Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 123.

Garr255

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What's a GPU?

I have to agree with stochastic here, in that waiting is going to be a good choice for two reasons:

Avalon ASICs are going to be sold for 75btc each in the coming weeks (http://launch.avalon-asics.com/#tab-03), which is because they aren't aiming to sell a ton, but rather keep them for themselves and mine away.
By the time an opportunity to purchase reasonably priced ASICs rolls around, bitcoins might be worth more than they are now.

I do believe that it is wise to have these funds on standby, so when the opportunity comes about we can quickly take advantage of it.

davos

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Obviously there's no real merit to turning the fund into an ASICMINER-PT or investment fund, but if no decision has been made on the issue of what/if to buy hardware it might be worth considering parking the fund in ASICMINER Shares (probably could get a decent pps with a 250BTC reverse dutch auction).

Just a thought.

stochastic

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Quote from: Garr255 on March 20, 2013, 11:35:23 AM

So shareholders, what are your opinions regarding this? I see the three options being purchasing the Avalon, purchasing more from BFL, or waiting it out.

Best,
Garrett

At this level of deflationary pressure of the bitcoin exchange rate there is a good argument to just sit on coins. Although, I do believe we should have some ASICs first.

Garr255

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What's a GPU?

Quote from: Logik on March 20, 2013, 05:34:26 PM

It's a tough call on assessing the Avalon purchase, but if anything is certain it's that you would have to be insane to give any more money to BFL before they prove to have shipped/working units.

I agree. I also want to see a working product before purchasing more from them. I'd rater us have control of the funds than BFL while we're waiting for the product!

Quote from: Logik on March 21, 2013, 12:08:58 AM

Garrett, have you tried logging into BFL's new order tracking page yet?

Yes. Although It's not very helpful; it just says "pending".

Logik

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Garrett, have you tried logging into BFL's new order tracking page yet?

davecoin

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Then the real difficulty hike will start. Imagine the number of orders they will see on a daily basis.

Logik

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It's a tough call on assessing the Avalon purchase, but if anything is certain it's that you would have to be insane to give any more money to BFL before they prove to have shipped/working units.

davecoin

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http://bbs.btcman.com/forum.php?mod=viewthread&tid=1550&extra=page%3D1

Looks like they are done associating with USD. BTC pricing is now tied to RMB.

While I understand that BFL will deliver a product that is more efficient, an Avalon unit will still be profitable in your area for a long time. I would rather invest money now in something that is proven than dumping more into a wishing well.

Disclaimer: I have a summer 2012 bfl pre-order

Garr255

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What's a GPU?

Quote from: davecoin on March 20, 2013, 11:02:45 AM

Garrett, are you still considering an Avalon purchase after reading today's news?

Thanks,
Dave

Hi Dave,

I haven't seen any formal confirmation from Avalon regarding the price adjustment for the Avalon ($5000 USD). If I'm missing something please send me a link!

I believe that, at the $5000 price point, an Avalon would still be worth it if we didn't expect BFL to ship a significant sum of ASICs for another few months.

Keeping this in mind, our decision will be based on the coming updates from BFL, and what the actual price for the Avalon comes down to.

Currently we have 28btc in Cognitive's growth fund (and we will have over 30 after the dividend Saturday), and 50BTC raised via COG.F. At the current exchange rate of $60 this gets us almost all the way to the $5000 we need. I'd be happy to spot Cognitive whatever remaining funds we need (~$200). So we will have the funds to purchase an Avalon if it does end up costing $5000.

So shareholders, what are your opinions regarding this? I see the three options being purchasing the Avalon, purchasing more from BFL, or waiting it out.

Best,
Garrett

davecoin

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Garrett, are you still considering an Avalon purchase after reading today's news?

Thanks,
Dave

Garr255

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What's a GPU?

Quote from: davecoin on March 20, 2013, 01:54:58 AM

Of Avalon? Yes. BFL? No.

Correct.

davecoin

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Of Avalon? Yes. BFL? No.

stochastic

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Quote from: Garr255 on March 18, 2013, 12:09:23 PM

Good morning everyone!

The first few hours of COG.F sales have been decently successful. We currently have the funds to purchase one Avalon ASIC. The Avalon team should be accepting orders for their third batch of ASICs in the coming weeks. I will do my best to get in on the preorder (Usually a <6 hour time frame). If by chance I miss the opportunity to purchase the Avalon, another BFL SC Single will be added to our previous order from BFL, so it will be sent out fairly quickly

Cheers,
Garrett

Has anyone received the first batch shipment yet? I can't follow threads anymore.

Garr255

legendary

Activity: 938

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What's a GPU?

Good morning everyone!

