This is not good news, but it's not as bad as it seems at first. A lot of people are blowing this way out of proportion, stop with the lawsuit BS! The chips (aka eASIC) are obviously not the bottleneck, it's the boards. That is good, but sort of obvious. The boards are being redesigned. To me this is not a huge issue, just a setback. Pump it up all you want in your head.
I do want to know, however, what exact product was supposedly shipped out to customers a few weeks ago? There has been no legitimate proof of receipt by anybody and Ken has remained silent on the issue. Can we please get an answer on this?
Topic: [ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated] - page 151. (Read 771512 times)
January 09, 2014, 12:56:05 AM
January 09, 2014, 12:45:48 AM
(Long time lurker, big investor in ActiveMining).
Am I right in saying that some of the funds from preorders/IPO/cancelled chip orders are in BTC?
Why not return a portion of these BTC funds to the investors as weekly dividends in the meantime to tide us over until the development is complete?
(Obviously, whilst ensuring that enough funds in US dollars are in place to cover any order cancellations and further development costs.)
I realise that this would cut into the funds available for purchasing mining machines, but at this stage there are too many unknowns and it would help to maintain confidence in ActiveMining.
Am I right in saying that some of the funds from preorders/IPO/cancelled chip orders are in BTC?
Why not return a portion of these BTC funds to the investors as weekly dividends in the meantime to tide us over until the development is complete?
(Obviously, whilst ensuring that enough funds in US dollars are in place to cover any order cancellations and further development costs.)
I realise that this would cut into the funds available for purchasing mining machines, but at this stage there are too many unknowns and it would help to maintain confidence in ActiveMining.
Why as a major investor would you want to company to pay escrowed funds to investors when no product has shipped thus risking bankruptcy of the company if enough refunds are requested. All funds for preorders should be kept in the ActiveMining account until the device is delivered. Only at that point are they our funds.
We should also not pay out from the companies bankroll if we are not in fact making a profit. It is not worth it long term. I would rather have a terrible share price for months than to spend our bankroll and go bankrupt when people ask for refunds.
January 09, 2014, 12:32:25 AM
I would like to see the shares on cryptotrade as well, but mainly to be paid my dividends past due. Without these divs paid, however scant they may be, I begin to wonder if those btc are still there,or even if anything Ken says is true. Getting the shares on exchange is more important than Ken wants to think, and for several reasons, actually. Right now it's starting to look like Van Halen's brown M&M clause. If he can't manage that one simple thing, what else is he incapable of doing correctly?
January 09, 2014, 12:26:08 AM
Ken never provided anything resembling detailed financials, that's why you are using words like "If" and guessing at conversion rates. You are guessing and hoping -- that's not the way finance works. You don't even know if the orders were paid for, much less converted into BTC.
Further, it's not Ken's job to play trader. If he converted the USD into BTC, and BTC tanked, he would not be able to refund the money. The customers would be pissed -- rightly so. You would be pissed -- rightly so.
Further, it's not Ken's job to play trader. If he converted the USD into BTC, and BTC tanked, he would not be able to refund the money. The customers would be pissed -- rightly so. You would be pissed -- rightly so.
Fair enough, I'm only speculating here and I'm no financial expert. But if you look at the balance sheet from September 30th (http://axs.net/VMC/Balance_Sheet.pdf), under Liabilities there is an entry Pre-order Sales conv BTC 351,487.06. Back then, the price of BTC would be what? - $150ish? At current prices, these would be worth about $2.2m.
Assuming all refunds would be paid in US dollars, why couldn't Ken cash in some of these now to cover the the $351K, which would free up the rest?
Don't get me wrong, I'm invested in ActiveMining for the long term and have been from the initial IPO, but some regular dividends from reserves would go a long way towards restoring confidence for both the shareholders and prospective customers.
January 09, 2014, 12:22:20 AM
So can we get an explanation of why deadlines were missed Ken?
What reason caused the change of plans and alteration of schedule?
Were your initial timeline commitments too optimistic or was there a catastrophic failure?
If you've outsourced the next step(s) to an engineering firm, and still need to wait on boards and chips etc. Why can't Crypto-Trade transfer be at the front of the priority queue?
