[Active Mining] The UNofficial Active Mining Discussion Thread [UNmoderated]

[tslimx]

good job minorfart.

[minerpart]

No problem tslimx.

I'm sure you know that threatening to go to someone's place of work to beat them up (or hold them hostage while you force them to hand over money or BTC to you) is illegal. So I would strongly advise you to not do that.

[mainline]

When there's nothing to cool, air works just fine

[bromide]

Changelog 2014.02.19

• Optimised for 1080p.
• Increased readability
• New rating system from A-F.
• Rating criteria added
• Criteria for promotion added [to be integrated]
• Company movements as below as below
• Lightning ASIC added

Company changes:
ASICMiner set    A+
Bitmain set    A. Promoted to A+ on continued good delivery times until March 15.
Bitfury set    A. Promoted to A+ if next generation is offered without preorder (delivery not required for promotion).
CoinTerra set    B+. Demoted to B as delivered products are not achieving hash rate (okay), but they are not compensating as of yet (not okay). Back to B+ if customers are compensated.
KNCMiner set    A. Demoted to B+ as Neptunes still not delivered, and refunds are coming up short. They're now making so much money with their private farm they don't need to care about the community. Promotion to A if refund issues are sorted out.
Black Arrow set B+. Demoted to B. Promotion to B+ if there are no more (new) issues until March 8.
Avalon set      B. Promoted to B+ due to successful delivery on new miner. Promotion to A if no issues until March 15.
HashFast set   C+. Promoted to B due to continued engagement in fixing issues. Promotion to B+ if no new issues until March 8.
AMT set       C. Promoted to B on delivery of first orders.
BitMine set      C. Promoted to C+ due to Zefir's involvement. Promotion to B on delivery of first orders.
VMC set         B. Demoted to E, refunds are being refused [ignored] and no products on the horizon. Potentially a scam. Promotion to D if refunds begin to be resolved.
BFL set       Z-. Promoted to F- if they give themselves into the authorities, or at least make an ATTEMPT to undo their wrongs.
Lightning ASIC added and set C. Promotion to B once more units are delivered successfully.

Drillbit set    B. Promotion to B+ if no issues until March 8.
Redhash set    B. Promotion to B+ if no issues until March 8.
Technobit set   B. Promotion to B+ if no issues until March 1.
Big Picture Mining set C+. Promotion to B if replacement units appear in the wild.

[wasubii]

Hi Ken,

Thanks for the update - things are getting pretty agitated on the thread.

How much capital did we lose in the first deal with eAsic? For the nExtreme 28nm that we have decided to bin?

Thanks,
Wasubii

We have not lost any as of this time.

Are we expected to lose any eventually? Is not losing any dependent on choosing them to design our custom 28nm? If we choose to go with someone other than eAsic then how much would we lose front he nExtreme NRE?

Thanks,
wasubii

We are working through this issue at the present time.

Do you seriously think your reply does anything to answer any of my questions? What a joke. Why even bother sending a reply like that. You could have just sent a blank message instead. You have a serious transparency problem - it does you no favours at all when the whole community is screaming 'Scam' and you continue with business as usual, just throw out the tiny tidbits of information i feel like.

Unsurprisingly, no reply since then...

[VolanicEruptor]

When there's nothing to cool, air works just fine

Our New Zero Watt Strategy and the implementation of Invisihash will be a Big Game Changer.  If Bitcoin shoots up to $100,000 then I think we have a real chance at dominating this Industry.

[sporket]

(Posting this here, got deleted from the censored thread.)

LOL... Can you all please stop deleting and reposting all those images? It keeps on bumping this thread with no new information in it.

Knowing that your fate is sealed and nothing can be done to change it is... It's emotionally crippling.  I'm helping these "shareholders" by giving them a purpose, a target for their anger, and some busywork (deleting my posts) to keep them occupied.  As a bonus, working towards a common cause instills camaraderie.

This sort of thing is crucial for morale during disasters like this one.

[oaxaca]

OK guys, you got me
I will now stop posting on this forum.

