Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 57.

alincoln

full member

Activity: 175

Merit: 100

Quote from: Garr255 on January 29, 2014, 03:48:48 AM

P.S. Emails have been sent to FIMB holders regarding repayment. Please confirm here.

Hi Garrett,

I confirm having received your email regarding FIMB. If you don't mind I am replying to it here. Your proposal was:

Quote from: Garr255 on January 29, 2014, 08:50:26 AM

Hey,

As you saw I sent an email to all FIMB holders regarding repayment. I plan on repaying 50% now and the rest as my personal mining income comes in. Because you are an exceptionally large FIMB holder, I thought I should contact you directly. What works best for you in terms of repayment?

This works for me, with the following remarks:
- Unpaid/late dividends from the last months should be paid in fully prior to you buying back
- As per FIMB's contract, you'd be buying back bonds at 102% of face value
- You'd be buying back half of the bonds now, so the other half would stay active and generating 2% monthly interest.
- At the first day of every month when FIMB dividends are due, you can buy back more bonds as your personal mining income comes in.

Given that FIMB's contract has a buy back clause, the above plan is simply following the contract to the letter. What do you say?

superresistant

legendary

Activity: 2156

Merit: 1131

These are really great news.

For the bitcoin mining, the difficulty is lower than the best scenario we imagined. This is so awesome.

Thanks Garrett to make the GPU RIG working as fast as you can.
Please concider pointing the GPU RIG at middlecoin.com so everyone can see the mining transparently. This pool is optimised to mine the most profitable coin and pay directly with Bitcoins. That is exactly what we need. Please have a watcher like CGWatcher to monitor, restart the miner or the system in case of hardware failure. You also need to add at least one backup pool (2 or 3 would be better) in case middlecoin goes offline.

Garr255

legendary

Activity: 938

Merit: 1000

What's a GPU?

Quote from: theterabyte on January 28, 2014, 08:03:38 PM

It's also worth noting that earlier (Dec. 10th) I ran some projections (https://bitcointalksearch.org/topic/m.3916609):

Quote

Difficulty at the end of January (low projected) => 908mil * ( 1.284**4 ) => 2468mil
Difficulty at the end of January (middle projected) => 908mil * ( 1.35**4 ) => 3015mil
Difficulty at the end of January (pessimistic projected) => 908mil * ( 1.50**4 ) => 4596mil

We are currently at 2.19mil, under the lowest projection I made. Things are going to ramp up when cointerra ships, no doubt, but we are on track to make a tidy sum still.

Indeed we are!

The Litecoin situation is going well. Our first rig is ready to go physically -- I am copying BAMT to a flash drive as I write this, so we will be online within the hour!

P.S. Emails have been sent to FIMB holders regarding repayment. Please confirm here.

Also, please review the quote below if you have not read it above. I am turning Cognitive around.

Quote from: Garr255 on January 28, 2014, 12:38:58 AM

Quote from: superresistant on January 19, 2014, 05:49:07 AM

Quote from: Newar on January 19, 2014, 05:17:19 AM

Cognitive is run by a guy who has little time. I suggest he gets Cognitive right first, before venturing into every possible available altcoin.

Yes but this part could be managed by an other person. The is no geographic requirement so anyone from this group could do it.
We can have a small CPU team like :
- One person that write and test the auto-install script
- One person that decide which coin to mine according to calculation
- One person that rent servers and copy paste the script
- One person that sell the coins on this forum or on exchange
Everyone could check the mining pool data and the main wallet.

It is all about getting a bit organized and having some staff or volunteers.

I too agree that in order for Cognitive to be wildly successful like it once was more people need to come on board on the management front, preferably shareholders, because we all have a vested interest in the company succeeding as opposed to contracted workers.

As the New hardware arrives, I have a plan to correct Cognitive fully:

First, total 100% transparency is entirely necessary. All book keeping will need to be done meticulously. There will not be an expense that goes unaccounted. Every thirty days a comprehensive, formal expense report will be posted in addition to the website inventory being updated the same day as a transaction.
Second, we need to find members willing to help this recovery process. People for PR, for research (which includes new hardware, new tech, and pricing on existing tech).
Third, the entirety of the hardware will soon be moved to a fully managed datacenter where power is $0.025/kWh, which is the cheapest in the nation because of an abundance of hydroelectric power.

