[AMC]-The Official Active Mining Cooperative Discussion - page 149.

kslaughter

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Quote from: Minor Miner on May 24, 2013, 07:03:25 PM

Quote from: kslaughter on May 24, 2013, 07:00:03 PM

Quote from: Minor Miner on May 24, 2013, 06:47:33 PM

Quote from: kslaughter on May 24, 2013, 06:43:08 PM

Quote from: Minor Miner on May 24, 2013, 06:37:40 PM

So what are you raising funds for then? No, semi company in their right mind would be wasting their time helping you design a chip to do this unless you have a team of experienced people that understand the system. The current development lead time on 45 is well over 6 months even if you had a design so you will not even have a product for 12 months. 28??? How are the wafer starts looking in 28? lots of space for you?
You just got to the point of signing the NDA? So, all this money is to develop a chip now? You have no chance of getting a wafer start. Probably best to just sticking to pumping and dumping a stock that is trading on what value???
Wow, people really have a lot of faith don't they?

We know what we are doing. The wafers are already almost done.

When did you start the chip design? I thought you just signed an NDA here last week with a fab? You mean you already taped out the mask? Or are you on a shuttle?
What did the fab tell you would need to show prove of funds for before they would even turn you to legal for vetting? Just prove to me that you do know what you are doing because your statement above seems strange.

The design was started last year, it is proven to work. I will need the funds soon for the NRE.

I will apologize if I am wrong but so many weird things happen with ASICs in your state...
Did you typo then when you said you would be receiving wafers? You said you just signed the NDA. If that is true, you are 6 months away minimum at 45 and years away at 28 from taping your mask. How you getting the wafers then?

Yes, my team will be receiving the wafers and then packaging them. We also have a Low-Volume production method which is a lot faster for 45nm and 28nm chips. Yes, 45nm machines delivery date of 12/31/2013 and 28nm machines of 6/30/2014.

Yes, a lot of thing can happen, that is why we will have Avalon's mining soon. That is why VMC is using Avalon's chips to build their first generation of machines.
All of this was designed to protect the investors investment in AMC.

Minor Miner

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Quote from: kslaughter on May 24, 2013, 07:00:03 PM

Quote from: Minor Miner on May 24, 2013, 06:47:33 PM

Quote from: kslaughter on May 24, 2013, 06:43:08 PM

Quote from: Minor Miner on May 24, 2013, 06:37:40 PM

So what are you raising funds for then? No, semi company in their right mind would be wasting their time helping you design a chip to do this unless you have a team of experienced people that understand the system. The current development lead time on 45 is well over 6 months even if you had a design so you will not even have a product for 12 months. 28??? How are the wafer starts looking in 28? lots of space for you?
You just got to the point of signing the NDA? So, all this money is to develop a chip now? You have no chance of getting a wafer start. Probably best to just sticking to pumping and dumping a stock that is trading on what value???
Wow, people really have a lot of faith don't they?

We know what we are doing. The wafers are already almost done.

When did you start the chip design? I thought you just signed an NDA here last week with a fab? You mean you already taped out the mask? Or are you on a shuttle?
What did the fab tell you would need to show prove of funds for before they would even turn you to legal for vetting? Just prove to me that you do know what you are doing because your statement above seems strange.

The design was started last year, it is proven to work. I will need the funds soon for the NRE.

I will apologize if I am wrong but so many weird things happen with ASICs in your state...
Did you typo then when you said you would be receiving wafers? You said you just signed the NDA. If that is true, you are 6 months away minimum at 45 and years away at 28 from taping your mask. How you getting the wafers then?

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: Minor Miner on May 24, 2013, 06:47:33 PM

Quote from: kslaughter on May 24, 2013, 06:43:08 PM

Quote from: Minor Miner on May 24, 2013, 06:37:40 PM

So what are you raising funds for then? No, semi company in their right mind would be wasting their time helping you design a chip to do this unless you have a team of experienced people that understand the system. The current development lead time on 45 is well over 6 months even if you had a design so you will not even have a product for 12 months. 28??? How are the wafer starts looking in 28? lots of space for you?
You just got to the point of signing the NDA? So, all this money is to develop a chip now? You have no chance of getting a wafer start. Probably best to just sticking to pumping and dumping a stock that is trading on what value???
Wow, people really have a lot of faith don't they?