Before you go, how about deleting the hundreds of shit-for-brains feedback entries on this forum.

Well?  how about it?

[Entropy-uc]

Ken is even deleting posts from the VMC thread in custom hardware.

I didn't realize that one was self-moderated too.

A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

Virtual Mining Corporation 02/27/14
 
Virtual Mining is currently processing and confirming pre-order refund requests. It is a very timely process because we are in the final stages of configuration before all of our pre-orders are shipped. Look to your email for product shipping order schedule. At the current time we are not immediately moving every order to a refund status due to our final staging and rigging our products for shipping.
 
We are contacting all of our valued customers with pre-orders  with our new product specification details that includes an increase in hashing power.  This increase in hashing power will make up for our delay in shipping.  Should any of our customers still wish to receive a refund even with the increase in hashing power please contact our customer service department.
 
Thank you for your continued patience and good luck on your Mining Ventures
 

Wow!  You are going to fufill existing orders with 10x the hashrate?  That is the only way you could make up for the delay in shipping.  Actually 10x might be less than needed to compensate.  A LOT LESS.

Is your "processing and confirming refund requests" similar to your processing of share trading?  What has it been, 4 months now that you have bullshitted your investors into thinking they will be able to trade again?

I doubt your customers are stupid enough to wait for the bankruptcy filing like MtGox's victims did.

[RoadStress]

Ken is even deleting posts from the VMC thread in custom hardware.

I didn't realize that one was self-moderated too.

That's why i have created this: https://bitcointalk.org/index.php?topic=253282.0

[V2Rocket]

Looks like Ken's getting some local press:


Betting on Bitcoin
Springfield's Kenneth E. Slaughter is caught up in the fast-moving world of digital currency

Lol, Ken tells random reporters more than he tells U:

"On Monday, several bitcoin companies announced that Japan-based Mt. Gox, the largest online Bitcoin exchange, would file for bankruptcy after months of technological problems and an apparent major theft. It did so Friday, saying that hackers had stolen 750,000 of its users’ bitcoins and 100,000 of its own — more than six percent of the total currently in circulation, worth more than $450 million.

The announcement prompted the cancellation of Virtual Mining’s development of the 55 nanometer chips, Slaughter said on Tuesday.

The cancellation, he said, was driven by three factors. First, Active Mining had some bitcoins — now presumed lost — in the exchange. Second, the recent decline in the price of Bitcoin meant the company had less buying power. Third, the machines would cost enough to produce that they would only provide a return on investment if the price of Bitcoin was at least $900."

Lol.  

Excuse Du Jour:  UR coinz are GOXED!!!!1!

[Entropy-uc]

LOL. 1/2 a million dollars on masks wasted.  Plus whatever he paid for the design in the first place.

If he actually taped out like he claimed.

There is no way he has enough money left to fund a 28 nm build.  Especially with 4 employees, all members of his family (as stated in the article).

[lobbes]

It is worth mentioning that this question was asked to Ken in the official thread, with no response.

I assume no bitcoins on MtGox either Ken?

+1， i just want to ask the same question

[Entropy-uc]

It is worth mentioning that this question was asked to Ken in the official thread, with no response.

I assume no bitcoins on MtGox either Ken?

+1， i just want to ask the same question

One wonders why he would be storing bitcoins anywhere but offline after losing 106 at Weex.  More so, why he would keep any at MtGox.  Since it was impossible to get cash out of MtGox on a timely basis since the time of his IPO, you'd have to be an idiot to consider selling coins for your business there.

It seems this could be the perfect cover for Ken to walk away from the scam free and clear.  Cancelling the 55 nm pushes the time frame for any results out 6-12 months.  And when anyone asks where the money went, he can just blame MtGox.

