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

[PurpleTentacle]

Ken, can you confirm that https://blockchain.info/charts/balance?address=1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa is the correct and only ActiveMining address?

[coinfresh]

We will be getting an opinion from our lawyers on the new Havelock developments.  We need to see if the new Havelock developments changes anything for any of our Investors.

This is good to hear. I was hoping you would be saying this.

[lammedraak]

On the 6th everyone that has shares in the AMC-TENDER account will start accumulating dividends.  We will be working on a solution to have the dividends disbursed.  We have a number of options available to do the disbursements.  As the whole Bitcoin stock exchange system is in a state of flux, we are waiting to see how everything shakes out.  We will be getting an opinion from our lawyers on the new Havelock developments.  We need to see if the new Havelock developments changes anything for any of our Investors.

Just to confirm, dividends will be paid to verified accounts on bitfunder as well on the 6th?

[drawingthesun]

Ken, can you confirm that https://blockchain.info/charts/balance?address=1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa is the correct and only ActiveMining address?

My guess is yes, the Bitcoin income is the same as last week meaning it includes the added hashpower, if this address had no new hashing power it would be a lot lower.

In short, the added hashpower has gained us a week.

[kslaughter]

On the 6th everyone that has shares in the AMC-TENDER account will start accumulating dividends.  We will be working on a solution to have the dividends disbursed.  We have a number of options available to do the disbursements.  As the whole Bitcoin stock exchange system is in a state of flux, we are waiting to see how everything shakes out.  We will be getting an opinion from our lawyers on the new Havelock developments.  We need to see if the new Havelock developments changes anything for any of our Investors.

Just to confirm, dividends will be paid to verified accounts on bitfunder as well on the 6th?

Yes, dividends will be paid as normal on the 6th verified or not.

[kslaughter]

Ken, can you confirm that https://blockchain.info/charts/balance?address=1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa is the correct and only ActiveMining address?

My guess is yes, the Bitcoin income is the same as last week meaning it includes the added hashpower, if this address had no new hashing power it would be a lot lower.

In short, the added hashpower has gained us a week.

Yes,  this is the only address that we send mining revenue to.  We will be reserving 50% of the new revenue for growth and expenses.

[thefunkybits]

Ken, can you confirm that https://blockchain.info/charts/balance?address=1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa is the correct and only ActiveMining address?

My guess is yes, the Bitcoin income is the same as last week meaning it includes the added hashpower, if this address had no new hashing power it would be a lot lower.

In short, the added hashpower has gained us a week.

Yes,  this is the only address that we send mining revenue to.  We will be reserving 50% of the new revenue for growth and expenses.

Will this "reserving for reinvestment" happen before the .0025 per share is paid out to shareholders?

[kslaughter]

Ken, can you confirm that https://blockchain.info/charts/balance?address=1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa is the correct and only ActiveMining address?

My guess is yes, the Bitcoin income is the same as last week meaning it includes the added hashpower, if this address had no new hashing power it would be a lot lower.

In short, the added hashpower has gained us a week.

Yes,  this is the only address that we send mining revenue to.  We will be reserving 50% of the new revenue for growth and expenses.

Will this "reserving for reinvestment" happen before the .0025 per share is paid out to shareholders?

Yes, this is one of the cost in the offering description.

Dividend payment
The global ActiveMining's income, including mining income, hardware sales via bitcoins, other cryptocoins and fiat transferred to bitcoins, will be paid to ActiveMining shareholders proportionally, after all manufacturing, maintenance, labor costs, R&D, growth and miscellaneous expenses are deducted. The first BTC0.0025/share dividends will only be paid to the first 10,000,000 ActiveMining shares, providing public investors a priority in getting back 100% return of their investment.

What we are trying to do is increase our mining and increase our dividends to our shareholders.

[Stuartuk]

The two need to go hand in hand. We need to reinvest to quickly grow to our maximum potential. More reinvestment = more divs. 50-50 seems a reasonable ratio at present.

Ken for the sake of openness will all staff remuneration be included in the upcoming accounts? No-one will begrudge you and staff earning a decent wage after the months of work but I'm sure everyone wants to know you are being frugal on the expenses side while the business is in it's very earliest stages of profit.

[eikzbtc]

I prefer 100% reinvestment in hardware , higher volumen , cheaper chips  ,higher asset value

[thefunkybits]

I prefer 100% reinvestment in hardware , higher volumen , cheaper chips  ,higher asset value

^
Thats probably the dumbest idea i've ever heard...we would receive no mining dividends.




and in response to Ken- Fair enough, my only concern is that the .0025 wont be repaid back in a timely manner

[Ozymandias]

The two need to go hand in hand. We need to reinvest to quickly grow to our maximum potential. More reinvestment = more divs. 50-50 seems a reasonable ratio at present.

Ken for the sake of openness will all staff remuneration be included in the upcoming accounts? No-one will begrudge you and staff earning a decent wage after the months of work but I'm sure everyone wants to know you are being frugal on the expenses side while the business is in it's very earliest stages of profit.

I prefer 100% reinvestment in hardware , higher volumen , cheaper chips  ,higher asset value

I would concur with both of these points. Salaries and all other company expenses would be good to know and frankly, the dividends right now are dust and not particularly useful to anyone whereas they could be used to order another wafer or maybe two, each of which should generate more income than the dust that went into it.

I prefer 100% reinvestment in hardware , higher volumen , cheaper chips  ,higher asset value

^
Thats probably the dumbest idea i've ever heard...we would receive no dividends.




and in response to Ken- Fair enough, my only concern is that the .0025 wont be repaid back in a timely manner

The dust is not contributing any real amount towards the 0.0025 per share, it's a classic case of "nickel now or quarter later"

[hazryder]

I've been away from the whole ActiveMining thing for a few weeks now as apparently there weren't any major developments planned until november, but now I'm seeing all this stuff about Bitfunder closing to USA citizens and having to transfer shares or something.

