Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 7. (Read 300744 times)

Hope you got a good education for a few hundred thousand dollars wasted of other peoples money.

I've heard prison is also a very enlightening and educational experience.

I guarantee Garr did.

I originally bought around 37 BTC which I bought for 95 dollars each for a total of 3,515 USD

I then spent 24.6 BTC and bought 41 shares for 0.6 each in July.  Later on I bought some COG.1 and COG.2 got around 1 COG.1 and 4 COG.2 for a total of 12.4 BTC.  Later on COG.1 and COG.2 shares converted to regular shares and I got 100 shares.

Effectively this means I got 141 shares for 37 BTC.

41 shares at 0.6 BTC each = 24.6 BTC
and
100 shares at 0.124 BTC each = 12.4 BTC


141 shares liquidated at 0.01 = 1.41 BTC times bitcoin price of 500 = 705 USD.

Total bitcoin loss 35.59 BTC.
Loss equated to USD 2,810 dollars.

Even liquidated at 0.02 for 2.82 BTC times bitcoin price of 500 = 1,410 USD which still equates to a total loss of 2,105 USD. Still a loss of more then 50% in USD.

This whole asset is an epic fail it not only losses bitcoin but manages to loss USD too. There's no way anyone came ahead on this.

I don't know what the ipo price was but even in USD I am taking huge losses. Dividends have continued to be withheld from time to time and the dividends don't add up with the hash rate that is mining. We should be generating way more then the dividends paid out even after taking out the 50% for the reinvestment fund. There's so much money missing, unaccounted for and getting shaved off and stolen that its obvious.

 

You paid $9,000 to some data center out of COG funds before you were allowed to do so, and now you're saying you paid it out of pocket?

Can some one I sent all the tracking numbers to post the document online for all to see or is someone willing to do so?

If so send me an email. Thx

It is time for everyone to see Garrs lies and fail.

http://bitcoinmagazine.com/5893/an-interview-with-mentor-palokaj-of-bluevpn/

Same Mentor?

We've been screwed over royally by your actions Garrett. Those who bought lowball shares recently might even do ok with liquidation but those of us who have held for over a year or bought cogf or cogf2 are only realizing huge losses any way you spin it. I doubt many of us are going to just roll over and take it. We will get organized lawfully and come after you Garrett. Better break out your Casascius coins or something because just liquidation is not likely to cover it.

haha.  If only it were so easy.

Now that this thread has been unlocked I am moving some relevant posts over from the other thread.

I'd like to note:

• That Garrett being compensated for paying the hosting out of pocket, and the entirety of the last two motions discussing this, was under dispute and in my opinion not truly resolved.
• His last post states he's walking away from this with [a little] money. How many of you are walking away from this with money?
• Financial statements have been promised for months and never delivered
• Goat has promised tracking numbers but has not delivered, at least to me.
• The last email states "former operator has transferred all of their COG holdings to Mentor Palokaj who will oversee the liquidation of the project". While it is in the contract that the operator can choose to liquidate, it is not in the contract that the operator can transfer "holdings" and I call into question the method/legality of this liquidation.
• Goat said Garret compensated lost share value from the 0.6/share range. Garret said he did no such thing. One of these two people is lying.

All further correspondence with the new management shall be via email.

Thank you

I have not lied here and Goat has numerous times. Believe who you will.

Hello all,

Before signing off for the last time I just want to clarify a few things. The first being that I never stole from Cognitive Mining. The second being the 1 week delay in the hardware being online.
The reason for this: The initial CoinTerra boxes were sent to a Washington State datacenter who refused to bring them online without payment for an entire 1 megawatt of power consumption. I had plans to have 1mw+ of power online in November, hosting for a friend who made a large hardware purchase, so this should not have been a problem. Said purchase was delayed into May 2014 and the datacenter refused to set up temporary hosting so we had to scramble to find a place for them. Now they reside in Icedrill.
With regard to Goat: He and I did not reach any such settlement and he, yet again, is lying in order to stir things up. I simply do not have the funds to buy shares back; Even after I am compensated for the hosting when I paid for it out of pocket (as specified in the motion), I'm coming out of this with very little money at all.
The project was initially created because I am a computer geek who enjoys the idea of bitcoin mining, and is enthused by the technology that surrounds it. I did not start the company to make money (hence the minimal 10% cut), but in the spirit of education and knowledge.  At the time, I thought it was perfectly harmless and I was doing absolutely nothing wrong. I have learned a ton so far and I appreciate those who participated in the IPO enabling this project to get off the ground. For period of over a year Cognitive Mining was viewed as the best bitcoin mining project around. Taking into account the bitcoin price at the time of IPO, people who bought in then are over double in terms of USD at the current share price of 0.01 and bitcoin exchange rate of $500.
The success of this project has always been my priority, and I give my best to all who maintained a realistic presence throughout.

I wish everyone the best of luck going forward, and I apologize for the fact that things are ending in such a way.


Cognitive Mining LLC is no longer liable for any past or present action or involved in the management of this project in any way. It is fully within the rights of Cognitive Mining LLC to find a new operator and resign.

just got sent a message.


"lol i think Garret accepted $3.3k per unit / 6.6btc - not sure yet - will be settled next week either way cause that would make 1 month / 30 days hosting for cog"

You have got to be kidding me!  This is just getting ridiculous at this point!

02/06/2014 - 2 units shipped - I knew he had CT machines before he said he did.

It's something to do with these guys - http://www.petamex.com/about

There are legal ways for a corporation to go into liquidation in the USA. Giving all of the assets to some random guy clearly is not legal. But should we expect more from Garr the scammer? We have let him steal so so much, why would he stop now? He will keep stealing and stealing until he is in jail.