[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[minerpart]

104 wafers. That's good, can anyone work out how many chips that will be in total.

A few other things to process there. I guess an info request from regulators is a good thing. Ken can you show them sufficient paper work for your orders and work in progress?

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[Mabsark]

104 wafers. That's good, can anyone work out how many chips that will be in total.

No trading and being investigated by the Missouri Securities Division - not so good.

[zumzero]

104 wafers. That's good, can anyone work out how many chips that will be in total.

No trading and being investigated by the Missouri Securities Division - not so good.

Yes, quite worrying.  Sadly not a real surprise given the threats we've read recently by disillusioned shareholders.  

I'm sure it will all work out.  At least the Missouri Securities Division won't have been influenced by all the fud we've been subjected to and will view ActiveMining as a legitimate business.

[Mabsark]

104 wafers. That's good, can anyone work out how many chips that will be in total.

A few other things to process there. I guess an info request from regulators is a good thing. Ken can you show them sufficient paper work for your orders and work in progress?

1.9 Gh/s per chip
6,800 chips per wafer
104 wafers
707,200 chips
1.344 Ph/s

Some of those chips won't work properly though so the numbers will actually be lower.

[MilkyWayMasta]

104 wafers. That's good, can anyone work out how many chips that will be in total.

A few other things to process there. I guess an info request from regulators is a good thing. Ken can you show them sufficient paper work for your orders and work in progress?

1.9 Gh/s per chip
6,800 chips per wafer
104 wafers
707,200 chips
1.344 Ph/s

Some of those chips won't work properly though so the numbers will actually be lower.

These are some projections from Ken: http://thegenesisblock.com/mining/a/423f77e0be Pegs it at 1.292 PH/s

[canth]

Weekly Update 2/12/2014

On the 55nm project:

This week has had a number of developments, our project manager is working on wrapping up all the detail of our 55nm project.  We are expecting to receive our first 55nm wafers on April 10th, with next batch due on April 29th, May 5th and May 8th for a total of ~104 wafers.  It will take 1-2 weeks to have the chips packaged and then shipped to our board manufacturers.  We will be selling and mining with these chips and boards, depending on what makes the most since at the time.  The tape-out was done on Peoples ASIC account for a shuttle run of 50 prototype chips, we have canceled the shuttle run and changed to a full production run of the chips on VMC own account.  Peoples ASIC IP has been signed over to VMC and the FAB has all the legal paper work to start VMC's production run of wafers.

On the 28nm project:

We are getting quotes from a number of vendors including eASIC.  After the project is started we expect it to be completed in 8 weeks, after which we will tape-out.

On Crypto-Trade:

I am hoping to get shareholders shares transferred ASAP and get full trading up and running.  We have received a letter from the Missouri Securities Division asking for information on Active Mining Corportation, at this point we have ask for more time to respond and have seeked legal advice.

Active-Mining PR

There's nothing positive about getting investigated by securities regulators. Seeking legal advice =  spending money. At best, it's a waste of Ken's time and investor resources. Given the lack of progress with the simplest of things - such as getting the shares relisted, Ken can't afford to put more on his plate.

I'm not feeling good about things at this point.

[drawingthesun]

Weekly Update 2/12/2014

On the 55nm project:

This week has had a number of developments, our project manager is working on wrapping up all the detail of our 55nm project.  We are expecting to receive our first 55nm wafers on April 10th, with next batch due on April 29th, May 5th and May 8th for a total of ~104 wafers.  It will take 1-2 weeks to have the chips packaged and then shipped to our board manufacturers.

So at minimum with no delays we are expecting the first chips in 10 weeks.

We will be selling and mining with these chips and boards, depending on what makes the most since at the time.  The tape-out was done on Peoples ASIC account for a shuttle run of 50 prototype chips, we have canceled the shuttle run and changed to a full production run of the chips on VMC own account.  Peoples ASIC IP has been signed over to VMC and the FAB has all the legal paper work to start VMC's production run of wafers.

I'm still wondering how much 'People's ASIC' cost us.

On the 28nm project:

We are getting quotes from a number of vendors including eASIC.  After the project is started we expect it to be completed in 8 weeks, after which we will tape-out.

So we have nothing at all.

Nothing.

If eASIC is simply another vendor then please tell us what happened to the $900,000+ we paid them. It seems the new 28nm is an entirely new project.