Can anyone sum up quickly what I need to do to keep ownership of my shares on Bitfunder? I'm actually a UK citizen but I can't seem to find a solid answer after skimming through the last few thread pages.

Cheers.

[Ozymandias]

I've been away from the whole ActiveMining thing for a few weeks now as apparently there weren't any major developments planned until november, but now I'm seeing all this stuff about Bitfunder closing to USA citizens and having to transfer shares or something.

Can anyone sum up quickly what I need to do to keep ownership of my shares on Bitfunder? I'm actually a UK citizen but I can't seem to find a solid answer after skimming through the last few thread pages.

Cheers.

As a UK citizen I don't believe that you have to do the following steps, but if you decide to, the tender process is below:

1) Make sure that you have full control over your public bitfunder address (specifically that you can sign with it)
2) Transfer your shares to AMC-TENDER
3) Go to the account history page (or whatever it's called) and take a screen shot of the transfer of shares. This will be back-up proof of how many shares you own/tendered
4) Do NOT lose control of the public bitfunder address as that's where I believe dividends are going to go

[zumzero]

You won't be able to trade on BF as a UK citizen unless you get verified.  This has been the case since 1st November.

To get verified, you need 100 points and things like drivers license, utility bill and passport all get different points towards that number.  This is done through Weexchange.

There is such little trade on any BF securities that one wonders if it is worth it.

Personally, I have chosen to keep my shares on BF and get verified just in case there comes a time where not having done so means lost opportunity.  

You will need to get verified by December 1st or your shares will be sent to Ken (I think), however if you don't like the idea of giving out your personal details then just wait for an alternative solution.  There are a few alternatives in the pipeline.

(UK too)






Important Notice (October 8th, 2013):

Please be advised that BitFunder is implementing the following rules and procedures:

As of October 8th, 2013, BitFunder will not accept new registrations from any United States persons or entities. All new registrants must supply the information required to obtain "Verified" status on their linked WeExchange account. BitFunder may, in its sole direction, decline to accept any new registrations.

As of October 8th, 2013, all current BitFunder users who are located in the United States or are determined to be United States persons or entities will not be able to enter into any new positions on the Bitfunder website, and, as of November 1, 2013, such users will also not be allowed to sell positions on the BitFunder website.

All current BitFunder users who are not United States persons or entities must supply the information required to obtain "Verified" status on their linked WeExchange account before November 1, 2013. Any such users who fail to provide the necessary information will not be able to enter into or sell positions on the BitFunder website as of November 1, 2013.

Users will be able to withdraw holdings and Bitcoins from their BitFunder accounts before and after November 1, 2013.

All assets and issuers must demonstrate that they meet BitFunder's requirements for the listing of assets, or the assets and issuers will, at BitFunder's sole discretion, be denied access to, or removed from, the site. Issuers will be notified of any additional information needed to demonstrate compliance with BitFunder's requirements.

BitFunder appreciates your understanding in these matters as we move forward.

Sincerely,
BitFunder

Supplemental Notice (October 11, 2013)

As of October 8, 2013, BitFunder is not assessing any new fees against any user BitFunder knows to be a U.S. person and whose account will be restricted in accordance with BitFunder's October 8, 2013 notice.

Users who are U.S. persons or users who fail for any reason to provide the information necessary to obtain "Verified" status are encouraged to transfer their shares from the BitFunder site to the respective issuer(s) no later than December 1, 2013.

As of December 2, 2013, BitFunder will initiate a transfer from the BitFunder site to the respective issuer(s) of any remaining shares held by any users that BitFunder knows to be U.S. persons or who did not obtain "Verified" status by December 1, 2013, and will provide the issuer(s) with the public bitcoin address associated with the user account. After transfer, each user will need to work with the issuer(s) with respect to the future treatment of the shares.

On December 2, 2013, all bitcoin balances in the accounts of users that BitFunder knows to be U.S. persons and users that did not obtain "Verified" status by December 1 will be transferred to their linked WeExchange accounts.

[SebastianJu]

I prefer 100% reinvestment in hardware , higher volumen , cheaper chips  ,higher asset value

^
Thats probably the dumbest idea i've ever heard...we would receive no mining dividends.




and in response to Ken- Fair enough, my only concern is that the .0025 wont be repaid back in a timely manner

In fact i think its an interesting idea. If ken would keep all divs and reinvest them all we could build very fast a very big farm and buy many more miners to sell. So a month without divs might lead to a way higher div later. Of course it had to be calculated through thoroughly if it would work this way.

[Rodyland]

To get verified, you need 100 points and things like drivers license, utility bill and passport all get different points towards that number.  This is done through Weexchange.

Shame that weexchange don't answer support emails.  Or IMs.

[Stuartuk]

I agree and think most people would be happy with a delay in divs if it means we make significant progress on the mining farm. However I think we would need to consult on the thread to get a consensus on that.

Also there would need to be firm plan put forward with figures which show where the funds would go and what the benefits to us shareholders would be. Ofcourse Ken might not want a full reinvest but we can leave it to him to check the figures and projections nearer the time and propose whatever he thinks would best serve the profitability of the company.

[thefunkybits]

Im not talking about the satoshi dust dividends...I could care less about those. Im talking about the divs from the mining farm that were building...

[Stuartuk]

We all know what you mean fb he's just being clever. Just ignore, it will be deleted soon. :-)