We know what we are doing. The wafers are already almost done.

When did you start the chip design? I thought you just signed an NDA here last week with a fab? You mean you already taped out the mask? Or are you on a shuttle?
What did the fab tell you would need to show prove of funds for before they would even turn you to legal for vetting? Just prove to me that you do know what you are doing because your statement above seems strange.

The design was started last year, it is proven to work. I will need the funds soon for the NRE.

Minor Miner

legendary

Activity: 2464

Merit: 1020

Be A Digital Miner

Quote from: kslaughter on May 24, 2013, 06:43:08 PM

Quote from: Minor Miner on May 24, 2013, 06:37:40 PM

So what are you raising funds for then? No, semi company in their right mind would be wasting their time helping you design a chip to do this unless you have a team of experienced people that understand the system. The current development lead time on 45 is well over 6 months even if you had a design so you will not even have a product for 12 months. 28??? How are the wafer starts looking in 28? lots of space for you?
You just got to the point of signing the NDA? So, all this money is to develop a chip now? You have no chance of getting a wafer start. Probably best to just sticking to pumping and dumping a stock that is trading on what value???
Wow, people really have a lot of faith don't they?

We know what we are doing. The wafers are already almost done.

When did you start the chip design? I thought you just signed an NDA here last week with a fab? You mean you already taped out the mask? Or are you on a shuttle?
What did the fab tell you would need to show prove of funds for before they would even turn you to legal for vetting? Just prove to me that you do know what you are doing because your statement above seems strange.

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: Minor Miner on May 24, 2013, 06:37:40 PM

So what are you raising funds for then? No, semi company in their right mind would be wasting their time helping you design a chip to do this unless you have a team of experienced people that understand the system. The current development lead time on 45 is well over 6 months even if you had a design so you will not even have a product for 12 months. 28??? How are the wafer starts looking in 28? lots of space for you?
You just got to the point of signing the NDA? So, all this money is to develop a chip now? You have no chance of getting a wafer start. Probably best to just sticking to pumping and dumping a stock that is trading on what value???
Wow, people really have a lot of faith don't they?

We know what we are doing. The wafers are already almost done.

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: Shasoudas on May 24, 2013, 06:27:44 PM

Just to clarify,

Quote

Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

The development/purchase fund is the remaining 60 Million shares?

Is this decision taking place after the current feasibility tests have been completed?

If the feasibility tests fail when will these shares be "active"? If so they have a large impact the time scale of recouping the IPO cost per share if the feasibility tests fail.

Thanks for your time,
Shas

The research and development/purchase fund are the shares being sold now. The funds from the IPO will be used to
buy machines if the ASIC can not be developed. If AMC can not develop an ASIC, then VMC will try and use other
vendors of chips to build its machines.

Minor Miner

legendary

Activity: 2464

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Be A Digital Miner

So what are you raising funds for then? No, semi company in their right mind would be wasting their time helping you design a chip to do this unless you have a team of experienced people that understand the system. The current development lead time on 45 is well over 6 months even if you had a design so you will not even have a product for 12 months. 28??? How are the wafer starts looking in 28? lots of space for you?
You just got to the point of signing the NDA? So, all this money is to develop a chip now? You have no chance of getting a wafer start. Probably best to just sticking to pumping and dumping a stock that is trading on what value???
Wow, people really have a lot of faith don't they?

fently

member

Activity: 66

Merit: 10

Bleh!

Quote from: kslaughter on May 24, 2013, 06:28:17 PM

Quote from: Minor Miner on May 24, 2013, 06:15:21 PM

Have you confirmation of your 100 Avalons yet?

That is not part of this offering, due the unpredictably of Avalon.

SPRINGFIELD, MO, – May 14, 2013 – AMC has announced today that it has entered into an agreement with its parent company VMC. VMC will be providing credit to AMC so that AMC will be able to purchase its first batch of 100 Pre-Ordered machines. AMC will only have to provide VMC with a 10% deposit before the machines are shipped, AMC will pay VMC a 10% APR rate on its outstanding balance. VMC will use its Best Effort to provide the machines to AMC. AMC still has its first rights on machines it has the ability to fund. AMC will also provide machines to its Investors which have qualified under its Premier Investors Program. AMC estimates this will increase it hash rate to over 8,384,000 MH/s and its daily revenue to over $43,927.23 or $3,752,264.73 per year at the current difficulty. AMC is a hybrid mining and development cooperative and a business unit of VMC.

