[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[drawingthesun]

Wow! Nearly 20k Bitcoin gone,

At today's prices that is about 11 million dollars.

Ken, could you please share where that money has gone?

Ken, where has all the money gone?

https://blockchain.info/address/16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

First of all we have never had 20,000 BTC.

Next, we just build a DC with ~100 TH, that wasn't free.

We also have  boards in stock and those were not free either.

What you are seeing here, Ken, is idle speculation turned investigatory due to having no financial report for EoY 2013 or Q1 2014. If you don't release financial reports you are going to see a lot of these inquiries and accompanying scam theories. This is because people are accustom to legitimate companies release financial reports.

You need to release a financial report immediately and future reports must be consistently released.

Even if Ken just released a financial report that shows how much was raised and what happened to it?

We spent some on Avalons but got refunded, we spent about 7,000 bitcoins worth on eASIC and got a partial refund. The amount raised was between 10,000 and <20,000

So partial refund was what? let us say 100 bitcoin. Avalon was refunded.

So we should have around 3,000 - 13,000 bitcoin.

So then we give 150,000 shares to Peoples ASIC and no bitcoin. OK.

So how much has gone into hashfast?

Between 3,000 and 13,0000 bitcoin?

What about salary? I can't imagine many salaries being paid as no work has been done, nothing really. The website is still utter crap.

So the known addresses show almost no bitcoin left (except for the mining address)

What does that mean? Ken's salary is around 2,000 - 12,000 bitcoin? (Assuming 1,000 was used for hashfast, and even that would be too much as 100TH will never ever ever mine it back ever again. I am 100% certain that if you paid 1,000 bitcoin for this farm, well you might as well just send the bitcoin to the genesis block instead, it's worthless)

If you tell me that more than 1,000 bitcoin was spent on this farm, well that's a scam right there, why burn investors money for the sake of it?

How dare you?

Time for some clarification Ken!

[1714799994]

1714799994

[bitmoon]

Wow! Nearly 20k Bitcoin gone,

At today's prices that is about 11 million dollars.

Ken, could you please share where that money has gone?

Ken, where has all the money gone?

https://blockchain.info/address/16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

First of all we have never had 20,000 BTC.

Next, we just build a DC with ~100 TH, that wasn't free.

We also have  boards in stock and those were not free either.

What you are seeing here, Ken, is idle speculation turned investigatory due to having no financial report for EoY 2013 or Q1 2014. If you don't release financial reports you are going to see a lot of these inquiries and accompanying scam theories. This is because people are accustom to legitimate companies release financial reports.

You need to release a financial report immediately and future reports must be consistently released.

ermmmm, how can you still expect from ken to work on financial report, after all this so far?

[bitmoon]

you guys are wasting breath asking ken all this and get no good reply or no reply.

because i see many are screaming for ken now and ken decided to reply about that address.

hehe my god, its june, almost 1year full or already full?

i still remember the guy called bicycle something last year, that guy who used to say we should have invested in icedrill, hash fast, and rubs as in face.

lol , now we are working with hash fast.

my god

[bitmoon]

see, i told you guys no quick reply from ken to your mini questions.

just let asken to forward, but hey he did right? so....

[drawingthesun]

So...

Ken either overpaid for Hashfast (1,000 - 2,000+ bitcoin) and paid himself only (1,000 - 10,000 bitcoin) OR Ken paid an ok amount for the 100th and products (500 bitcoin) and paid himself (2,500 - 13,000 bitcoin)

Please note that these estimates take into account the 7,000 bitcoin Ken flushed down the drain with eASIC.

Either way, overpaid for Hashfast or not.

Kens salary is costing us at least $500,000 a year. (up to $2 - 4 million per year, Nice retirement!)

And we are ok with that????

[bitmoon]

and for you guys too, i feel i want to share here too.

http://www.youtube.com/watch?v=BtPN6AkdTFQ

[zumzero]

You can't have it both ways DTS.  Your constant FUD helps keep the share price suppressed even when there's good news and yet you then moan that you can't sell your shares becaus the price is too low. 

As for those figures you just pulled from your ass, you should be ashamed of yourself.

[kleeck]

So...

