[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[kleeck]

So Ken,

What you are saying is that basically we have all thwe hashfast customers?!?!?!

Almost certainly not, VMC will be splitting the HashLast customers with PepperMining which have a similar product but better reputation.

Peppermining has more than a better reputation, they actually provide support and working contact information to their customers.

Redundant since the latter is why they have the former. PepperMining is a good company and Mr. Teal a great engineer, but to the best of my knowledge (which is limited to the information from their thread) I do not think that they have the capacity to service the many, many dissatisfied HashLast customers in a timely manner (through no fault of their own) and VMC is simply an alternate route to get one hashing faster for a similar or cheaper financial cost (at the cost of greater risk based on what has been seen in the thread that you mentioned).

Also add into the mix that they may not be interested in providing HashFast with boards.

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[Ozymandias2]

So Ken,

What you are saying is that basically we have all thwe hashfast customers?!?!?!

Almost certainly not, VMC will be splitting the HashLast customers with PepperMining which have a similar product but better reputation.

Peppermining has more than a better reputation, they actually provide support and working contact information to their customers.

Redundant since the latter is why they have the former. PepperMining is a good company and Mr. Teal a great engineer, but to the best of my knowledge (which is limited to the information from their thread) I do not think that they have the capacity to service the many, many dissatisfied HashLast customers in a timely manner (through no fault of their own) and VMC is simply an alternate route to get one hashing faster for a similar or cheaper financial cost (at the cost of greater risk based on what has been seen in the thread that you mentioned).

Also add into the mix that they may not be interested in providing HashFast with boards.

I am afraid I do not understand why they would potentially not be interested? Is there some financial incentive or is it merely for publicity's sake to not be seen as helping HashLast?

[ASKen]

Ken, when you find the time it would be great if you could tackle the outstanding Q&A and post your responses in this thread.  

Regards,

ASKen

[JoTheKhan]

So Ken,

What you are saying is that basically we have all thwe hashfast customers?!?!?!

Almost certainly not, VMC will be splitting the HashLast customers with PepperMining which have a similar product but better reputation.

Peppermining has more than a better reputation, they actually provide support and working contact information to their customers.

Redundant since the latter is why they have the former. PepperMining is a good company and Mr. Teal a great engineer, but to the best of my knowledge (which is limited to the information from their thread) I do not think that they have the capacity to service the many, many dissatisfied HashLast customers in a timely manner (through no fault of their own) and VMC is simply an alternate route to get one hashing faster for a similar or cheaper financial cost (at the cost of greater risk based on what has been seen in the thread that you mentioned).

Also add into the mix that they may not be interested in providing HashFast with boards.

I am afraid I do not understand why they would potentially not be interested? Is there some financial incentive or is it merely for publicity's sake to not be seen as helping HashLast?

This is actually a very important thing. When people Google HashFast, after HF has a horrible reputation and people see it is tied with say.. PepperMining, it can hurt PepperMining's reputation if people don't actually take the time to find the ties between the two companies.

Technically I don't think this should matter because miners usually spread around what companies are scamming and what companies are not.

[JimmyJazz]

Can someone please explain where the sale would come from? Hashfast have no money to buy the boards and the Hashfast customers are not going to want to pay again for what should already have been delivered?

Unless were talking about Hashfast customers who just ordered chips..?

[Ozymandias2]

So Ken,

What you are saying is that basically we have all thwe hashfast customers?!?!?!

Almost certainly not, VMC will be splitting the HashLast customers with PepperMining which have a similar product but better reputation.

Peppermining has more than a better reputation, they actually provide support and working contact information to their customers.

Redundant since the latter is why they have the former. PepperMining is a good company and Mr. Teal a great engineer, but to the best of my knowledge (which is limited to the information from their thread) I do not think that they have the capacity to service the many, many dissatisfied HashLast customers in a timely manner (through no fault of their own) and VMC is simply an alternate route to get one hashing faster for a similar or cheaper financial cost (at the cost of greater risk based on what has been seen in the thread that you mentioned).

Also add into the mix that they may not be interested in providing HashFast with boards.

I am afraid I do not understand why they would potentially not be interested? Is there some financial incentive or is it merely for publicity's sake to not be seen as helping HashLast?

This is actually a very important thing. When people Google HashFast, after HF has a horrible reputation and people see it is tied with say.. PepperMining, it can hurt PepperMining's reputation if people don't actually take the time to find the ties between the two companies.

Technically I don't think this should matter because miners usually spread around what companies are scamming and what companies are not.

I suppose I should not have added the qualifier "merely," yes, good publicity is important, and since at this point in time, that ship appears to have sailed for VMC, I guess it would make sense to attempt to corner the market in working with undesirable companies though that does seem to limit future prospects...

[Ozymandias2]

Can someone please explain where the sale would come from? Hashfast have no money to buy the boards and the Hashfast customers are not going to want to pay again for what should already have been delivered?

Unless were talking about Hashfast customers who just ordered chips..?

IIRC before the whole bankruptcy thing HF tried to dig themselves out of their hole by offering chips instead of complete boards with the hashrate of the chips being >> than the hashrate of the built devices that they no longer planned on shipping. Chips themselves are, obviously, useless and need to be mounted. That's where PepperMining and VMC come into play; they will make the boards and charge the chip-holders for mounting their chips on the respective company's boards.

