Topic: [AMC]-The Official Active Mining Cooperative Discussion - page 4. (Read 223334 times)

Who is this post directed at?  I know I have never said it was unreasonable to request or even think it should be an automatically available financial report.  In fact, I believe that there should be as much transparency as possible, however I am also realistic.  As it was pointed out, this is just a three man team, and recognizing this as such is why I have offered up assistance for nothing.   These guys have been clearly busting their asses, and I for one can shelf emotions.  Free yourself for one second of this and allow Ken and the rest of the team to get up to speed with their new accounting software, develop some PR reps (if community members or other wise), get the rest of their warehouse in order (pictures show they are clearly not finished settling in) and then finish the NRE.  If Ken doesn't come back by then, which is only a few weeks at most away, then jump ship, get emotional and do what you need to do.

Look at what it is at this moment in time, 6 avalons, 20k chips inbound, payment for assembly of the Klondike's complete.  Now look at the other securities being gushed over (ASICMINER excluded) for picking up a BFL, or even just a few Avalon's; share prices skyrocketed for BM and CoG just on picking up a few miners, not that it is a problem either, the market dictated it.  We already had ours online or inbound imminently - all 6 are hashing as I type this.  The difference, the NRE.  Get that complete, the domino's begin to fall, 20k chips come in, share price rises, chip in production, etc.

If Eskimo was genuinely concerned with getting his PoV across, I'd be all ears. Unfortunately he is playing a game and trying to waste everyone's time. I mean ask yourself this: why are so many people posting on this thread desperate to save us from ourselves? As iCEBREAKER has show, their focus is very suspect ie it is exclusively on ActM and there is no criticism of other companies.

I dont get why everyone is so upset with EB. He has a point. It's not unreasonable to expect more out of the CEO. What's wrong with more disclosure? It's an honest criticism and I saw no malice in how he said it (to ken at least, lol).

It's funny because, in the process of accusing others of being rabid idiot lunatics, you yourself got worked up into a sputtering, angry froth.   

That deserves the coveted Triple Facepalm.



All I asked, in a calm and polite manner, is why your rigorous scrutiny is focused exclusively on ActiveMiner, instead of being spread evenly among the other BTC enterprises with similar non-traditional approaches to transparency and accounting.

I'm not surprised my innocent inquiry got under your (thin) skin and touched a nerve.  It was obvious from the start you are here to spread FUD that nobody would put up with in the AsicMiner thread.

No wonder you blew up and got all pissed.  You got called the fuck out and nailed for your selective, vituperative outrage.   

Don't be taken in by Eskimo's schtick. I gave him the benefit of the doubt early on, but he's only interested in disrupting the thread and spreading FUD.

The risk of this venture is already priced in, currently ~0.0025. Better reports and accounting will come and along with it a corresponding price rise.

I agree with this. Once everything is set up and running, then Ken can hire an accountant and get out the proper reports. Im happy with the level of account keeping at the moment

It's basically a 3 man operation. There is not enough time in the day to make everything 100%. What he has been releasing for the past 2 months is lacking, but understandable and something I can personally cope with.

He can use all the help that he can get. If you're knowledgable in these things, offer your services to help him.

Eh, all of it?

Chill out man, if you are looking for some serious financial shit go buy on Nasdaq, or wait until each share is worth 1BTC with tons mining stuff up and running.

Feel free to point out the stupidity.

 

I'm sorry... What?!

I'm a fanboy, let me get that right out front here. I love what Ken is putting into motion, but a LOT can go wrong in operations like these. Having a monthly report, that accurately and professionally demonstrates the companies financial position is simply logical. All Eskimo is saying is that 1.) A true financial report is important, and 2.) WE SHOULD ALL WANT TO SEE THIS, REGULARLY!

Nothing he is stating is stupid or worthy of a good "point and laugh". Let's not let our fanboyishness get in the way of asking, requesting, and/or demanding items that will bolster confidence and value in the company we are supporting.

Cheers!

