Topic: [ActiveMining] Official Shareholder Discussion Thread [Moderated] - page 42. (Read 629889 times)

Such pro.
Very mining.

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 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.




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*




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.




The fines are the least of Ken's financial worries.



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.



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.



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?



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.


Correct (We assume there was a refund based on Kens word)




See first "Quote"




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.


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.



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.

I'm not sure when it was said, but it's 100% certain that Ken no longer has any ASIC IP that can be used, the only IP was the 55nm but that boat has sailed.

It's over, and the shareholders get nothing. Get will never refund us, only the customers. Ken knows the legal threats from customers matter but investors do not. The only shareholder left to make any money from Ken is Bargraphics, the rest of us couldn't afford 2 hours of a lawyer's time, if we could there would be action taken by now. Anyway, nothing really matters for me, I'm too poor to fight Ken, he took everything I had. Sometimes the scammer wins, I think Ken has won.

Given the following details, who would'a thunked...

Just an observation for you... if Ken had sold all inventory he wouldn't need to take bitcoins mined by ActM (Which should go towards dividends and reinvestment in additional hashrate) and use them to pay refunds; he'd be able to use profits from the sales to pay.

I'm guessing he delivered as much as people would accept in place of refunds and everything else dumped at or near cost.

There is way to much borrowing from peter to pay paul going on. I highly doubt Ken even could produce financials at this point... he's probably not kept record of where funds came and went.

If you trust Ken's numbers, only $6 million to go

Do we still have the 28nm full custom asic thing???

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.

People are stating that Ken has not shipped anything.
He has actually sold out the Gold rush cards.

Mining at 100th.

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.

People are acting like the Missouri securities fine will be the death of the company.
Its going to be  $100,000>

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.

Ken stated he wants to refund 100% pre orders.
He has started this process.

Ken has stated he is working with Hashfast and their creditors.

...

Since the IPO bitcoin has gone up over 5x.

ACTM received a partial refund from easic (nobody knows the exact amount)

ACTM received a full refund from Avalon.

ACTM sold out the Gold rush cards.

ACTM has a working IP - Purchased for 150,000 shares.
...


As stated before the pre order money could have easily funded the 28nm full custom asic. It is not uncommon in this industry.

Which reality is that? The one you continue to make up by not accepting the facts?

Please post something with substance instead of your usual "This company can LIVE! Everyone that disagrees is stoopid!"

We all want to have a discussion based on "reality and facts" please show us some (Try not to omit the negatives)

Kind Regards

I have never met such a bunch of retards.

Yes the company may be struggling and on its last legs.

But could we please start living in reality and facts. Not fiction and conspiracys.

I'm not arguing that ActM could turn this mess around at all, but VMC has delivered product. There are many accounts of successful delivery - primarily of the Gold Rush boards, but some Prospectors as well.

Yes, but it is still a negative cash flow because he is unable to deliver product. why on earth do you think he will be able to deliver product in the future?

Still have no proof that this actually happened btw... just Ken's word.

Looks like only 2 refunds were sent out from this address up till now:

1DJpsvnM7xTnQbWEhLYyCyfxQyxwupEzCa

Only Ken could explain where the rest is at, I guess

Only 450> about $300,000.

Lost at MtGox (yeah right).

They were used for development of the 28nm full custom chip expected in Q3.

And yet Ken is using our freshly minted coins for the refunds. What does this tell us about the preorder funds?

They are not giving away money they are giving out refunds.
The money came in at one point...