[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[VinceSamios]

What about the 150BTC this farm has already mined? lol

[VinceSamios]

Lets use your numbers

150 boards costing approx $500 each = $75k
data centre rental 10k
electric, 25k
staff, 5k
electricians, 5k
AC parts 5k

Total: $125,000

So we have already mined 150BTC = $65,000
We've only got 28 days left to break even
By the time difficulty gets to 55billion (which needs 320PH to be added to the TNHR), based on 30% monthly increases, ActM will have made $150k profit from this hardware.

An additional 320PH is not on the horizon. 90PH may be on the horizon leaving us with 22.6billion difficulty. At 22.6bil, 100TH would still be making $20,000/month profit (at the high electricity costs)

[Bargraphics]

And that is why this company will be liquidated in a few months time if BTC stays where it is.

Then please sell your shares and be gone :|

[shadallion]

The good news is that if you have lost all confidence in the company, you now have the ability to sell your shares, get (some) BTC and literally never think about ActiveMining again.  No need to sit here crunching numbers day and night and suffer the slings and arrows of outrageous fortune. 

[zumzero]

When you consider minerpart's rationale and the fact that shares can now be traded it doesn't add up that he hasn't sold his shares yet.  If he followed his own logic he would sell immediately.  In fact if he actually believed in his own words then he might even try the opposite and pump the price before selling.  This suggests there is another reason for the nature of his posts.  I'll let those of you who even give a toss, work it out for yourselves if you haven't done so already.

[JoTheKhan]

Lol.

This is getting so desperate isn't it guys.

The fact is nothing I have said today can be argued with as it is the truth and completely accurate. So zum comes on after Vinces epic fail to attack me the person instead of the points I made. Vince and zum and the rest of you need to wake up and smell the coffee.

Its nothing to do with confidence. This is all down to the price of btc why are you saying otherwise? Ken has put you in this position and we are in a deep deep pit. There is nothing Ken can do but wait now that all the coins are gone. Hold on - I forgot he could fix the website. Oh but he won't. Still lets all be fully confident that this company is going places.

Is your argument that we won't make any profit by mining?

(Surprise were not in the black - This has been stated, at least by me, repeatedly.)

If we're not going to make any money mining then it's a good thing Ken seems to be switching to selling don't you think?

You don't prove anything by beating other shareholders in arguments as they have no insider information about the company or even any say in the company.

I believe ( I could be wrong ) that you have stated that you were going to sell out once shares went live (of course you don't need to follow suit, it wasn't some sort of verbal/written contract that you must). What has changed since then that has allowed you to come back into the fold of wanting this business to succeed compared to not really caring about it?

You have a few choices, Legal, Sell Now, Keep Bitching (Where Ken will obviously just ignore you unless you are Zumzero or Crumbs) or Stop Bitching. One of those will allow you to get out of this immediately which I thought was your previous plan.

The another one of those 3 (your current pursuit) just happens to annoy the shit out of the rest of us.

Let me make this perfectly clear, this is not some legitimate business in some legitimate industry where precedent has already been perfectly set. Your shares don't have any voting ownership over this company, you and I and everyone else here merely gave money to Ken on a bet. You can not cry and scream when the bet happens to land on red when you picked black.

[ASKen]

Hi guys & gals,

Many thanks for sending in your questions for the first ASKen Q&A.  This week will see the start of 'SECTION 2' where Ken will be challenged on some of his responses from Wednesday.

Please keep the questions coming and feel free to tell ASKen which questions from the previous week need further consideration.  For example; 'Ken only partially answered Q 1 (ii) and stills needs to explain x, y & z'.
ASKen will be going through all of last weeks questions and will do this anyway, but with your input it's less likely that something gets missed.

Edit - ASKen's job is to represent the shareholders and has decided to simply copy and paste questions with as little editing as possible.  One or two of last weeks questions had been phrased in a manner that might have caused offence had they not been tweaked slightly and we want to encourage Ken to be as forthcoming as possible and not resent having to answer questions.  The more you tell ASKen which questions need further investigation the more it becomes a dialogue between shareholders and Ken which allows ASKen to remain neutral.

Regards,

ASKen

[ab8989]

Ok this is retarded - if power costs more than the value of BTC mined, with THE CHEAPEST POWER IN THE WORLD, then everyone will have stopped mining long ago, and have stopped buying hardware long ago.