What reason caused the change of plans and alteration of schedule?
Were your initial timeline commitments too optimistic or was there a catastrophic failure?
If you've outsourced the next step(s) to an engineering firm, and still need to wait on boards and chips etc. Why can't Crypto-Trade transfer be at the front of the priority queue?
January 09, 2014, 12:18:16 AM
(Long time lurker, big investor in ActiveMining).
Am I right in saying that some of the funds from preorders/IPO/cancelled chip orders are in BTC?
Why not return a portion of these BTC funds to the investors as weekly dividends in the meantime to tide us over until the development is complete?
(Obviously, whilst ensuring that enough funds in US dollars are in place to cover any order cancellations and further development costs.)
I realise that this would cut into the funds available for purchasing mining machines, but at this stage there are too many unknowns and it would help to maintain confidence in ActiveMining.
Am I right in saying that some of the funds from preorders/IPO/cancelled chip orders are in BTC?
Why not return a portion of these BTC funds to the investors as weekly dividends in the meantime to tide us over until the development is complete?
(Obviously, whilst ensuring that enough funds in US dollars are in place to cover any order cancellations and further development costs.)
I realise that this would cut into the funds available for purchasing mining machines, but at this stage there are too many unknowns and it would help to maintain confidence in ActiveMining.
this is a good suggestion.
January 09, 2014, 12:06:34 AM
Bargraphics lying through his teeth on irc:
IMO answering that would fuel people to hassle he, for more info
Why are people going nuts over the RTL?
Them
doesnt the RTL put us way back Bargraphics?
no looooooool
It's the chip bring up
not fucking verilog
i honestly have no idea, I am going by what has been discussed
people are morons
Not only that, but the boards aren't even done. The RTL is supposed to be verified before the chips are made and even before the NRE is paid. Quote from: KEN
Due to our inexperience with design, we have had a few set backs; however, we have hired
the most competent RTL design team to make sure that when we spin up our chip it will work. They are
very competent at Low-Power and getting the most speed from the chip.
the most competent RTL design team to make sure that when we spin up our chip it will work. They are
very competent at Low-Power and getting the most speed from the chip.
Even though Ken has failed at making Bitcoin Mining Machinery, I am highly confident that he will enter a new business. Guys, I know this is going to sound REALLY FUCKING CRAZY but I think Ken could get into the lemonade business. During summer time people can get REALLY thirsty and perhaps we can get some of our money back through a lemonade stand.
January 08, 2014, 11:50:38 PM
This is looking really good guys! Keep up the great work, Ken!
January 08, 2014, 11:45:56 PM
Actually, he did publish financial reports a while back and there was an entry there for BTC holdings.
Plus, we know that a big chunk of BTC was returned after a chip group buy was cancelled.
Regarding the preorders - if he did convert some of the payments into BTC at the time of the orders, that would have been done when BTC were at a much lower price than current.
Sell some of the BTC to cover the full cost of any cancellations (in US dollars) and return some of the rest to the shareholders. How is this crooked?
The customers paid in US dollars and would be refunded in US dollars.
Plus, we know that a big chunk of BTC was returned after a chip group buy was cancelled.
Regarding the preorders - if he did convert some of the payments into BTC at the time of the orders, that would have been done when BTC were at a much lower price than current.
Sell some of the BTC to cover the full cost of any cancellations (in US dollars) and return some of the rest to the shareholders. How is this crooked?
The customers paid in US dollars and would be refunded in US dollars.
January 08, 2014, 11:25:24 PM
(Long time lurker, big investor in ActiveMining).
Am I right in saying that some of the funds from preorders/IPO/cancelled chip orders are in BTC?
Why not return a portion of these BTC funds to the investors as weekly dividends in the meantime to tide us over until the development is complete?
(Obviously, whilst ensuring that enough funds in US dollars are in place to cover any order cancellations and further development costs.)
I realise that this would cut into the funds available for purchasing mining machines, but at this stage there are too many unknowns and it would help to maintain confidence in ActiveMining.
Am I right in saying that some of the funds from preorders/IPO/cancelled chip orders are in BTC?
