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

[Vigil]

WTF the RTL code isn't even finished and we were supposed to be building miners in November!?

it's a little weird that investors have to protect the company on this forum rather than the actual people involved, don't you think?  Just saying...

Interesting to have photos btw, but a big empty room, a box of psu's?, a small tool bench (doesn't seem to be for electronics though?), and a site visit by a member with 16 posts doesn't really do much. I think a lot more could be done to show this is all legit if in fact it really is.  
If he had been first to market or in the initial group of three Avalon/AM/BFL his lack of evidence/unprofessional site might have been forgiven but, as it is today, everyone posting on this forum gets flamed out of existence unless they clearly establish proof of concept in their initial post. He might be a businessman, but businessmen need to look at themselves through potential customers eyes in order to succeed.

You're right. There are/needs to be many threads to manage all of the different aspects of ActiveMining/AMC/VMC. Just managing the threads takes up a good chunk of the day:

Threads Ken is overseeing:

• VMC (sales)
• AMC (mining, currently hashing)
• ActiveMining (shareholders, paying dividends)

There are a lot of balls up in the air at the moment, so we all have to pitch in. This is what he has on his plate at the moment:


To do list:

• Managing share transfers and shareholder queries for AMC and ActiveMining on BTC-TC and Bitfunder
• Manage 6 Hashing Avalons
• Klondike boards will be arriving soonish
• 20,000 Avalon chips are incoming this or next month.
• Avalon prototype board will be complete next week.
• eASIC approved Ken's RTL code for his chip which is rated at 16GH/s. They will commence immediate production once they receive the NRE (1 million dollars), there will be some printed out this upcoming 4th quarter, with full production starting Q1

[/b]

• Managing those above threads
• Getting components and chassis for the boards
• Managing sales from the website and this forum
• Marketing - google "bitcoin mining machine" if you are in the US/Canada, Just bought all 7 advertising slots on this forum

He has his hands full. We're behind him trying to keep up and pick up all the loose ends.

lewicki claimed that eASIC had already tested the RTL code and that it worked with the chip - he said this back in July 18

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[Vigil]

I heard that VMC had tested its chips? however, can you please upload some picture of the psychical chip and the screenshot of your test result and the snapshot of the laboratory which you used to testing and developing your chip.

Thank You ,if you can provides these pictures~~~

We have had our RTL code tested for feasibility to run on eASIC's chip.  The RTL code was found to be feasible and from the results we have an estimate of the speed of 16 GH/s and power of less than 12 watts per chip.

[somestranger]

Yes he said the RTL code was done but then today he said this:

Our engineers are still designing our board. We had to change our engineering firm, and
learn a few lessons about hiring an engineer firm.  We don't have a date at this time.

What do you estimate the ActM hashrate be at the end of January, February and March?

Due to our inexperience with design, we have had a few set backs; however, we have hired
the most competent RTL design team to make sure that when we spin up our chip it will work.  They are
very competent at Low-Power and getting the most speed from the chip.

[Vigil]

I heard that VMC had tested its chips? however, can you please upload some picture of the psychical chip and the screenshot of your test result and the snapshot of the laboratory which you used to testing and developing your chip.

Thank You ,if you can provides these pictures~~~

We have had our RTL code tested for feasibility to run on eASIC's chip.  The RTL code was found to be feasible and from the results we have an estimate of the speed of 16 GH/s and power of less than 12 watts per chip.

Well shit, he gave the exact hash rate of the chips, and when i mentioned there was no way to be that precise without actual silicon, i was told that eAsic knows their shit better than I do.

Anyhow, if you notice the wording is tricky.  He uses "feasible," not good, not verified, not approved, merely "feasible."  It;s not tech jargon.  It's deniability.

Why go through all the trouble of raising money and signing a contract with eASIC when he could have just hired the engineers from the beginning to design the chip and the RTL and board and make the plan work?

[Vigil]

Yes he said the RTL code was done but then today he said this:

Our engineers are still designing our board. We had to change our engineering firm, and
learn a few lessons about hiring an engineer firm.  We don't have a date at this time.

What do you estimate the ActM hashrate be at the end of January, February and March?

Due to our inexperience with design, we have had a few set backs; however, we have hired
the most competent RTL design team to make sure that when we spin up our chip it will work.  They are
very competent at Low-Power and getting the most speed from the chip.

