Re: [ActiveMining] Lawsuit Discussion

[Ask Ken About Love]

...
We are finally seeing some movement by Ken...

What is a bowel movement?
http://www.pagecovers.com/user-covers/08-23-2012/jeopardy__logo_grid.jpg

[lobbes]

I'm a very large shareholder, and I would be strongly against any legal action at this moment.

We are finally seeing some movement by Ken, and I think it is best to give him time to keep the momentum going.

We now have our shares, mining is happening, there is improvement.

We still need to know more, and for more to happen, but now is the time to allow that to happen.

If it doesnt, then we can revisit thoughts of legal action.

Taking action now would be shooting ourselves in the foot, and a sure way of killing any hope of return of wealth.

I would agree. Since shareholders can now exit, it would not make sense to take legal action, from a financial standpoint.

As soon as my shares are listed, I'm out. I simply don't see this venture succeeding. He has made improvements, but the communication issues alone are too much. Customer service is a mess, and who knows where the financials are?

[gogxmagog]

I'm a very large shareholder, and I would be strongly against any legal action at this moment.

We are finally seeing some movement by Ken, and I think it is best to give him time to keep the momentum going.

We now have our shares, mining is happening, there is improvement.

We still need to know more, and for more to happen, but now is the time to allow that to happen.

If it doesnt, then we can revisit thoughts of legal action.

Taking action now would be shooting ourselves in the foot, and a sure way of killing any hope of return of wealth.

I would agree. Since shareholders can now exit, it would not make sense to take legal action, from a financial standpoint.

As soon as my shares are listed, I'm out. I simply don't see this venture succeeding. He has made improvements, but the communication issues alone are too much. Customer service is a mess, and who knows where the financials are?

+1 agreed
this company could use a little improvement in public perception right now if you want the share price to rise at all.
I know Ken is MOSTLY 99.9999% responsible for this and doing a lousy job... but threads calling for lawsuits don't help either. you should probably delete. Its not like he is Kenilworth, who outright took money and disappeared... ActM is simply a poorly run show, sorry to say. Let it do what it does and hope for a little "uptick" It's better than zero.

[Anotheranonlol]

Why are there so many Full/Sr members who chose to invest in Activemining is what I'm intrigued about.

[theMiracle]

И нa cтapyxy бывaeт пpopyxa
To their defence, Bitcoin securities being ~95% fail/scam, investing in one is pretty much guaranteed if you "invest" in bitcoin securities.

[Anotheranonlol]

И нa cтapyxy бывaeт пpopyxa
To their defence, Bitcoin securities being ~95% fail/scam, investing in one is pretty much guaranteed if you "invest" in bitcoin securities.

it's 2014 blind dart championship)

[gogxmagog]

these are the same as penny stocks. most fail, some don't, but they all cost only pennies a share, so one is able to invest small amounts to see what happens. at IPO there were mixed reports on Ken, but some trusted members had said they had worked with him in the past and saw a determined capable programmer and engineer, if somewhat unconventional and difficult to communicate with. My experience holding a small stake in actm has proven that these statements are mostly fair. However Ken's timing and management is terrible enough to tank this company, and he is often too stubborn to realize he his headed down a dead end. He is also one of the very worst communicators I have ever encountered, he over-promises and under-delivers consistently, and continually shifts blame for all failures to some vaguely identified "project managers" and "PR teams" which seem to be outright fabricated persons. As far as I can tell actm entire staff is ken and 2 teenagers (possibly family members) Regarding his fiscal trustworthiness... the jury is still out on that one... but the odds are not in his favor.

I threw some pennies at actm in the beginning and now it looks like those pennies were wasted, but...pennies. Unless you have solid insider information, you have very little to go on in terms of viability of any given offering. Due diligence will only get you so far when there is so little known about the principals involved, and only greedy fools throw large amounts at untried entities hoping they will win the lotto, they have no right to bitch, its their own damn fault they are losing their shirts. I really believe most of these supposed lawsuits that get discussed in this sub are empty threats made by butthurt gamblers hoping to light a fire under the operators' arses. Do any of them believe they will get even one satoshi after they get lawyers involved? If they have that large a stake in any of these "securities" then they are obviously not smart enough to know how things work.

All the same, I would love to see actm pull itself together and make my pennies shine...I'm saving up for a piece of dubble bubble ;-)

[NotLambchop]

^Some people just don't like being scammed, and are willing to punish the scammer.  Those people are good for the community Bitcoin (the alternative being the scammer going unpunished, which breeds moar scam).

Consider not supporting scams/idiotic businesses, no matter how cheap the shares are.

[minerpart]

Taking action now would be shooting ourselves in the foot, and a sure way of killing any hope of return of wealth.

It's simply too late for your appeal. Ken has had so many chances to open the books and get the logistics sorted. HE IS INCAPABLE OF MAKING A SUCCESS OF THIS COMPANY. He just can't do it. So the only chance of getting any money back is this class action.