^^^

This would be a great place for Ken to freeze the thread. Eskimo's stupidity frozen in aspic for future generations to point and laugh.

 

Guys, this is beyond retarded. Some of you are upset because people are asking for a proper financial statement? Seriously!? WTF guys? You call it FUD? Are you on crack? (those are all rhetorical questions, move along)
This is not to hurt you or scare you. After all, it's your money (and mine)! I like to know what is happening to it.

BTW, it's completely OK if you do not understand how to read a reports and are not capable to comprehend the importance of proper financial statements. Relax and go read a comic book. No need to get all hysterical about it and start pulling straw man's out of your arse.

At the same time, it is not acceptable, if companies like ActiveMining, SDICE, Asicminer etc etc can not compile a proper reports while taking our money.
If you do not give a flying fuck, where your money is going... why are you so butthurt, if someone else ask for something as simple and common as a fkn financial statement? You feel stupid, because you do not understand it? Get over it.

If Co. has no idea how much coin it has scraped together and has no idea where the coin has gone... WTF do you expect? Oh, I remember, you expect fat dividends.  At the same time, if Co. has no idea wtf is going on withe finances (no accounting and no reporting) then how do YOU know you get the fair share form profits? How is this Co knowing what to pay out in divs in a first place?

Proper accounting as a expense is NOTHING compared to what can happen, when there is no accounting at all.
"This is bitcoin, we do not need reports and accounting" type of childish nonsense is utter bull shit and only shows your ignorance.

Un-fkn-believable...  

one more [big face palm image]

I think ASICMINER will struggle unless they have a serious ASIC under development.

Even with new hardware, the 51% threat means Friedcat can't go over a serious chunk of the network without killing Bitcoin. He has said so and this is why he wants serious competition. Realistically, I think 20% mining capacity is probably as high as any Major player would want to go. Additional BTCs can be obviously be made selling mining equipment to smaller independents, network integrity is maintained even if they sum to 40%.

As far as I know, ASICMINER are desperate for serious competition so they can expand mining and sales further. The 51% attack threat actually limits their ability to pull earth-shaking aces, assuming they have some.

By my rough estimate there is room for 3-4 major players in mining (each with 20% of the network), leaving the remaining 20%-40% for smaller, independent mining operations that will run hardware sold by the 'Majors'

AsicMiner have reached a $150 million dollar market cap, so having some accountants on team would definitely help.

I would like to see quality financial statements from Active Mining too...
But only after the company can afford professional accountants. For now, hobby financial statements are "good enough".

-Technologov

Hi ldrgn,

Have you made a similar list of concerns and demanded immediate answers from Friedcat about AsicMiner?

They haven't put up a web page, much less a business plan or financial statement.  Is that also a "huge, huge red flag" also?

Is Friedcat lacking "accounting/finance literacy" as well?   

Why are you so strangely selective in which BTC investments you give the third degree?

Are you only interested in opportunities to spread FUD?  Because that's how it looks when you only go after one particular enterprise.   

Hi LMM,

Have you made a similar list of indictments and demanded immediate answers from Friedcat about AsicMiner?

They haven't put up a web page, much less a business plan or financial statement.  Are they not "taking investment funds seriously" too?   

Why are you so strangely selective in which BTC investments you give the third degree?

Are you only interested in opportunities to spread FUD?  Because that's how it looks when you only go after one particular enterprise.   

Hi ldrgn,

Have you made a similar list of indictments and demanded immediate answers from Friedcat about AsicMiner?

They haven't put up a web page, much less a business plan or financial statement. Are they "bush league" too?   

Why are you so strangely selective in which BTC investments you give the third degree?

Are you only interested in opportunities to spread FUD?  Because that's how it looks when you only go after one particular enterprise.   

Hi EB,

Have you made a similar list of indictments and demanded immediate answers from Friedcat about AsicMiner? 

They haven't put up a web page, much less a business plan or financial statement.

Why are you so strangely selective in which BTC investments you give the third degree? 

Are you only interested in opportunities to spread FUD?  Because that's how it looks when you only go after one particular enterprise.