Ken either overpaid for Hashfast (1,000 - 2,000+ bitcoin) and paid himself only (1,000 - 10,000 bitcoin) OR Ken paid an ok amount for the 100th and products (500 bitcoin) and paid himself (2,500 - 13,000 bitcoin)

Please note that these estimates take into account the 7,000 bitcoin Ken flushed down the drain with eASIC.

Either way, overpaid for Hashfast or not.

Kens salary is costing us at least $500,000 a year. (up to $2 - 4 million per year, Nice retirement!)

And we are ok with that?

Ken, this is just the start. If you don't reveal the real financials people will go "full-DTS" with their "super sleuthing". Yes, it's ridiculous, but you can shut it down by doing what you're already obligated to do and release complete financials in a timely manner.

What you are seeing here, Ken, is idle speculation turned investigatory due to having no financial report for EoY 2013 or Q1 2014. If you don't release financial reports you are going to see a lot of these inquiries and accompanying scam theories. This is because people are accustom to legitimate companies release financial reports.

You need to release a financial report immediately and future reports must be consistently released.

[thefunkybits]

Ken, this is just the start. If you don't reveal the real financials people will go "full-DTS" with their "super sleuthing". Yes, it's ridiculous, but you can shut it down by doing what you're already obligated to do and release complete financials in a timely manner.

Remember, the website is still top priority right now. Maybe financials will become a priority in the fall, and we will see a report in late december

[bitmoon]

You can't have it both ways DTS.  Your constant FUD helps keep the share price suppressed even when there's good news and yet you then moan that you can't sell your shares becaus the price is too low. 

As for those figures you just pulled from your ass, you should be ashamed of yourself.

i lol-ed

you guys are so funny

[drawingthesun]

You can't have it both ways DTS.  Your constant FUD helps keep the share price suppressed even when there's good news and yet you then moan that you can't sell your shares becaus the price is too low.  

As for those figures you just pulled from your ass, you should be ashamed of yourself.

Good news?

What are you smoking?

There is no good news. After well over 10,000 bitcoin invested we have a farm that makes 4 bitcoin a day and not for long. Did you notice the bitcoin price is rising? That means the difficulty will now start it's 30% jumps again.

Ken keeps all the information from us, where is all the money? Where is it?

By the way, my numbers are most likely more accurate than any of the numbers Ken has ever given you.

[bitmoon]

You can't have it both ways DTS.  Your constant FUD helps keep the share price suppressed even when there's good news and yet you then moan that you can't sell your shares becaus the price is too low.  

As for those figures you just pulled from your ass, you should be ashamed of yourself.

Good news?

What are you smoking?

There is no good news. After well over 10,000 bitcoin invested we have a farm that makes 4 bitcoin a day and not for long. Did you notice the bitcoin price is rising? That means the difficulty will now start it's 30% jumps again.

Ken keeps all the information from us, where is all the money? Where is it?

By the way, my numbers are most likely more accurate than any of the numbers Ken has ever given you.

same questions for months and no reply

edit: btw zum is waiting for his shares, which one of you in worst position now?

[kslaughter]

First of all we have never had 20,000 BTC.

Then educate us, how much was raised?

Next, we just build a DC with ~100 TH, that wasn't free.

Will we be getting a dividend from this DC at some point?

We also have  boards in stock and those were not free either.

If we have boards, why not take Bargraphics up on his friends offer to host the entire lot?

Ken, what is going on??

We are working on deals to sell the boards to larger customers, which requires less support.

[LorenzoMoney]

Most of us on this thread have been around computers and online communities for a very long time. We all know that flaming, trolls, opinions and high school silliness happens all the time. We all know what happens when someone becomes the sysop, of a BBS (dating myself) or has censor power.  This post is not about all that, and all the issues of who is a troll, and who knows what technically, and what is true financially and technically needs to be put aside for awhile, for at least the time it takes to read this post.  Some of you,  should quit reading this because you will be complaining about the length. Well, let me say, fuck you.  

Now that is out of the way, Bitcoin is all fun and games when the value is pennies or a few dollars. It is all fun and games when some nerdy engineer suggests a plan to build miners and make a fortune.  Everything changes when it becomes a real business and when there are major promises that never get fulfilled.  Everything changes when the amounts of value go from chump change to millions of dollars.

