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Topic: [Active Mining] The UNofficial Active Mining Discussion Thread [UNmoderated] - page 3. (Read 76090 times)

bitlind

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Quote from: Phildo on June 04, 2014, 03:51:40 PM

A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

Quote
Quote from: VinceSamios on Today at 09:13:44 AM
Quote from: kokoarm on Today at 09:07:39 AM
Quote from: VinceSamios on Today at 09:06:32 AM
"As of this offering AMC has combined liquid Assets of $3,427,700.12" and it also mentions $900k in NRE (which we know vaporised)

Do you actually believe it Vince? And doesn't that just mean the pre-order money?

Well we can't have it both ways - either we believe both numbers, or neither. I'm in the "neither" camp.

Wasn't that number used in the sales pitch to investors. Why have faith in a liar?

this didn't go over well with neo and bee on reddit, but let's try it here, all credit to Adam carolla for the theory of stupid or liar.

ken claimed he had 6 mil in preorders. Ken also was unable to give timely refunds earlier this year. How can both be true and not a major problem? If he blew all the preorder money he's stupid. If he didn't have that much he's a liar. Which one is he? Who cares, you are insane to believe that someone who blew 6 million in preorders or someone that lied about 6 million in preorders can turn this around.

It is with no amazement that Vince and Zum are still modding that thread. They are still trying to paint this failure with rainbows and butterflies, Stockholm syndrome at maximum levels, or fully complicit con artists.

Phildo

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gogxmagog

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Ad maiora!

Quote from: ?? on ??

Quote from: lobbes on June 04, 2014, 12:35:02 PM

Lol, while digging, I found this gem (another Slaughter Scam?):

https://bitcointalksearch.org/topic/announcement-torex-anonymous-bitcoin-exchange-168284
Posted from Bitcointa.lk - #39SKekAczqrpe6yo

Wow, how did we miss that earlier?! Great find.
Well, here's where some of your coins went... anonymous cash.

I guess the MSD and SEC would be interested in this, even if it never got off the ground, it shows Ken has an understanding of the mechanics of hiding funds via BTC and Tor. It suggests intention, on ken's part, to do so IMO.

lobbes

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Lol, while digging, I found this gem (another Slaughter Scam?):

https://bitcointalksearch.org/topic/announcement-torex-anonymous-bitcoin-exchange-168284
Posted from Bitcointa.lk - #39SKekAczqrpe6yo

Entropy-uc

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Quote from: Bargraphics on June 03, 2014, 07:20:12 PM

You can thank digimex and liquidbits for that hashfast bankruptcy, your "actions" were useless and all you did was waste money.

If you're going to try to talk shit you should start by knowing what you are talking about.

I, and 4 other creditors put Hashfast into involuntary bankruptcy, an action that Hashfast accepted yesterday. Liquidbits and Digimex had nothing to do with it. In fact, both of those parties didn't have any standing to take the action we did because the amounts owed to them are in dispute.

Liquidbits piggybacked on our filing to attempt to have a trustee take control of Hashfast but that motion was denied. Digimex hasn't been active in the bankruptcy proceedings so far, although I know they are weighing their options.

RoadStress

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Quote from: NotLambchop on June 04, 2014, 10:48:28 AM

^IntelliHash(TM) = downclocking? An app that adjust clock/voltage ~~~every month~~ a couple of times during the effective lifespan of a chip as difficulty increases? Revolutionary stuff, would certainly save a few keystrokes a year, but will it work Huh

Exactly. It's dust in the eyes of the non-technical people who don't know that this is the way all chips work. Increase voltage=overclock; decrease voltage=underclock=less power+less heat+increased efficiency.

lobbes

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Quote from: drawingthesun

Quote from: NotLambchop

Quote from: drawingthesun

I am certain Ken has made hundreds of thousands through salary or even millions from our money.

Does anyone know the original IPO fund addresses? We need to try tagging all outputs....

To what end? You realize the shares are selling substantially lower than the nickel/share Ken is allegedly obligated to pay out? That's because folks understand they won't be seeing any refunds. So what would knowing that Ken sent me, let's say, 50BTC do for you, other than make you feel more frustrated?

