Topic: [ActiveMining] Official Shareholder Discussion Thread [Moderated] - page 254. (Read 630051 times)

Ken, the options trader. He keeps having the option (but not the obligation) of creating mining chips at a low price which he can sell at a higher price if Bitcoin shoots up to $7,500 - $10,000 per bitcoin. It just hasn't happened yet and I'm starting to think we won't see a product from ActiveMining until the price of bitcoin reaches Ken's prognostication of $10,000 per bitcoin.

current ACTM mining income: https://blockchain.info/charts/balance?address=1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa

come on guys you all have been around long enough to know the best possible way to have questions answered by Ken.  someone needs to compile a list of concerns and provide it to him here as well as in a PM if any of you expect any/all of the questions/concerns to be answered.  I did it a few weeks ago, but do not have time (or desire) to do it this time.  so someone take the reins here.

Ken needs to respond to these concerns and I look forward to him posting something tangible very soon.

I do hope he is reading every single post, because there are no trolls here, just genuine shareholders with genuine concerns.

Zumzero: I too could be tempted to agree that dropping the 55nm might be a good move. But, as I mentioned in my last post, it's hard to applaud it as a move when not only do we not have the details behind pricing, we don't even have any proof that it ever existed. Ken never gave us a single shred of proof when the deal was struck to move to 55nm, just his weekly update. Now, we're dropping it.... Like I said, if that's ALL the info we're going to get about it, it's our money being thrown into a literal black-hole. Ken could be fucking money laundering with our funds at this point for all the proof we have as to where our money goes.

@ tempestb

It's a tricky one because Ken clearly won't want to compromise the security of the professionals he's working alongside as he had to learn the hard way with shareholders actively trying to sabotage the operation in the past.  Now that's not to say that other evidence couldn't be found which would reassure people of the legitimacy of the business.  I don't know Ken personally but have considered that he may be of the opinion that he doesn't feel he should prove himself to those shareholders who don't have belief in him or his company and make what he may perceive to be unreasonable demands.  I stress, that is pure speculation as I don't know Ken and have never spoken with him in person, only PM's in which he has never alluded to having that opinion.

The reason I suggested Wednesday was to allow Ken time to offer something substantial enough that works for everyone who reads it.  Something that answers most of the many questions we all have.

Yes, the mtGOX issue is the one that I'd be seeking an explanation for the most out of everything that was mentioned in the article.  In terms of the 55nm being dropped, I'm quietly applauding Ken and think it has the markings of a shrewd businessman who it looking to take this company to the top.  He could have settled with the 55nm, made a few bucks, we could have watched DTS sell his shares for pennies and then all sold ours for a few more and the company could have folded as the 28nm may have then been beyond our reach.  I don't know, but what Ken seems to be doing now is going all out to make this an enormous success.  If it works it's peaches and cream all round (even for crumb's cats), and I have simply got a feeling inside which can't be supported scientifically that tells me ActM will prevail.

Edit: I agree that Ken should consider something as a show of faith as mentioned by knybe.

Edit 2:  nice post Rodyland.

If this 28nm thing is real, then chances are the withheld dividends are what's paying for it.

As was mentioned earlier, the IPO was supposed to raise funds for Avalons and the eASIC stuff.

I can't recall how much we spent/got refunded on the Avalons, and we have no idea how much of what we spent on eASIC has been refunded (and if those refunds were in cash or in-kind).

Even with our mining (ie. withheld dividends) I too find it hard to believe that, after buying People's ASIC and paying for a full production run (isn't that what Ken told us happened?), then cancelling that production run (money back? who knows?) that we would have enough money for a 28nm chip.

Pretty much up until the most recent news was broken to us shareholders via a reporter, I was leaning heavily towards the "give it a chance, we've had some problems but everything is moving in the right direction" camp.

This latest slap in the face to shareholders has flipped that 180 degrees.  I'm not saying a lawsuit is the way to go (right now), but I hope Ken realises that every time he takes a dump on his shareholders, like he did this week, he turns a few more supporters into sceptics, some skeptics into disbelievers, and makes the disbelievers angry enough to want to tear the whole thing down just to get at Ken.

Ken, for the love of all that is good, get your act together.  

+1

I'd be somewhat appeased if dividends were dispersed to us immediately as a show of faith… at this point it feels like we'll never see anything back on this dud.

