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Author Topic: [ActiveMining] Official Shareholder Discussion Thread [Moderated]  (Read 629451 times)
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May 24, 2014, 01:50:23 PM
 #3421

Here's the video I did on the Gold Rush cards: https://www.youtube.com/watch?v=vr281yTrCVY&feature=youtu.be

I LOL'd at the "wife tidying up" comment. Great video, Vince.


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May 24, 2014, 06:24:09 PM
 #3422

Here is the audio from the hearing yesterday:

https://dl.dropboxusercontent.com/u/7804267/hashfast%20hearing%20federal%20bankruptcy%205.23.2014.mp3

Edit: I highly recommend following the IceDrill thread as well as the HF thread in Hardware. Came across this very astute comment:

Having listened to the recording it seems to look like a move to a voluntary Chapter 11.

It looks like the judge has set that there will be 'protections' put in place until then and the people seeking relief will get relief. Very positive for the creditors and debtor I think.

40,000 chips in hand at HF from the records.

The $ per Gh/s worth less each day on the HF chips. The sharks are circling and it doesn't matter no one is going to pay top dollar now for anything given the competition. You won't get a lot for these without a board, and a team that can build them. You have competition and the longer sales take the LESS everyone is going to get. Find someone that can run production is your only hope to recover anything for creditors.

$1 Gh/s is what AM is selling them there might be a floor you want... but every week you delay the floor will be dropping out from under you. All these parties are going to have to get together and FIX this fast or you are all screwed.

See you on Wednesday.

Note the bold. I think VMC has a very solid position in this mess. I would love to see Ken assist in recovering something for these guys. I also don't mind guaranteed business. Cheesy

$1/GH at chip level just wont cut it. It has to be about $0.50/GH so that by the time it takes 2 weeks for someone to create a PCB (~$0.10/GH) and buy parts/assembly (~$0.30/GH) and includes packaging/shipping costs (~$0.20/GH) you have a device that uses >1w/GH and is $1.10/GH NOT COUNTING ANY PROFIT MARGINS. And if $1.75/GH/W is the fair price right now then it means in two weeks that will be <$/1.50/GH/W

and that is assuming the new asicminer chips dont force a tighter price war than there is already. It also assumes people feel safe using the VMC website, which....well.... the homepage is horrendous.

24" PCI-E cables with 16AWG wires and stripped ends - great for server PSU mods, best prices https://bitcointalk.org/index.php?topic=563461
No longer a wannabe - now an ASIC owner!
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May 24, 2014, 06:55:14 PM
 #3423

There is no way chips would clear at $1/gh - they need to be around the $0.25, and they probably already are.

The Happy Clappy Bitcoin Chappy - http://twitter.com/vincesamios
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May 24, 2014, 07:47:24 PM
 #3424

I'm one hour into the court hearing and becoming less bearish.  Chapter 11 (Hashfast reorganisation) rather than chapter 7 (liquidation) is looking more likely.  This would mean a fantastic opportunity for ActM as we are primed to sort this mess out for them and do well for ourselves.

I'm not sure how the unlikely chapter 7 ruling would affect us but, at the end of the day, those 40,000 chips exist, everyone is working towards a solution and ActM are extremely well placed to generate money from those chips which could pay off the creditors and leave us a tidy profit.

This is a business opportunity which can't be understated.  Without this deal one wonders what ActM has left up its sleeve, but with it comes a massive injection of cash and the possibility of a bright future for the company.

The vultures are indeed circling and we have a birds eye view!  

Edit:  I also get the impression that the judge doesn't favour the liquidbits lawyer but am unsure how that effects things.

I'll need to listen on but it seems that we might learn more if they reconvene next Tuesday or Wednesday as has been suggested.  If that's the case then perhaps Ken's news blackout could continue until then?

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May 24, 2014, 07:53:38 PM
 #3425

I'm one hour into the court hearing and becoming less bearish.  Chapter 11 (Hashfast reorganisation) rather than chapter 7 (liquidation) is looking more likely.  This would mean a fantastic opportunity for ActM as we are primed to sort this mess out for them and do well for ourselves.

I'm not sure how the unlikely chapter 7 ruling would affect us but, at the end of the day, those 40,000 chips exist, everyone is working towards a solution and ActM are extremely well placed to generate money from those chips which could pay off the creditors and leave us a tidy profit.

This is a business opportunity which can't be understated.  Without this deal one wonders what ActM has left up its sleeve, but with it comes a massive injection of cash and the possibility of a bright future for the company.