Exactly, so what the firk is up? why not just hire them from the beginning and do it right the first time?

[Minor Miner]

PLEASE do not give up guys.  Please, I beg you.   This is the thread where I come when I feel down so I can see that life could be much worse than it is....
Surely you do not believe that with millions of dollars and a completely credible chip design firm, that there has not been a working chip produced?   Come on, you know eASIC would be able to bang out this simple design.   You must believe that.  Why not ask them?
The chips must have come otherwise how were you given stats?   Maybe you should just be trying to track down the chips that your investment paid for?   KNC stopped shipping and the network went from 5 PH/s to around 8 PH/s.    Now it is around 12 PH/s.   Someone is bringing miners on line and it cannot just be bitfury and ants....

[Vigil]

PLEASE do not give up guys.  Please, I beg you.   This is the thread where I come when I feel down so I can see that life could be much worse than it is....
Surely you do not believe that with millions of dollars and a completely credible chip design firm, that there has not been a working chip produced?   Come on, you know eASIC would be able to bang out this simple design.   You must believe that.  Why not ask them?
The chips must have come otherwise how were you given stats?   Maybe you should just be trying to track down the chips that your investment paid for?   KNC stopped shipping and the network went from 5 PH/s to around 8 PH/s.    Now it is around 12 PH/s.   Someone is bringing miners on line and it cannot just be bitfury and ants....

That is another possibility... there are chips and working miners... e.g., Eligius although a few swear that it is not Ken. I calculated the hash-rate on eligius to exactly, exactly 10 24.567 TH miners. They came on-board in multiples of 24.567 TH.

[RickJamesBTC]

You guys sitting around waiting for your "investment" to mature have some serious patience. This ship is sailing away. Lies, more lies, and more delays are all you will get. The people who screwed up and invested money they can't recoup will stay here and talk about how great it is and how rich they will be. The smart ones will just forget about it or do something to try and get their money back. At this point, the investment vehicle is probably completely illegal, you should be getting the government involved to investigate.

[Flying Hellfish]

Wow.
that is where you guys are at after how many months?
What are the assets of this pig?
Other than the IP that does not work and does not have a drawing of a board?
Did you guys ever buy any more than those 6 avalons?

Can anyone say bASIC 2.0.

[Jasun7211]

Hey Jasun, I had to cash in those 2btc as I think you were aware of.  Actually it was 2.7btc worth of cryptocoins which I had mined on my BFL Single to see me through to my next contract in February.  

Zum. I think were good.  This update clears a lot of mystery. And I applaud Ken for telling the truth.  As long as there's progress I don't care.  This will take time but I have time, who knows what will happen in the future.  Btc could go to 100, 000 and actm could be still working at it, or Btc could be back to $6 and actm fireing on all cylinders....in the end we gotta do what we gotta do.  But either way, I think we should be ready for some cheap shares.  Long term that's a good thing, but hey as long as you have 1 btc free that's about all you'll need if btc matures one day to what it should.  

[Jasun7211]

You guys sitting around waiting for your "investment" to mature have some serious patience. This ship is sailing away. Lies, more lies, and more delays are all you will get. The people who screwed up and invested money they can't recoup will stay here and talk about how great it is and how rich they will be. The smart ones will just forget about it or do something to try and get their money back. At this point, the investment vehicle is probably completely illegal, you should be getting the government involved to investigate.

Maybe shareholders need to pursue legal avenues to force ken to return the money he stole from us by lying to us for almost a year. Who wants to report Ken & Co to SEC unless he comes out and shows us some proof that he is been working on something for god sake

Why these are virtual investments.  Remeber Burnside's disclaimer, that hold true.  What forum would you seek legal reprocussions. ..unicorn court?   I'd never bring the feds into any of this, they are looking for an excuse to jump, and could be the catalyst for a big hit to the BTC eco system.  Que sera, sera. 

[twentyseventy]

Stick a fork in it guys, it's done.

[drawingthesun]

Can anyone of you "intelligents" tell me, worst case scenario regarding the boards,

How long will they take from design - manufacture? Are we talking 6months here or?

Based on the news about RTL, I would say full production could be early June if we are lucky.

Unfortunately even getting 200TH online will be 0.001% of the network by then.

Once Bitcoin starts spiking to $10,000 AMD and Intel will start putting up farms.

[gogxmagog]

Oh My God this is awful. where do I even begin?
I feel like Ken is speculating on the price of btc to bail out this jalopy.