As always, I love to hear constructive input of all sorts. It is my goal to make Cognitive the highly desirable asset it once was.

MilkyLep

hero member

Activity: 583

Merit: 500

Bitcoin for all & all for Bitcoin

Quote from: investr on January 28, 2014, 11:23:13 PM

Quote from: Garr255 on September 24, 2013, 02:23:28 PM

-snip-

I can't wait to see where share price goes once we list on a new exchange, and as we get closer and closer to delivery Cheesy

I suppose nothing happens between days 2 - 29?

Pretty much sounds like there's no protection if the miners arrive Feb. 3rd. (Which was pointed out long ago.) But then again we are just taking Garrett's word on the contract since no shareholder has the privilege of such knowledge. Similar to the past quarter or two clarification is needed.

Any word on the scrypt mining setup?

What about the housing location of all this new hardware? Is it wired and ready to go? Shelves in place? Cooling all set? If hardware was initially expected by now, why has this not been completed?

Where are the financials promised more than two months ago on December 2nd? Charts? Live updates of mining address'?

Still not taking responsibility for the mismanagement of mining hardware and resulting dividends for months? An "Oops I'm sorry we had bad luck." doesn't cut it when overseeing mining hardware and resulting profits/revenue.

Once again I just see words and promises followed by a lack of details, supporting facts and concrete follow thru, why is that?

The level of dedication devoted to this outfit can be seen as negligent at best in my opinion.

P.S.

@alincoln What's the situation on this FIMB communication?

P.S.S.

My recommendation, if you want all of #bitcoin-assets to leave you alone, start proving them wrong.

investr

full member

Activity: 222

Merit: 100

Quote from: Garr255 on September 24, 2013, 02:23:28 PM

I just emailed a number of asset platforms, asking them to convince us to use theirs. Right now I think Havelock is one of the better options.

Yesterday, I placed an order for Cognitive from CoinTerra! I negotiated a discounted rate so we were able to purchase 14 2th/s boxes for a total hashrate of 28th/s, to be delivered in January!

For added protection, I signed a contract with CoinTerra that includes: "If delivery is beyond January 31 2014, for every thirty days late CoinTerra is in delivery of hardware, CoinTerra shall deliver an additional 30% of the total
hashpower agreed to in this contract. if no hardware is delivered within 180 days after January
31, a full refund shall be made to Cognitive."

I can't wait to see where share price goes once we list on a new exchange, and as we get closer and closer to delivery Cheesy

I suppose nothing happens between days 2 - 29?

stabs

member

Activity: 109

Merit: 10

Is Cointerra going to add extra hashing capacity to our order since they did not make the January deadline? I seem to remember 30% more hash for every month they were behind but am too busy at the moment to find the post.

theterabyte

member

Activity: 118

Merit: 10

It's also worth noting that earlier (Dec. 10th) I ran some projections (https://bitcointalksearch.org/topic/m.3916609):

Quote

Difficulty at the end of January (low projected) => 908mil * ( 1.284**4 ) => 2468mil
Difficulty at the end of January (middle projected) => 908mil * ( 1.35**4 ) => 3015mil
Difficulty at the end of January (pessimistic projected) => 908mil * ( 1.50**4 ) => 4596mil

We are currently at 2.19mil, under the lowest projection I made. Things are going to ramp up when cointerra ships, no doubt, but we are on track to make a tidy sum still.

theterabyte

member

Activity: 118

Merit: 10

In other "happy joy!" news, Cointerra says on their blog they shipped the first retail unit and it is now in a customer's hands:
http://cointerra.com/pr-cointerra-begins-shipment-terraminer-iv-worlds-fastest-bitcoin-miner/

I wouldn't be surprised if we still don't actually receive our miners until February (they are still slightly behind schedule), but this is still great news.

Garr255

legendary

Activity: 938

Merit: 1000

What's a GPU?

