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

[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?

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.

The $1M+ wasted since then is $0.1 / share, or 0.000182 BTC / share.  Plus, you could have pursued Ken and his family's personal assets.  By now his lawyer will have explained to him measures to make that difficult in the future.

I personally feel sorry for you, especially in comparison the most of the idiots invested in this mess.  But your willingness to be a victim isn't doing you much credit.

This whole debacle reminds me of the endgame for the Pirate ponzi.  Scammers like PatrickHarnett, BurtW, Paybtc hid behind the collapse of Pirate to deflect blame from their own actions.

[augustocroppo]

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

There was an indirect answer for that:

this may be way off topic but it reads very similar to a certain CEO of a certain company that we are all invested in, especially in regards to PR:

EXCLUSIVE: Charlie Shrem Speaks Out About Mt. Gox...

Shrem believes the company should have, long ago, hired an agency to handle its PR, but it didn’t, because Karpeles didn’t want anyone to know Mt. Gox’s inner workings (read: didn’t want anyone to know what a dire mess it was in).

Except we aren't in a dire mess.

I am still amazed at the delusional people in the moderated threat pretending that everything is fine.

Weekly Update 2/26/2014

We have hired a really good lawyer for the MSD problem.  I am out west working with our Project Manager working with our vendors to move our projects into high gear.  Expect good news in March. 

Active Mining Staff

[Entropy-uc]

I am still amazed at the delusional people in the moderated threat pretending that everything is fine.

Weekly Update 2/26/2014

We have hired a really good lawyer for the MSD problem.  I am out west working with our Project Manager working with our vendors to move our projects into high gear.  Expect good news in March.  

Active Mining Staff

Well, now that starts to make sense.

SCENE:

Ken sits down with the happy engineers who sold him their uneconomic 55 nm design for $500k.  All are cheerful and cordial.

KEN:  Ok guys, down to business.  I just paid UMC $700k to build masks and start wafers.  What is it going to cost to get these chips packaged, onto boards and hashing?
ENGINEER1:  (shares power point and excel sheets)
ENGINEER2:  (reviews GANT charts of schedule)
KEN:  What the fuck!  It's going to cost me $8 / Gh/s for hardware that won't arrive until July?  I can buy May Cointerras for $3 / Gh/s!
ENGINEER1:  Not any more.  We bought out Cointerra's May batch with the money you paid us.
ENGINEER2:  Why do you think we sold the design to you anyway?

[DeadwoodDan]

I'm not buying the hapless idiot bit from Ken.  No one is that stupid.  No one would reveal the most damaging info on his company to a journalist.  Stuff he was allegedly going to shit-sandwich with good news before telling his own stockholders.  

What do you think it is then? Some sort of narcissistic mental illness? Because until now, I've always assumed Ken is pretending to be a much bigger idiot than he is and that there really is a plan behind his actions, but his motives behind this interview I cannot fucking fathom. Did he not know what day the article was coming out? Did he just keep putting off making up a story to feed to his shareholders until, whoops, oh yeah, meant to take care of that before it hit the fans? How do you read this as anything but the move of an utter boob who's absolutely losing it?

As for the content, good Lord. So the 55nm IP he bought AND TAPED OUT was a "hiccup"? Okay, it never would have made a profit versus holding coins, but wouldn't he have known that before BUYING the property if he'd run the numbers? Why do these things, spend hundreds of thousands, and then undo them? Is he laundering money? Does he seriously believe in his bitcoin 10,000 crap (and if so, why not just hodl)?

And keeping coins on fucking Gox?  I don't believe it, unless he was buying goxcoins on bitcoinbuilder, or trying some even more retarded arbitration scheme.

Or is this his masterstroke, a devious triple bluff, a magnificent display of dumbth of such splendor and glory that even the great cynics of the bitcoin age start to doubt their considerable doubts and maybe start going easy on this poor senile old man, with his quirky beliefs and his understandable desire to provide for his family, as he soon may not be able to?

[Entropy-uc]

Just posting this for posterity.

i just want to know did actm still have enough money to develop 28nm chip, if no ,we all will be get f*k

Mask costs for 28 nm are ~5x 55 nm.  There is no chance ActM is capitalized to fund masks let alone wafer starts, packaging and boards for a 28 nm build.

I believe the existing 28 nm ASIC manufacturers went through $7-10M to get a product to market.

[DeadwoodDan]

def. gettin moderated hard here, maybe i should just make a new account, like crumbs does

[Maged]

def. gettin moderated hard here, maybe i should just make a new account, like crumbs does

Or just freaking stay on topic, so I don't need to constantly delete your posts! Now, please keep to the topic of Active Mining.

[DeadwoodDan]

def. gettin moderated hard here, maybe i should just make a new account, like crumbs does

Or just freaking stay on topic, so I don't need to constantly delete your posts! Now, please keep to the topic of Active Mining.

All right, here's the thing: Active mining is widely suspected to be a scam, and they have their own self-moderated thread where they obviously suppress dissenting opinions and trolls.

This is the UNmoderated Active Mining thread where everyone's free to speak their minds.  This thread has not had a problem with trolls.

Please do not feel you need to moderate this thread unless a troll problem develops.

[Maged]

This thread has not had a problem with trolls.

I disagree. Sure, it's not as bad here as in the moderated threads, but it's still worse than most of the forum.

Feel free to talk about on-topic posts that were deleted in the other thread, but off-topic posts are still off-topic regardless of if the thread is the moderated thread or not.

Now, back to being like a ghost...

[theMiracle]

This thread has not had a problem with trolls.

I disagree. Sure, it's not as bad here as in the moderated threads, but it's still worse than most of the forum.

