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Author Topic: [ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated]  (Read 771063 times)
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aquarius
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January 09, 2014, 05:18:16 AM
 #7141

(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.




this is a good suggestion.
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January 09, 2014, 05:22:20 AM
 #7142

So can we get an explanation of why deadlines were missed Ken?

What reason caused the change of plans and alteration of schedule?

Were your initial timeline commitments too optimistic or was there a catastrophic failure?

If you've outsourced the next step(s) to an engineering firm, and still need to wait on boards and chips etc. Why can't Crypto-Trade transfer be at the front of the priority queue?


Either you own the bitcoins(private keys) or you don't. However with moneroj, nobody knows what you own.
Secure. Private. Untraceable.
soundhead
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January 09, 2014, 05:26:08 AM
 #7143

Ken never provided anything resembling detailed financials, that's why you are using words like "If" and guessing at conversion rates.  You are guessing and hoping -- that's not the way finance works.  You don't even know if the orders were paid for, much less converted into BTC.

Further, it's not Ken's job to play trader.  If he converted the USD into BTC, and BTC tanked, he would not be able to refund the money.  The customers would be pissed -- rightly so.  You would be pissed -- rightly so.

Fair enough, I'm only speculating here and I'm no financial expert. But if you look at the balance sheet from September 30th (http://axs.net/VMC/Balance_Sheet.pdf), under Liabilities there is an entry Pre-order Sales conv BTC 351,487.06. Back then, the price of BTC would be what? - $150ish? At current prices, these would be worth about $2.2m.

Assuming all refunds would be paid in US dollars, why couldn't Ken cash in some of these now to cover the the $351K, which would free up the rest?

Don't get me wrong, I'm invested in ActiveMining for the long term and have been from the initial IPO, but some regular dividends from reserves would go a long way towards restoring confidence for both the shareholders and prospective customers.
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January 09, 2014, 05:32:25 AM
 #7144

I would like to see the shares on cryptotrade as well, but mainly to be paid my dividends past due. Without these divs paid, however scant they may be, I begin to wonder if those btc are still there,or even if anything Ken says is true. Getting the shares on exchange is more important than Ken wants to think, and for several reasons, actually. Right now it's starting to look like Van Halen's brown M&M clause. If he can't manage that one simple thing, what else is he incapable of doing correctly?Huh
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January 09, 2014, 05:45:48 AM
 #7145

(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.


Why as a major investor would you want to company to pay escrowed funds to investors when no product has shipped thus risking bankruptcy of the company if enough refunds are requested. All funds for preorders should be kept in the ActiveMining account until the device is delivered. Only at that point are they our funds.

We should also not pay out from the companies bankroll if we are not in fact making a profit. It is not worth it long term. I would rather have a terrible share price for months than to spend our bankroll and go bankrupt when people ask for refunds.
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January 09, 2014, 05:56:05 AM
 #7146

This is not good news, but it's not as bad as it seems at first.  A lot of people are blowing this way out of proportion, stop with the lawsuit BS!  The chips (aka eASIC) are obviously not the bottleneck, it's the boards.  That is good, but sort of obvious.  The boards are being redesigned.  To me this is not a huge issue, just a setback.  Pump it up all you want in your head.

I do want to know, however, what exact product was supposedly shipped out to customers a few weeks ago?  There has been no legitimate proof of receipt by anybody and Ken has remained silent on the issue.  Can we please get an answer on this?
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January 09, 2014, 06:49:01 AM
 #7147

I never check this thread anymore except on the update days.

(checks kens update)

Um yeah we are screwed.  Take a break from this thread and just write your investment off as a loss.  If some miracle happens then consider yourself lucky.
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January 09, 2014, 06:55:05 AM
 #7148

How about I start my own updates.

For the next 2 weeks I am going to get on eASICS back.  I'll call every one of them to try to get a better understanding as to why my money has disappeared.  

I'll let you know next week about every discussion i have with them.  Don't worry, I will not take "NDA" as an answer to anything.  I'll make demands so they at least talk to us in an open discussion, because we at least deserve that.



eASIC WILL talk if you tell them their reputation depends on it.

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January 09, 2014, 07:01:42 AM
 #7149

How about I start my own updates.

For the next 2 weeks I am going to get on eASICS back.  I'll call every one of them to try to get a better understanding as to why my money has disappeared.  

I'll let you know next week about every discussion i have with them.  Don't worry, I will not take "NDA" as an answer to anything.  I'll make demands so they at least talk to us in an open discussion, because we at least deserve that.



eASIC WILL talk if you tell them their reputation depends on it.

Well that's stupid. Ken said the issue is with the engineering firm that was making the boards.

But yeah go ahead and threaten a company worth at least $100,000,000 that is sure to work out for us.
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January 09, 2014, 07:10:13 AM
 #7150

"ken said", "ken said"... i take everything that ken said and you know what I do with it??  ...check my toilet for more information

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January 09, 2014, 07:14:18 AM
 #7151

I'm not sure what is worse... Knowing that Labcoin was a scam and that the coins are gone, or this weak pos stringing me along.

I'll check back in 2 months to see if my shares are still worthless... later.
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January 09, 2014, 07:20:33 AM
 #7152

It is a bit difficult to take what ken has said at his word.
arousedrhino
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January 09, 2014, 07:23:01 AM
 #7153

How about I start my own updates.

For the next 2 weeks I am going to get on eASICS back.  I'll call every one of them to try to get a better understanding as to why my money has disappeared.  