ZZ, I respect you and your opinions and you seem to be one of the biggest supporters of this operation.  But let's agree that waiting until Wednesday for a couple sentences from Ken is ridiculous.  We hear about the Wednesday update (every week!) and it's sparse on solid information.  I don't want Ken to come in here and tell me a yarn about what has been happening.  I want to see some proof.  I think at this point we've all been patient enough.  It does not require him to draft some formal letter to the shareholders.  It's called taking some pictures or screenshots and posting them up.  Every other investment I've been involved with that hasn't gone sour has done this.  (Way more than this) And I'm invested in pretty-much all of them, even that banana farm and seventh continent voodoo wizardry or whatever that one is about.  And this is the only one where after a huge amount of time I've gotten nothing, seen nothing, and yet surprisingly people are calm about it and just accept it.  Aren't you a little upset that you found out about the 55nm being canceled because of MtGox losing your money through someone other than Ken?  If Wednesday comes and he supplies no evidence will you continue to be assured that this is going to turn out positive?  I just want to know where this feeling of satiety comes from.  Because I'm not feeling it.  I think we'd all like to feel it, but all I see is a lot of nothing.  You're like the zen master.  Calm and peaceful.  Good qualities that I don't share.

How much you want to bet this next batch of "news" will be nothing of substance....yet again?  Just more words, more promises, no cold hard facts and numbers.

Why were funds on mtgox - how much was lost?
Why have we not been given any acknowledgement of the status of our shares and accumulated dividends - has he even been recording how much we have accumulated in mining at all?  If so show me the numbers.
Exactly how much money has been used, how much is left, what was said money spent on and when?
Who are these dubious "engineers?"  What precisely have they been working on, how much have we spent on them?

The questions go on and on and on.

I can only recall two other occasions when the shareholders have been as vocal as they are being right now in demanding action from Ken.

On both occasions he recognised our concerns and responded accordingly.  I'm sure he also recognises what's being voiced here as equally significant and would hope he take full advantage of this Wednesday's Weekly Update to bring us up to speed and allay people's concerns.

Rather than demanding action immediately I'd suggest waiting until Wednesday to allow Ken enough time to work out what information can and should be shared and draft something substantial which may have a chance of keeping the shareholders on board.  

I'm not interested in challenging any one persons opinion however talk of legal action is premature and any reference to scam is utterly preposterous.

I'm not sure about other people's perceptions, but I see a man who is keeping our dreams alive by changing in tandem with the bitcoin environment and not fighting against it.  All the clues are there and I see a major breakthrough for us just around the corner, be it three days or three weeks it's coming.

Please PM me in the future if there is any information you need from me - i.e. # of shares etc.

I've been away on business for the last few days, I just got home and I will be contacting my lawyer tomorrow. My guess is we will hv to pursue actions in both Belize and U.S.A. but I would think both criminal and civil actions could happen given Ken's repeated lies to shareholders.

I hate to be that guy but.... I think we need to at least start to look into legal options.

Does anyone know where to start?

Ken we need some solid evidence of what has happened to our money and what is currently going on. 

Enough is enough.

Why?  Why do we have to wait three weeks?  Is it a surprise and this is my birthday?  I don't have shares that I can trade that knowing what is happening is going to matter.  How about just telling us now?  Show us some proof of what is going on.  He's not too busy to talk to a reporter (Or whatever he was) to talk about himself and his business, but apparently is too bothered to come in here and answer people's questions.  Even the most ardent of believers have asked questions politely and have been totally ignored. 

Some of the money we all spent on this endeavor was lost at MtGox and we found out about it because he made an off-hand remark to a reporter.  And his excuse is that he wanted to wait to mix it with the good news.  Seriously?  Here's an idea...  Since we already know the bad news, why don't you tell us the good news now so we don't have to wait three weeks for one sentence that says, "Everything is improving.  Looking good.  All is well." and then nothing but speculation in here for weeks more.

Take some photos Ken and post them.  What's so difficult about that?  Show us some evidence that what you are saying is true.  (Or what you're inferred as saying, since we don't actually gain any information from you first hand and have to find it from others.) 

+1 to everyone else's sentiments. I think it's time to see some hard proof of what's being done with out money. Why are we only finding out after Gox went down that we had money there? Let's see screenshots and proof-of-ownership of that loss, otherwise it's the same as magically saying the money is gone. That wouldn't fly with any sort of accounting, and it shouldn't fly with us.

Let's see proof of the orders and cancellations we've apparently had with UMC. For over a month we were apparently working with them and were gearing up for a run with dates and all. Now that's just disappeared as well. Likewise, let's see proof, otherwise it's the same as saying the money is just magically gone.

We've heard that we were supposed to get up and trading on CT. We were waiting for our shares to be validated by a program that Ken was supposedly writing for months. Maybe we're not on CT now, but let's see PROOF. Show us this site that's been programmed. Validate ownership of shares, even if they are not tradable yet.


I am likewise a mid-level shareholder, ~10,000 shares. I too am getting to the point where I am just writing this off as a full loss to what's seeming more and more like a scam. Show us some proof Ken.

I think it's safe to say that shareholders have run out of patience, I know I have.
Ken needs to give us something tangible right now.

Well i called and talked to Ken today and he said Just Watch what happens in 3 weeks So i think that is the good news he is talking about, So i will wait the 3 weeks and reserve my judgement of everything till then

Am a shareholder watching the space for more info on transfer of shares from bitfunder to CT.