Dividends, remember those? Please don't speculate with btc owed to your investors Ken. Also, speculation is a poor business model. Share trading is important to your investors, even if it doesn't matter to you. I guess we wait because at this point no one would buy them anyways. Yeeesh!

Disappointing? It is a different thing when the disappointment is mostly expected.

Go hire a kid to code your share reclamation thing, get someone to do it. It's not costly, just time consuming, I understand that much. I also know that your local university would have students eager to make a quick dollar to punch in some code. Get Er Dun, Boy-o!

[hobbymd]

Oh My God this is awful. where do I even begin?
I feel like Ken is speculating on the price of btc to bail out this jalopy.

Dividends, remember those? Please don't speculate with btc owed to your investors Ken. Also, speculation is a poor business model. Share trading is important to your investors, even if it doesn't matter to you. I guess we wait because at this point no one would buy them anyways. Yeeesh!

Disappointing? It is a different thing when the disappointment is mostly expected.

Go hire a kid to code your share reclamation thing, get someone to do it. It's not costly, just time consuming, I understand that much. I also know that your local university would have students eager to make a quick dollar to punch in some code. Get Er Dun, Boy-o!

Seriously how many CEOs of mining companies you know of that speculate on price of bitcoin instead of actual product they are supposed to produce?!!

[Vigil]

Bargraphics lying through his teeth on irc:

<Pad_> IMO answering that would fuel people to hassle he, for more info
<Bargraphics> Why are people going nuts over the RTL?
<Pad_> Them
<freshcoin> doesnt the RTL put us way back Bargraphics?
<Bargraphics> no looooooool
<Bargraphics> It's the chip bring up
<Bargraphics> not fucking verilog
<freshcoin> i honestly have no idea, I am going by what has been discussed
<Bargraphics> people are morons

Due to our inexperience with design, we have had a few set backs; however, we have hired
the most competent RTL design team to make sure that when we spin up our chip it will work.  They are
very competent at Low-Power and getting the most speed from the chip.

Not only that, but the boards aren't even done. The RTL is supposed to be verified before the chips are made and even before the NRE is paid.

[soundhead]

(Long time lurker, big investor in ActiveMining).

Am I right in saying that some of the funds from preorders/IPO/cancelled chip orders are in BTC?
Why not return a portion of these BTC funds to the investors as weekly dividends in the meantime to tide us over until the development is complete?
(Obviously, whilst ensuring that enough funds in US dollars are in place to cover any order cancellations and further development costs.)

I realise that this would cut into the funds available for purchasing mining machines, but at this stage there are too many unknowns and it would help to maintain confidence in ActiveMining.

[soundhead]

Actually, he did publish financial reports a while back and there was an entry there for BTC holdings.
Plus, we know that a big chunk of BTC was returned after a chip group buy was cancelled.

Regarding the preorders - if he did convert some of the payments into BTC at the time of the orders, that would have been done when BTC were at a much lower price than current.
Sell some of the BTC to cover the full cost of any cancellations (in US dollars) and return some of the rest to the shareholders. How is this crooked?
The customers paid in US dollars and would be refunded in US dollars.

[VolanicEruptor]

This is looking really good guys!  Keep up the great work, Ken!

[VolanicEruptor]

Bargraphics lying through his teeth on irc:

<Pad_> IMO answering that would fuel people to hassle he, for more info
<Bargraphics> Why are people going nuts over the RTL?
<Pad_> Them
<freshcoin> doesnt the RTL put us way back Bargraphics?
<Bargraphics> no looooooool
<Bargraphics> It's the chip bring up
<Bargraphics> not fucking verilog
<freshcoin> i honestly have no idea, I am going by what has been discussed
<Bargraphics> people are morons

Due to our inexperience with design, we have had a few set backs; however, we have hired
the most competent RTL design team to make sure that when we spin up our chip it will work.  They are
very competent at Low-Power and getting the most speed from the chip.

Not only that, but the boards aren't even done. The RTL is supposed to be verified before the chips are made and even before the NRE is paid.

Even though Ken has failed at making Bitcoin Mining Machinery, I am highly confident that he will enter a new business.  Guys, I know this is going to sound REALLY FUCKING CRAZY but I think Ken could get into the lemonade business.  During summer time people can get REALLY thirsty and perhaps we can get some of our money back through a lemonade stand.