[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[emkay47]

Wait is the only thing i can do .

Keep us updated, this wait is getting silly now. How is the one board you have already doing?

The 1 board i received is working perfectly , i've been running it around 500 something GH .
I somehow feel lucky to have at least received 1 board out of 5 .

I had orders at KnC miner as well and i converted my Neptune Orders to the 3TH Super Jupiters . They completed shipping of 400 miners in 4 days , and that also because of Saturday and Sunday in between .
They shipped 200 on Friday and 200 on Monday .

What i don't seem to understand , Why would VMC take almost 30 days to ship out a few small boards ?

[finlof]

can anyone tell me why the website lists DHL as shipping courier when DHL does not ship domestically in the US?  also when i tried the "call online" button it tried to open but then i got a message saying online calling is not available for this website.  i want to place an order for these new 750gh products but wont do it if i cant get in touch with the company.

[WildFire.ca]

An update on my order...
Placed the order 2 weeks ago today, it then took me 2 days to initiate the bank transfer and then presumably 3 days for the funds to land in the US.
I haven't had confirmation that funds were received but my order status is "preparation in progress"
I will let you know more when I know more myself.

Ken how can this be happening?

[tempestb]

Please stop deleting me!

The MAIN reason for the IPO was the eASIC deal and we have a right to know how we stand with the $1,000,000 we put into it.

To everyone, for some reason the maintainer of this thread feels the need to cover up the fact that the main reason for IPO (eASIC) and the money we put into it is unaccounted for.

You cannot keep deleting me, this is a direct relevant question.

Here's some questions for Ken...

1.  What happened with the eASIC deal's money?

2.  Did you get any monetary refund from eASIC?

3.  What became of Intellihash?

4.  Is there anyone currently working on the 28nm project full time?  Or is it waiting on funds?

5.  Assuming you are not currently providing dividends to existing shares, at what point does AMC make a profit so that happens?

6.  Will you provide some evidence of the MSD investigation?

7.  What is the plan after you fill the data center?  Open another one?  Collect the coins and finish the 28nm ASIC? 

8.  When can we confirm shares?  This should have no bearing on the MSD investigation.  We already own them.  We just want to confirm them.



Did I miss anything?

[klondike_bar]

Weekly Update 4/23/2014.

Datacenter:

We are up to 64.34 Th/s and expect by the end of the month to be around ~170 TH/s.  Everything is in place to expand our hash rate to this level.

VMC:

We have announced our Gold Rush boards and have had a very positive response.  We are now training and switching our help to do more shipping than build of the mine.
We have 100 Gold Rush boards in stock for immediate shipping.  We have worked out the logistics for this.

MSD:

Nothing new at this time.

Shares:

Nothing new at this time.

anything newer to report?   The end of the month is tomorrow, and the hashrate is still hovering just short of 70TH.   There is still no financial report that was supposed to be released by/on the 1st of april (april fools joke maybe?)

[Ozymandias2]

Would this be considered crisis enough?

http://www.woodlaw.com/cases/virtual-mining-corporation-and-active-mining-corporation

[tempestb]

Wow, someone did it. 

[Simon Templar]

This is actually great news.  It means that the eAsic deal will become public knowledge.  When it does the case(s) will collapse and we get to know the juicy details.  

Remember these orders were for the original hardware but it never materialised because eAsic couldn't provide a working chip for us.  

Just because a business isn't successful in its endeavours doesn't mean foul play and that's what the courts are interested in.

[tempestb]

It may never reach a court room.  It's more likely to be negotiated and never go to court.  

Or if it did, one party won't show up and lose by default.

[Simon Templar]

Hey temp,  why don't you PM your questions to Ken as he is likely to respond to them via a post in this thread.  There's every chance that you won't get answers unless you do so.

Edit: 

It also appears these companies may have solicited millions of dollars from investors and sold unregistered securities, promising dividends from Active Mining Corporation's Bitcoin operation. Shareholders have alleged the company misused investor proceeds, and failed to return money to investors as promised.

What nonsense! Haha. 

[minerpart]

Would this be considered crisis enough?

http://www.woodlaw.com/cases/virtual-mining-corporation-and-active-mining-corporation

No!


A quote from Wood law firm:

'Shareholders have alleged the company misused investor proceeds, and failed to return money to investors as promised.'


Does anyone recognize this accusation?! It's total BS! No-one on here has complained about a 'misuse' of funds and no funds are supposed to be 'returned'.

So whoever has contacted these 'no win no fee' cowboys has told them lies. As soon as they get a letter from actm's lawyer and realize that not only is there no case but that they have been lied to they will drop this like a hot stone. You don't need to pay anything to these outfits for them to get interested in a case. They will dangle out this advert looking for more info but at the end of they day they will go nowhere with this unless there is a high chance of a successful claim for non-supply of goods.

Refunds have been given to cancelled orders, miners have been shipped and continue to be. There has been a delay but delays don't make for a successful legal case.

If this makes Ken speed up his questionable shipping and refund process it will be a good thing. Well done whoever filled in the online form on this website but don't hold your breath for any money from this case!