On Crypto-Trade:

I am hoping to get shareholders shares transferred ASAP and get full trading up and running.  We have received a letter from the Missouri Securities Division asking for information on Active Mining Corportation, at this point we have ask for more time to respond and have seeked legal advice.

Active-Mining PR

What deadline have the MSD given you?

Can you at least pay out our dividends. It's the last money any shareholder will ever get from this company.

[ActM Thread]

Ken,

A couple of follow ups to the Wednesday report:

1. How much do you anticipate the Missouri Securities Division investigating ActM will damage the company?

I can't say at this time, as we just got the letter.  I have not talked with a Missouri securities lawyer as I am being referred to one at this time by my general business lawyer.

2. Are we putting multiple die per package? Are you getting 1.9GH per die or per package?

1.9 GH/s per die and one die per package.

To elaborate, Shaofis expressed the following concern regarding the die/package question on IRC:

<shaofis1> and my worry that I wanted to get cleared up is
<shaofis1> if you put in 10 square mm into the calculator it comes out like 6850... which fits his numbers of 6800
<shaofis1> I'd expect a 10mm x 10mm die to package into 11mm x 11mm (at least my mind can make sense of that)
<shaofis1> so I'm worried that Ken might have plugged in 10 into the calculator to get 6800
<shaofis1> (really hoping I'm wrong)
<shaofis1> because if the die size is 10mm x 10mm then we are looking at 600 die per wafer instead of 6800
<shaofis1> so either the die is 3.16mm x 3.16mm and we will get 6800ish per wafer... or it's 10mm x 10mm and his numbers are off

Our engineers have calculated 170,000 chips per lot of 25 wafers.

3. Since it looks that eASIC is no longer involved at all with ActM, what came of the raised NRE money? Did anything of value come out of our previous partnership with eASIC?

We are still working with eASIC, we are getting multiple quotes on our Full Custom 28nm project.

[kslaughter]

104 wafers. That's good, can anyone work out how many chips that will be in total.

No trading and being investigated by the Missouri Securities Division - not so good.

Yes, quite worrying.  Sadly not a real surprise given the threats we've read recently by disillusioned shareholders.  

I'm sure it will all work out.  At least the Missouri Securities Division won't have been influenced by all the fud we've been subjected to and will view ActiveMining as a legitimate business.

Active Mining Corporation is a Belize company, I doubt Missouri has any jurisdiction.

[MilkyWayMasta]

Hello new friends!

I'm very enthusiastic about this fine offering, and woul like to aquire some shares.  I would like the adress to send the money please, and how soon will I double my money?  I'm new to bitcoin and trading, but I'm greedy.  I here there's some something called the Australian school that says it's all you need, so I figured sure why not.
Who got them shares?

https://crypto-trade.com/tradex/ipo/amc_btc

[zumzero]

Is it likely that we will have to wait until this issue gets resolved before trading commences Ken?  If that turns out to be the case, I would hope that you are able to keep us updated.

[SoylentCreek]

104 wafers. That's good, can anyone work out how many chips that will be in total.

No trading and being investigated by the Missouri Securities Division - not so good.

Yes, quite worrying.  Sadly not a real surprise given the threats we've read recently by disillusioned shareholders. 

I'm sure it will all work out.  At least the Missouri Securities Division won't have been influenced by all the fud we've been subjected to and will view ActiveMining as a legitimate business.

Active Mining Corporation is a Belize company, I doubt Missouri has any jurisdiction.

Ehh... I'm not too sure if that is how that works. Yes, the company is registered in Belize, but its owner and operations are taking place on US soil. If you were maybe part Cherokee and were running the operation in its entirety out of a reservation, you might have some protection from regulatory powers. I don't think it's wise to spread the assumption that a Belize registration is a firewall. Just my two cents.

[tiaguitah]

hey OP, add where the newbies can buy shares somewhere among those first posts

https://crypto-trade.com/tradex/ipo/amc_btc

[drawingthesun]

Just so you all know. Ken dumped the 200,000 shares when he got the letter. He duped more people into buying worthless shares. This joke is over.

[sparky999]

Active Mining Corporation is a Belize company, I doubt Missouri has any jurisdiction.