Could you clarify which machines you were referring to on the May 14 press release?

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: Shasoudas on May 24, 2013, 06:27:44 PM

Just to clarify,

Quote

Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

The development/purchase fund is the remaining 60 Million shares?

Is this decision taking place after the current feasibility tests have been completed?

If the feasibility tests fail when will these shares be "active"? If so they have a large impact the time scale of recouping the IPO cost per share if the feasibility tests fail.

Thanks for your time,
Shas

The development/purchase fund is the first 20 million shares of which the first batch is 5 million shares which are being sold now.

If the current feasibility test shows that it is not feasible on this chip, there are other options which maybe feasible. None of AMC's funds
are being spent on the feasibility test.

nebulus

hero member

Activity: 490

Merit: 500

... it only gets better...

Quote from: rikur on May 24, 2013, 06:24:53 PM

Further more the first Batch was far less than 5,000,000 and you didn't publicly increase the IPO price, you removed the IPO offerings and have ever since then sold them whenever you feel like it.

This first batch never sold out. It just "disappeared" from the market causing idiots (no offence) to buy at inflated rates.

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: Minor Miner on May 24, 2013, 06:15:21 PM

Have you confirmation of your 100 Avalons yet?

That is not part of this offering, due the unpredictably of Avalon.

Shasoudas

newbie

Activity: 11

Merit: 0

Just to clarify,

Quote

Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

The development/purchase fund is the remaining 60 Million shares?

Is this decision taking place after the current feasibility tests have been completed?

If the feasibility tests fail when will these shares be "active"? If so they have a large impact the time scale of recouping the IPO cost per share if the feasibility tests fail.

Thanks for your time,
Shas

rikur

full member

Activity: 216

Merit: 100

Quote from: kslaughter on May 24, 2013, 06:11:53 PM

AMC may issue up to 20,000,000 "Early-Adopters" shares which may be posted for no less than 0.0005 BTC
each and will also issue 20,000,000 growth and expansion fund shares to AMC. The "Early-Adopter" shares
may be posted in batches with the first batch being 5,000,000 shares. Only the first 40,000,000 issued
shares will receive 100% of the monthly profits after all expenses until the total dividends paid is
equal to .0005 BTC per share. AMC will only issue 40,000,000 shares (20,000,00 "Early-Adopter and
20,000,000 AMC growth and expansion fund shares) until the total dividends paid is equal to 0.0005 BTC
per share and 12 months have elaped from the date of the initial offering. Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

Additional shares may be sold at no less than .001 BTC each.

======================================================================

may be posted

So your FAQ conflicts with your IPO statement? IPO statement:

Quote

The offering price will be 0.0005 Bitcoins for the first 20,000,000 early-adopter shares thereafter the price will be .001 BTC per share

FAQ:

Quote

AMC may issue up to 20,000,000 "Early-Adopters" shares which may be posted for no less than 0.0005 BTC each and will also issue 20,000,000 growth and expansion fund shares to AMC. The "Early-Adopter" shares may be posted in batches with the first batch being 5,000,000 shares.

Further more the first Batch was far less than 5,000,000 and you didn't publicly increase the IPO price, you removed the IPO offerings and have ever since then sold them whenever you feel like it.

lewicki

sr. member

Activity: 294

Merit: 250

Quote from: stereotype on May 24, 2013, 06:09:58 PM

Quote from: rikur on May 24, 2013, 05:43:55 PM

I contacted BitFunder and they are now investigating this IPO.

You seem to have a bit between your teeth rikur (pun intended). You have made what are probably valid comments and questions. You obviously dont feel fulfilled, and/or your questions have not been answered to your satisfaction.
Given the context of the unregulated bitcoin space we are operating in, dont you think you may be acting as if its the FTSE or NYSE? Like i said, youve made your point, but please, have a reality check.

Check my earlier post. I said something was suspect before anyone else, and i still bought in.....because i took a wider view.

The title of this thread has the word cooperative in it. Are you cooperating?