[kleeck]

A quote from Wood law firm:

'Shareholders have alleged the company misused investor proceeds, and failed to return money to investors as promised.'


Does anyone recognize this accusation?! It's total BS! No-one on here has complained about a 'misuse' of funds and no funds are supposed to be 'returned'.

So whoever has contacted these 'no win no fee' cowboys has told them lies. As soon as they get a letter from actm's lawyer and realize that not only is there no case but that they have been lied to they will drop this like a hot stone. You don't need to pay anything to these outfits for them to get interested in a case. They will dangle out this advert looking for more info but at the end of they day they will go nowhere with this unless there is a high chance of a successful claim for non-supply of goods.

Refunds have been given to cancelled orders, miners have been shipped and continue to be. There has been a delay but delays don't make for a successful legal case.

If this makes Ken speed up his questionable shipping and refund process it will be a good thing. Well done whoever filled in the online form on this website but don't hold your breath for any money from this case!

The whole point of a law firm putting up a statement like this with a corresponding contact form is to fish out a class action law suite. In this case they're looking for enough customers/shareholders to come forward and cooperate to make launching a formal case worth their while. In reality they've probably come across a handful of complaints, if that.

[thefunkybits]

An update on my order...
Placed the order 2 weeks ago today, it then took me 2 days to initiate the bank transfer and then presumably 3 days for the funds to land in the US.
I haven't had confirmation that funds were received but my order status is "preparation in progress"
I will let you know more when I know more myself.

Ken how can this be happening?

[minerpart]

It may never reach a court room.  It's more likely to be negotiated and never go to court.  

Or if it did, one party won't show up and lose by default.

If it did and actm didn't contest the case (less fees to pay) you are looking at a court order to return the money and make a small compensation payout of a couple of grand per complainant. Unless Wood get a good handful of complainants they won't see this as worthwhile persuing for a single 3k online order. They will likely need atleast 35k worth of losses to sue for with a 15k compensation payout and with them taking 30% they will make about $15k. Almost worth their while after fees.


With this nonsense sentence I wouldn't be surprised if it was [censored] who contacted this firm and told them the lies.

A quote from Wood law firm:
'Shareholders have alleged the company misused investor proceeds, and failed to return money to investors as promised.'

That sounds like something he comes out with.
I'm going onto their site now to fill in the form and tell them they were lied to. Will take about 5mins:

http://www.woodlaw.com/cases/virtual-mining-corporation-and-active-mining-corporation

[tempestb]

Well, it boils down to this.  Shareholders are entitled to a share of profits after expenses.  In order to prove there are no profits, Ken will have to release the books, and prove that all purchases were for the company.  He'll also have to prove that he didn't use any of the money for personal things in the first year.  That's just how the "contract" is worded.

Still, the entire act of operating an unregulated security is illegal and the judge may force AMC/Ken to liquidate and distribute materials to investors.  However, I doubt this goes before a judge.  Nobody is going to want to pay for that on either side.  It's going to be settled out of court, or Ken will lose by not showing up.  Court cases can take a long time though.

[JoTheKhan]

You guys have too much time on your hands. Ken looking forward to an update about the financial report tomorrow, or better yet the financial report. =D

[knybe]

cool it guys…



geez its never ending icebergs on this seemingly doomed voyage of the SS ACTM…

So, at this point, what're the chances we'll actually ever realize anything back on our investments with Ken?

[shrodes]

So we just start getting some semi-decent news in, mining farm and shipping some boards (albeit not perfectly) and someone decides to contact a lawyer?

That's just going to slow the progress of getting shares / dividends going, adding more power to our farm and shipping boards (see MSD investigation).

As someone who put all their BTC into ~4000 shares of this company (a miserly amount), the above just makes me angry as we knew the risks going in. Sure there has been poor communication and things didn't go the way they were supposed to but that's life. Throwing another legal issue into the mix just stalls everything that little bit more.

[knybe]

...Throwing another legal issue into the mix just stalls everything that little bit more.

and gives Ken more excuses...

[arousedrhino]

Wait is the only thing i can do .

Keep us updated, this wait is getting silly now. How is the one board you have already doing?

The 1 board i received is working perfectly , i've been running it around 500 something GH .
I somehow feel lucky to have at least received 1 board out of 5 .

I had orders at KnC miner as well and i converted my Neptune Orders to the 3TH Super Jupiters . They completed shipping of 400 miners in 4 days , and that also because of Saturday and Sunday in between .
They shipped 200 on Friday and 200 on Monday .

What i don't seem to understand , Why would VMC take almost 30 days to ship out a few small boards ?

KNC Shipped 400 mostly broken Super Jupiters due to poor packaging in 4 days lets at least get the facts straight. Yes its better than ActM's current shipment rate but the company is also not handling customer relations in a professional manner just like ActM.

We should be looking at BitMain's example with the Ant Miners, thats an asic company ActM could look up to.

Edit: Source http://www.coindesk.com/problems-plague-kncminer-broken-super-jupiters-arrive-doorsteps/