PCI cards, Cases etc) <- a bit too late for that?
Share issues including transfers/tenders, new exchange design and implementation, coloured coins <- Oh Look, rainbow! Seriously?
Legal issues, legal consultation
Thread moderation - Right...

Lets take one of those and you tell us how long it would it take you to design and manufacture a PCI card for an ASIC chip?

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