I have remained relatively quiet on this thread for some time because I realized that others were saying the same things I was thinking and feeling. Therefore there was not much need for me to add to the noise.  With the recent revelation that 19,900 bitcoin had been in an account owned by Ken and now all but around 6 bitcoin have been transferred out, I feel the need to say something.

Ken has run Active Mining very badly. We all know that. He communicates poorly. He hides information and lies. I imagine he doesn’t see it as a lie since he believes he will do what he promises.

I have hesitated to say anything because I was afraid Ken would wrest away my shares like he threatened to do to someone else.

Here we are now, with the mystery of the 19K shares, on the verge of failure or some opportunity. On the other hand, Ken has been promising some big deal, some big secret deal for months.

We can bicker and speculate on here forever, but unless Ken answers some basic question, the same questions that we have been asking on here for months, we really do not know anything.
The question is what to do?  The options I see are to sell at whatever price you can get and just walk away, continue to complain on the thread, or find some way to organize and pressure Ken to make better decisions.

No matter what, 19,900 bitcoin is a lot and we really need to find out where all that went.

P.S. There is always another major deal and the accompanying Non-Disclosure agreement, and then the deal falls through.

[drawingthesun]

It might not be 19k bitcoin, it could be slightly less. Remember blockchain.info adds up all deposits to an address, it can't tell unique coin.

If I sent myself a bitcoin a hundred times, it'll say 100 bitcoins received by this address.

Apart from that I totally agree with you. Ken has been secretive about everything all the time.

Ken, why not tell us:
-How much bitcoin outside the mining address remains.
-How much fiat remains.
-How much money is still owed to customers.

Can you just answer those 3 right now please.

Answer those 3 properly (with figures) and I won't post for two weeks in any ActiveMining thread.

[zumzero]

Let's say that the eAsic deal was $1,000,000 and one bitcoin cost $100 back then.

This would mean that Ken payed out 10,000 bitcoins at the time.  So immediately we can account for 50% of the 20,000.  The partial refund would have been in fiat after the massive jump in price so those 10,000 btc never made it back into the wallet.   Didn't someone say the 4000 went out then back in?  If so that means very quickly we have accounted for 14,000 of the 20,000 bitcoins.

For people to talk about 20,000 at today's exchange rate of $650 is ludicrous unless anyone wants to make the point that simply holding all coins may have been a wiser move in hindsight.

I'm not sure about anyone else but I'm really looking forward to hearing some good news in the near future if ActM can win big order contracts.

I predict we'll be trading at 0.003+ within the month.  

[drawingthesun]

I predict we'll be trading at 0.003+ within the month.  

Oh please be right, please!

[klondike_bar]

First of all we have never had 20,000 BTC.

Then educate us, how much was raised?

Next, we just build a DC with ~100 TH, that wasn't free.

Will we be getting a dividend from this DC at some point?

We also have  boards in stock and those were not free either.

If we have boards, why not take Bargraphics up on his friends offer to host the entire lot?

Ken, what is going on??

We are working on deals to sell the boards to larger customers, which requires less support.

you failed to answer the two most important questions, and only managed to say "we are doing poorly at selling to individuals, so we will focus on selling in bulk for much cheaper" which basically just means fewer profits per board.

this is getting ridiculous ken.
1) WHEN WILL THERE BE A FINANCIAL REPORT?
2) WHAT IS THE TIMEFRAME FOR FIXING THE WEBSITE?
3) WHAT IS THE TIMEFRAME ON EXPANDING THE DATACENTER?  (we need a date and accurate hashrate, not like the 170Th there should have been already but cant seem to go past 60% of that)

I think these are three easy questions that can be answered accurately in only a few words. no vaugeties, just a promised date and result. The shareholders will be lining up to press securities complaints and charges very soon if not.

[arousedrhino]

Wow! Nearly 20k Bitcoin gone,

At today's prices that is about 11 million dollars.

Ken, could you please share where that money has gone?

Ken, where has all the money gone?

https://blockchain.info/address/16yTynjmSe5bsRGykDaaCL5bm2pxiEfcqP

First of all we have never had 20,000 BTC.

Next, we just build a DC with ~100 TH, that wasn't free.

We also have  boards in stock and those were not free either.

