[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[drasted]

What are you expecting? Miracles? This is ACtM laddy.

I didn't really have high hopes but i was expecting something more than Ken buying someones chips (Or at least Ken explaining what has happened, we don't know if they are ours or someone else's chips).

It looks like so far he's failed at making his own chips and has bought someone else's. If that was it for the announcement, then to answer kens question "so do I have what it takes you ask". It appears that no, he doesn't have what it takes.

[1714827014]

1714827014

[1714827014]

1714827014

[kslaughter]

How are things coming along with the pre-ordered products?

We are getting ready to start issuing refunds again.  We are also using our new 600 GH/s board as we get them in full production to solve our refund problem.

Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet.

As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks.  AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners.  VMC is still in a cash positive state and will start refunding Pre-Orders next week again.  AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders.  Also, VMC is getting ready to start selling in stock bitcoin mining cards.

[minerpart]

I didn't really have high hopes

http://vimeo.com/57294780

[kslaughter]

We will be converting to Solo Mining with this much hashing.

Serious question Ken.

Given the complete disaster ActM has been so far, and your complete lack of achievement to date ... do you think going solo mining and hiding the hashrate will benefit investors?

Did I say anywhere we are going to hide the hash rate.  We have always been transparent with our mining revenue and we will continue to do that in the future.

[tiaguitah]

200TH/s is 0.5% of the network hash.

Going solo is it really a good idea?

Maybe stay at eligius, until maybe 1%.

[Phildo]

How are things coming along with the pre-ordered products?

We are getting ready to start issuing refunds again.  We are also using our new 600 GH/s board as we get them in full production to solve our refund problem.

Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet.

As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks.  AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners.  VMC is still in a cash positive state and will start refunding Pre-Orders next week again.  AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders.  Also, VMC is getting ready to start selling in stock bitcoin mining cards.

When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there?

[thefunkybits]

200TH/s is 0.5% of the network hash.

Going solo is it really a good idea?

Maybe stay at eligius, until maybe 1%.

I agree, going solo with less than a few % will give us bad luck. I think its better stick to a pool until we can confidently solo mine.

[kslaughter]

200TH/s is 0.5% of the network hash.

Going solo is it really a good idea?

Maybe stay at eligius, until maybe 1%.

I agree, going solo with less than a few % will give us bad luck. I think its better stick to a pool until we can confidently solo mine.

That is the plan.

[kslaughter]

How are things coming along with the pre-ordered products?

We are getting ready to start issuing refunds again.  We are also using our new 600 GH/s board as we get them in full production to solve our refund problem.

Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet.

As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks.  AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners.  VMC is still in a cash positive state and will start refunding Pre-Orders next week again.  AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders.  Also, VMC is getting ready to start selling in stock bitcoin mining cards.

When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there?

It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them.  However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sell.  See how that works, very simple.

[Phildo]

How are things coming along with the pre-ordered products?

We are getting ready to start issuing refunds again.  We are also using our new 600 GH/s board as we get them in full production to solve our refund problem.

Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet.

As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks.  AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners.  VMC is still in a cash positive state and will start refunding Pre-Orders next week again.  AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders.  Also, VMC is getting ready to start selling in stock bitcoin mining cards.

When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there?

It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them.  However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sell.  See how that works, very simple.

If you were selling them on Coinbase, why on earth were they on Gox instead of your own wallet or coinbase?

[kslaughter]

How are things coming along with the pre-ordered products?

We are getting ready to start issuing refunds again.  We are also using our new 600 GH/s board as we get them in full production to solve our refund problem.

Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet.

As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks.  AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners.  VMC is still in a cash positive state and will start refunding Pre-Orders next week again.  AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders.  Also, VMC is getting ready to start selling in stock bitcoin mining cards.

When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there?

It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them.  However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sinell.  See how that works, very simple.

If you were selling them on Coinbase, why on earth were they on Gox instead of your own wallet or coinbase?

