Quote from: Garr @ FIMB thread
This can easily be categorized as a "set-and-forget" asset
Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 59. (Read 300616 times)
January 23, 2014, 06:59:59 AM
January 23, 2014, 12:48:00 AM
FIMB?
Seems like he didn't want investors to know if/how it was linked to Cog...
https://bitcointalksearch.org/topic/fimb-fixed-interest-mining-bond-on-btc-tc-245375
Seems like he didn't want investors to know if/how it was linked to Cog...
https://bitcointalksearch.org/topic/fimb-fixed-interest-mining-bond-on-btc-tc-245375
January 22, 2014, 10:21:20 PM
I'd like to nominate myself as a part- or full-time employee for Cognitive. I'm a burgeoning web developer with some experience building Wordpress sites as well as web applications using Ruby on Rails. I just graduated college, and although I have another freelance project I'm currently working on - I'm actively pursuing either more work or a full-time position. Perhaps I could help organize the website as far as transparency is involved - building something to show inventory, income, and expenses (even if it's just a google doc)? If there is work to be done with the mining units or Linux system administration perhaps it could be done remotely. I would take payment in Bitcoin and offer a competitive rate.
My personal opinion is that Garrett needs someone who can execute to truly improve his 'PR'. Not just a 'PR' person. Whether that's me or someone else is less important. He is receiving a lot of flak for slipping up on a workload that is similar to a tech startup, but even in that scope Garr as a person doesn't scale. The expectations from many pseudonymous shareholders are for the most part unrealistic in my opinion. That doesn't mean I don't empathize with their frustrations on accountability and so on, which is why I'm posting here.
My LinkedIn profile is http://goo.gl/FTF4J
I do currently hold COG shares, and have had varying quantities for the last 1+ year.
My personal opinion is that Garrett needs someone who can execute to truly improve his 'PR'. Not just a 'PR' person. Whether that's me or someone else is less important. He is receiving a lot of flak for slipping up on a workload that is similar to a tech startup, but even in that scope Garr as a person doesn't scale. The expectations from many pseudonymous shareholders are for the most part unrealistic in my opinion. That doesn't mean I don't empathize with their frustrations on accountability and so on, which is why I'm posting here.
My LinkedIn profile is http://goo.gl/FTF4J
I do currently hold COG shares, and have had varying quantities for the last 1+ year.
+1
Assuming the 28.75 th/s comes online relatively soon, how about compensating this position using the dividends of the 1,023 unclaimed shares? All dividends paid out from these unclaimed shares can also be debited to an accounts payable ledger so we can keep track of what is owed in the event that the shares are claimed and back dividends need to be paid.
In the event that shares are claimed then the accounts payable ledger is closed and an operating expense account is created and debited. Making this position a normal operating expense (like electricity, etc) to be covered before retaining BTC to the growth fund and disbursing dividends.
ALSO, the counterparty risk that FIMB poses to COG shareholders is concerning and needs to be addressed. ~95 Bitcoins is a large amount of money considering the whole COG project has a market cap of ~500BTC.
January 22, 2014, 09:54:42 PM
Garrett: Are FIMB and COG actually linked, or are they two separate enterprises both owned by you? Does an FIMB default imply a COG default? If so, that would be very disturbing, as the risks of FIMB were not discussed anywhere on the COG website and I didn't even know it existed until people came here to complain about it.
That said - people absolutely have the right to complain about FIMB defaulting, and that is absolutely Garrett's "fault/responsibility" and impacts the trust people have for him. If FIMB defaulted due to no negligence on his part, then he should come forward and say so and explain the plan moving forward, and whether or not that impacts COG. When a company fails, you don't call the CEO a scammer. When a company disappears without paying their debts or explaining anything, however... PLEASE Garret, answer these accusations and explain where FIMB and COG are and if they impact each other.