Why not return a portion of these BTC funds to the investors as weekly dividends in the meantime to tide us over until the development is complete?
(Obviously, whilst ensuring that enough funds in US dollars are in place to cover any order cancellations and further development costs.)
I realise that this would cut into the funds available for purchasing mining machines, but at this stage there are too many unknowns and it would help to maintain confidence in ActiveMining.
January 08, 2014, 11:24:30 PM
Bargraphics lying through his teeth on irc:
IMO answering that would fuel people to hassle he, for more info
Why are people going nuts over the RTL?
Them
doesnt the RTL put us way back Bargraphics?
no looooooool
It's the chip bring up
not fucking verilog
i honestly have no idea, I am going by what has been discussed
people are morons
Not only that, but the boards aren't even done. The RTL is supposed to be verified before the chips are made and even before the NRE is paid. Quote from: KEN
Due to our inexperience with design, we have had a few set backs; however, we have hired
the most competent RTL design team to make sure that when we spin up our chip it will work. They are
very competent at Low-Power and getting the most speed from the chip.
the most competent RTL design team to make sure that when we spin up our chip it will work. They are
very competent at Low-Power and getting the most speed from the chip.
January 08, 2014, 11:12:11 PM
Oh My God this is awful. where do I even begin?
I feel like Ken is speculating on the price of btc to bail out this jalopy.
Dividends, remember those? Please don't speculate with btc owed to your investors Ken. Also, speculation is a poor business model. Share trading is important to your investors, even if it doesn't matter to you. I guess we wait because at this point no one would buy them anyways. Yeeesh!
Disappointing? It is a different thing when the disappointment is mostly expected.
Go hire a kid to code your share reclamation thing, get someone to do it. It's not costly, just time consuming, I understand that much. I also know that your local university would have students eager to make a quick dollar to punch in some code. Get Er Dun, Boy-o!
I feel like Ken is speculating on the price of btc to bail out this jalopy.
Dividends, remember those? Please don't speculate with btc owed to your investors Ken. Also, speculation is a poor business model. Share trading is important to your investors, even if it doesn't matter to you. I guess we wait because at this point no one would buy them anyways. Yeeesh!
Disappointing? It is a different thing when the disappointment is mostly expected.
Go hire a kid to code your share reclamation thing, get someone to do it. It's not costly, just time consuming, I understand that much. I also know that your local university would have students eager to make a quick dollar to punch in some code. Get Er Dun, Boy-o!
Seriously how many CEOs of mining companies you know of that speculate on price of bitcoin instead of actual product they are supposed to produce?!!
January 08, 2014, 11:06:41 PM
Oh My God this is awful. where do I even begin?
I feel like Ken is speculating on the price of btc to bail out this jalopy.
Dividends, remember those? Please don't speculate with btc owed to your investors Ken. Also, speculation is a poor business model. Share trading is important to your investors, even if it doesn't matter to you. I guess we wait because at this point no one would buy them anyways. Yeeesh!
Disappointing? It is a different thing when the disappointment is mostly expected.
Go hire a kid to code your share reclamation thing, get someone to do it. It's not costly, just time consuming, I understand that much. I also know that your local university would have students eager to make a quick dollar to punch in some code. Get Er Dun, Boy-o!
I feel like Ken is speculating on the price of btc to bail out this jalopy.
Dividends, remember those? Please don't speculate with btc owed to your investors Ken. Also, speculation is a poor business model. Share trading is important to your investors, even if it doesn't matter to you. I guess we wait because at this point no one would buy them anyways. Yeeesh!
Disappointing? It is a different thing when the disappointment is mostly expected.
Go hire a kid to code your share reclamation thing, get someone to do it. It's not costly, just time consuming, I understand that much. I also know that your local university would have students eager to make a quick dollar to punch in some code. Get Er Dun, Boy-o!
January 08, 2014, 10:16:29 PM
Can anyone of you "intelligents" tell me, worst case scenario regarding the boards,
How long will they take from design - manufacture? Are we talking 6months here or?
How long will they take from design - manufacture? Are we talking 6months here or?