If we can find outputs that are likely his hidden income addresses, we might be able to persuade the courts (if any action happens) that Ken is hiding money. Then he can either obey a potential order to release the funds go to jail.

I would agree.

I feel like there is enough evidence in this forum to show consumer fraud (using the definition below):

'Deceptive and unfair business practices such as [ DO NOT POST SESC LINKS ]false advertising[/URL], fraudulent billing, and misleading marketing...'

I'll see if I can find the original IPO fund addresses.
Posted from Bitcointa.lk - #A0NLePgxpIQ7bdsK

NotLambchop

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tempestb

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Quote from: RoadStress on June 04, 2014, 08:57:51 AM

IntelliHash was the biggest "FU" in the face for all shareholders. It simply didn't make any sense, but people still believed it. I'm amazed by the blind-fulness of the people that invested money in this.

From what I read about IntelliHash, it just sounded like a plan to reduce the power usage of the chips as the difficulty increased vs the cost of operating the miner. It might also reduce heat, reduce cooling needs, and make it more efficient to run. This is possible. Say it came out running at 1gh a chip but used 1500 watts. The difficulty rises to a point where that is no longer profitable versus another ratio, so it cuts down to 500mh, but the wattage decreases more to like 600watts. So you can run it longer at less power but also at less hash. Or run it slower in a hotter environment to reduce cooling costs.

I know you can argue around this, such as only selling the chips at their optimal speeds and whatever, but people overclock miners all the time and eat the extra power costs for doing it.

Anyway, that's just how I understood it. It sounds like someone else (not Ken) came up with the idea and then that guy quit and went on to join the team at Subway because they paid more.

NotLambchop

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Quote from: drawingthesun on June 04, 2014, 10:15:06 AM

Quote from: NotLambchop on June 04, 2014, 10:11:24 AM

Quote from: drawingthesun on June 04, 2014, 10:03:25 AM

I am certain Ken has made hundreds of thousands through salary or even millions from our money.

Does anyone know the original IPO fund addresses? We need to try tagging all outputs....

You are going to interact with the US courts? Crawl on your belly to those statist jackbooted gubmint oppressors? What happened to the intrepid money revolutionary we knew and loved so well, drawingthesun?

*Seriously, though, if Bitcointalk history teaches us anything, it is that everything is forgotten within a couple of weeks and no one ever does anything. The reason these scams work so well is most of the marks are small-time and weary of teh law themselves. Not people likely to even admit they've been had, forget lawyering up.

drawingthesun

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Quote from: NotLambchop on June 04, 2014, 10:11:24 AM

Quote from: drawingthesun on June 04, 2014, 10:03:25 AM

I am certain Ken has made hundreds of thousands through salary or even millions from our money.

Does anyone know the original IPO fund addresses? We need to try tagging all outputs....

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: drawingthesun on June 04, 2014, 10:03:25 AM

I am certain Ken has made hundreds of thousands through salary or even millions from our money.

Does anyone know the original IPO fund addresses? We need to try tagging all outputs....

drawingthesun

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Activity: 1176

Merit: 1015

I am certain Ken has made hundreds of thousands through salary or even millions from our money.

Does anyone know the original IPO fund addresses? We need to try tagging all outputs....

kokoarm

newbie

Activity: 42

Merit: 0

Quote from: ?? on ??

The MSD ruling/fine is not the end of Ken's legal adventures. The ruling pierces the corporate veil, opening Ken's personal assets to litigation.
Saves plenty of work for Wood Law-style civil suits.

He's more than capable of hiding coins/cash. He knows how to do it I'm sure. They could take his house but he will set up another business, push our/customers stolen money through its books and 2 years down the line he will be back where he was or even better off than before ACTM. People like this cover themselves at every turn.

Wow so actually our money is what funded all this but Ken was probably only ever after the customers pre-order money. He will keep his hands around that and spend all our money/mining money till its gone. He could easily have 2mill from customers under his matress.

RoadStress

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Quote from: ?? on ??

Quote from: RoadStress on June 04, 2014, 08:57:51 AM

Are you sure that he actually failed the eASIC deal? There was no proof other than a signed NDA.

As for the other points there were many people that pointed them out long time ago and people still had faith in this. I still believe that the actual work for the custom chips never started. There were only paper plans.