@Ken - If your in missouri you have to abide by missouri law. What your saying is equivalent to me saying ' oh well I am from Amsterdam so I can smoke weed in Boston'. You can't be this naive surely?

I am glad that mine and others complaints to the SEC are being listened to, perhaps we still have a chance of you seeing the inside of a prison cell.

Why are you dodging the questions about where the $1mill you were supposed to hv paid eASIC with already has gone? What happened to the 28nm project that you were supposedly working on back in September?? You have lied to your shareholders repeatedly in almost every press release you have issued. This is not legal in any country no matter where you are registered Ken, it is called fraud and I will continue to pressure the police and SEC to have you arrested before you scam any more money from the community.

You haven't even started the 28nm project, you haven't shown a working chip, you haven't transferred shares. You have failed at every single hurdle time and time again and I will continue to pay my lawyers exorbitant fees until you provide full answers to all shareholders questions and proof of all funds active mining has in its possession. If you don't do this my next step will be to file for lien on the shares of mine you are with holding, funny how that system works both ways hey Ken.

[SebastianJu]

Active Mining Corporation is a Belize company, I doubt Missouri has any jurisdiction.

Anyway... in case VMC would get liquidated... how many percent of the IPO-Money isnt bound to refunds for miners and isnt already paid or bound for production and developing costs?

I guess its not much... i think its really stupid to call for authorities.

[drawingthesun]

I agree that it's stupid to call for authorities. I see it like this; We have a very small chance (1 in a million) of ActiveMining pulling through and making decent profits and I argue that we must take that chance, because there is no money left.

That 'Peoples ASIC' probably cost Ken the 1000 bitcoin, I doubt there is anything left.

However, if Ken has more than 2000 bitcoin left I reckon it's worth using the legal route to get the money. But I really doubt Ken has $200,000 left, nevermind $2,000,000

[zumzero]

From Wiki:

"Cutting off the nose to spite the face" is an expression used to describe a needlessly self-destructive over-reaction to a problem: "Don't cut off your nose to spite your face" is a warning against acting out of pique, or against pursuing revenge in a way that would damage oneself more than the object of one's anger.[1]




It's beyond me why anyone would act this way when they would have known, before they bought their first shares, that they were getting involved in startup company which was high risk and existed in an unregulated environment.  Pursuing this selfish revenge may likely destroy every shareholders remaining chance to make money from this investment.  When Ken is finally vindicated then the damage this may have caused might irrevocably harm the business and it may never recover.  If people were concerned about the lack of information during the NDA period, how are they going to feel when the weekly updates suddenly stop for legal reasons and we are left entirely in the dark indefinitely?

Our one saving grace is that Bitcoin mining is recognised as a legitimate business in the United States and that the government is aware of the dangers of stifling innovation.  Add to that, the fact that if Volcanic Eruptor is involved then his well documented feud and death threats to Ken S., are likely to send him to prison.  I would welcome the opportunity to travel to the US to help with authorities enquiries.  Let's hope that Ken can show these people he's actually as clean as a whistle, then a lot of the fud that's flying around will simply go away.

In other matters, it's great to see these dates and figures for the 55nm chips.  Looks like were about 8 weeks away from some exciting developments.  

It also feels good that this thread seems to be working and the relentless attacks from trolls have been thwarted! Hehe. Good work guys.

[drawingthesun]

Again you miss why most of us are angry. Ken is blocking our ability to trade shares, he won't even allow transfers using the forum. He has stated to me that we are not allowed to trade until CT and now that is not happening for certain.

So it's a block.

We are being blocked, even in a startup the owners can move their ownership to another investor, we can't even do that.

[zumzero]

I totally understand people's frustrations and anger.  We've had our shares tied up for a long time and have seen the value erode.  I have experienced anger myself and voiced that last week.  

My point is, it is makes no sense to involve the authorities, if that results in us losing everything, when we all threw our money into a high risk investment in the first place in an industry which existed on the fringes of the law.  People weren't calling Bitcoin the Wild West for nothing.  We all knew what we were getting involved in and that's where great promise lay.  

The irony is when Ken clears his name it may be too late as the damage will have been done.  But some of you aren't willing to accept that your cries of foul play may in fact be wrong.

I suppose time will tell and I just hope to God this turns out alright.

Edit:  Also DTS, could you try not to quote people when you are the first to respond.  Keeps things tidy. Thanks.