Based on the news about RTL, I would say full production could be early June if we are lucky.
Unfortunately even getting 200TH online will be 0.001% of the network by then.
Once Bitcoin starts spiking to $10,000 AMD and Intel will start putting up farms.
January 08, 2014, 10:10:58 PM
Stick a fork in it guys, it's done.
January 08, 2014, 10:04:52 PM
You guys sitting around waiting for your "investment" to mature have some serious patience. This ship is sailing away. Lies, more lies, and more delays are all you will get. The people who screwed up and invested money they can't recoup will stay here and talk about how great it is and how rich they will be. The smart ones will just forget about it or do something to try and get their money back. At this point, the investment vehicle is probably completely illegal, you should be getting the government involved to investigate.
Maybe shareholders need to pursue legal avenues to force ken to return the money he stole from us by lying to us for almost a year. Who wants to report Ken & Co to SEC unless he comes out and shows us some proof that he is been working on something for god sake
Why these are virtual investments. Remeber Burnside's disclaimer, that hold true. What forum would you seek legal reprocussions. ..unicorn court? I'd never bring the feds into any of this, they are looking for an excuse to jump, and could be the catalyst for a big hit to the BTC eco system. Que sera, sera.
January 08, 2014, 09:57:59 PM
Hey Jasun, I had to cash in those 2btc as I think you were aware of. Actually it was 2.7btc worth of cryptocoins which I had mined on my BFL Single to see me through to my next contract in February. 
Zum. I think were good. This update clears a lot of mystery. And I applaud Ken for telling the truth. As long as there's progress I don't care. This will take time but I have time, who knows what will happen in the future. Btc could go to 100, 000 and actm could be still working at it, or Btc could be back to $6 and actm fireing on all cylinders....in the end we gotta do what we gotta do. But either way, I think we should be ready for some cheap shares. Long term that's a good thing, but hey as long as you have 1 btc free that's about all you'll need if btc matures one day to what it should.
January 08, 2014, 09:49:31 PM
Wow.
that is where you guys are at after how many months?
What are the assets of this pig?
Other than the IP that does not work and does not have a drawing of a board?
Did you guys ever buy any more than those 6 avalons?
that is where you guys are at after how many months?
What are the assets of this pig?
Other than the IP that does not work and does not have a drawing of a board?
Did you guys ever buy any more than those 6 avalons?
Can anyone say bASIC 2.0.
January 08, 2014, 09:40:21 PM
You guys sitting around waiting for your "investment" to mature have some serious patience. This ship is sailing away. Lies, more lies, and more delays are all you will get. The people who screwed up and invested money they can't recoup will stay here and talk about how great it is and how rich they will be. The smart ones will just forget about it or do something to try and get their money back. At this point, the investment vehicle is probably completely illegal, you should be getting the government involved to investigate.
January 08, 2014, 09:39:43 PM
PLEASE do not give up guys. Please, I beg you. This is the thread where I come when I feel down so I can see that life could be much worse than it is....
Surely you do not believe that with millions of dollars and a completely credible chip design firm, that there has not been a working chip produced? Come on, you know eASIC would be able to bang out this simple design. You must believe that. Why not ask them?
The chips must have come otherwise how were you given stats? Maybe you should just be trying to track down the chips that your investment paid for? KNC stopped shipping and the network went from 5 PH/s to around 8 PH/s. Now it is around 12 PH/s. Someone is bringing miners on line and it cannot just be bitfury and ants....
That is another possibility... there are chips and working miners... e.g., Eligius although a few swear that it is not Ken. I calculated the hash-rate on eligius to exactly, exactly 10 24.567 TH miners. They came on-board in multiples of 24.567 TH. Surely you do not believe that with millions of dollars and a completely credible chip design firm, that there has not been a working chip produced? Come on, you know eASIC would be able to bang out this simple design. You must believe that. Why not ask them?
The chips must have come otherwise how were you given stats? Maybe you should just be trying to track down the chips that your investment paid for? KNC stopped shipping and the network went from 5 PH/s to around 8 PH/s. Now it is around 12 PH/s. Someone is bringing miners on line and it cannot just be bitfury and ants....
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