[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[SebastianJu]

I think the behaviour of ken and the incompetence of others that even make bitcoin projects turn scammy or bankrupt will be the reason no one will invest in bitcoin things anymore. I dont feel any urge to invest somewhere anymore. Its so very risky and when i see the latest projects it looks like practically none led to rich investors. Most even led to total loss.

Its really a pain at the moment. Its like the gold digging time is over and we are the poor guys trying to get some grain of gold in the rivers though having a higher chance of getting bankrupt.

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[Stuartuk]

I think the behaviour of ken and the incompetence of others that even make bitcoin projects turn scammy or bankrupt will be the reason no one will invest in bitcoin things anymore. I dont feel any urge to invest somewhere anymore. Its so very risky and when i see the latest projects it looks like practically none led to rich investors. Most even led to total loss.

Its really a pain at the moment. Its like the gold digging time is over and we are the poor guys trying to get some grain of gold in the rivers though having a higher chance of getting bankrupt.

Bit of a random quote but yeah you are right. The whole industry is high risk and many many people have lost out.

But look at ACtM - still trying and still trading. Atleast we have a CEO who doesn't give up. Sure he may be incompetent at times and completely lacking at other times ( ) but hey, he's a tryer. Sometimes that's all you need in business. The fact we are still going and making progress (it seems) says a lot about the CEO here that everyone here put their coins into. We might go down in a ball of flames (SEC/bankruptcy) but personally I wouldn't ever say Ken didn't try his best and you will never be able to say he took the easy route out and gave up at the first opportunity - (when eASIC gave us the elbow).

[drawingthesun]

I think the behaviour of ken and the incompetence of others that even make bitcoin projects turn scammy or bankrupt will be the reason no one will invest in bitcoin things anymore. I dont feel any urge to invest somewhere anymore. Its so very risky and when i see the latest projects it looks like practically none led to rich investors. Most even led to total loss.

Its really a pain at the moment. Its like the gold digging time is over and we are the poor guys trying to get some grain of gold in the rivers though having a higher chance of getting bankrupt.

Bit of a random quote but yeah you are right. The whole industry is high risk and many many people have lost out.

But look at ACtM - still trying and still trading. Atleast we have a CEO who doesn't give up. Sure he may be incompetent at times and completely lacking at other times ( ) but hey, he's a tryer. Sometimes that's all you need in business. The fact we are still going and making progress (it seems) says a lot about the CEO here that everyone here put their coins into. We might go down in a ball of flames (SEC/bankruptcy) but personally I wouldn't ever say Ken didn't try his best and you will never be able to say he took the easy route out and gave up at the first opportunity - (when eASIC gave us the elbow).

This is the good stuff I guess, we are still active whilst many other securities have failed.

[JimmyJazz]

Has there been new developments with the SEC/MSD? Recent posts seem a bit gloomy to say the least.

Is the consensus that the 28nm has been binned?

[SebastianJu]

I think the behaviour of ken and the incompetence of others that even make bitcoin projects turn scammy or bankrupt will be the reason no one will invest in bitcoin things anymore. I dont feel any urge to invest somewhere anymore. Its so very risky and when i see the latest projects it looks like practically none led to rich investors. Most even led to total loss.

Its really a pain at the moment. Its like the gold digging time is over and we are the poor guys trying to get some grain of gold in the rivers though having a higher chance of getting bankrupt.

Bit of a random quote but yeah you are right. The whole industry is high risk and many many people have lost out.

But look at ACtM - still trying and still trading. Atleast we have a CEO who doesn't give up. Sure he may be incompetent at times and completely lacking at other times ( ) but hey, he's a tryer. Sometimes that's all you need in business. The fact we are still going and making progress (it seems) says a lot about the CEO here that everyone here put their coins into. We might go down in a ball of flames (SEC/bankruptcy) but personally I wouldn't ever say Ken didn't try his best and you will never be able to say he took the easy route out and gave up at the first opportunity - (when eASIC gave us the elbow).

Right... there are positive sides. The question is what the outcome at the end will be. Depending on the things the advisory board members said ken is a perfectionist that wants perfect solutions even when it means the time involved will mean less profit at the end. Of course i dont know it and i cant explain what led to this project get into the stage it is now.

Might be some are trading, i cant. I wouldnt be so concerned if i could trade. But the inability to trade is a big problem on top of all. He already again kills the positive mood that is around the project at the moment.

Im pretty sure ukyo is trying too. cryptocyprus will try too... though at the end... the result is the important thing.

[Simon Templar]

The wisest thing to do when invested in Bitcoin securities is to expect the worst and hope for the best.  Ken has stopped the development of our own 28nm chip.  That is a fact.  It may start up again if things go well and I'm sure that is part of Ken's plan.  He's clearly decided to put what eggs remain into keeping the company afloat to allow us the best chance to succeed. He can't be faulted for this, and as others say, deserves kudos for fronting a company which is still in the game and has at least a chance of success.

Here's the thing.  Ken gets nothing until he's paid out 0.0025 btc for every share sold during the IPO.  That is what is driving him and given the tenacity of this man we can all rest assured that he will do everything in his power to achieve his goals.