That said - people absolutely have the right to complain about FIMB defaulting, and that is absolutely Garrett's "fault/responsibility" and impacts the trust people have for him. If FIMB defaulted due to no negligence on his part, then he should come forward and say so and explain the plan moving forward, and whether or not that impacts COG. When a company fails, you don't call the CEO a scammer. When a company disappears without paying their debts or explaining anything, however... PLEASE Garret, answer these accusations and explain where FIMB and COG are and if they impact each other.
FIMB is a BTC bond which was issued by Cognitive with the sole purpose of financing the purchase of Avalon Hardware.
Here's the contract (still available at BTCT.CO's website as of this writing): http://imgur.com/ePE3CyT
January 22, 2014, 09:35:28 PM
Garrett: Are FIMB and COG actually linked, or are they two separate enterprises both owned by you? Does an FIMB default imply a COG default? If so, that would be very disturbing, as the risks of FIMB were not discussed anywhere on the COG website and I didn't even know it existed until people came here to complain about it.
That said - people absolutely have the right to complain about FIMB defaulting, and that is absolutely Garrett's "fault/responsibility" and impacts the trust people have for him. If FIMB defaulted due to no negligence on his part, then he should come forward and say so and explain the plan moving forward, and whether or not that impacts COG. When a company fails, you don't call the CEO a scammer. When a company disappears without paying their debts or explaining anything, however... PLEASE Garret, answer these accusations and explain where FIMB and COG are and if they impact each other.
That said - people absolutely have the right to complain about FIMB defaulting, and that is absolutely Garrett's "fault/responsibility" and impacts the trust people have for him. If FIMB defaulted due to no negligence on his part, then he should come forward and say so and explain the plan moving forward, and whether or not that impacts COG. When a company fails, you don't call the CEO a scammer. When a company disappears without paying their debts or explaining anything, however... PLEASE Garret, answer these accusations and explain where FIMB and COG are and if they impact each other.
January 22, 2014, 06:25:19 PM
I'd like to nominate myself as a part- or full-time employee for Cognitive. I'm a burgeoning web developer with some experience building Wordpress sites as well as web applications using Ruby on Rails. I just graduated college, and although I have another freelance project I'm currently working on - I'm actively pursuing either more work or a full-time position. Perhaps I could help organize the website as far as transparency is involved - building something to show inventory, income, and expenses (even if it's just a google doc)? If there is work to be done with the mining units or Linux system administration perhaps it could be done remotely. I would take payment in Bitcoin and offer a competitive rate.
My personal opinion is that Garrett needs someone who can execute to truly improve his 'PR'. Not just a 'PR' person. Whether that's me or someone else is less important. He is receiving a lot of flak for slipping up on a workload that is similar to a tech startup, but even in that scope Garr as a person doesn't scale. The expectations from many pseudonymous shareholders are for the most part unrealistic in my opinion. That doesn't mean I don't empathize with their frustrations on accountability and so on, which is why I'm posting here.
My LinkedIn profile is http://goo.gl/FTF4J
I do currently hold COG shares, and have had varying quantities for the last 1+ year.
My personal opinion is that Garrett needs someone who can execute to truly improve his 'PR'. Not just a 'PR' person. Whether that's me or someone else is less important. He is receiving a lot of flak for slipping up on a workload that is similar to a tech startup, but even in that scope Garr as a person doesn't scale. The expectations from many pseudonymous shareholders are for the most part unrealistic in my opinion. That doesn't mean I don't empathize with their frustrations on accountability and so on, which is why I'm posting here.
My LinkedIn profile is http://goo.gl/FTF4J
I do currently hold COG shares, and have had varying quantities for the last 1+ year.
January 22, 2014, 01:47:14 PM
I agree that he should tell the truth but why the fuck did you invest so big in one investment ?
Don't you know some basic about investment ? Don't put all eggs in one basket. It's not just a saying, you must diversify. If things goes wrong, yes you are fucked and you are the only one responsible for it. No one forced you to put all your money in a bond.
Don't you know some basic about investment ? Don't put all eggs in one basket. It's not just a saying, you must diversify. If things goes wrong, yes you are fucked and you are the only one responsible for it. No one forced you to put all your money in a bond.
