There was around 450> btc ($300,000) lost on Gox. (Can someone please let me know the right amount, cant find it, i'm sure its less)
Yet people throw this around as if Ken had lost the whole $6 million of pre orders.
How many Bitcoins did Ken take in?
How many Bitcoins did Ken cash out for the NRE?
How many Bitcoins did Ken spend on all of the server cases/racks/Engineering for the Avalon Clones/etc..
After all of this mess what is left over in Bitcoins?
How much Money Did Ken receive on Pre-Orders? How much in BTC, how much in USD? Was the BTC price going up the only reason this company has stayed in business this long?
Is Ken actually money laundering by providing his refunds in BTC that were in USD as some refunds are a substantial amount? (This is a serious question)
What % of BTC was lost in Gox (I was told it was ~420 BTC total by someone that Ken supposedly told, I think I brought it up in IRC and then it forced Ken to come clean on here. It's too hidden at this point to verify the timeline but if someone could that would be great)
People are stating that Ken has not shipped anything.
He has actually sold out the Gold rush cards.
People are stating that Ken is not shipping what he said he was going to ship. I believe Ken said he would be converting pre-orders and sending out prospectors/gold rush cards to them. Instead he sold more and at fire sale prices to boot, then opted to refund others. Maybe they declined the "swap', there's little information on this.
No one can argue that the consistency of orders being placed and them being shipped was terrible. Some received them right away, some waited weeks, if there were issues with the board then it took even longer to send back and get them fixed.
Mining at 100th.
So this is what $2M in Investor money gets you.
He's also issuing refunds using this money
He's also planning to pay MSD Fees with this money
*I'm going to assume he will also try to pay the restitution with this money as well*
People were stating Ken could not give out dividends.
Missouri securities actually stated he couldn't take more investment. Kens lawyer stated this would not matter as there was no intention to.
Ken can likely still pay out "dividends" This needs to be clarified by the MSD.
Ken's lawyer stated that Ken has no plans to break the law again basically.
People are acting like the Missouri securities fine will be the death of the company.
Its going to be $100,000>
The fines are the least of Ken's financial worries.
People are stating that the reimbursement is going to end the company.
All 10,000,000 shares reimbursed at the 0.05 would only be $500,000. Highly unlikely. And generally more beneficial to ACTM.
We'll have to wait and see how much the restitution will be.
You are using 0.05 cents when it could be as much as 0.25 cents if they use Ken's second IPO, maybe they will use the middle of the two. We won't know until we do.
Ken stated he wants to refund 100% pre orders.
He has started this process.
Great, but how does this help ActM financially? His whole business was running off this Pre-Order money. Now that he has a "100TH Mine" he can start refunding? Must be great to receive an interest free loan for a product that never materialized.
Ken has stated he is working with Hashfast and their creditors.
HashFasts "Creditors" are reading this thread. They see the trouble Ken is in. I wonder how these discussions are going. Ken is using the same factory HashFast was using, the same parts HashFast was using, the same board HashFast was using. Do you not think during these bankruptcy proceedings, their board design/vendors for parts/and factory will not be disclosed and potentially be used by people that receive chips? Hell they even have Pepper Mining to use for boards/parts if they needed, why would they use ActM?
Since the IPO bitcoin has gone up over 5x.
Yes, thank you for reminding every shareholder how much they lost.
Thank you for also reminding us exactly why we're in this mess, Ken road the bitcoin increase this far which is the only reason this business even exists right now.
ACTM received a partial refund from easic (nobody knows the exact amount)
Correct (We assume there was a refund based on Kens word)
ACTM received a full refund from Avalon.
See first "Quote"
ACTM sold out the Gold rush cards.
You mean when they went from like 130 in stock to 0 one day? We have no idea if these were purchase or the inventory number was simply altered. This is not a fact and is the fiction you were yelling about.
ACTM has a working IP - Purchased for 150,000 shares.
...
Yes ActM does. This IP for 55nm chips that operate at ~3-4W/GH when I saw the backend designers gate level simulation. I didn't comment on this because after Ken purchased this "IP" things could have changed and I have no clue if they made modifications or changes (Highly unlikely) thus Ken basically flat out lied about the power draw in my opinion but with no way for me to verify.
This 55nm chip was cancelled
The 28nm Chip design never started last I heard (Would need Ken to prove otherwise)
All of these ARE facts unless Ken can actually prove otherwise regardless if you want to believe it or not.
As stated before the pre order money could have easily funded the 28nm full custom asic. It is not uncommon in this industry.
The cost of a 28nm "Full custom ASIC" is around $2M - $3M
Ken supposedly took in $6M (This is bullshit though because this was during the time that "sales" were orders issued though the website but never paid)
Ken is refunding people out of mining revenue, in all of the addresses that Ken has he truly did receive $6M he wouldn't have enough to cover that unless he's got a fat bank account (I don't believe he does as he road the Bitcoin price increase this far)
What do you think the prices are for these HashFast boards + Parts. Do you honestly believe he could fund a 28nm chip and do this HashFast project?
This was a lot to write up so if I missed something let me know I'd be happy to clarify it. This post isn't meant to be an attack on you Jimmy just getting information out.