Quote from: theterabyte on January 28, 2014, 01:22:45 PM

Quote from: btcash on January 28, 2014, 08:55:01 AM

Nice words, lets see if any actions follow.

Quote

Edit: The Avalon chips that were purchased using FIMB funds are now sitting in a box, because they arrived so late it was not worth it to assemble them. I did not have the option to refund. Regardless, FIMB holders will be reimbursed.

Why are the Avalon chips listed on the cognitive website as expense? Reimbursed from your personal funds or the funds you owe cognitive shareholders?

Avalon chips were *also* ordered by COG. Those avalons were able to be refunded and the refund was applied towards the cointerra order (hence, COG.F1 and COG.F2 will both mature when the cointerra order arrives, COG.F1 was originally for an avalon order which went sideways).

If Garr is doing it right, the ones listed on the cog website are only the cog order, but Garr should be able to confirm that for us.

Confirmed.

~~Also Moderators, please remove the above spam. Go to https://bitcointalksearch.org/topic/m.4791447 to scroll above kakoberkla's spam.~~

Thanks.

theterabyte

member

Activity: 118

Merit: 10

Quote from: btcash on January 28, 2014, 08:55:01 AM

Nice words, lets see if any actions follow.

Quote

Edit: The Avalon chips that were purchased using FIMB funds are now sitting in a box, because they arrived so late it was not worth it to assemble them. I did not have the option to refund. Regardless, FIMB holders will be reimbursed.

Why are the Avalon chips listed on the cognitive website as expense? Reimbursed from your personal funds or the funds you owe cognitive shareholders?

Avalon chips were *also* ordered by COG. Those avalons were able to be refunded and the refund was applied towards the cointerra order (hence, COG.F1 and COG.F2 will both mature when the cointerra order arrives, COG.F1 was originally for an avalon order which went sideways).

If Garr is doing it right, the ones listed on the cog website are only the cog order, but Garr should be able to confirm that for us.

btcash

hero member

Activity: 968

Merit: 515

Nice words, lets see if any actions follow.

Quote

Edit: The Avalon chips that were purchased using FIMB funds are now sitting in a box, because they arrived so late it was not worth it to assemble them. I did not have the option to refund. Regardless, FIMB holders will be reimbursed.

Why are the Avalon chips listed on the cognitive website as expense? Reimbursed from your personal funds or the funds you owe cognitive shareholders?

alincoln

full member

Activity: 175

Merit: 100

Quote from: Garr255 on January 28, 2014, 12:28:21 AM

I will be emailing FIMB holders tomorrow evening regarding repayment. I will be able to repay the bonds and I will send as much payment as possible tomorrow. The transactions will be publicly viewable to all.

I have made some strategic relationships over the weekend and I will be able to make things right with all involved. Not another day will pass with any of my bitcoin affairs being neglected, you can be sure of that.

Edit: The Avalon chips that were purchased using FIMB funds are now sitting in a box, because they arrived so late it was not worth it to assemble them. I did not have the option to refund. Regardless, FIMB holders will be reimbursed.

I am pausing my daily rant and I am looking forward being partially or fully repaid tomorrow, 01/29/14. If you miss tomorrow's date, please come here and explain, instead of leaving bondholders in a complete disinformation limbo.

Needless to say that if there aren't any meaningful updates tomorrow I'll resume my messages the next day.

damiano

legendary

Activity: 1246

Merit: 1000

103 days, 21 hours and 10 minutes.

When do you expect hashing to begin?

Garr255

legendary

Activity: 938

Merit: 1000

What's a GPU?

Quote from: superresistant on January 19, 2014, 05:49:07 AM

Quote from: Newar on January 19, 2014, 05:17:19 AM

Cognitive is run by a guy who has little time. I suggest he gets Cognitive right first, before venturing into every possible available altcoin.

Yes but this part could be managed by an other person. The is no geographic requirement so anyone from this group could do it.
We can have a small CPU team like :
- One person that write and test the auto-install script
- One person that decide which coin to mine according to calculation
- One person that rent servers and copy paste the script
- One person that sell the coins on this forum or on exchange
Everyone could check the mining pool data and the main wallet.

It is all about getting a bit organized and having some staff or volunteers.