[WildFire.ca]

Ken if you are giving up on making a 83TH/s mining farm with the 163 left over 512Gh/s miners that we have sitting idle (a second revenue stream that we could be making $60,000 a month from?) then fix the #$*%$*#*&@# website so they can be sold. When you compare the 512Gh/s to the 750Gh/s current pricing it looks like you have no intention of selling the 512's. Ken, our front page has products that we will never sell and we have had no intention of selling since November. I would be firing whoever you put in charge of this by the end of the week if it was not fixed. There are a ton of PHP people that could have our canned, prepackaged site fixed instantly for less than a coin, I could do it and would for free if you let me. For a bitcoin I am sure I could find someone to hack in and fix it for us. We have been told for months now that this was a priority and it's obviously not. You're trying to tell HF that you will take their chips and sell them for them when our so-called online catalog looks like crap and is very hard to navigate even for someone who looks at it a few times a week. When the HF CRO wants to check us out this will be the second thing they will look at after your proposal. I would also stop spending time and money on an A/C that will only net us 20TH/s and start looking for a second location for us to set up a proper mining farm and revenue stream. As you know to capture 1% of the network hashrate you will need 10X what we have now, I feel you are spinning your wheels to get less than 20Th/s in a building that can not ever provide more than that.. We need to move to a proper data center and get ourselves a proper second revenue stream. I am sure a DC could be found that would take a % of the coins earned until we had enough cash to pay for it outright. This way you would have to pay for the very minimal to get us 60% more hashing power with the products we have sitting idle. The public sediment of mining has changed in the last 30-60 days, the consensus is that for the most part mining will be done in data centers and it is not for home users. We need to adapt to this and build a large farm using our inventory. I feel that it would be best if we used all the miners that did not sell after 2 weeks in our farm. This would make our inventory scarce and generating us revenue at the same time. Once people see our share price rocket up due to the 1000TH/s mining farm you have built us, there will be people that will want to emulate that and hopefully using our products.
Front Page: http://virtualminingcorp.com/
Products page :http://virtualminingcorp.com/shop1/index.php?id_category=15&controller=category
TLDR: Fix the website.

[kleinessteak]

What about our number 1 goal a few weeks ago?
Have there been any changes to the website since the announcement?

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

[drasted]

What about our number 1 goal a few weeks ago?
Have there been any changes to the website since the announcement?

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

Everytime Ken has said that something is a top priority that something doesn't get worked on.

[Rodyland]

Everytime Ken has said that something is a top priority that something doesn't get worked on.

Quite possibly the truest thing that has been stated in this entire thread.

[danielbrogren]

Weekly Update: 5/29/2014

VMC:

We are working to build and sell boards to hashfast customers.

Where is our refund? 3.5 month waiting.

[jasonring]

Weekly Update: 5/29/2014

VMC:

We are working to build and sell boards to hashfast customers.

Where is our refund? 3.5 month waiting.

Where is our refund? 4.5 month waiting !!

[VinceSamios]

"HashFast may sell inventory consisting of (a) up to a total of 1000 chips (or such larger total number as the Appearing Creditors may approve in writing), and (b) for up to an aggregate price of $100,000"

$100/chip sounds cheap

But it makes a lot of sense in the context of http://virtualminingcorp.com/shop1/index.php?id_product=44&controller=product

[cedivad]

"HashFast may sell inventory consisting of (a) up to a total of 1000 chips (or such larger total number as the Appearing Creditors may approve in writing), and (b) for up to an aggregate price of $100,000"

$100/chip sounds cheap

This time you are the one being wrong, read the full quote:

HashFast may sell inventory consisting of (a) up to a total of 1000 chips (or such larger total number as the Appearing Creditors may approve in writing), and (b) for up to an aggregate price of $100,000, hashing boards, with or without imbedded chips (excluding, in the computing the $100,000 limit (or such larger dollar amount as the Appearing Creditors may approve in writing), the price of chips in chip imbedded hashing boards), and other non-chip inventory

The 100k limit is for things other than the asic chips, such as boards (and don't ask me why, the cost of the chip is not computed in the cost of the board).

[VinceSamios]

"HashFast may sell inventory consisting of (a) up to a total of 1000 chips (or such larger total number as the Appearing Creditors may approve in writing), and (b) for up to an aggregate price of $100,000"

$100/chip sounds cheap

This time you are the one being wrong, read the full quote:

HashFast may sell inventory consisting of (a) up to a total of 1000 chips (or such larger total number as the Appearing Creditors may approve in writing), and (b) for up to an aggregate price of $100,000, hashing boards, with or without imbedded chips (excluding, in the computing the $100,000 limit (or such larger dollar amount as the Appearing Creditors may approve in writing), the price of chips in chip imbedded hashing boards), and other non-chip inventory

The 100k limit is for things other than the asic chips, such as boards (and don't ask me why, the cost of the chip is not computed in the cost of the board).

I am wrong - although the wording could mean both things. ie. Chips for up to $100k, or aggregate sales of chips/boards up to $100k

[kroy101]

Its day 30th: where are the promised dividends from all that's been already mined + sold?

I invested 9BTC in this a year ago and have yet to see any return AT ALL.

[JimmyJazz]

Yes I have to admit this is taking the piss now.

edit: Ken do you have anything of value to add here? Its actually very depressing how much the shares are valued at.

[kleeck]

Yes I have to admit this is taking the piss now.

edit: Ken do you have anything of value to add here? Its actually very depressing how much the shares are valued at.

Share value will not come up until we have a clear direction. Dividends might help, but probably not. Right no one has any clue what ActM is doing. Ken might be in a position to get a lot of business via HF, but even he doesn't know how that will pan out. On top of that no one can gauge the company's strength without a financial report - which has been treated like an after thought instead of a staple of operations.

Don't expect any upward movement without clear direction.

[drawingthesun]

Dividends might help, but probably not.

The only the keeping the shares this high is the potential 8 month dividend.

I expect share price total collapse the moment we get pur satoshi dust.