So FYI, investors, you weren't forced to invest. Now Garr can do anything and you all should shut up and stop with the slander.
lol.
January 22, 2014, 01:40:13 PM
TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying. I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
I agree that he should tell the truth but why the fuck did you invest so big in one investment ?
Don't you know some basic about investment ? Don't put all eggs in one basket. It's not just a saying, you must diversify. If things goes wrong, yes you are fucked and you are the only one responsible for it. No one forced you to put all your money in a bond.
I didn't put all eggs in one basket. I have been playing with Bitcoin for a while if you understand me. Also I bought FIMB when BTC was below $100.
I am not asking for anyone's compassion here, I don't need it. All I am doing is exercising my right of complaining and making sure this issue is not forgotten, as COGNITIVE can't have any hopes of continuing a long term operation while on default with its obligations.
January 22, 2014, 01:32:13 PM
TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying. I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
I agree that he should tell the truth but why the fuck did you invest so big in one investment ?
Don't you know some basic about investment ? Don't put all eggs in one basket. It's not just a saying, you must diversify. If things goes wrong, yes you are fucked and you are the only one responsible for it. No one forced you to put all your money in a bond.
January 22, 2014, 12:49:12 PM
TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS.
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
GARRETT, PAY UP.
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
GARRETT, PAY UP.
Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying.
Then he should come and say so clearly, don't you think? This is the only decent thing to do instead of hiding and deliberately being elusive in his answers. I am a reasonable person and would be more than willing to negotiate. Not paying and leaving bondholders without a clue for 98 days IS NOT ACCEPTABLE.
January 22, 2014, 12:44:40 PM
Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying.
See, the thing is Alberto Armandi also simply has no money now.
January 22, 2014, 12:41:20 PM
TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS.
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
GARRETT, PAY UP.
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
GARRETT, PAY UP.
Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying.
January 22, 2014, 10:59:40 AM
TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS.
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
GARRETT, PAY UP.
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB
GARRETT, PAY UP.
January 22, 2014, 10:59:00 AM
When is the volume 3 of kakobrekla's best jokes released ?
You can submit them here http://bash.bitcoin-assets.com/
January 22, 2014, 10:27:36 AM
What I like in COGNITIVE is his resilience against time, scam accusations and worst of all, kakobrekla's trolling.
I don't think that any security can compete with COGNITIVE on the long run. Most people would have committed suicide in that environment.
You can make your own mining company and sell me your shares if you're not happy. I'm serious PM-me your offer.
Quoted for preservation.I don't think that any security can compete with COGNITIVE on the long run. Most people would have committed suicide in that environment.
You can make your own mining company and sell me your shares if you're not happy. I'm serious PM-me your offer.
When is the volume 3 of kakobrekla's best jokes released ?
January 22, 2014, 09:44:24 AM
What I like in COGNITIVE is his resilience against time, scam accusations and worst of all, kakobrekla's trolling.
I don't think that any security can compete with COGNITIVE on the long run. Most people would have committed suicide in that environment.
You can make your own mining company and sell me your shares if you're not happy. I'm serious PM-me your offer.
Quoted for preservation.
January 22, 2014, 09:24:59 AM
The other reason COG is "valuable", besides 2.05GH/share with 50% reinvestment, is cog has been around through three different exchanges and each time the operator didn't run off with the goods, though he could have.
This is not true. Garrett has made at least 2 months worth of dividends "disappear". We have no way of knowing that he will reliable in the future because he certainly hasn't been so far.
I'm not letting Garrett "off the hook" for the missing dividends and neither should anyone else - I explicitly mentioned them elsewhere in my post you selectively quoted from - but as superresistant said, for a security run over the course of more than a year, facing several high-risk adverse situations, COG has fared very well (and the actual amount missing, I believe, is a *portion* of the dividends from 6 weeks).
January 22, 2014, 07:11:41 AM
What I like in COGNITIVE is his resilience against time, scam accusations and worst of all, kakobrekla's trolling.