The vultures are indeed circling and we have a birds eye view!  

Edit:  I also get the impression that the judge doesn't favour the liquidbits lawyer but am unsure how that effects things.

I'll need to listen on but it seems that we might learn more if they reconvene next Tuesday or Wednesday as has been suggested.  If that's the case then perhaps Ken's news blackout could continue until then?

What about buying the IP for the ASIC, getting some more chips to make the money to then produce our own ASIC?

Is their IP up for grabs, because this Peoples ASIC IP seemed to be a major dead end.
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May 24, 2014, 07:58:47 PM
 #3426

Guys, sincerely, because I don't see your point (and I already write too much on the hashfast thread): What do you think your contribution to be, exactly? The only thing HF needs is money. Do you want to invest into them, under the bankruptcy rules (you would be the first to get your money out?)?

Nothing magic is coming, apart from a deep investigation of every relationship between VMC and HF.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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May 24, 2014, 08:03:07 PM
 #3427

Guys, sincerely, because I don't see your point (and I already write too much on the hashfast thread): What do you think your contribution to be, exactly? The only thing HF needs is money. Do you want to invest into them, under the bankruptcy rules (you would be the first to get your money out?)?

Nothing magic is coming, apart from a deep investigation of every relationship between VMC and HF.

It's quite simple. Many people are owed chips from HF. VMC has the stock and ability to quickly fab the Yoli Evo boards that those receiving liquidated chips will need. That's all I'm pointing out, at least. It'd be great if VMC was making a pass at acquiring the Golden Nonce IP but there is little to no evidence of that being pursued at this time.


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May 24, 2014, 08:06:23 PM
 #3428

It's a great question DTS which raises even more;

If they go for reorganisation (Ch. 11) as we suspect, would the IP still be up for grabs?
If it's liquidation (Ch. 7) then presumably the IP is up for grabs.
Are these Hashfast chips competitive enough for us to consider purchasing the IP or will they become redundant before a profit can be realised?


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May 24, 2014, 08:16:53 PM
 #3429

What stock do you have, exactly? Every component required for 5000 boards? So ASIC, long and short lead components, PCBs? If so, what are you waiting for to produce them?
The production (placement) cost is little in respect to the stock costs.

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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May 24, 2014, 08:35:42 PM
 #3430

I would imagine VMC would need to provide satisfactory responses to questions such as yours before any contracts were awarded. In fact it's probable that Ken is in San Fransico for that very reason.




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May 24, 2014, 08:36:44 PM
 #3431

What stock do you have, exactly? Every component required for 5000 boards? So ASIC, long and short lead components, PCBs? If so, what are you waiting for to produce them?
The production (placement) cost is little in respect to the stock costs.

Fast-Hash One Gold Rush PCB Assembly. We are currently offering Parts and assembly for HashFast chip supplies. We will be taking consigned chips for Assembly at our Construction Management contractor. This is a great solution should you have purchased chip only from HashFast and you are looking at getting this on a PCB for mining.

Fast-Hash One Gold Rush Blank PCB. This is a 12 Layer engineered board sample that is currently in production for our Gold Rush Fast Hash One boards. It is based on a Reference design from HashFast Evo Yoli boards. We have a continuous supply of these in our production facility, PCB Fab as well as Engineering Sample available. Email for bulk order or Assembly Pricing.


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May 24, 2014, 08:38:36 PM
 #3432

That's not an answer, and your website lists that you have only 500 pcbs, while you claim to have stock for 5000 boards. I guess that the relationships between you and HF will soon become public or almost, so I will wait for that...

My anger against what is wrong in the Bitcoin community is productive:
Bitcointa.lk - Replace "Bitcointalk.org" with "Bitcointa.lk" in this url to see how this page looks like on a proper forum (Announcement Thread)
Hashfast.org - Wiki for screwed customers
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May 24, 2014, 08:55:46 PM
 #3433

cedivad, when you stop pointing the finger and become less territorial then we can work together.

In your own thread, which you dominate and admit you post too frequently on (much like myself here), you are too quick to condemn.  I honestly don't want to wind you up but have to point out your misgivings in the hope you take a step back and reassess.

Your dislike for ActM is apparent and your posting history in this thread supports that conclusion, but if it's success you are after, like the rest of us, then why not jump into bed with the enemy?

You clearly come with technical knowledge, enthusiasm and passion, so why not embrace your fellow bitcoiners who are very much like you but picked a different team?


Edit; you provide the chips, we turn them into miners and everyone gets a slice of the pie.