Ken is able to be competitive and profitable indefinitely both on hardware costs, and power consumption.

Think about the market forces you crazy kid - people aren't going to be buying mining hardware if it doesn't ROI, let alone if it costs more in power to run than the BTC produced.

Spending big bucks to develop the next generation of ASICs makes sense only if that new generation clearly superior to the current ones and capable of making the current generation boards obsolete and unprofitable. Companies in the business of next generation ASICS want to sell massive numbers of the next generation boards driving difficulty up dramatically. This very much means making the current datacentre Ken is running obsolete and unprofitable and ActM is heavily betting on this happening and so ActM really really wants to make the current datacenter unprofitable and sooner the better.

Somebody might be interested on the total profitability of ActM and that should include all the costs starting from the beginning. If you count only one part of the operation that happens to be profitable actively forgetting all the other operations that made a loss you are fooling yourselves. In the costs you should calculate all the money spent on all the previous unfruitful ASICs and also all the personnel costs starting from the beginning. I somehow had understood that ActM at one point employed 5 people with the last name of Slaughter and then there is the mysterious Project Manager and Customer Support persons etc. One important question how much money has been spent on all salaries combined. As it is about a year from the start this number could be really significant. I believe if you compare against these numbers the one profit of 65kUSD is totally insignificant compared to the big picture. One should calculate when is the point when the revenue from mining covers ALL the costs counting from the beginning and the currently ongoing costs of developing the next generation ASIC should very much be included in this calculation. Only after that point there exists real profit from which dividends could really be payed from.

If there are multiple operations in a company you just cannot cherrypick the one which happens to show profits and forget all the rest. Maybe this is the real reason why Ken does not want to show the financials as doing so would totally shatter the rosy picture painted in the last couple of pages in this forum.

[zumzero]

Let's keep things in context and try not to insult people's intelligence.  

Obviously there is the bigger picture here.  We are all fully aware that things don't come free and all of ActM's exploits to date will have drained the resources.  Do consider the eAsic and Avalon refunds for which we have no details. The shareholders have no access to the financials.  If we did, we could support either a rosy picture or the picture of doom some would have us believe.  All we can do is speculate at this point.

[int3ractivodular]

Sent my email, almost in disbelief I'll be trading again. How are the dividends going to be handled?

[zumzero]

Search for posts from users ASKen and kslaughter and read the recent Q&A to bring yourself up to speed.  Your question and others have been discussed to some degree. Tune in every Wednesday around 2345 GMT and keep yourself up to date with the latest developments.  You could also read this thread to keep up with your investment.

[int3ractivodular]

Received my shares extremely promptly! Thanks Ken!

[kslaughter]

Received my shares extremely promptly! Thanks Ken!

Great, The next transfer will be the final one after the 21st as most sharehold have transferred their shares.

Edit:  The final transfer will include the shareholders that did not transfer their shares to AMC-TENDER and bitfunder transferred them to the issuer. 

The shareholders who did not transfer their shares to AMC-TENDER should make sure that their CT email address is the same one that they used on
bitfunder as that will be the email address we transfer the shares to on CT.

[MilkyLep]

We need more information regarding the amount of money refunded from eASIC, the amount of combined funds (BTC and USD) AMC/VMC currently holds as well as liabilities waiting to be paid out.

This is dire information. May you please release some numbers or even a rough Microsoft Excel "rundown" prior to hiring an accountant to prepare and audit a professional and tangible set of books.

Shareholders, trolls, cheerleaders, speculators and random passer-bys have been waiting since 2013, far too long. If you truly want to separate VMC ( and AMC) from any BFL comparisons, like you mentioned when someone suggested using BitPay, then you would give everyone some financials.

Everyone knows the overwhelming situations and pressing timelines the companies are facing. But there are 7 days in a week and 24 hours in a day, please manage some time to update us on these continually promised financial reports with actual figures.

Many people dont even care how detailed or precise the info is as long as this "rough draft" is provided, considering it would be better than nothing.

[Nosniw]

Ken

We now have 135 units of  Gold Rush 750Gh/s and 163 units of Prospector 512Gh/s kept idle and waiting for sale.
We aren't utilizing 180Th/s to make us $$$ either by mining or selling the mining cards.
We are losing mining revenue at 10BTC/day or 300BTC/month with these cards
Could you just clear up the site to remove all UNNECESSARY products and just place these 2 featured products on the front page...?
Otherwise the cards won't be sold before it becomes a piece of crap metal

Please concern these seriously.

