Topic: [AMC]-The Official Active Mining Cooperative Discussion - page 61. (Read 223316 times)

Because he is wasting his time trying to sell machines that are non-existent at the moment. He should be addressing his shareholders with some answers. Maybe he is just ignoring us or he just does not care. This is totally unacceptable.

https://bitcointalksearch.org/topic/vmc-official-virtual-mining-corporation-discussion-206488

Having VMC out there to provide hardware is not a problem. But not at the expense of the shareholders. AMC should not borrow money to anyone. AMC should use AMC's money to mine and manufacture hardware for AMC. How simple is that? Ken should follow in the steps of ASICMINER and do two simple things.

1. MAKE HARDWARE & MINE
2. MAKE HARDWARE & SELL

The most effective method of becoming successful in whatever it is you want to achieve, is to copy who is already successful. Let's not reinvent the wheel here. If the business plan works let's follow it or make it better. Ultimate goal is to build a successful company, make money, and make shareholders happy. Once again Ken let's keep it simple and cut out the bull shit in the agreement.

https://bitcointalksearch.org/topic/m.2610794


ASICMINER plans to deploy 800-1000T within 2013 according to Friedcat. He also states the business is confined to both mining and selling hardware. The advantage that ASICMINER has is to manufacture chips on their own to mine.

AMC needs to mine and sell hardware. AMC needs to manufacture chips on our own. The strategy here is to try to deploy hashing power fast. This is formula that works and it proves to be successful.

So many excuses, greedy Ken is always greedy Ken.

Join the IRC channel in the BitFunder help section and ask him, you'll get a much quicker response.

This is what he said to me a few days ago:

As a shareholder, I really have 2 major concerns right now.

1. Proof of agreements with eAsic, signing up racks etc - anything he has said, needs to be backed up.

2. Is Ken willing to join AMC and VMC into one?

Why is it so hard to get a response from Ken?

What if the trolls claim to have translated it from ancient Mayan Stellae? THEN we'll be in trouble... oh wait that one didn't come off either.

Really?  Shall I ask where you acquired this information?  Oh, you just pulled it out of your ass. 

Please take the FUD elsewhere.

No, but they could be actions of someone carefully thinking about what the best course of action should be.  So far, the general consensus on this thread has been that Ken needs to do some serious restructuring of the company before many of us are willing to put anymore stake into the company.  Something like this does not happen over night.  This is a bit unrelated, but look at the debacle that was the XBOX One announcement.  It took Microsoft two weeks to backpedal on their fucked up DRM structure that they were planning on implementing.  Do you honestly think that it took them two weeks to make a decision to remove it?  The answer should be, no.  Still, they had to insure that they went through all the appropriate channels before making any sort of official announcements.  If Ken gets on here and proclaims he's going to do something, he knows that he will be held accountable for it down the road, which is why they are treading very carefully.  Really, what I think needs to happen is people within this thread need to fucking grow up and realize that nothing happens overnight when it comes to business.  If people are so weak handed that they cannot wait one or two business days for an official statement, then they should bow out now.

Oh Brother, this FUD is tiresome. What has the law got to do with any responsible business owner like eg Burnside? Well, one, if you are a smart businessman you obey it. Two, if you are a smart businessman you don't rely on the law to protect you, you take sensible proactive steps as required. Like when you are operating a virtual exchange in Panama, Belize or elsewhere. The law may not require it, but you satisfy yourself that you know your customer,

Still, chin up, despite days of trying and screeds of warning posts, we are no closer to Armageddon despite what the trolls said.

The FAQ is just going to kill the price more because it's not going to tell us anything that's going to restore confidence.  It's going to skirt around the important questions and just add more fuel to the fire.

Correct. This applies to banking relationships that touch the USA, though, and not all banking relationships and not virtual marketplaces for virtual currencies operated for entertainment only, as the disclaimer on btc.tc plainly states.