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May 24, 2014, 09:00:05 PM
 #3434

cedivad, when you stop pointing the finger and become less territorial then we can work together.

In your own thread, which you dominate and admit you post too frequently on (much like myself here), you are too quick to condemn.  I honestly don't want to wind you up but have to point out your misgivings in the hope you take a step back and reassess.

Your dislike for ActM is apparent and your posting history in this thread supports that conclusion, but if it's success you are after, like the rest of us, then why not jump into bed with the enemy?

You clearly come with technical knowledge, enthusiasm and passion, so why not embrace your fellow bitcoiners who are very much like you but picked a different team?


Edit; you provide the chips, we turn them into miners and everyone gets a slice of the pie.

Sounds like a good idea, I wouldn't mind some of my 400 bitcoin back.
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May 24, 2014, 09:06:55 PM
Last edit: May 24, 2014, 09:32:27 PM by WildFire.ca
 #3435

What stock do you have, exactly? Every component required for 5000 boards? So ASIC, long and short lead components, PCBs? If so, what are you waiting for to produce them?
The production (placement) cost is little in respect to the stock costs.
We have proven that we have the ability to place raw FH chips on boards and sell them. We also have the cash on hand to produce the boards, what we don't have is a chip. Now FashHash has a chip in hand, but they do not have the money to place them on boards and get them to market. I feel it would in be both companies' best interests if the two companies could figure out a way to make a deal that works for both them and the creditors/shareholders.

Edit: The hash rate is going up 2% a day, the faster this is fixed the more money everyone is going to get back. WS stock brokers would kill for 2% a day.
https://blockchain.info/address/1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa
https://blockchain.info/address/16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

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May 24, 2014, 10:42:36 PM
Last edit: May 24, 2014, 11:07:57 PM by zumzero
 #3436

https://dl.dropboxusercontent.com/u/7804267/hashfast%20hearing%20federal%20bankruptcy%205.23.2014.mp3

When the Liquidbits lawyer said that stopping chip sales is important to prevent HF's money being redirected away from the creditors the judge chuckled to himself and pointed out that HF being able to SELL chips is actually a good thing.  I like this guy.  This is going to end well for ActM.  Wink

Hashfast confirmed they have only sold 5% of their chips of the 40,000.

HF are concerned that when a deal is struck the pricing levels will become public knowledge and expressed concerns that those interested parties are active on forums.  

And we wonder wonder why Ken plays his cards close to his chest.  There you have it.

HF just went heavy on a solution when they defended the concept of a 'floor' pricing.  "How could we sell chips at X if the court made public the pricing structure and then a customer wanted to pay only Y?"  The solution IS the deal that Ken & Co are offering.

Having listened to almost the entire hearing (less 14 mins) I conclude that every party involved is aiming for a mutual positive outcome.  The mood in the courtroom is light and jovial, the judge is a good guy and concedes he knows nothing about the Bitcoin mining industry.  What matters to us is that he is happy to tell us that and as such is more likely to do the right thing.

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May 24, 2014, 11:02:18 PM
Last edit: May 24, 2014, 11:48:35 PM by zumzero
 #3437

Brilliant.  The judge just asked how he would go about buying a quantity of chips and the HF dude said you wouldn't go to Amazon or Walmart.  Then the judge pipes up that he's sure he could get an Amazon or Walmart drone to deliver for a better price tomorrow.  When they all started laughing he said to the female lawyer who was on conference call, "If you're gonna laugh at the judges jokes you may as well say who you are."

This bodes well.

Edit;  the judge rules and doesn't deny the Liquidbits motion and wants to resume on Wednesday at 0930.  He also granted the continuation of an in progress transaction for chip sales.  Some lucky customer get's to see their order fulfilled.  Who are they and how many chips are involved???  Wink


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May 25, 2014, 03:33:58 AM
 #3438

How is anything going on witgh Hashfast related to ActM ??

Since when did Ken mention he was having anything to do with it?



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May 25, 2014, 08:56:49 AM
 #3439

He didn't this is just all wild speculation.



SECTION 1 - THIS WEEK'S QUESTIONS
Here are the shareholder's questions with the most frequently asked at the top of the list.  Some questions are copy & pastes, others may have been edited by ASKen.

A. Financials and related

(i)   Do we expect to, or have we already received money from eASIC for a partial refund?  If so please provide figures.  If not could you give a quick run down on what happened.

The project manager managed to get a partial refund, when the PO said Non-Refundable, Non-Cancelable

Quote
 
(ii)  When can we expect a financial report?