That's what I think too, he clearly had no clue of what he was doing.
https://bitcointa.lk/threads/amc-the-official-active-mining-cooperative-discussion.93453/page-87#post-2474502
:/

Which is actually good news because he likely didn't spend the money (unless it was booze and whores).

Again a form of third party mining. Nothing custom. OK!

Phildo

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Quote from: kokoarm on June 03, 2014, 02:49:16 PM

Quote from: IPO Magic on June 03, 2014, 02:40:37 PM

@kokoarm: There is no reason for Ken to steal coin directly. Active Mining/VMC never published financials. You know neither how much money is in teh corporate coffers, or how much should be there.

I don't see your point here. You say no-one knows how much should be in the coffers so obviously if that's true he can take 200 coins or 50 coins and no-one would know anyway. The reason to steal them is they are worth money!

Ofcourse he can also steal them 'officially' by getting bills for work or goods that are exaggerated. For example he can ask a contractor to bill him twice the actual amount that some work actually cost. So you only pay the contractor 10k USD but your bill for the books says 20k and the extra 10k goes to your back pocket. When the accounts are done everything looks legit. With big orders for chips or boards you can steal a lot doing that and the supplier gets an extra 10% sweetener for falsifying the bill.

The third way is he just pays himself 250k a year for his wages. I think he will have done all three of these schemes.

So you don't think he has stolen coins or what?

Not sure how this fits into the defintion of stealing, but has ken been taking a salary? Has he been paying anyone else a salary? this company has spent and is spending an awful lot of money with not a lot to show for it.

RoadStress

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Quote from: arousedrhino on June 03, 2014, 11:48:36 PM

Thank you. Its even more ironic that they expect the government to help out when the invested using a currency not backed by the government in an insanely risky investment environment. Really makes you wonder what these people think about BTC. Do they think the government should back it?

If BTC was now worth $1 would they still want the BTC back or the USD refund the MSD is forcing Ken to offer?
You bet they would want the refund, they only want whats best for their bottom line.

You can't have non regulation and regulation at the same time, thats not how it works. Any company has a risk at failing. I just wish we would give Ken even with his shortcoming a chance to succeed or completely fail. He has made many many many mistakes but in the end this MSD investigation makes it more difficult for his to potentially succeed. A 1 year investment is very short in terms of real world investments.

Startups fail all the time due to incompetent management and those shareholders take the loss. Its a risk and when investing you accept that risk.

IF IF IF. This is not an IF issue. IF ken had a working chip by now the company wouldn't be in this position. IF ken didn't screw things over numerous times the company wouldn't be in this position. And the list can go on. But the IFs didn't happened so why speculate? Let's just deal with what we have and stop assuming things.

Give ken a change to succeed? Now? He had more than 1 year to work things out, but all he did was buy overpriced third-party miners. That's it! He didn't accomplished anything else. He wasn't even able to fix the damn website, not to mention that he was afraid of working with Bitpay and he managed to lose over 400BTC to MtGOX. The man is simply incompetent and it was clear from the start. Now that we know about his past failed companies it's obvious that he can't manage anything. WHY do you have such blind faith in ken? WHY?

Quote from: Jasun7211 on June 03, 2014, 11:26:20 PM

That is just looking at one aspect of it. There are so many moving variables, both in and out of Ken's control that it is imposible to calculate some meaningful outcome We have a pretty good mining farm going, and were selling product. Thats progress imo, and this news will just hinder that growth too. I just don't want any what if's in the future. The State helps clear any what ifs. Lol, but that's not how I wanted clarity.

I wouldn't call 100TH/s a pretty good mining farm considering that this company raised ~20k BTC. There are private farms that are mining with ~100TH without an IPO. So nothing special there. As for selling products I'm afraid that you aren't selling any products. Do you know how many boards have been sold in total? How many are selling per week? You don't because ken isn't sharing anything (under NDA!) so you are just assuming things.

Quote from: arousedrhino on June 04, 2014, 12:23:20 AM

We finally have a mining farm and shares are tradable again. Thats more progress made in the last couple months than in the entire history of the company. Its not amazing progress but progress nonetheless.