[kleinessteak]

Ken

We now have 135 units of  Gold Rush 750Gh/s and 163 units of Prospector 512Gh/s kept idle and waiting for sale.
We aren't utilizing 180Th/s to make us $$$ either by mining or selling the mining cards.
We are losing mining revenue at 10BTC/day or 300BTC/month with these cards
Could you just clear up the site to remove all UNNECESSARY products and just place these 2 featured products on the front page...?
Otherwise the cards won't be sold before it becomes a piece of crap metal

Please concern these seriously.

+1

[kleinessteak]

ASKen - A new account run by shareholders - Send us your questions and we'll do the rest!

...LET'S GET STARTED!

1) Ken, we are sure you are aware that shareholder confidence is at an all time low and people are starting to consider legal action.  How do you feel about being given an opportunity to turn things around and are you keen to embrace the efforts being made by the ASKen account by being more open in the future?

Yes, I will embrace the efforts being made by the ASKen account.

2) Ken, could you say a few words about eAsic.  Perhaps a summary of the history.  Shareholders have long wanted to know why the chips were never produced.

Right after we made the the deal with eASIC, hashfast and cointerra came out with their 400 and 500 GH/s chips, after having eASIC run our RTL on their platform and for the minimum number of chips we had to purchase, we did not have enough pre-orders to cover the purchase due to hashfast and cointerra selling 17 Million in machines.

3) With the declining price of bitcoin, hardware sales are becoming more important to the success of the company and yet the website is in desperate need of updating.  Please say a few words to explain why this issue has not been resolved yet.

We have been working on the datacenter to get the hash rate up.  Now, we are at the place of working on the website and this is our number 1 goal at the present time.

Kind regards,

ASKen

This has been posted by Ken more than 10 days ago...
Why the site still haven't been updated?!

[elgapoorre]

Ken

We now have 135 units of  Gold Rush 750Gh/s and 163 units of Prospector 512Gh/s kept idle and waiting for sale.
We aren't utilizing 180Th/s to make us $$$ either by mining or selling the mining cards.
We are losing mining revenue at 10BTC/day or 300BTC/month with these cards
Could you just clear up the site to remove all UNNECESSARY products and just place these 2 featured products on the front page...?
Otherwise the cards won't be sold before it becomes a piece of crap metal

Please concern these seriously.

+1

+1

I really don't get why this isn't getting taken care of right now. This is the most important thing right now if the data center is working at maximum capacity. How else should profit be made if not with selling mining cards? This is even more not understandable since it doesn't seem like a lot of work. If I am wrong with this assumption, please feel free to correct me. It looks like it takes more than 10 days since Ken has announced that fixing the website is the number one priority.

Please delete all the products that are never going to be sold, put the price of the prospector board in relation to the gold rush board so maybe some of those are sold too, and put them both on the front page. Please. Just do it!!!

[Nosniw]

Ken

We now have 135 units of  Gold Rush 750Gh/s and 163 units of Prospector 512Gh/s kept idle and waiting for sale.
We aren't utilizing 180Th/s to make us $$$ either by mining or selling the mining cards.
We are losing mining revenue at 10BTC/day or 300BTC/month with these cards
Could you just clear up the site to remove all UNNECESSARY products and just place these 2 featured products on the front page...?
Otherwise the cards won't be sold before it becomes a piece of crap metal

Please concern these seriously.

+1

+1

I really don't get why this isn't getting taken care of right now. This is the most important thing right now if the data center is working at maximum capacity. How else should profit be made if not with selling mining cards? This is even more not understandable since it doesn't seem like a lot of work. If I am wrong with this assumption, please feel free to correct me. It looks like it takes more than 10 days since Ken has announced that fixing the website is the number one priority.

Please delete all the products that are never going to be sold, put the price of the prospector board in relation to the gold rush board so maybe some of those are sold too, and put them both on the front page. Please. Just do it!!!

We still go bankrupt if we have 5,000 boards (ie 2500Th/s) ready but neither mine or sell!

[drawingthesun]

Website still not updated!

I can't believe this.

The two products on the homepage are so outdated, what is going on!?!?!