Again very simple, we were using MtGox to process our bitcoin transactions from Pre-Orders.

[Phildo]

How are things coming along with the pre-ordered products?

We are getting ready to start issuing refunds again.  We are also using our new 600 GH/s board as we get them in full production to solve our refund problem.

Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet.

As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks.  AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners.  VMC is still in a cash positive state and will start refunding Pre-Orders next week again.  AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders.  Also, VMC is getting ready to start selling in stock bitcoin mining cards.

When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there?

It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them.  However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sinell.  See how that works, very simple.

If you were selling them on Coinbase, why on earth were they on Gox instead of your own wallet or coinbase?

Again very simple, we were using MtGox to process our bitcoin transactions from Pre-Orders.

That explains why they got into Gox, but not why they were sitting there.

[kslaughter]

How are things coming along with the pre-ordered products?

We are getting ready to start issuing refunds again.  We are also using our new 600 GH/s board as we get them in full production to solve our refund problem.

Ouch... we have a refund problem that can be solved with the coins we get from the running boards? Sounds like the funds are pretty much gone already. I didnt think its that bad yet.

As you know we have two corporation here AMC and VMC, VMC lost some coins it had in MtGox from Pre-Orders, this caused VMC to have a minor cash crunch for refunds the last few weeks.  AMC has enough coins to loan VMC to provide for refunds; however, I prefer to have VMC pay the refunds from its profits on running AMC mining farm, building machines for AMC, and from VMC sales of miners.  VMC is still in a cash positive state and will start refunding Pre-Orders next week again.  AMC/VMC has enough cash to cover over 6X the amount of our current Pre-Orders.  Also, VMC is getting ready to start selling in stock bitcoin mining cards.

When was the last time you got cash out of Gox? How can that have caused a cash crunch when you have claimed that there was no USD lost there?

It is very simple, when VMC got low on cash for refunds, they would have transferred bitcoins from MtGox to Coinbase and sold them.  However, when the coins were lost at MtGox it was kinda hard to transfer them to Coinbase to sinell.  See how that works, very simple.

If you were selling them on Coinbase, why on earth were they on Gox instead of your own wallet or coinbase?

Again very simple, we were using MtGox to process our bitcoin transactions from Pre-Orders.

That explains why they got into Gox, but not why they were sitting there.

Ok, again very simple, moved some from Gox, had a hard time, but finally got some out.  I was planning on getting all of them all out, but got very busy on making the 55nm deal.

[drawingthesun]

Ken. Who's chips are we using and at what cost? Please be transparent.

[JimmyJazz]

Vince has a good idea. Eligius does NOT charge a pool fee.

In addition, it is easy for anyone to see how much is actually being mined if you have the mining address.

Eligius is run by Luke-jr and his crew and is reliable.

Given how many terrabytes ActM will be mining, and the fact that the amount paid by the pool fee increases the more you mine, it makes good economic sense to use Eligius Pool instead of BTCGuild.


Ken, please make that change.

We are currently running one of our Demo boards on BTCGuild and our total hashing rate:

Team AMC:

 211435   926.93 GH/s

Go on Eligius Ken - just use the mining address as the username on cgminer/bfgminer - no need for new accounts - 0% pool fee - NMC co-mined... much better.

We will be converting to Solo Mining with this much hashing.

Please stop speaking in riddles. So you are implying we will be mining with much more than a few 100th's?

[kslaughter]

Vince has a good idea. Eligius does NOT charge a pool fee.

In addition, it is easy for anyone to see how much is actually being mined if you have the mining address.

Eligius is run by Luke-jr and his crew and is reliable.

Given how many terrabytes ActM will be mining, and the fact that the amount paid by the pool fee increases the more you mine, it makes good economic sense to use Eligius Pool instead of BTCGuild.


Ken, please make that change.

We are currently running one of our Demo boards on BTCGuild and our total hashing rate:

Team AMC:

 211435   926.93 GH/s

Go on Eligius Ken - just use the mining address as the username on cgminer/bfgminer - no need for new accounts - 0% pool fee - NMC co-mined... much better.

