Topic: [AMC]-The Official Active Mining Cooperative Discussion - page 133. (Read 223316 times)

Just in case you were referring to me -- I have zero trust in the issuer. Wouldn't let him hold a quarter for me. I just forgot to add my standard disclaimer on that last post, to avoid being redundant.

There was ~1,000,000 shares on the offer at .0005 before it disappeared.  60k on the bid for that price now :/  This is the wackiest market

Why did the shares just dissappear ?

They are still using miscalculated numbers. Apparently the network difficulty does not increase when you add more hash power.

To clarify, AMC originally had some mis-calculated numbers, and users were buying in at that time based on those numbers.
The re-listing was a necessary evil to refund the users who bought in to the wrong information, so it could correct the estimates and relist.

So we still have a major conflict.

One group wants shares to be sold at 0.0005, and are mad if they are not.
Another group who has bought in at the higher prices which Ken here has determined is "okay" around 0.0008.
Currently he has 1.1mil shares up at 0.0005, and has an "IPO" that states he can sell the first 20 million "Early Adopter" shares at no less than 0.0005.


Up to now, Ken has allowed price to push upwards, and then sell back down.
This has made many many people mad, as they buy in at a high price, not knowing that the price was gonna get cut in half the next day or hour.

Issuers have certain responsibilities to investors. One of which is to give them heads up on how they are releasing shares.

Right now, the current method of release is "However many I want, whenever I want, just not under 0.0005" and this has done nothing but cause massive problems for users all around and proper notifications of share releases should be given to investors.


I was just having a conversation with Ken on IRC where he lost connection in the middle and has yet to reconnect.

As of this point I am going completely hands off with AMC.

Official statement regarding AMC:
"As long as AMC does not sell it's shares below 0.0005 then they may do as they please with their shares. It is their company, their ownership, and their shares."

Ken, I ask you to at least post some sort of statement in the asset Summary that states AMC may sell shares as it sees fit in whatever quantities deemed necessary.
While this should be obvious for anyone who reads the agreement, it misses many. Also, a comment along the lines of "During the IPO, not all shares may be posted as an ASK." I think this will help with the people who can not tell if there is an IPO or what is going on. As of this point, no one knows if they are getting IPO shares or not.

We are in the process, since Ukto force us to price our asset at .0005 today, of working out the details of how to make it right with our investors.

Excuse the rude words, but are you all utterly retarded? It is clear that the issuer does not care about giving shares value (because they have none). He just wants as much of your Bitcoins as possible.

I have a feeling not much people check the forums, I'm going to make a PSA soon as a news article on BitFunder

Do you trust an asset that has being force delisted previously by BitFunder?

There was a key piece of information very conveniently left out. As I understand it, that key piece of information was the belief that he was bidding in his own IPO. It's highly relevant. It's also something Ken said he would do. And, it seems, it conflicts with the IPO contract which said that they could sell for higher than 0.0005 based on market demand. Note that once you're bidding on your own IPO it's not really the market anymore, is it?  Now before you go insisting that I produce proof that he did this, A) I just referred to the belief that this was going on, B) He said he would do it (see previous posts by Ken), and C) When asked how much of the buying was himself, he answered "not much".

It was a forced sell.

Feeling betrayed.. thats what i am feeling after waking up right now. Bought at 0.00080 and now 6 hours later its 0.00050
What kind of joke is this.. For a mining companys stock to behave in such an erratic way.. highly unexpected.. What are ypu planning on doin Mr Slaughter??

Still doesn't fix the people who sold at a loss because they realized they were being sold an illusion.

edit: had to leave that typo because it is rather amusing -- I meant to say "doesn't fix things for the people who sold at a loss"

Yes, I think this might work.  We have checked our transactions to see how we can identify the purchasers and have some ideas on how to do that.

Other option would be to issue a special dividend, weighted by the bought share price, so that everyone that bought at a higher price gets more %.

So I might get a consolation for buying 10k at .001 after all?

There is one pretty big problem with that. What about the people who bought at 0.0008 or some other price > 0.0005 but bought them from existing shareholders rather than from Ken?  The profit there didn't go to Ken, it went to whoever flipped the stock. It gets real murky really quickly.

Again, for those just joining us, I have a very negative opinion of the issuer. Just because I make a factual statement that seems to go in favor of the issuer does not change that. So please don't attack me for defending him.

This feels like a reasonable suggestion, I'm sure Ukyo can code a script to parse the DB and for each AMC owner: (a) get the paid BTC for every owned share bought at >0.0005 and sum them all, (b) divide that by 0.0005 and (c) transfer the number of shares represented by the difference between (b) and the number of AMC shares in the account.

Example: Let's say someone bought 25 shares: [email protected] and [email protected]. (a) 5*0.0006+20*0.0008 = 0.019; (b) 0.019/0.0005 = 38; (c) 38-25 = 13 shares to transfer between KS and shareholder.

The shares may be posted at no less than .0005 per share.

So the way I am reading the contract is that only this batch of 5 millions is to sell for 0.0005.
The price could go up for the future batches. Can someone clarify? Is it best to buy now or wait and buy somewhere when the last of 20 million is selling.

kslaughter?

Lol, you know you're dealing with a serious attorney when he apologizes for his "legal ease"

KSlaughter, you are quickly becoming my favorite poster, and this thread is awesome.  I hope that your posted screenshot is real and that AMC and VMC succeed immensely and that you and your investors make lots and lots of money.  I'll be betting against it, and enjoying the ride either way.