We desperately need to sell miners and increase the data centre - HE CAN'T DO IT. Fact. Two more months of this and we are dead. Court action and freezing company funds is the only chance for shareholders - leave it to Ken and we have total loss.

[kslaughter]

Taking action now would be shooting ourselves in the foot, and a sure way of killing any hope of return of wealth.

It's simply too late for your appeal. Ken has had so many chances to open the books and get the logistics sorted. HE IS INCAPABLE OF MAKING A SUCCESS OF THIS COMPANY. He just can't do it. So the only chance of getting any money back is this class action.

We desperately need to sell miners and increase the data centre - HE CAN'T DO IT. Fact. Two more months of this and we are dead. Court action and freezing company funds is the only chance for shareholders - leave it to Ken and we have total loss.

@minerpart Sounds like a good plan, let see how it works out.

[kslaughter]

these are the same as penny stocks. most fail, some don't, but they all cost only pennies a share, so one is able to invest small amounts to see what happens. at IPO there were mixed reports on Ken, but some trusted members had said they had worked with him in the past and saw a determined capable programmer and engineer, if somewhat unconventional and difficult to communicate with. My experience holding a small stake in actm has proven that these statements are mostly fair. However Ken's timing and management is terrible enough to tank this company, and he is often too stubborn to realize he his headed down a dead end. He is also one of the very worst communicators I have ever encountered, he over-promises and under-delivers consistently, and continually shifts blame for all failures to some vaguely identified "project managers" and "PR teams" which seem to be outright fabricated persons. As far as I can tell actm entire staff is ken and 2 teenagers (possibly family members) Regarding his fiscal trustworthiness... the jury is still out on that one... but the odds are not in his favor.

I threw some pennies at actm in the beginning and now it looks like those pennies were wasted, but...pennies. Unless you have solid insider information, you have very little to go on in terms of viability of any given offering. Due diligence will only get you so far when there is so little known about the principals involved, and only greedy fools throw large amounts at untried entities hoping they will win the lotto, they have no right to bitch, its their own damn fault they are losing their shirts. I really believe most of these supposed lawsuits that get discussed in this sub are empty threats made by butthurt gamblers hoping to light a fire under the operators' arses. Do any of them believe they will get even one satoshi after they get lawyers involved? If they have that large a stake in any of these "securities" then they are obviously not smart enough to know how things work.

All the same, I would love to see actm pull itself together and make my pennies shine...I'm saving up for a piece of dubble bubble ;-)

@gogxmagog Nice post.  I would love to make your pennies shine.

[RoadStress]

these are the same as penny stocks. most fail, some don't, but they all cost only pennies a share, so one is able to invest small amounts to see what happens. at IPO there were mixed reports on Ken, but some trusted members had said they had worked with him in the past and saw a determined capable programmer and engineer, if somewhat unconventional and difficult to communicate with. My experience holding a small stake in actm has proven that these statements are mostly fair. However Ken's timing and management is terrible enough to tank this company, and he is often too stubborn to realize he his headed down a dead end. He is also one of the very worst communicators I have ever encountered, he over-promises and under-delivers consistently, and continually shifts blame for all failures to some vaguely identified "project managers" and "PR teams" which seem to be outright fabricated persons. As far as I can tell actm entire staff is ken and 2 teenagers (possibly family members) Regarding his fiscal trustworthiness... the jury is still out on that one... but the odds are not in his favor.

I threw some pennies at actm in the beginning and now it looks like those pennies were wasted, but...pennies. Unless you have solid insider information, you have very little to go on in terms of viability of any given offering. Due diligence will only get you so far when there is so little known about the principals involved, and only greedy fools throw large amounts at untried entities hoping they will win the lotto, they have no right to bitch, its their own damn fault they are losing their shirts. I really believe most of these supposed lawsuits that get discussed in this sub are empty threats made by butthurt gamblers hoping to light a fire under the operators' arses. Do any of them believe they will get even one satoshi after they get lawyers involved? If they have that large a stake in any of these "securities" then they are obviously not smart enough to know how things work.

All the same, I would love to see actm pull itself together and make my pennies shine...I'm saving up for a piece of dubble bubble ;-)

@gogxmagog Nice post.  I would love to make your pennies shine.

Too bad you will never do it.

[lobbes]

I would agree. Since shareholders can now exit, it would not make sense to take legal action, from a financial standpoint.

As soon as my shares are listed, I'm out. I simply don't see this venture succeeding. He has made improvements, but the communication issues alone are too much. Customer service is a mess, and who knows where the financials are?

I'm not sure I get your point.
You were a victim for the duration you held your shares, selling them does not make a difference from a legal standpoint.
You can be "out" and still try to get back what kslaugther stole.

You raise a good point.

My knowledge of law is limited, but it would seem like a class action could recoup some coin for victims. It also seems like lawyer fees, etc. could eat up most of what is gained.

Class members often receive little or no benefit from class actions. Examples cited for this include large fees for the attorneys, while leaving class members with coupons or other awards of little or no value...

