Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 69. (Read 300686 times)

Once again, can I get an answer to this? FIMB bondholders have been continuously restricted in their right to do whatever the hell they want with their divs, because they are NOT being paid and there is no reason for that. I'd have converted to fiat when BTC was abobe $1,000 but will take a loss if they are paid now.

I will keep posting this every day until I get an answer or dividends are paid.

...someone was here to explain...

Dividends have been down across the board for me its not just on Cognitive but other mining operations too. Rising difficulty explains part of the reason why dividends are lower. You also have to remember 50% of dividends get held and reinvested in new hardware so that has to be taken into account when your calculating how much should get paid out. Plus their had to have been some fee to get listed on havelock initially which may explain why it was so low.

It could be better explained if the finances of this operation where made transparent.

Having some staff could make Cognitive more appealing and the shares would be more valuable.

Alternatively, reduce growth savings from 50% to X% and pay a sys admin a proper wage. Like a startup, someone with the chops to do all the things you described isn't going to be interested in working for "stock" only. They are interested in earning money.

Absolutely.  There is no clear evidence of any wrongdoing, only lower-than-expected divs over a very short period of time.  Right now the simplest explanation is that the mining pools had a technical problem, or the miners were misconfigured, or something like that, and Garrett has the communication skills of a rock (and it's kinda sad that is the positive take on it).  If Garrett doesn't have time to post more than a few times a week, how long might it take him to notice the miners are wedged without proper monitoring?  That is a much more likely explanation that Garrett secretly stole 10 BTC from COG, but still paid out the rest, and instead of taking it all and running, is just keeping quiet and letting us continue to guess.

This is why, however, it is important that we get some straight answers from him.  Add "if you barely have time to post on the forum, how long would it take you to notice a wedged miner, are they being properly monitored?" to the list of questions (I don't just mean showing US the hashrate, I want Garrett or someone else with physical access to get an SMS or something the moment the hash rate drops - this is simple to set up).

What would people think about issuing a (very small number of) extra shares - or better get, Garrett could apologize by using some of his - to hire an extra person to help out?  They can do the website dev, hook up the hash rate, independently verify everything Gar says (send pictures!  We like pictures!), and be paid in COG shares (whose value will go up if they do their job right).  20 shares is a drop in the bucket in terms of dilution, but would currently represent about 1BTC (which is a lot for a job that should only take 2-5 hours a week) plus the dividends come January.

It's not clear really at all, and there is no evidence that there has been any theft. Circumstantially, it looks sketchy for sure, and I'd love to see some evidence one way or the other.  Garrett has had past opportunity to run with the funds like we've seen with many others. Twice now there have been exchange shut downs and these were perfect opportunities to run or pull a stunt like gigamining did. 

It's very clear at this point that Garrett has stolen his investors' money, and he doesn't even attempt to come in here and defend himself. 
Anyone thinking he will come through with 20TH is much more trusting than I am. I have sold my shares and will not continue to place my trust in Garrett. I would strongly urge others to do the same as it seems very clear that this operation is a ripoff.

I mean, these questions have been out here for over 2 weeks and it would take 5 minutes for him to come on here and explain, if there were any other valid explanation.

Add this one to the long list of bitcoin related scams.

Unfortunately Burnside has not yet posted any deposit adresses of COGNITIVE.

If you can deliver the 20Th of mining hashrate in January like you are saying, I'm definitely in.

The longer this gets ignored, the more I suspect foul play. 

That still won't make up for the missed dividends of the past 2 months.

I think we should just reclaim the 845 shares from the person(s) who haven't claimed them yet and not issue!

Back when COG was on btct.co the total number of shares were visible.  Though you can't see them now, if I remember correctly there were 10,420 shares of COG, 200 COG.F, and 600 COG.F2.  At 20 shares for each of those last two, that totals 26,420 once they have converted.  Hopefully Garr can correct me if I am off here?


All of these are great points.  I'd be really nice to see these questions addressed.

Right now we are much more interested in the past. I am not familiar with all the pools where Cognitive mines or has mined at, but all the pools I mine at personally have some sort of history log (i.e. payouts). Post the ones available.

(yes, I read the thread, shareholder since day 1)

Fellow COG Investors,

As a shareholder and voter in this project I consider myself an activist when it comes to increasing the value of this operation. The current administrator of this project has done a phenomenal job. An initial investment of $40  has become a company worth > $400,000.
I still believe there is room for improvement.

Problem 1: Lack of hash-rate transparency.
Solution: Create a twitter feed with daily updates on COG’s current hash rate. It has become increasingly difficult to be able to determine how COG is hashing and where. We have sporadic updates and the pools at which COG’s hardware are mining are constantly changing. This daily update will increase investor confidence in the project and hopefully convince future investment.  

Edit: I see on the site where there will be charts to track mining output

Problem 2: Lack of ownership transparency.
Explanation: How many publicly traded shares of COG exist? How many different exchanges are these shares traded on? What are the expected numbers of shares after COG.F and COG.F2 convert? This is imperative information if someone is trying to value the company fairly.


Problem 3: Is the hardware insured?
Explanation: With ~$100k in hardware, from my estimates, can we afford to purchase insurance? Is all the hardware hosted in a single location? Does the location meet safety codes?

Problem 4: Do FIMB shares expose COG to unnecessary counterparty risk?
Explanation: Do funds from COG’s hashing activities co-mingle with FIMB? In the event of default, how are FIMB bondholders repaid?

Problem 5: Will the administrator appoint a shareholder board to take over certain responsibilities in the event that the administrator is unable?  Does a board already exist? Does a separate legal entity own the assets of the operation, or are all the assets held in the name of the administrator?

Disclosure: I own COG shares via Havelock Investments and Miningco.ETF

I’m curious about the COG.F and COG.F2 funds on Havelock. COG.F and COG.F2 were originally sold for 2.5 BTC and 5 BTC each and are worth 20 COG shares which can now be purchased outright for less than 0.9 BTC. Is this correct?

Have you not read the last few pages of shareholders speculating why the divs after two months were so low?

Thanks for the divs.

At a quick glance they are about half of what we mined in the last two (?) months?

I agree, it was just a quick estimate. Could you do the calculation for us ? I'll try tomorrow myself but I'm too tired now.