I'll let you know next week about every discussion i have with them.  Don't worry, I will not take "NDA" as an answer to anything.  I'll make demands so they at least talk to us in an open discussion, because we at least deserve that.



eASIC WILL talk if you tell them their reputation depends on it.

eASIC is not the problem, the problem is within ActiveMining. Also there is no way to prove you are a shareholder so I hope eASIC doesn't just give out information to random people about ActiveMining and its relationship to eASIC. Please don't make things worse by pissing off eASIC, if we indeed do get boards and request chips we could then have a delay from eASIC just because they want to fuck us over for having you call them with threats.
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January 09, 2014, 07:24:25 AM
 #7154

I'm not sure what is worse... Knowing that Labcoin was a scam and that the coins are gone, or this weak pos stringing me along.

I'll check back in 2 months to see if my shares are still worthless... later.

It's funny that getting scammed by Labcoin was a better experience than this. At least it had up's and down's and ended quickly. Active Mining is a never-ending stream of lies and disappointments.
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January 09, 2014, 07:26:08 AM
 #7155

How about I start my own updates.

For the next 2 weeks I am going to get on eASICS back.  I'll call every one of them to try to get a better understanding as to why my money has disappeared.  

I'll let you know next week about every discussion i have with them.  Don't worry, I will not take "NDA" as an answer to anything.  I'll make demands so they at least talk to us in an open discussion, because we at least deserve that.



eASIC WILL talk if you tell them their reputation depends on it.

eASIC is not the problem, the problem is within ActiveMining. Also there is no way to prove you are a shareholder so I hope eASIC doesn't just give out information to random people about ActiveMining and its relationship to eASIC. Please don't make things worse by pissing off eASIC, if we indeed do get boards and request chips we could then have a delay from eASIC just because they want to fuck us over for having you call them with threats.


stop trying to veer us in the wrong direction with your lies.  You have no idea who the problem is because you have no information which you can actually call "valid".  you have no facts, because ken has not given you any.

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January 09, 2014, 07:35:45 AM
 #7156

Who do you think is gonna be first, bitcoin at $10,000 or the ActM chips?
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January 09, 2014, 07:53:04 AM
 #7157

Who do you think is gonna be first, bitcoin at $10,000 or the ActM chips?

Bitcoin at $10,000, at least by that point I will have the same fiat amount as when I invested when bitcoin==$100.

Smiley

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January 09, 2014, 10:09:15 AM
 #7158

I've just seen Ken's post. I've mostly stayed away from this thread due to the ridiculous trolling that was going on and the personal attacks, but I'm shocked by what I just read.

Ken, you and I strongly disagreed on the commercial side, lack of key skills on your management team, and a technical matter, to the point where my position was untenable. However, from what I remember you had apparently hired a really good engineering firm and you were always going to be in a good position as a mining company. The bitcoin price rise worked massively in your favour for both mining and hardware sales.

What happened to leave VMC in the current situation? Even mining with expensive low volume chips should have left you quids in by now. I don't understand why that hasn't happened.

Surely you owe everyone much more of an explanation than you've given. The NDA you have with eASIC doesn't cover absolutely everything you do as a business and shareholders need some proper facts on the problem, the remedy, and the schedule. You have always kept cards close to your chest but this is not the time to do it.

Even in my worst case forecast I had VMC down to have mass chip production and boards ready in Feb, with smaller units from late December or early January, but it sounds like that's far off.

Also, I seem to remember you stating that shipments had started but how can that have been true?

The finger cannot just be pointed at an external (unnamed yet experienced) engineering firm doing standard board design.

As always, I wish you all the best.

Re: eASIC - bothering them is not a good idea. They are an outsource company and if they start to get grief or hassled then it isn't a positive thing for shareholders.
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January 09, 2014, 10:11:18 AM
 #7159

I've just seen Ken's post. I've mostly stayed away from this thread due to the ridiculous trolling that was going on and the personal attacks, but I'm shocked by what I just read.

Ken, you and I strongly disagreed on the commercial side, lack of key skills on your management team, and a technical matter, to the point where my position was untenable. However, from what I remember you had apparently hired a really good engineering firm and you were always going to be in a good position as a mining company. The bitcoin price rise worked massively in your favour for both mining and hardware sales.

What happened to leave VMC in the current situation? Even mining with expensive low volume chips should have left you quids in by now. I don't understand why that hasn't happened.

Surely you owe everyone much more of an explanation than you've given. The NDA you have with eASIC doesn't cover absolutely everything you do as a business and shareholders need some proper facts on the problem, the remedy, and the schedule. You have always kept cards close to your chest but this is not the time to do it.

Even in my worst case forecast I had VMC down to have mass chip production and boards ready in Feb, with smaller units from late December or early January, but it sounds like that's far off.

Also, I seem to remember you stating that shipments had started but how can that have been true?

The finger cannot just be pointed at an external (unnamed yet experienced) engineering firm doing standard board design.

As always, I wish you all the best.

Re: eASIC - bothering them is not a good idea. They are an outsource company and if they start to get grief or hassled then it isn't a positive thing for shareholders.

Damn.

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January 09, 2014, 10:28:35 AM
 #7160

Ken,

You should use that $6,000,000 or so in pre-order money and buy BTC now.
If you expect the price to hit $10,000 (I do to) we could have $60,000,000 to buy cost price miners for the farm.
If customers want their refund give it to them in bitcoin (they were buying miners anyway) or just cash out the required amount of $.

On another note you really should give us some sort of timeline, we have been behind you all they way.
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