Which do you want Sales or Report, working on getting us a CPA and getting the taxes done.  Can't keep Customer Service Reps due to all the threats and bad language.

Quote

(iii)  How many Gold Rush & Prospector cards do you have in hand?

We have enough Gold Rush to fulfill our current orders.  We have a production line up and running and tooled with parts.  The project manager has set it up to do a 5,000 board run.

Quote
(iv)  Could you approximate the revenue from selling all the cards in one month assuming the BTC price stays the same?

This is hard to do as we are always working on lowering our production cost, early boards are higher and later boards are lower.

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(v)   When will the first dividends be paid out?  How will you calculate how much to pay per share and what is that percentage figure?

That is to be determined from our current mining revenue and current sales, we have a number of sales in the works.

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(vi)  Are there any outstanding refunds still to be paid?  If so how much and when will they be honoured?

Here is what we are sending to customers:

We are making progress with our mining operation and our sales. We going to use the funds from these to pay refunds as we lost a lot of Pre-Order bitcoins on MtGox. We expect to refund 100% of our customers.

Regards,
Ken
Customer service

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(vii)  How much of ActM/VMCs assets were exposed as a result of the acquisition of People's Asic?

~157,000 shares

Quote
B. Website & Chip design

(i)   Why hasn't the website been updated given that it's high priority and relatively easy to do?  When will the website be brought up to date?

No, it has not be a high priority, getting our mining farm has been the highest priority.  We are now bring the website up to high priority.

Quote
(ii)  What is the status of ActM's asic development? Is ActM still working on its own 28nm chip? Specifically, have we entered into a contractual relationship with a fab and a semiconductor company? And if so, when can we expect to have physical chips on hand?

We are working on getting our own chip, this is high priority.

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(iii)  If you are working on developing a 28nm chip, when will it be ready and how competitive will it be against, say HASHFAST's offering?

Can't say at this point, lot of thing are happening.

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C. Mining Farm

(i)  Please detail a schedule for deployment. When are we expected to reach 200TH, 300TH, 400TH,.. etc?

We expect in this datacenter to be at 120TH-150TH, which we think will be the max due to the AC required.

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(ii)  Are you working on starting a second mining farm given the limitations experienced by the first one?

Not at this time, we are working on sales.  We have a good solid income from the mining farm, now we what to get the fast income from sales.

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(iii)  What are your data center plans. Your current facilities are no where near adequate to meet your goals. How are you going to resolve this what steps have been taken and what steps will be taken to insure that you can scale this operation?

We have learned from a current datacenter the requirements, time, and cost required to put a datacenter together.  We are now going to focus on sales which gives us some explosive income potential.

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D.  Miscellaneous

(i)  HASHFAST are having real issues at present.  They seem to be stock rich and cash poor.  Is this going to be an issue for ActM?  Are we guaranteed to receive the stock we require to stay in business?


We know all about HASHFAST, we have a number of plans in the works, some of which could generate up to 2.5 Million in profits

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(ii)   What benefits has the People's Asic team brought to the table and what are they actively working on?

Without the People's ASIC team, there is noway we could be where we are today.

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(iii)  Are you advertising VMC machines anywhere?  Are there plans to do so?

Yes, Google Adwords

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(iv)  When will you update the operational plan given that so much has changed in the last year.  Potential and current shareholders require this in order to decide the risk going forward.

The plan is the same, mine and sale

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(v)  Ken has said that we are using our own contractor for creating the boards. However Vince in his video explains that it's highly likely the boards are just being built by Hashfast.  Can Ken please clarify?

Like, I have said in the past, we have used the same CM to build the boards, we paid the CM, we supplied the parts, we used HF supplied design to build the boards.  We currently have 200 Gold Rush PCB's in stock, another 400 in production, that we have built with a different CM waiting to be assembled.  We have a CM line tooled with parts to do a 5,000 board run as soon as the market demand dictates that we make the run.  We are working with customers that have HF chips in had to use their chips to assemble boards for them.

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(vi)  In case the chances to make more coins out of the coins available are rather slim... will you stop spending them and stop ActM by paying out the remaining funds as divs or will you try anything till the end even when its uncertain that the plans will work?

We believe that we are in a great position with the previous production to make a profit in the near future.  Should we see that the business does not have a chance to be profitable, then yes we would liquidate.  


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May 25, 2014, 08:58:04 AM
 #3440

Can Ken please say something, this feels like a creativex moment.
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