I don't think that any security can compete with COGNITIVE on the long run. Most people would have committed suicide in that environment.
You can make your own mining company and sell me your shares if you're not happy. I'm serious PM-me your offer.
January 22, 2014, 06:59:57 AM
The other reason COG is "valuable", besides 2.05GH/share with 50% reinvestment, is cog has been around through three different exchanges and each time the operator didn't run off with the goods, though he could have.
This is not true. Garrett has made at least 2 months worth of dividends "disappear". We have no way of knowing that he will reliable in the future because he certainly hasn't been so far.
January 21, 2014, 01:59:46 PM
The other reason COG is "valuable", besides 2.05GH/share with 50% reinvestment, is cog has been around through three different exchanges and each time the operator didn't run off with the goods, though he could have. COG has been paying dividends for over a year (and afaik there has been only one incident, somewhat recently, where divs were missed - we are still unclear on why).
As much as people have been complaining recently about this div issue (rightfully so!) many people trust COG over some unproven org that has been around for shorter, or said things like "oh, yeah, we're *totally* gonna have a petahash in march" or whatever, with no history of actually doing stuff like that. Garrett was an early customer of Cointerra too, and supposedlly negotiated a *very* good bulk purchasing deal, and he has said he hoped to have another one for Q2 2014, again implying that COG's future is bright.
To clarify, after the last exchange move, there were some unclaimed share, but the *real* totals are 10420 shares + 100 COG.F1 + 100 COG.F2. F1 and F2 started off different but a motion has joined them to be exactly equivalent now. When the cointerra order arrives (should be in the next week or two) each F1 and F2 share will convert into 20 COG shares, and our current hashrate is ~750GH/s, but after cointerra it will be 28.75 TH/s
EDIT: Oh, almost forgot - we have also recently purchased some scrypt miners, so that is going to supplement DIVs (will still be converted to and paid in BTC). It is unclear what the profit projections are on that.
As much as people have been complaining recently about this div issue (rightfully so!) many people trust COG over some unproven org that has been around for shorter, or said things like "oh, yeah, we're *totally* gonna have a petahash in march" or whatever, with no history of actually doing stuff like that. Garrett was an early customer of Cointerra too, and supposedlly negotiated a *very* good bulk purchasing deal, and he has said he hoped to have another one for Q2 2014, again implying that COG's future is bright.
To clarify, after the last exchange move, there were some unclaimed share, but the *real* totals are 10420 shares + 100 COG.F1 + 100 COG.F2. F1 and F2 started off different but a motion has joined them to be exactly equivalent now. When the cointerra order arrives (should be in the next week or two) each F1 and F2 share will convert into 20 COG shares, and our current hashrate is ~750GH/s, but after cointerra it will be 28.75 TH/s
EDIT: Oh, almost forgot - we have also recently purchased some scrypt miners, so that is going to supplement DIVs (will still be converted to and paid in BTC). It is unclear what the profit projections are on that.
Can I make a correction to this statement? Most people here really don't care much as they've invested only in COG, F1 and F2, but Garrett is on DEFAULT on FIMB (a BTC bond with 2% monthly interest) since October/2013, and given his (famous) elusiveness and how irresponsibly he has been treating this subject, I already feel like I have been robbed.
I've been around here demanding a solution for months with no concrete results. Sometimes Garrett will touch the subject and say something like "it will be paid next week" or "it is going to Havelock soon" only to gain more time, and that's pretty much it. EVEN IF YOU HOLD ONLY COG/F1/F2 AND DON'T HOLD FIMB BONDS, YOU SHOULD BE DEEPLY WORRIED ABOUT IT BECAUSE A DEFAULT IMPLIES A COMPLETE LACK OF CONFIDENCE IN THE UNDERLYING ISSUER.
Garrett, I won't stop posting until you pay up, and if there is one thing I can promise is that this will get worse as time passes.
I think..... that.... you ..... should stop with the slander!
Bahahahaha.
alincoln, but seriously, he is just frying bigger fishes. Oh did I say frying? I meant scamming.
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