[klondike_bar]

^if thats true, then holy shit. 55nm out the window, and the recently announced 28nm is probably barely off the ground.

but more importantly: why would they store bitcoins at mt. Gox? that is absoulely insane, and more then enough reason to avoid ACTM if they cant implement a simple offline storage

[drawingthesun]

^if thats true, then holy shit. 55nm out the window, and the recently announced 28nm is probably barely off the ground.

but more importantly: why would they store bitcoins at mt. Gox? that is absoulely insane, and more then enough reason to avoid ACTM if they cant implement a simple offline storage

We can expect the 28nm in September perhaps? Not sure why any coin was on MtGox, coinbase is the prefered place for getting in/out of bitcoin and also Gox has had issues with withdrawing for the entire life of ActiveMining.

This makes no sense to me.

[Entropy-uc]

^if thats true, then holy shit. 55nm out the window, and the recently announced 28nm is probably barely off the ground.

but more importantly: why would they store bitcoins at mt. Gox? that is absoulely insane, and more then enough reason to avoid ACTM if they cant implement a simple offline storage

We can expect the 28nm in September perhaps? Not sure why any coin was on MtGox, coinbase is the prefered place for getting in/out of bitcoin and also Gox has had issues with withdrawing for the entire life of ActiveMining.

This makes no sense to me.

Do you remember when I told you to take legal action so you could prevent Ken from turning any more of your money into garbage?

Well here we are, $1M in expenses, 4 months of salary for Ken and his children later.  Do you still think I was giving you bad advice?

[drawingthesun]

^if thats true, then holy shit. 55nm out the window, and the recently announced 28nm is probably barely off the ground.

but more importantly: why would they store bitcoins at mt. Gox? that is absoulely insane, and more then enough reason to avoid ACTM if they cant implement a simple offline storage

We can expect the 28nm in September perhaps? Not sure why any coin was on MtGox, coinbase is the prefered place for getting in/out of bitcoin and also Gox has had issues with withdrawing for the entire life of ActiveMining.

This makes no sense to me.

Do you remember when I told you to take legal action so you could prevent Ken from turning any more of your money into garbage?

Well here we are, $1M in expenses, 4 months of salary for Ken and his children later.  Do you still think I was giving you bad advice?

I still think your advice was bad.

My view has been like this for a long time now; the investors have nothing, the company is worth zilch. However I believed there to be a small (1-4%) chance that Ken makes an ASIC and this would be the only way to get a real return. Taking that risk was the only real way to get a decent amount of Bitcoin back, rather than the peanuts splitting $1,000,000 (if that) over 10,000,000 shares.

Of course this means I was willing to accept a 95%++ chance of never getting anything back.

This direction is the 95%++ chance playing out.

[drawingthesun]

^if thats true, then holy shit. 55nm out the window, and the recently announced 28nm is probably barely off the ground.

but more importantly: why would they store bitcoins at mt. Gox? that is absoulely insane, and more then enough reason to avoid ACTM if they cant implement a simple offline storage

It would be fun to watch him try a third IPO, to "complete the 28nm ASIC project."  After all, there's no way in hell he has the money for it now, and ActM "investors" just love that type of crap.

Edit @drawingthesun:  It is heartbreaking watching you ignore the sound advice *repeatedly* offered you by *numerous* intelligent people.  Heartbreaking.

I already made the mistake of investing. I was left with two options with various risk/reward playouts:

1) Legally force the company to liquidize. I will perhaps get under 1 bitcoin back for all that I have invested after the legal fees are paid out. 95% - 99% chance of working.

2) Let Ken have his way, give him the chance to return to investors 20% - 90% of our original invested amounts over several years. We never break even but have bitcoin in our wallets. 0.5% - 5% chance of working.

I still think that taking option 2 was the best course of action. Yeah it's like playing a lottery. I don't care so much for folding and getting 1 bitcoin.

[V2Rocket]

No.
You made a series of mistakes, failing to listen to your betters at *each and every step of the way*.  You stubbornly ignored good advice, and, even now, are trying to justify your bad decisions.

It is people like you, who throw money at lulzy, illiterate, serial-scamming alcoholics, and then sculk off with tails between their legs, who are *directly responsible for all the scamming happening in Bitcoin*.

You don't report rapists in hopes of getting unraped.  You report them so they would be punished and *others would not get raped*.