QFE. I'm heavily invested since yesterday. Bought half of my shares above 0.0005 before I realized what was happening. I think people need to take a step back and breath. Mistakes were made and communication faltered. It's time to move on.

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: fently on May 24, 2013, 06:16:04 PM

Quote from: kslaughter on May 24, 2013, 06:11:53 PM

Quote from: rikur on May 24, 2013, 05:27:37 PM

Quote from: kslaughter on March 26, 2013, 12:36:07 AM

AMC is a hybrid Bitcoin mining and development cooperative describing itself as "the next big mining cooperative" is releasing today an offering to early-adopters of Five million (5,000,000) BitFunder virtual shares and issuing another twenty million (20,000,000) BitFunder virtual shares which will be used for the growth and expansion fund, which will receive a total of 100% of the company's virtual-currency profits after all expenses until the total dividends paid is equal to the offering price of .0005 BTC per share and 12 months have elapsed since the initial offering. The Cooperative is hoping to raise up to 2,500 Bitcoins. The offering price will be 0.0005 Bitcoins for the first 20,000,000 early-adopter shares thereafter the price will be .001 BTC per share. If demand is strong enough then share prices may increase throughout the IPO.

If the IPO of the first 20 000 000 shares is stlll ongoing, why aren't they priced at 0.0005 as per the initial offering?

AMC may issue up to 20,000,000 "Early-Adopters" shares which may be posted for no less than 0.0005 BTC
each and will also issue 20,000,000 growth and expansion fund shares to AMC. The "Early-Adopter" shares
may be posted in batches with the first batch being 5,000,000 shares. Only the first 40,000,000 issued
shares will receive 100% of the monthly profits after all expenses until the total dividends paid is
equal to .0005 BTC per share. AMC will only issue 40,000,000 shares (20,000,00 "Early-Adopter and
20,000,000 AMC growth and expansion fund shares) until the total dividends paid is equal to 0.0005 BTC
per share and 12 months have elaped from the date of the initial offering. Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

Additional shares may be sold at no less than .001 BTC each.

I agree that you appear to have followed the letter of the contract. But you grossly violated the spirit of it by selling at greater than 0.0005 and then selling more at 0.0005, repeating this pattern to great effect. It means that everything else in your contract has to be scrutinized differently. Suddenly, the "best interests of AMC" become far muddier of a concept. It means that if it isn't exactly spelled out, we need to expect that you will screw us over.

You are right, wasn't trying to screw anyone over, was just trying to sell some shares. I will work on building the price back up so that investors will not get screwed.

fently

member

Activity: 66

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Bleh!

Quote from: kslaughter on May 24, 2013, 06:11:53 PM

Quote from: rikur on May 24, 2013, 05:27:37 PM

Quote from: kslaughter on March 26, 2013, 12:36:07 AM

AMC is a hybrid Bitcoin mining and development cooperative describing itself as "the next big mining cooperative" is releasing today an offering to early-adopters of Five million (5,000,000) BitFunder virtual shares and issuing another twenty million (20,000,000) BitFunder virtual shares which will be used for the growth and expansion fund, which will receive a total of 100% of the company's virtual-currency profits after all expenses until the total dividends paid is equal to the offering price of .0005 BTC per share and 12 months have elapsed since the initial offering. The Cooperative is hoping to raise up to 2,500 Bitcoins. The offering price will be 0.0005 Bitcoins for the first 20,000,000 early-adopter shares thereafter the price will be .001 BTC per share. If demand is strong enough then share prices may increase throughout the IPO.

If the IPO of the first 20 000 000 shares is stlll ongoing, why aren't they priced at 0.0005 as per the initial offering?

AMC may issue up to 20,000,000 "Early-Adopters" shares which may be posted for no less than 0.0005 BTC
each and will also issue 20,000,000 growth and expansion fund shares to AMC. The "Early-Adopter" shares
may be posted in batches with the first batch being 5,000,000 shares. Only the first 40,000,000 issued
shares will receive 100% of the monthly profits after all expenses until the total dividends paid is
equal to .0005 BTC per share. AMC will only issue 40,000,000 shares (20,000,00 "Early-Adopter and
20,000,000 AMC growth and expansion fund shares) until the total dividends paid is equal to 0.0005 BTC
per share and 12 months have elaped from the date of the initial offering. Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

Additional shares may be sold at no less than .001 BTC each.

