Topic: [Active Mining] The UNofficial Active Mining Discussion Thread [UNmoderated] - page 31. (Read 75954 times)

Or just freaking stay on topic, so I don't need to constantly delete your posts! Now, please keep to the topic of Active Mining.

def. gettin moderated hard here, maybe i should just make a new account, like crumbs does

Just posting this for posterity.

What do you think it is then? Some sort of narcissistic mental illness? Because until now, I've always assumed Ken is pretending to be a much bigger idiot than he is and that there really is a plan behind his actions, but his motives behind this interview I cannot fucking fathom. Did he not know what day the article was coming out? Did he just keep putting off making up a story to feed to his shareholders until, whoops, oh yeah, meant to take care of that before it hit the fans? How do you read this as anything but the move of an utter boob who's absolutely losing it?

As for the content, good Lord. So the 55nm IP he bought AND TAPED OUT was a "hiccup"? Okay, it never would have made a profit versus holding coins, but wouldn't he have known that before BUYING the property if he'd run the numbers? Why do these things, spend hundreds of thousands, and then undo them? Is he laundering money? Does he seriously believe in his bitcoin 10,000 crap (and if so, why not just hodl)?

And keeping coins on fucking Gox?  I don't believe it, unless he was buying goxcoins on bitcoinbuilder, or trying some even more retarded arbitration scheme.

Or is this his masterstroke, a devious triple bluff, a magnificent display of dumbth of such splendor and glory that even the great cynics of the bitcoin age start to doubt their considerable doubts and maybe start going easy on this poor senile old man, with his quirky beliefs and his understandable desire to provide for his family, as he soon may not be able to?

Well, now that starts to make sense.

SCENE:

Ken sits down with the happy engineers who sold him their uneconomic 55 nm design for $500k.  All are cheerful and cordial.

KEN:  Ok guys, down to business.  I just paid UMC $700k to build masks and start wafers.  What is it going to cost to get these chips packaged, onto boards and hashing?
ENGINEER1:  (shares power point and excel sheets)
ENGINEER2:  (reviews GANT charts of schedule)
KEN:  What the fuck!  It's going to cost me $8 / Gh/s for hardware that won't arrive until July?  I can buy May Cointerras for $3 / Gh/s!
ENGINEER1:  Not any more.  We bought out Cointerra's May batch with the money you paid us.
ENGINEER2:  Why do you think we sold the design to you anyway?

There was an indirect answer for that:


I am still amazed at the delusional people in the moderated threat pretending that everything is fine.

The $1M+ wasted since then is $0.1 / share, or 0.000182 BTC / share.  Plus, you could have pursued Ken and his family's personal assets.  By now his lawyer will have explained to him measures to make that difficult in the future.

I personally feel sorry for you, especially in comparison the most of the idiots invested in this mess.  But your willingness to be a victim isn't doing you much credit.

This whole debacle reminds me of the endgame for the Pirate ponzi.  Scammers like PatrickHarnett, BurtW, Paybtc hid behind the collapse of Pirate to deflect blame from their own actions.

No.
You made a series of mistakes, failing to listen to your betters at *each and every step of the way*.  You stubbornly ignored good advice, and, even now, are trying to justify your bad decisions.

It is people like you, who throw money at lulzy, illiterate, serial-scamming alcoholics, and then sculk off with tails between their legs, who are *directly responsible for all the scamming happening in Bitcoin*.

You don't report rapists in hopes of getting unraped.  You report them so they would be punished and *others would not get raped*.

I already made the mistake of investing. I was left with two options with various risk/reward playouts:

1) Legally force the company to liquidize. I will perhaps get under 1 bitcoin back for all that I have invested after the legal fees are paid out. 95% - 99% chance of working.

2) Let Ken have his way, give him the chance to return to investors 20% - 90% of our original invested amounts over several years. We never break even but have bitcoin in our wallets. 0.5% - 5% chance of working.

I still think that taking option 2 was the best course of action. Yeah it's like playing a lottery. I don't care so much for folding and getting 1 bitcoin.

I still think your advice was bad.

My view has been like this for a long time now; the investors have nothing, the company is worth zilch. However I believed there to be a small (1-4%) chance that Ken makes an ASIC and this would be the only way to get a real return. Taking that risk was the only real way to get a decent amount of Bitcoin back, rather than the peanuts splitting $1,000,000 (if that) over 10,000,000 shares.

Of course this means I was willing to accept a 95%++ chance of never getting anything back.

This direction is the 95%++ chance playing out.

Do you remember when I told you to take legal action so you could prevent Ken from turning any more of your money into garbage?

Well here we are, $1M in expenses, 4 months of salary for Ken and his children later.  Do you still think I was giving you bad advice?

We can expect the 28nm in September perhaps? Not sure why any coin was on MtGox, coinbase is the prefered place for getting in/out of bitcoin and also Gox has had issues with withdrawing for the entire life of ActiveMining.

This makes no sense to me.

^if thats true, then holy shit. 55nm out the window, and the recently announced 28nm is probably barely off the ground.

but more importantly: why would they store bitcoins at mt. Gox? that is absoulely insane, and more then enough reason to avoid ACTM if they cant implement a simple offline storage

One wonders why he would be storing bitcoins anywhere but offline after losing 106 at Weex.  More so, why he would keep any at MtGox.  Since it was impossible to get cash out of MtGox on a timely basis since the time of his IPO, you'd have to be an idiot to consider selling coins for your business there.

It seems this could be the perfect cover for Ken to walk away from the scam free and clear.  Cancelling the 55 nm pushes the time frame for any results out 6-12 months.  And when anyone asks where the money went, he can just blame MtGox.

It is worth mentioning that this question was asked to Ken in the official thread, with no response.

LOL. 1/2 a million dollars on masks wasted.  Plus whatever he paid for the design in the first place.

If he actually taped out like he claimed.

There is no way he has enough money left to fund a 28 nm build.  Especially with 4 employees, all members of his family (as stated in the article).

Lol, Ken tells random reporters more than he tells U:

"On Monday, several bitcoin companies announced that Japan-based Mt. Gox, the largest online Bitcoin exchange, would file for bankruptcy after months of technological problems and an apparent major theft. It did so Friday, saying that hackers had stolen 750,000 of its users’ bitcoins and 100,000 of its own — more than six percent of the total currently in circulation, worth more than $450 million.

The announcement prompted the cancellation of Virtual Mining’s development of the 55 nanometer chips, Slaughter said on Tuesday.

The cancellation, he said, was driven by three factors. First, Active Mining had some bitcoins — now presumed lost — in the exchange. Second, the recent decline in the price of Bitcoin meant the company had less buying power. Third, the machines would cost enough to produce that they would only provide a return on investment if the price of Bitcoin was at least $900."

Lol.  

Excuse Du Jour:  UR coinz are GOXED!!!!1!

That's why i have created this: https://bitcointalksearch.org/topic/kslaughter-and-zumzero-from-actm-and-vmc-are-deleting-legitimate-posts-253282

Ken is even deleting posts from the VMC thread in custom hardware.

I didn't realize that one was self-moderated too.


Wow!  You are going to fufill existing orders with 10x the hashrate?  That is the only way you could make up for the delay in shipping.  Actually 10x might be less than needed to compensate.  A LOT LESS.

Is your "processing and confirming refund requests" similar to your processing of share trading?  What has it been, 4 months now that you have bullshitted your investors into thinking they will be able to trade again?

I doubt your customers are stupid enough to wait for the bankruptcy filing like MtGox's victims did.