Topic: [ActiveMining] The Official Active Mining Discussion Thread [Self-Moderated] - page 469. (Read 771288 times)

The SEC is not coming down on BitFunder. If you believe that you are an idiot. The SEC likely has never even heard of BitFunder. BF is doing the scamming - they are forcing Americans to sell-off low.

Good God can you even read? Can you go back like 2 pages? Is that to much effort for you? So the SEC are scamming US investors are they? Muppet.

Yeah I've been here since IPO and I know it's morons with your attitude that kept Ken away from the original thread. Obviously that and his single mindedness to get the business moving. His site is making 90k (in the bank) a month and you are not happy. Much more in the near future. He's covered the exchange issues with his own sites - have you given him any credit for that foresight and work? No. He got a press release from eASIC in a weekend after huge forum pressure - any credit? Not much. He took the mine pic down. He restructured the entire IPO ffs - how is this not listening?

Every single stock has suffered recently yet according to you it's all Kens fault. You sound like a spoilt brat screaming at his mom for stopping him from running out into traffic - no reason, no logic, pure emotion. The only valid argument is lack of PR that's it. But Ken clearly doesn't think a proposition this strong needs the PR bandwaggon that LabCon and Terrahash took money on. To some that is not a failing - it's 100% belief. With his site taking 90k a month maybe he's right?

As for your 'he doesn't listen to ME' argument, he's been on here quite a bit since the news of the btc-tc shutdown (and obviously this is a new thread moderated by him personally) - so there was your opportunity for dialogue. You've pissed all over that chance with your immaturity and if I were him I'd ignore every word your write. You have acted like a total punk and that's how you deserve to be treated. Scream and you'll be heard? I don't think so punk.

The ultimate scam of the whole deal is that American share-holders are being forced to dump their shares well below what they paid for them, prior to any chips hashing. And that is coming only a couple weeks after the exchange told everyone things were good and to bring your shares over.

If there some kind of plan for this that I haven't read up on?

None of this matters; when we see how much money is planned to come in from pre-orders we can cast judgement on how the project has been handled then. "If it ain't broke don't fix it " and right now we have no reason to believe things aren't going great in the the pre-orders department.

tl;dr The number don't lie, and we'll know everything we need to know shortly.

I take it you haven't been around since the IPO?  We have tried everything, from "grown-up" reasoning, to offering our help, to making very helpful suggestions, and EVERY TIME Ken turns it down because he seems to know better (why do you think the ENTIRE board quit?).  Do you want me to post the perfect example from my PM inbox, regarding copycat images from ASUS on his website?  Or are you just going to stop right there?  

Try explaining to him that he should use traditional accounting, and you will get absolutely nowhere with him.  Guaranteed.  

OK that might be a valid point. Have you thought about making a grown-up post about it and asking Ken to use the traditional accounting format for clarity? Being silly and immature and trying to ridicule the man at every opportunity just because you are a silly and immature person yourself helps no-body.

But if you are having fun maybe that's the main thing.

I believe you are supposed to put unpaid sales into the "accounts receivable".
Sales should be money actually received.  
sales and revenue are interchangeable terms though, and his way of using them is really bizarre..
Yes, it's okay to use sales as a subset of revenue, because there may be other revenue sources as well, but in that case the sales will always be LESS than the revenue, as was already pointed out..
In this case, Ken is making up his own accounting rules, and it has bothered me for awhile now..

Yes. If people don't pay within an agreed time or if there is a chargeback on a credit card purchase, or a cheque is cancelled. etc etc etc.

At some point at the end of the month you need to decide what your sales figures are for the books for that month. Then they are set in stone. Come the first week of the new month if the sales payments for these pre-orders are charged back or cheques don't clear, or cheques don't arrive etc then the actual earned Revenue from these 'declared sales' will obviously be less than the sales figures you put in the books at the end of the previous month.

It's not about people abandoning their shopping carts, it's confirmed orders that the payment just don't arrive for. You can't predict how many people will not pay up after finalising their order and providing a shipping address. It seems there was well over 50% not paying up but this figure should decline hugely when we start shipping actual product and people feel more safe about their purchases.

Technically speaking he does not own any shares on Bitfunder any more. He transferred all his shares to someone else on Oct. 9.

Ive got my BTC ready for the weekend share dump!
Chips are right around the corner!

Yes, sales figures for the last quarter.  The above figures are revenue not sales.  Sales for August ~$330,000.

what you are trying to tell me is that SALES of hardware was more than the REVENUE earned from sales of hardware and mining?
correct, they are different since most company sell stuff to make money - regardless in the way he explained it it didn't make sense

sales can never be more than revenue. the other way around perhaps

so basically if you abandoned your shopping cart because you wanted a cointerra instead, ken is still counting your order as a sale.  

thank god i sold more shares right after I got that response

This is professional accounting 101, ladies and gentlemen

No they don't.

Sales would relate to website pre-orders only.
Revenue would be web sales + mining income + whatever else income might be coming in.

/you mean net income?

cause sales and revenue mean the same thing...... just a technicality

Yes, sales figures for the last quarter.  The above figures are revenue not sales.  Sales for August ~$330,000.

That would make most sense so it's fair to assume Ken mistakingly made mention of August and not September.

So only four days remaining until we get some very important information.

Now where's that Labcoin countdown timer?   

@zumzero didn't we already get sales figures for august?

https://bitcointalksearch.org/topic/m.3168832


So i believe we should be getting sales figures for the month of September next, on the 15th of October.

Don't shoot the messenger VE.