This.  This, far more than my involvement and current losses, is what really matters here.  Fortunately, constructive discussions are taking place at https://bitcointalk.org/index.php?topic=245713.80.

I really really hope I am wrong, but I've gone from "cool!" to "hmm" to "uh oh" to pretty much "scam" in the course of the last day, based upon what others have found, and especially based upon Ken's (lack of) response to questions asked.  Cherrypicking questions, ignoring the hard questions, promising some kind of FAQ that "should" be written Monday; these are not the actions of someone trying to address concerns and quell a restless market.

I'm open to all kinds of suggestions, but two things are essential for any change to the current set up to succeed: a) Ken hits pay dirt when AMC succeeds b) weak hands do not get compensated

+1

Kenneth E Slaughter is or was CEO of 'Can2it' as seen on Linedin - http://www.linkedin.com/pub/kenneth-e-slaughter/22/ba4/249

Can2it and axs.net are one and the same entity as seen here - http://www.axs.net/dedicated.html

home address given for contacting axs by mail (under Section 15/Notices) as seen here  - http://www.axs.net/tos.html  (page revised 6/13/2010)

1951 S. Oak Grove Ave, Springfield, Missouri, 65804-2703, USA

I have thought about this and have seen others address this issue. What about AMC taking a larger portion of the profits from VMC sales? We can turn the table and do 90% AMC and 10% VMC. Something like this would work and i would be happy as a shareholder. Ken can still keep VMC and we are still protected from legal issues.

EDIT: We can also have a hybrid of both ideas. VMC can take in some AMC shares so VMC will also benefit from AMC's mining operation. That way Ken takes in 10% of hardware sales and he can also profit from AMC's mining. This is more incentive for both entities to continue building the business to benefit each other.

I am strongly for this change. We need more people to get on board with this #1 must needed change. There are 2 ideas that i have.

1. VMC will be absorbed into AMC for 10 million shares. AMC's shares should be capped out at 50m which is half of what is offered now. 20m will go to the growth fund. 20m will be out there on the market. 10m will go to VMC/Ken. This way the shares will not be diluted to nothing and the value of each share will be high which is what all we want.

2. VMC an still exist but the profit payment must change. 90% goes to AMC and 10% goes to VMC. This will be a incentive for VMC to continue to manufacture and push out more product to make more money on Ken/VMC's end. In return we (AMC) will continue to make profit on our original investment for the NRE which is rightfully ours. This should continue on for the lifetime of VMC/AMC's relationship. This will also give our shares more value and will make AMC successful and shareholders will be happy.

"If you make your Investors successful, you will be successful". Active Mining Cooperative (AMC) https://bitfunder.com/asset/AMC

If Ken really backs what his signature states. Something like this or something better will make AMC's INVESTORS successful and will make Ken successful. Can i get some feedback on the two options proposed? It is hell of a lot better than what we have going on now.

The Trolls on this thread will never be satisfied by what Ken does. Ultimately, they have made up their minds and are unwilling to consider other points of view.

I don't think I am being scammed by kslaughter. I think he will succeed in making AMC successful. This thread has been ruined by persistent trolling. Patience will be the bearer of bitter news for either AMC believers or AMC doubters, but all this pointless arguing is solving nothing. Just wait and see what the future brings.

I have a specific grievance with BitcoinMegastore, who has admitted that he is seeking only to undermine AMC. He has admitted to abusing the bitcointalk trust system simply because he disagrees with users who support AMC because "they must be shills". Personally, I am not a shill. I am a real person with a family, a job, a house, and a dog. My investments and my bitcoins matter to me. A merchant abusing the trust system for no other reason than spite is a staggering offence. How can any person trust BitcoinMegastore in a transaction if he is willing to bear false witness of transactions simply to abuse the trust system on this forum? Would he do the same on bitcoin-otc? Would he take you bitcoins, but fail to send you goods from his website simply because he dislikes one of your investments?

I am appalled by your childish behaviour.