A recent post which made mention of the Advisory Board members observation that Ken was a perfectionist may or may not be true but regardless, that tells us he is very focused on getting things right in order to achieve the best results possible as he sees it. Strategies and plans change all the time and it's somewhat comforting to know that Mr Slaughter is prepared to change course to avoid the proverbial iceberg.  Others in this space haven't because they've jumped ship with pockets brimming with digital currency not giving a toss about the passengers left behind.

[finlof]

finlof, could you try again today and report your findings please.  I know Vince didn't seem to have any issues that you describe and I believe he ordered more recently than you.  I would but couldn't commit to the order due to lack of funds and don't want to create a bogus order.  Looking forward to hearing back from you.  

no sorry.  the price point was ok when he had the special running for $1500 (even with having to buy your own power supply, usb headers and cables, and water cooler) but now that price point isnt worth it.  i will try again when the pricing is more competitive (i can currently get 1 TH delivered for $2500 in 3 - 4 days that doesnt need any additional items or computer to mine).

[wonker]

Here's the thing.  Ken gets nothing until he's paid out 0.0025 btc for every share sold during the IPO.  That is what is driving him and given the tenacity of this man we can all rest assured that he will do everything in his power to achieve his goals.

ATM Ken gets all and we got nothing...

[RoadStress]

If BTC continues to climb and they ROI then it was a good move and will make us stronger to continue with the 28nm (not 27) custom chip. If BTC stays where it is and we don't ROI we will be in a weaker position. In a fluid market place it was likely the best move if we didn't have enough is USD (with BTC at $400) to continue with the 28nm.

Continue with the 28nm chip? I thought all chip projects are cancelled right now and all the money are sunk into the HF boards. I didn't see any reference about the 28nm chip from ken lately, but maybe i missed it.

[minerpart]

Continue can mean either to carry on  in the same way or to resume after a pause.  So if we have paused yes it would be continuing.

Btw has Ken said to any one the chip is on hold?  I assume it is only. 

[JoTheKhan]

Really haven't been following along with any of the concerns in the last 2 days or so but it seems that people think the company is only running on the money we are mining with?

I do think we are in the red, but not that far in the red. You can check all mining funds here https://blockchain.info/address/1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa and notice that none of the mining funds have been removed from this address since the last dividend was paid months ago.

This is why a Financial report should be in order. Though remember amount of BTC Ken stated ( last month ) was lost back in GOX and how much money we still had left (Both numbers BTC denominated).

You can find that information here https://bitcointalk.org/index.php?topic=462370.msg5538433#msg5538433

Weekly Update 3/5/2014

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.

3.2 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.
elease the names of who is on the payroll and we don't release the names of our vendors.

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

Notice I deleted a few questions from the quote that I don't think belonged in my post. Though you can find the full quote in the link

[MilkyWayMasta]

This is the address for ActM funds. https://blockchain.info/address/16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

Lots of money moving around in the last 5 days.

[Simon Templar]

Thanks for the pointer Milky. 810 btc is rather significant.

Edit - The time between hash rate jumps seems to be increasing.  One would expect quite the opposite, or at least increasing hash power fired up at regular intervals if Ken is to meet his targets.  It's the weekend so perhaps the staff have been flat out and deserve a break.  Maybe hiring an additional shift is in order to keep things running 24/7?  Ken, could you advise on the issues you are facing in terms of power, heat and cooling?  Do you have plans to expand to other locations in the very near future?

[JoTheKhan]

This is the address for ActM funds. https://blockchain.info/address/16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

Lots of money moving around in the last 5 days.

Refunds? =/

[RoadStress]

Continue can mean either to carry on  in the same way or to resume after a pause.  So if we have paused yes it would be continuing.

Btw has Ken said to any one the chip is on hold?  I assume it is only. 

I thought he said all chip projects are cancelled.

[Simon Templar]

The official and unconfirmed line is that the 28nm chip is still in development. Reading between the lines it's fair to assume that ActiveMining do not have the financial resources to continue this project due to the lost coins, drop in Bitcoin value and the commitment to the current HashFast project. Ken is full of surprises though so it's anyone's guess really, although common sense usually prevails.

So, where are the 5000 boards?

Question is when will shareholders gain what they invested almost one year ago...

We need to step up income by at least 20 times to have any chance of getting ROI.

I tried to warn you people for a long time, but everyone kept supporting ken. I don't think it will last much. He has no chip project going and he is using 3rd party chips/hardware while this wasn't the initial plan.

Seems like you already knew the answer. 

[equipoise]

I thought he said all chip projects are cancelled.

As far as I know he didn't said that.

[RoadStress]

I thought he said all chip projects are cancelled.

As far as I know he didn't said that.

Did he said the project is on pause?

[ThunderSheep]

The last mention of it that I could find was from March 30th.

<snip>

Yes, and we are still working on developing our own 28nm chip.

[BitSwe]

50th/s.
ActM is getting close to having 0.1% of the global hash rate.