Feel free to talk about on-topic posts that were deleted in the other thread, but off-topic posts are still off-topic regardless of if the thread is the moderated thread or not.

Now, back to being like a ghost...

Not sure why you feel Active Mining itself is on-topic for the "Securities" subforum.  What, exactly, makes it a fit?
It's not being traded, the shareholders have no access to their shares, and Active Mining shows no signs of being a business.  Can we move it to "Off-topic"?
Or better still, start an "Obvious Scams/Certain To Fail" sub, and move it there.  Try for a change.

[DeadwoodDan]

a pony speaking truth to power?  well heck, now i've seen everything, except for a genuine and believable Jesus Christ

[theMiracle]

Quoted for lulz.

VMC loses money, but ActM doesn't because... Because fuck you, that's why!
And financials will be offered for VMC (which only lost money, without ever having it), not ActM (which hasn't lost any) because... Because see above!

The Theater of Cruelty that is Active Mining

Weekly Update 3/5/2014

1.  What is the status of our shares?

Active Mining Corporation (Belize) is holding shares for  investors, pending the MSD investigation and colored coins.

2.  How many bitcoins were on MtGox and why where they there to begin with?

VMC's 453 BTC from Pre-Orders.  No Active Mining BTC was lost.

3.  How much did ActM lose on the cancelled 55nm deal?

Less than $1,000 plus Active Mining shares.  At the same time we gained a lot of experience and the help of 2 engineers.  I think in the long run it will be a net positive.

3.1 Were the 55nm ever even taped out? Do you have any proof of their existence?

The 55nm was taped out on a shuttle run.  Production run was not taped out.

3.2 How much money does ACTM have?

~1500 BTC

3.3 How much money did ACTM lose in the 28nm eAsic failure?

This has not be finalized as of this date.  We are working this week a plans which will recover the complete eASIC NRE.

4. Who is on the payroll (What companies are you currently working with and how many people (and who) currently work at VMC/AMC)

We don't release the names of who is on the payroll and we don't release the names of our vendors.

5. Proof of a 55nm deal, proof of a tapeout. They were offered as preorders: https://bitcointalk.org/index.php?topic=297503.msg5129392#msg5129392 and https://bitcointalk.org/index.php?topic=464145.msg5129458#msg5129458

The tapeout was the shuttle run for prototypes.  This was cancelled and transferred to a production run, which was then cancelled also.

6. Intellihash?? Can you please explain what this is/was and how this factors into everything?

Not any more than what has been explained before.

7. Are said financials which are forthcoming going to be prepared to GAAP or IFRS levels? Last time financials were forthcoming they were two lines of text in a monthly update.

Active Mining - No Virtual Mining - Yes

[Duffer1]

Dividends?  Tell me what part of this is generating revenue.

Was deleted.  I'm genuinely curious.  They keep asking for dividends in that thread.  What part of the whole ActM ..mess.. is generating revenue to pay divs?

[augustocroppo]

ROFL.

How can someone even believe on that canned responses? This is the longest perpetrated fraudulent scheme I ever witnessed in this forum. No other fraudulent scheme did last so long. The level of delusion expressed in the moderated thread is almost surreal.

[runam0k]

ROFL.

How can someone even believe on that canned responses? This is the longest perpetrated fraudulent scheme I ever witnessed in this forum. No other fraudulent scheme did last so long. The level of delusion expressed in the moderated thread is almost surreal.

Indeed.  I thought Labcoin was bad but this is getting silly.

[NotLambchop]

Dividends?  Tell me what part of this is generating revenue.

Was deleted.  I'm genuinely curious.  They keep asking for dividends in that thread.  What part of the whole ActM ..mess.. is generating revenue to pay divs?

You have to understand that Ken Slaughter has a different interpretation of the word "profit."
He gives us a clue in his last post, when he claims that Active Mining hasn't lost any money, VMC has.  

VMC [has lost] 453 BTC from Pre-Orders.  No Active Mining BTC was lost.

Stick with me here...

"AMC is a virtual identity totally owned by the Active Mining Corporation (Belize) that represents both itself and its profits. AMC's business includes cryptocoin mining and sales of self-built ASIC devices through its wholly owned subsidiary Virtual Mining Corporation (VMC)."¹

...so whatever money VMC pays out to ActM is "profit," while losses and liabilities are shuffled to VMC.
3. ? ? ?
4. PROFIT!

1. From https://crypto-trade.com/tradex/ipo/amc_btc , "details" button, better known as "Teh Lulz Button."

@Augusto Croppo re. level of delusion:  The human mind is a wonderful thing.  When confronted by a problem it is unable to solve, the outcome of which is inevitably catastrophic, it gracefully errors out -- by not acknowledging the problem.  Similar to blacking out from pain.  Life affirming = minimal doloric value with identical end result.

[theMiracle]

Wonder when it will dawn on Active Miners to ask Ken for proof of money spent with eAsic.  Perhaps that's still under NDA...

[thefunkybits]

Wonder when it will dawn on Active Miners to ask Ken for proof of money spent with eAsic.  Perhaps that's still under NDA...

http://www.easic.com/vmc-uses-easic-to-achieve-24-756-ths-bitcoin-miner/

[theMiracle]

Wonder when it will dawn on Active Miners to ask Ken for proof of money spent with eAsic.  Perhaps that's still under NDA...

http://www.easic.com/vmc-uses-easic-to-achieve-24-756-ths-bitcoin-miner/

And the total spent was...?
(Ur new to this money stuff, huh?  Hang in there, gurl!)

[ldrgn]

In addition, I created a program that keeps SHA256 ASIC from breaking the key.

I read somewhere about 419 scams using completely implausible statements in order to filter for the biggest of suckers.