Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 5. (Read 300490 times)

There are no fees paid to Garr or me in this liquidation. The difficulty bumps and hardware price decreases have brought down the payout significantly though. To those who are not in the loop, refer to the CoinTerra website to see the significance of the price drop.

As the payments are completed you will receive updates. I however do not advise speculation on the shares to those tempted.

Tempting to grab up all those shares at below .01 isn't it? The problem is hardly anyone has any trust left whatsoever that a payout will even happen or, if there is, that it will be a very small amount because fees etc.. That's why the shares are still there.

Just curious, when the price was 0.01 per share M Pakolaj inferred that the value was much higher than that. Do we have an estimation on the final payout price yet?

Yes, it, like every other valid question and concern, will just be ignored.

A few pathetic statements by sock puppets and poof, Cog Mining is no more.

I am especially pleased and impressed by this: "I have fortified all of my shares to the new manager and will not be receiving anything from the liquidation dividend".  Fortified indeed.

Hello Everyone,

As for the current situation, broyboy said it best:


The process is nearing its end, probably (note, indication) everything will be finalized within 24 hours.

Under the circumstances we are trying to make this as profitable as possible for the shareholders.

Nothing is being done out of ill intent. As a result of the bitcoin climate and indeed mistakes made the best thing for CM, including its shareholders is what we are doing right now.

We will keep you posted as information comes along. For now:

Progress

The Terraminers have been sold. Part of the payment is clearing escrow right now, another part is waiting for completion. The old generation gear (SC Singles, Avalon) has not been bought by a buyer due to lack of interest, but Garr is compensating this out of his own Btc holdings.


Garrett has been off the grid for a couple of days. Hereby a message from him.

----------- Message -------------

Dear Cognitive Mining Holders:

I want to extend a sincere thank you to everyone involved in Cognitive Mining within the past two years. This project has been exciting and educational for the majority of the duration, and recently it has been extremely stressful due to the Cointerra miners coming
online a week late and the immense bitcoin difficulty jumps. (The explanation for this has been posted before so please refer to that for
details.)

I apologize for not having multiple options for the hosting of these units, as opposed to the single datacenter which, after receiving the first shipment of Terraminers, refused to host the units without the full one megawatt contract. It is true that if multiple datacenters were ready to go this risk would have been mitigated, the only problem being each one wanting a large deposit.

Although ultimately out of my control, I am very sorry for the pain this may have caused anybody. Just for full disclosure, I have fortified all of my shares to the new manager and will not be receiving anything from the liquidation dividend.

Again, thanks to everyone who participated. I have not gained any monetary worth via this project, but that was never the goal. Many people have learned from the project, and that was the true goal since the beginning.

Best Regards,
Garrett

--------- End -----------

Regards,

Mentor

Cointerra have no right to be paid for delivery until we receive our full contracted 28thps + compensation for lateness.

Is this just going to be ignored?

Where is Garrett's statement we were all told to wait for?

This is illegal. If he is in liquidation he can not just give away our stuff to pay back some selective debts.  

Edit: Also I see you are in a far away place. That is good for you as the law will odds are not bother to get you (assuming you do not come to the USA) but that makes you not exactly ideal to manage our stuff. Garr clearly is the one doing things like giving away our assets. You are just a new tool he is using to communicate.

If you do have control of anything, like BTC please prove it to us. I'm going to assume Garr still has everything.

I'm sad to see our miners go, but it sounds like it will be a fair deal. If indeed this all actually happens then the shares are a value right now.

However we've all seen this before. I was hopeful for a long time but now it's starting to make sense. It seems Garrett had this exit plan in the works for some months.

Therefore please update us regularly on the progress. I agree with others and don't think private conversations are productive or appropriate.

What does this mean?  Does it mean one Terraminer is being given back to CT to cover previously unpaid shipping costs?

Why with the compensations machines will our hashrate not meet 28thps + compensation for lateness?

Who considers you trustworthy apart from garrett?

You have no community history and we don't know your background.

For garrett to say in future he will keep financials worries me, it means he will be back doing this again at some point.

Hello Everyone,

I've been talking to Garr over the past days to work this out to the best advantage of the shareholders involved. Over the course of today Garr will post an overview of his perspective on what was the intent, process and eventual demise of this project. I would urge everyone to await that post.

In the meanwhile, here are some answers to elasticband's questions.


-------Garr's responses-----------

1 Get a financial report & audit
     This has been in the talks for months now, and the time to create this simply hasn't existed. I apologize for not keeping a realtime financials report that is always publicly viewable. This is something I will certainly strive to do in the future. It is an oversight that in retrospect should have been obvious, again I apologise and will do my best to construct them.

2 Result of the motion
     The motion results were posted on the forum right when it ended. Here is the link again: Motion tally

3 Where are the CT machines
     Some of the CT machines are in Montana and some are in Canada. Icedrill is planning on purchasing the entirety of the machines there from us, which will ensure a seamless transaction, plus they are willing to pay more because it will be free and instant delivery!

4 Where is compensation due from CT
     Compensation from CT is being sent out today, in the form of three TerraMiners. One Terraminer is being sold back to CT for the purchase price (which is greater than their current retail price so it would be impossible to sell it for more) to pay them for the shipping costs which totaled over $6,000 USD. The remaining two of these are being sold right away.

5 Why is Mentor given responsibility
     I among others believe Mentor is a trustworthy individual who will be a highly valuable resource in gracefully closing up shop.

If you'd like anything further on these, just let me know.
------------- End responses -----------------------

A personal note on point 5. I fully understand the frustrations of everyone involved and have the intention to make the best out of the situation. I have not been involved with the CM project in any way unto this point. Garr's intention was to have an impartial individual guide this process. His and my hopes are that as an unaffected individual can see understand the perspectives of all parties involved.



Although I can see why you would consider that possibility, I'm not a sock puppet. Feel free to trace me if you can. You'll find me firmly established in Maastricht, The Netherlands.

For a less dramatic course of action simply PM me about my identity.

Regards,

Mentor

Scammers gonna scam...
https://bitcointalksearch.org/topic/garr255werner-auction-shilling-238474

How isn't that available?  Garret has broken quite a few laws...

I fucking wish that was an available course of action in the bitcoin world.

Just tell it to the guys in BASIC-MINING who got scammed hard after the btct shutdown...

I have emailed Garrett regarding FIMB two days ago, since I'm the largest bondholder and we agreed on a repayment plan a few months back.

Unfortunately until now, he's chosen to ignore me. If he decides to play silent and walk away without honoring the deal I might join the ranks of those that will take legal action against him.

No kidding.

hi, guys
what's the final share price  will be by estimation.
really suck it!

Hey guys, my spell check keeps giving me problems. Can anyone tell me how to spell sock puppet again?

Seriously, this thread is going into the Internet Hall of Fame surely to be scoffed at for the following digital age.

All grand wise and powerful one, is it yet time for a bit of IP detective work,  Theymos?

Just had to quote this for the sheer hilarity of the statement. Sorry, Garr, I don't think you can put 'we are no longer liable for our actions' and really expect that to stick. Liability doesn't work like that.