I agree that you appear to have followed the letter of the contract. But you grossly violated the spirit of it by selling at greater than 0.0005 and then selling more at 0.0005, repeating this pattern to great effect. It means that everything else in your contract has to be scrutinized differently. Suddenly, the "best interests of AMC" become far muddier of a concept. It means that if it isn't exactly spelled out, we need to expect that you will screw us over.

Minor Miner

legendary

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Have you confirmation of your 100 Avalons yet?

kslaughter

sr. member

Activity: 476

Merit: 250

Quote from: rikur on May 24, 2013, 05:27:37 PM

Quote from: kslaughter on March 26, 2013, 12:36:07 AM

AMC is a hybrid Bitcoin mining and development cooperative describing itself as "the next big mining cooperative" is releasing today an offering to early-adopters of Five million (5,000,000) BitFunder virtual shares and issuing another twenty million (20,000,000) BitFunder virtual shares which will be used for the growth and expansion fund, which will receive a total of 100% of the company's virtual-currency profits after all expenses until the total dividends paid is equal to the offering price of .0005 BTC per share and 12 months have elapsed since the initial offering. The Cooperative is hoping to raise up to 2,500 Bitcoins. The offering price will be 0.0005 Bitcoins for the first 20,000,000 early-adopter shares thereafter the price will be .001 BTC per share. If demand is strong enough then share prices may increase throughout the IPO.

If the IPO of the first 20 000 000 shares is stlll ongoing, why aren't they priced at 0.0005 as per the initial offering?

AMC may issue up to 20,000,000 "Early-Adopters" shares which may be posted for no less than 0.0005 BTC
each and will also issue 20,000,000 growth and expansion fund shares to AMC. The "Early-Adopter" shares
may be posted in batches with the first batch being 5,000,000 shares. Only the first 40,000,000 issued
shares will receive 100% of the monthly profits after all expenses until the total dividends paid is
equal to .0005 BTC per share. AMC will only issue 40,000,000 shares (20,000,00 "Early-Adopter and
20,000,000 AMC growth and expansion fund shares) until the total dividends paid is equal to 0.0005 BTC
per share and 12 months have elaped from the date of the initial offering. Should it be determined that
it is not feasible to develop an ASIC chip, then the remaining funds in the research and development/purchase
fund will be added the growth and expansion fund.

Additional shares may be sold at no less than .001 BTC each.

======================================================================

may be posted

stereotype

legendary

Activity: 1554

Merit: 1000

Quote from: rikur on May 24, 2013, 05:43:55 PM

I contacted BitFunder and they are now investigating this IPO.

You seem to have a bit between your teeth rikur (pun intended). You have made what are probably valid comments and questions. You obviously dont feel fulfilled, and/or your questions have not been answered to your satisfaction.
Given the context of the unregulated bitcoin space we are operating in, dont you think you may be acting as if its the FTSE or NYSE? Like i said, youve made your point, but please, have a reality check.

Check my earlier post. I said something was suspect before anyone else, and i still bought in.....because i took a wider view.

The title of this thread has the word cooperative in it. Are you cooperating?

rikur

full member

Activity: 216

Merit: 100

Quote from: Minor Miner on May 24, 2013, 05:53:49 PM

Quote from: rikur on May 24, 2013, 05:43:55 PM

I contacted BitFunder and they are now investigating this IPO.

Really? But the assumptions of OP seem so reasonable. He was only assuming taking (and maintaining) 25% of the entire network for the next 24 months by purchasing 8% of the available avalons (he sent Yifu an email you know) and then making his own chips....
Not sure if he assumed no one else would have any interest in competing with him. He is only 8 months behind friedcat so why not?

Yes. While I love the concept of the security and the work they are doing, the way they don't offer their shares publicly at the announced IPO prices is very dubious. It seems like the Issuer (AMC) shows up to the market a couple times a day and does a massive sell, saturating all the BIDs over the IPO price of 0.0005.

This is far from my understanding of how IPOs are supposed to work.. but then again, maybe I'm wrong. That's why I've been asking AMC to explain what's going on, but didn't receive any response. Maybe they'll respond to BitFunder.

Topic: [AMC]-The Official Active Mining Cooperative Discussion - page 149. (Read 223316 times)