What you are seeing here, Ken, is idle speculation turned investigatory due to having no financial report for EoY 2013 or Q1 2014. If you don't release financial reports you are going to see a lot of these inquiries and accompanying scam theories. This is because people are accustom to legitimate companies release financial reports.

You need to release a financial report immediately and future reports must be consistently released.

Even if Ken just released a financial report that shows how much was raised and what happened to it?

We spent some on Avalons but got refunded, we spent about 7,000 bitcoins worth on eASIC and got a partial refund. The amount raised was between 10,000 and <20,000

So partial refund was what? let us say 100 bitcoin. Avalon was refunded.

So we should have around 3,000 - 13,000 bitcoin.

So then we give 150,000 shares to Peoples ASIC and no bitcoin. OK.

So how much has gone into hashfast?

Between 3,000 and 13,0000 bitcoin?

What about salary? I can't imagine many salaries being paid as no work has been done, nothing really. The website is still utter crap.

So the known addresses show almost no bitcoin left (except for the mining address)

What does that mean? Ken's salary is around 2,000 - 12,000 bitcoin? (Assuming 1,000 was used for hashfast, and even that would be too much as 100TH will never ever ever mine it back ever again. I am 100% certain that if you paid 1,000 bitcoin for this farm, well you might as well just send the bitcoin to the genesis block instead, it's worthless)

If you tell me that more than 1,000 bitcoin was spent on this farm, well that's a scam right there, why burn investors money for the sake of it?

How dare you?

Time for some clarification Ken!

The amount raised was < 16K BTC for sure just looking at the address we know that. Lets bring that 20K figure back to what we know could be the highest.

[hobbymd]

First of all we have never had 20,000 BTC.

Then educate us, how much was raised?

Next, we just build a DC with ~100 TH, that wasn't free.

Will we be getting a dividend from this DC at some point?

We also have  boards in stock and those were not free either.

If we have boards, why not take Bargraphics up on his friends offer to host the entire lot?

Ken, what is going on??

We are working on deals to sell the boards to larger customers, which requires less support.

you failed to answer the two most important questions, and only managed to say "we are doing poorly at selling to individuals, so we will focus on selling in bulk for much cheaper" which basically just means fewer profits per board.

this is getting ridiculous ken.
1) WHEN WILL THERE BE A FINANCIAL REPORT?
2) WHAT IS THE TIMEFRAME FOR FIXING THE WEBSITE?
3) WHAT IS THE TIMEFRAME ON EXPANDING THE DATACENTER?  (we need a date and accurate hashrate, not like the 170Th there should have been already but cant seem to go past 60% of that)

I think these are three easy questions that can be answered accurately in only a few words. no vaugeties, just a promised date and result. The shareholders will be lining up to press securities complaints and charges very soon if not.

See the problem is ken won't answer to any of those important questions I wish I was wrong but, I said it before here I say it again, to me looks like ken logs into his account time to time finds a post that is to his taste and easy to answer and he replies to that and then he is gone leaving out all the juicy and important questions out. Also his weekly so called updates creates more confusion and question than it answers so that's useless too.

To put it bluntly, ken is actively ignoring the important question or tries to delay them by actively answering in vague manner until people forget or something around those lines. The man doesn't want to be straight with his investors, he already collected the money from us so I bet he laughs at us all from time to time while he pays himself his monthly salary from our money, it is a pure joke he calls business.

To you give an example, his top priority of fixing the website for weeks hasn't had any progress at all, if that's his top priority taking this amount of time then just imagine how would take for him to produce that custom made 28nm chips    .  Sadly it looks like without outside pressure ken will spend every last satoshi until one day he comes here drop a line that sorry guys that's it it's over thanks for the money though it was a fun experiment . I guess this process has already begun with now almost nothing left in our main address.

btw ken how is your other business is running, I bet it's making a nice fat fiat return, anyone ever wonders if ken ever used/borrowed money from our fund to run his side business?    see ken without a proper financials you are digging a bigger hole for yourself, how can you legally defuse such allegation without giving your investors a proof of nothing doing so for which you require/must give an audited financial report nothing more nothing less. what's happening with that eASIC refund you were talking about it several months ago? did you pocket that as well? give us some proof of what happened.