By this logic it would mean that if you will see a financial report in 1 year it means that things are moving. Maybe in 5 years you will have your own chip which was the reason this company started...[/quote]

RoadStress

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Quote from: Bargraphics on June 03, 2014, 05:15:10 PM

Unfortunately there's absolutely nothing in the works other than HashFast for Ken at this moment regardless of what he may lead you to believe.

He failed with eASIC and then cancelled it
He sat for MONTHS with no plan still saying that we were working on our own chip
He "found" People's ASIC (read I told People's ASIC about a company that may be interested in buying their IP)
He cancelled funding that chip and the 28nm design based on their 55nm IP, AGAIN saying that we were still working on it.
He then struck a deal with one of the worst ASIC companies that have existed in regards to customers and litigation (HashFast) to buy their chips.
They provided him with THEIR fab to make all of the boards, Ken couldn't mess this up even if he tried.
I then connected him with the key players that are pushing for HashFast's bankruptcy so that he could make boards for all of them.
Then the MSD comes in and with what's being said, this company will have no funds to produce anywhere near the boards it would need to if any at all.

Was fun watching this though. Game over.

I did warn you in winter about this, but you wanted to go in person to see it for yourself and even then you weren't convinced that this will fail. No idea why the blind faith...

Are you sure that he actually failed the eASIC deal? There was no proof other than a signed NDA.

As for the other points there were many people that pointed them out long time ago and people still had faith in this. I still believe that the actual work for the custom chips never started. There were only paper plans.

I'm sure that you learned your lesson from this.

Quote from: ?? on ??

Quote from: bitlind on June 03, 2014, 05:23:42 PM

Quote from: ?? on ??

^You were so optimistic after your visit...

I believe his visit came between the eAsic cancellation and Ken sitting on his rump for months

Nah, Ken's been lying about all kinds of things at this point, remember? The boards for eAsic chips that had to be redesigned, engineering companies failing and being abandoned, the revolutionary IntelliHash(TM) that mines while you mine, the software in the ASICs being updated (no, I didn't misspeak, totally SIC)--huge list that Bar chose to ignore, telling you he "got a good feeling" from the Slaughter clan.

I said it in the past and I will say it again. IntelliHash was the biggest "FU" in the face for all shareholders. It simply didn't make any sense, but people still believed it. I'm amazed by the blind-fulness of the people that invested money in this.

PurpleTentacle

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Quote

Quote from: bigdude on Today at 07:53:44
I would like to Ask Ken one question.

Ken, how are you feeling about how you have performed for your investors so far?

To be fair, Ken informed us of his intentions:

Quote

Dec 08 04:33:43 we all know you're under a lot of pressure Ken. But can you just try to see how much of a possitive thing it would be to release some key info
Dec 08 04:34:12 https://bitcointalk.org/index.php?topic=359084.0
Dec 08 04:34:14 I can't this is a scam.
Dec 08 04:34:20 https://bitcointalk.org/index.php?topic=346134.0
Dec 08 04:34:26 Ken. I don't believe that.
Dec 08 04:34:31 Many of us don't.
Dec 08 04:34:33 * wasubii_ ([email protected] has joined
Dec 08 04:34:39 I wish you would.

In this sense, I think he performed extraordinarily well.

Bargraphics

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Every man is guilty of all the good he did not do.

Quote from: Entropy-uc on June 03, 2014, 07:10:32 PM

So you made some tiny investments and then pumped the hell out of the companies to draw other investors in based upon your personal visits? So your claim to fame is leading people into scams? Well done. I'm sure everyone who listened to your great wisdom is very relieved to hear that you didn't lose much.

I have no idea how it's relevant, but Hashfast is in bankruptcy due to our actions. That bankruptcy proceeding will protect all the small investors in Hashfast from being ripped off. I doubt you are smart enough to comprehend the difference between protecting people from a scam and encouraging them to invest in one, but there really is a significant difference in the moral position.

You seem a little distraught right now, I guess I hit a button.

You can thank digimex and liquidbits for that hashfast bankruptcy, your "actions" were useless and all you did was waste money.

I wish the best to you and all of your endeavours to reaching the perfect moral position.

I really do hope you get something back from HashFast, good luck.