Let's not get ahead of ourselves. It might be sensible to merge AMC and VMC, or it might not be. There is more to consider than simply flattening the org chart so it looks neater. There are also legal issues to consider ie VMC operating in US territory and AMC being described as a Bitcoin mining cooperative, essentially operating in cyberspace. Gentlemen, this is the future, so let's slow down, think clearly and work on getting rich together without treading on the toes of the Feds.  

Edit: I should have added AMC is a Belize company, but obviously the point stands. There is an interface between US/cyberspace and VMC/AMC currently, so it is premature to assume merging VMC and AMC is a no brainer.

Got it. Thanks for clearing that up. I hope BTCT.co and BitFunder has legal documents on file such as drivers license, passport, utility statement to verify issuers putting up stocks on their exchanges. If not this is a major problem for all BTC exchanges and will become a bigger problem and easier for potential scams to bring down the Bitcoin community. I guess time will tell how this all plays out. Hopefully we can re-write the original terms and agreement between Ken and the shareholders.

http://www.reddit.com/r/Bitcoin/comments/1ha3c5/amc_shares_drop_from_25_mbtc_to_08_mbtc_in_less/

[–]LsDmT 7 points 1 day ago*
1) for 0.0025 I can buy share that represents 1/100,000,000th of profits of AMC mining
2) from now to next year's april I will get 1/40,000,000 of AMC's profits (unfortunately the ASICs are scheduled for Q4 2013 - Q1 2014)
3) the AMC's hardware is preordered from this other company VMC
4) the VMC's hardware development is supposedly funded by kslaughter (stated previously in this thread), but in the Marketing Strategy part of the contract at btct.co it's written "AMC is developing an ASIC chip which will be marketed through VMC." From the new anouncement: "VMC is also announcing today that 100% of the profits from bulk sales of the Fast-Hash-ONE chips will be reimbursed to AMC until the total amount that AMC has paid to VMC for the NRE to create this chip is totally reimbursed to AMC."
5) if VMC start selling their chips to public, the AMC will get 10% of their profit
6) kslaughter has put his hard work and 6 Avalons in the company, now values his share in AMC for $15,000,000. Also he takes 90% of profit from the hardware sales. i.e. The most worrying aspect of the whole setup, is why does VMC, and ultimately Ken, benefit 90% from hardware sales that AMC (read, US) invested in and funded.
7) kslaughter is now selling the shares for 0.0025, but can later sell more for 0.0005 as stated in the summary at bifunder (also that has happened before).
8 ) the profit calculation in contract is based on assumption that the difficulty will rise only by 6.5% on average for next 24 months
9) shares have no voting rights - does it mean that contract can be changed? Or that shares can be diluted (more than 100,000,000 issued)?

I am very uncomfortable with all these issues addressed. Especially everything from #5 ~ #9. AMC needs to take in all if not majority of the profits from VMC hardware sales. Which is why we don't need VMC. Get rid of it. This only makes sense because AMC put up the money for the NRE to create the chip therefore AMC should profit from all sales from chip sales. We should flip the switch and take up 90% profit for AMC and 10% for Ken/VMC after the NRE has been paid back to AMC investors. Ken should not be allowed to issues new shares for lower than market price at the time of the offering. Shares should have voting rights as Ken does not know what he is doing. I am sure us investors will have a better idea of how to point the company in the right direction to benefit all the shareholders. As a shareholder i want to look out for other shareholders and hope to make better decisions to favor US as shareholders. I don't understand why so many shares are needed to begin with 100,000,000 shares? That ridiculous. I don't want for our dividends to be diluted to dust. Less shares issued will keep AMC shares valuable and dividends worth the investment.

The 2 company's need to be merged in too one to remove the uncertainty of a second entity being involved. If Ken wants to get paid more then he should have AMC buy VMC for 10 million of the 60 million outstanding shares. Also he can not dump the 10 million shares on the market for a year.