I too agree that in order for Cognitive to be wildly successful like it once was more people need to come on board on the management front, preferably shareholders, because we all have a vested interest in the company succeeding as opposed to contracted workers.

As the New hardware arrives, I have a plan to correct Cognitive fully:

First, total 100% transparency is entirely necessary. All book keeping will need to be done meticulously. There will not be an expense that goes unaccounted. Every thirty days a comprehensive, formal expense report will be posted in addition to the website inventory being updated the same day as a transaction.
Second, we need to find members willing to help this recovery process. People for PR, for research (which includes new hardware, new tech, and pricing on existing tech).
Third, the entirety of the hardware will soon be moved to a fully managed datacenter where power is $0.025/kWh, which is the cheapest in the nation because of an abundance of hydroelectric power.

As always, I love to hear constructive input of all sorts. It is my goal to make Cognitive the highly desirable asset it once was.

Garr255

legendary

Activity: 938

Merit: 1000

What's a GPU?

I will be emailing FIMB holders tomorrow evening regarding repayment. I will be able to repay the bonds and I will send as much payment as possible tomorrow. The transactions will be publicly viewable to all.

I have made some strategic relationships over the weekend and I will be able to make things right with all involved. Not another day will pass with any of my bitcoin affairs being neglected, you can be sure of that.

Edit: The Avalon chips that were purchased using FIMB funds are now sitting in a box, because they arrived so late it was not worth it to assemble them. I did not have the option to refund. Regardless, FIMB holders will be reimbursed.

alincoln

full member

Activity: 175

Merit: 100

TODAY IS 01/27/14, IT'S BEEN 103 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS.

Garrett, CEO of Cognitive Mining, issued FIMB (http://imgur.com/ePE3CyT), a BTC backed bond with 2% monthly interest, on the now defunct BTCT.CO securities exchange. After a couple months, he simply stopped paying dividends and walked away, without ever giving any explanation to bondholders.

I am sorry for the spammy nature of these message but it's one of the only ways of pressuring Garrett to come out of the shadows and resolve this issue, and also serves as a warning for anyone thinking of putting their hard earned money on anything ran by this person.

Some people say Garrett has been around with Cognitive for too long and is certainly "not a scammer". I leave it up for one's judgment how to properly call someone that does what he is doing.

I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB and I'll post this message every day until he pays up late dividends and principal.

GARRETT, PAY UP.

kakobrekla

hero member

Activity: 714

Merit: 500

Psi laju, karavani prolaze.

Quote from: ?? on ??

Quote from: alincoln on January 23, 2014, 09:57:16 AM

I will start a request to put a scammer tag on him.

I'm afraid scammer tags are a thing of the past. Either mods threw the towel or they are cool with scammers.

You will also find this link... interesting: https://bitcointalksearch.org/topic/m.1642658

And this https://bitcointalksearch.org/topic/garrs-game-possible-gain-of-7-roi-weekly-honest-ponzi-123654

kakobrekla

hero member

Activity: 714

Merit: 500

Psi laju, karavani prolaze.

Quote from: ?? on ??

Quote from: Garrett MacDonald

Cognitive is recognized for being the most transparent, shareholder-friendly, and efficient mining company.

Hehe, reminds me of this.

Quote from: #bitcoin-assets

02:36:35 mircea_popescu: dentist = scam. not a scam AS SUCH, in the sense that it does fix your teeth but a) you have to make appointments and they charge if you cancel them without notice and b) it costs money.
02:36:53 mircea_popescu: voodoo specialist = doctor aaaaa++++ would use again.
02:37:08 mircea_popescu: not in the sense that he fixes your teeth, but very good service.

kakobrekla

hero member

Activity: 714

Merit: 500

Psi laju, karavani prolaze.

Quote from: superresistant on January 26, 2014, 01:21:38 PM

You've got talent for sure.

Thanks, but I'm not so sure. Lets ask alincoln, if he is laughing. alincoln, are you laughing?

superresistant

legendary

Activity: 2156

Merit: 1131

I reckon you made me laugh kakobrekla. You've got talent for sure.

Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 57. (Read 300752 times)