The first few hours of COG.F sales have been decently successful. We currently have the funds to purchase one Avalon ASIC. The Avalon team should be accepting orders for their third batch of ASICs in the coming weeks. I will do my best to get in on the preorder (Usually a <6 hour time frame). If by chance I miss the opportunity to purchase the Avalon, another BFL SC Single will be added to our previous order from BFL, so it will be sent out fairly quickly

Cheers,
Garrett

Garr255

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What's a GPU?

Quote from: Deprived on March 16, 2013, 12:51:17 PM

One pitfall to be wary of is that COG.F shares are fungible.

If you sell 50 shares and order an ASIC then sell another 20 shares you have no way of determining which 50 shares of the 70 outstanding are the ones that should be converted when the ASIC arrives. Only way around this is to start a new ticker every time you place an order. That also makes sense as if you sold 50 and ordered an ASIC, then sold 50 more and ordered another ASIC, the price of the first 50 sold SHOULD rise due to them being nearer arrival than the second 50.

Not seeing any other way to do it short of manually tracking the shares and then manually upgrading just the ones entitled to an upgrade as each ASIC arrives.

You're right in that using the same ticker for multiple rounds of funding would be cumbersome, but there is an easy method to circumvent this.

The way this is going to work is simple: We raise funds through COG.F, purchase the hardware, then wait for it to arrive. Once the hardware arrives the COG.F shares are traded back to Cognitive in exchange for standard COGNITIVE shares. Then the asset COG.F is free to do another round of funding. If we want to raise more funds between the time that the COG.F hardware purchase is made and when it is delivered, we simply create COG.F2 and repeat the process with that.

Cheers,
Garrett

Deprived

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One pitfall to be wary of is that COG.F shares are fungible.

If you sell 50 shares and order an ASIC then sell another 20 shares you have no way of determining which 50 shares of the 70 outstanding are the ones that should be converted when the ASIC arrives. Only way around this is to start a new ticker every time you place an order. That also makes sense as if you sold 50 and ordered an ASIC, then sold 50 more and ordered another ASIC, the price of the first 50 sold SHOULD rise due to them being nearer arrival than the second 50.

Not seeing any other way to do it short of manually tracking the shares and then manually upgrading just the ones entitled to an upgrade as each ASIC arrives.

btcash

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Will you buy from Avalon or update your BFL order? Luke-Jr thinks BFL is going to ship next week. When will Avalon ship if you order next week? Is there any ETA?

Garr255

legendary

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What's a GPU?

Great news everyone!

COG.F has been approved on BTC-TC: https://btct.co/security/COG.F and you can now place bids on the contracts. The first 100 will be listed for BTC2.5 each at 10:00 PM PST on Sunday the 18th.

Cheers,
Garrett

Garr255

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Activity: 938

Merit: 1000

What's a GPU?

Quote from: ?? on ??

Quote from: Garr255 on March 15, 2013, 12:16:47 AM

Quote from: medicine on March 14, 2013, 08:04:26 PM

Quote from: Garr255 on March 14, 2013, 02:43:16 PM

Hey all,
This morning I gave BTC-TC my application for approval of COG.F

The first contracts will be sold in a few days when the asset goes live on the exchange for 2.5btc each. Before then, I am accepting bulk orders of these shares at the rate of 45btc per 20 COG.F shares.

How many COG.F contracts are you going to issue?

Initially 100. More will be issued if there is significant demand. (A few people have contacted me recently regarding making large investments in Cognitive, so it is likely that demand for these contracts will be high.)

What happens if there is not enough demand? Do you have a deadline for hardware purchase or can the funds stay in limbo forever?

Honestly, until reading your post I had no plan for this, because that's how confident I am that the fund will get funded. I'm all for having a plan B though, so: If there isn't enough demand to purchase a single bitcoin miner after a week, COG.F purchases will be refunded.

--Garrett

Garr255

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Activity: 938

Merit: 1000

What's a GPU?

Quote from: medicine on March 14, 2013, 08:04:26 PM

Quote from: Garr255 on March 14, 2013, 02:43:16 PM

Hey all,

This morning I gave BTC-TC my application for approval of COG.F

The first contracts will be sold in a few days when the asset goes live on the exchange for 2.5btc each. Before then, I am accepting bulk orders of these shares at the rate of 45btc per 20 COG.F shares.

For those just tuning in, here's the contract for COG.F:
COG.F is an asset representing contracts for delivery of COGNITIVE shares that will be issued upon arrival of mining hardware purchased with COG.F funds. One (1) COG.F represents a contract for twenty (20) COGNITIVE shares, to be delivered upon arrival of said mining hardware.

Now is a great time to invest bitcoins into mining, both because of the new ASIC hardware that is going to be released, and because of the high bitcoin value which maximizes investment payoff!

Best,
Garrett

How many COG.F contracts are you going to issue?

Initially 100. More will be issued if there is significant demand. (A few people have contacted me recently regarding making large investments in Cognitive, so it is likely that demand for these contracts will be high.)

Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 123. (Read 300686 times)