We will be converting to Solo Mining with this much hashing.

Please stop speaking in riddles. So you are implying we will be mining with much more than a few 100th's?

I am sorry you can't understand a simple statement, I will make it clear, with 100 TH to 200 TH of hashing power we will be converting to solo mining over time.  I believe that I said in my announcement that we would be adding more THs in the future.

[JimmyJazz]

Vince has a good idea. Eligius does NOT charge a pool fee.

In addition, it is easy for anyone to see how much is actually being mined if you have the mining address.

Eligius is run by Luke-jr and his crew and is reliable.

Given how many terrabytes ActM will be mining, and the fact that the amount paid by the pool fee increases the more you mine, it makes good economic sense to use Eligius Pool instead of BTCGuild.


Ken, please make that change.

We are currently running one of our Demo boards on BTCGuild and our total hashing rate:

Team AMC:

 211435   926.93 GH/s

Go on Eligius Ken - just use the mining address as the username on cgminer/bfgminer - no need for new accounts - 0% pool fee - NMC co-mined... much better.

We will be converting to Solo Mining with this much hashing.

Please stop speaking in riddles. So you are implying we will be mining with much more than a few 100th's?

I am sorry you can't understand a simple statement, I will make it clear, with 100 TH to 200 TH of hashing power we will be converting to solo mining over time.  I believe that I said in my announcement that we would be adding more THs in the future.

OK lets play the simple game.

How about you answer the one simple question everyone wants to know.
Are these Active mining chips?

[drasted]

I was unaware that mtgox was a payment processor, just an exchange. I'm searching and I can't find anything about them being a payment processor either.

[tempestb]

 Who cares?  The MtGox money is gone.  You're just trying to catch him in a lie. Waste of time.

Ken.  Do you have the Bitfunder Tender List?  Because if you don't, fess up and admit it so we can all set fire to a pile of ActiveMining shares in our minds.  And if you do have it, post it, so we can see that you have it and so someone else has a copy besides just you.

[LorenzoMoney]

Ken,


For a variety of reasons, not the least of which is statistical, solo mining is a big mistake.

What makes the most sense is to join a pool with the smallest fee, and which is easiest for shareholders to check on mining progress.

We can talk about why belonging to a pool makes more sense, even if you are solo mining a lot of TH.
A major reason why you, Ken should use Eligius is because of transparency. With Eligius, anyone can see clearly how much is being mined. With BTCGuild you have to have an account, log in join the AMC Team.

This is just one more example of how you are stubborn and refuse to take anyone else's advice on anything.

It is a frustrating situation because we all took a risk, and believed in your dream and in exchange for that risk and for sharing in your dream we get vague answers to specific questions and your irritation when we persist in asking direct questions.

We do want to help you and want you to succeed. But, please be forthcoming and honest and clear.


Lorenzo Money

Vince has a good idea. Eligius does NOT charge a pool fee.

In addition, it is easy for anyone to see how much is actually being mined if you have the mining address.

Eligius is run by Luke-jr and his crew and is reliable.

Given how many terrabytes ActM will be mining, and the fact that the amount paid by the pool fee increases the more you mine, it makes good economic sense to use Eligius Pool instead of BTCGuild.


Ken, please make that change.

We are currently running one of our Demo boards on BTCGuild and our total hashing rate:

Team AMC:

 211435   926.93 GH/s

Go on Eligius Ken - just use the mining address as the username on cgminer/bfgminer - no need for new accounts - 0% pool fee - NMC co-mined... much better.

We will be converting to Solo Mining with this much hashing.

Please stop speaking in riddles. So you are implying we will be mining with much more than a few 100th's?

I am sorry you can't understand a simple statement, I will make it clear, with 100 TH to 200 TH of hashing power we will be converting to solo mining over time.  I believe that I said in my announcement that we would be adding more THs in the future.