That being said, I don't think class members would have to pay any fees, would they? So, in a worst-case scenario they would receive nothing (compared to a solo action suit they might have to pay more than they originally bought into ActM). Correct me if I'm wrong, as I'm just going off of what I've researched.

If that is the case, I feel like the primary motivation here would be the ethical argument, which is that Ken should be brought to justice.

[minerpart]

Taking action now would be shooting ourselves in the foot, and a sure way of killing any hope of return of wealth.

It's simply too late for your appeal. Ken has had so many chances to open the books and get the logistics sorted. HE IS INCAPABLE OF MAKING A SUCCESS OF THIS COMPANY. He just can't do it. So the only chance of getting any money back is this class action.

We desperately need to sell miners and increase the data centre - HE CAN'T DO IT. Fact. Two more months of this and we are dead. Court action and freezing company funds is the only chance for shareholders - leave it to Ken and we have total loss.

@minerpart Sounds like a good plan, let see how it works out.

It's not a plan Ken it's actually happening. Your shareholders are taking you to court because of your ineptitude. In soliciting for monies and being negligent with the use of that money you have let your shareholders down and a judge will accept that.

Give me a reason as to why giving you more time is a better bet than this class action? It clearly isn't, you have drained away thousands of bitcoin in 10 months with very little to show for it. A few more months and it will all be gone. So I'll roll my dice with Wood Law.

[NotLambchop]

Ken doesn't even bother refunding hardware reviewers:  
( http://www.coindesk.com/46k-spent-mining-hardware-happened-next/ )
 

VMC minerVendor: Virtual Mining Corporation (VMC)
Product: Fast-Hash One Platinum Edition (1 TH/s)

Price including shipping: $6,479
Order date: 24th Nov, 2013
Anticipated shipping date: January 2014
Expected delay: 8 months
Status: Refund requested on 10th January

In the meantime I am still waiting for the third refund cheque from VMC to arrive, and hopefully this time it will be signed and properly filled in.

The fact that the previous two cheques weren’t, may be no coincidence after all.

Allegedly, the company put a great deal of customers’ pre-order money in Mt. Gox and consequently lost it when the exchange collapsed. If true, this could have caused the delay in refunds.

In April, VMC’s custom-built mining data centre went live – populated with rigs made up of ASIC chips bought from HashFast and boards manufactured by VMC itself using HashFast’s reference design.

The Fast-Hash One Prospector card (512 GH/s), which they have in stock at the moment, is constructed with the same components.

Using the data centre’s income, supposedly they have started to send out refunds in bulk as of mid-April.

Just recently, Wood Law Firm opened a case against VMC and its subsidiary AMC about the delay in delivery and refunds. Affected VMC customers as well as disgruntled shareholders of AMC can contact the firm about this investigation using the online form provided.

[lobbes]

Quoting for posterity.

Don't worry guys, Ken is 100% working on the core business^tm

Ken this needs adressing.
...

...

Why has the website still not been updated? You said it was a top priority more than 10 days ago and still nothing. It is a 4-6 hour job to re-do that site not a 10 day job.

Why has the extra hash power not been added to the DC yet? You said once the AC was fixed (which you have since said it has been) it would just be a case of flicking the on switch as everything was set up already, was this just another lie?

Do you have any comment on the equipment that is just sat idle depreciating in value by the day?

We are working on something else more important.

[lobbes]

Update to front-page:

Shareholder complaints (last updated on May 18th 2014)

Action Needed	Status	Ken's last communication
Highlighting key products on website to drive sales	Incomplete	'We are working on something else more important.'
Additional hashpower to be added to Datacenter	Incomplete	'We are working on something else more important.'
Release of latest financial data	Incomplete	'Which do you want Sales or Report, working on getting us a CPA and getting the taxes done.  Can't keep Customer Service Reps due to all the threats and bad language.'
Plan for ActM's own chip	Incomplete	Ken has stated that 'We are working on getting our own chip,' but when asked for a timetable, Ken's response is 'Can't say at this point, lot of thing are happening.'

Refunds/Customer complaints (last updated on May 18th 2014)

Customer	Status
Magzy	2nd Refund check arrived - awaiting clearance at bank
metalchain	Still waiting for refund
cryptoconomist	Still waiting for refund
meccaflare0	Still waiting for refund
greek_hephaestus	Unknown
lenart_o	Still waiting for refund
coindesk	Still waiting for refund; two checks sent with misspellings; one unsigned

[Ask Ken About Love]

bump

[Stuartuk]

Still waiting to find out what is more important to a business than selling in-stock products that are devaluing by the day.

Maybe helping out kids at the local Cancer ward, but apart from that....?

[gogxmagog]

always a mystery with ken.

lets hope he's at least getting a second, bigger data center online. that would be the least he could be doing that would qualify as "more important" than sales (considering he would need to fill DC with unsold boards)

but who knows?

more insane waiting for us, i suppose...