Hi Garr, Since BTCT does not send email notification to shareholders for new motions, I guess some of the shareholders don't even know about the new motions going on. I think you have to either do an announcement on BTCT like but just make it un-viewable to public, so that BTCT can send out an email to notify all the shareholder. Or, you can just send everyone an email from your email distribution list. I will be posting a notification for the motions along with the hardware arrival notifications tomorrow. Hopefully that makes it go through. |
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Hey all, Soon I am going to place an order with CoinTerra for 10th/s solely for Cognitive  I am going to try to finalize a special deal with them this week, so we can get current-generation hardware for the best price possible while locking in a deal for future hardware from CoinTerra. Unfortunately I cannot give details without their explicit permission due to the NDA I had to sign. After I have the go-ahead I'll surely be posting back with more info! Regardless, this December/January we will be seeing a tremendous increase in haspower Cheers, Garrett And for those who may have missed the exciting news: Hey all, the 7 SC Sinlges arrived today and are currently hashing away at ~420gh/s. This puts our total hashrate at over 750gh/s! And what would a hardware arrival be without pictures?!  Super beefy PSUs + cables.  And the full setup!  With regard to the avalon refund, it is definitely something that will be worth it to do, because we will be getting significantly more powerful hardware at a significantly lower price point. It just mathematically makes sense to collect the BTC from avalon and put the funds toward hardware that isn't obsolete. No boards for the avalon chips have been manufactured yet, so there will be no loss for Cognitive there. I and numerous other investors in private mining projects have paid for the R&D costs of the Avalon boards ourselves and I will be eating Cognitive's share of that cost. Again, I apologize for not being as active as I'd like to be on the forums. I have been quite busy for the past few weeks, but now I'm getting settled and into the swing of things. I'm studying electrical and computer engineering and business, and going to flight school, because aviation has always been a passion of mine So yes, I do have a lot on my plate, so I do prioritize accordingly. I've been working away at keeping Cognitive itself running smoothly in this transitional period, and haven't been keeping up on the PR side of things. You can expect more frequent updates from me from this day forward. Cheers, Garrett Also, I will be updating btct.co and cognitivemining.com tomorrow! |
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Lots of votes coming in, all of them but one are 'yes' so far! Still haven't reaches 50% yet, I will request a refund when we do!
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Hey all, the 7 SC Sinlges arrived today and are currently hashing away at ~420gh/s. This puts our total hashrate at over 750gh/s! And what would a hardware arrival be without pictures?! Super beefy PSUs + cables. And the full setup! With regard to the avalon refund, it is definitely something that will be worth it to do, because we will be getting significantly more powerful hardware at a significantly lower price point. It just mathematically makes sense to collect the BTC from avalon and put the funds toward hardware that isn't obsolete. No boards for the avalon chips have been manufactured yet, so there will be no loss for Cognitive there. I and numerous other investors in private mining projects have paid for the R&D costs of the Avalon boards ourselves and I will be eating Cognitive's share of that cost. Again, I apologize for not being as active as I'd like to be on the forums. I have been quite busy for the past few weeks, but now I'm getting settled and into the swing of things. I'm studying electrical and computer engineering and business, and going to flight school, because aviation has always been a passion of mine So yes, I do have a lot on my plate, so I do prioritize accordingly. I've been working away at keeping Cognitive itself running smoothly in this transitional period, and haven't been keeping up on the PR side of things. You can expect more frequent updates from me from this day forward. Cheers, Garrett |
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I see your concern here. Hopefully we will have 50% of the chip-votes voting yes before the Cognitive motion ends, then there will be no need to wait for it and we can request our refund sooner!
Cheers,
Garrett
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In addition to my yes vote... id also like to say i wouldn't mind if OP deducts some fees for handling, etc... i think a considerable amount of work was put in organizing things...
I just sent out an email, here is a copy of it: Hey all,
Please respond to this email with a "YES" to vote for a refund or a "NO" to vote against a refund from Avalon. Personally, I will be voting for a refund. Avalon has failed to deliver the chips on time and is now offering a full refund in BTC. I will refund the btc recieved from Avalon to each group-buy participant proportionally to the total amount I receive from Avalon. For more info regarding the matter please refer to the forums.
Best,
Garrett If you were a participant in the group-buy and didn't receive this, email me your vote: asic[at]garr255[dotcom] MilkyLep: Cognitive and myself were both very large participants in this group-buy, and I will be voting yes for a refund. Cognitive's vote will come in soon. --Garrett |
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I have written three motions and will be posting them momentarily: If this motions passes, we shall request a refund from the group-buy organizers we used to purchase out Avalon chips. Additionally, all COG.F contracts will be converted at a 1:1 rate to COG.F2 contracts. This should be beneficial to holders of each fund, because Cognitive now has better (more cost+power effective) alternatives to Avalon chips. If this motion passes, an additional 600 COG.F2 contracts will be put up for sale for 5btc each. They will be equivalent in every way to the previously issued COG.F2 contracts. All COG.F funds will be used to significantly expand Cognitive, which acts as a catalyst for our exponential growth plan via the 50% growth fund! If this motion passes, we can expect to see over one petahash by Q2 2014. If this motion passes, all future motions will have a minimum of a one (1) week duration, as opposed to the current two weeks. This will be beneficial because we will be allowed to make decisions more swiftly as a collective effort. I've spoken to a few majority shareholders and we've all agreed that the additional COG.F contracts are in order for a formal vote before selling them on the exchange. The motion for cutting the minimum motion duration in half will be a great help, because as we've learned, waiting two weeks for a decision isn't practical in the mining industry. Our BFL SC Singles will be online Monday evening, so that is some fantastic new in itself Cheers, Garrett |
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I will be raising a number of motions regarding all of these events soon, along with details for everything.
Our 7 SC Singles will be arriving early next week!
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I understand, and it will be sent out tonight (PST). Perhaps I'm wrong, but if we are moving forward with a refund survey, waiting is the last thing we should be doing.
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Garret,
So when you say our estimated Q1 or Q2 target is 1PH, you mean our current deal, plus the 50% growth re-invested with cointerra on similar pricing (which we may have already worked out contractually?), would put us there?
Are you saying if all the COG.F2 sells, we will have everything we can project being at 1PH by Q2 2014 with NO further funding? Or does that assume further funding raised? If that is with no further funding (but using our 50% growth reinvestment) that both explains the math *and* makes cog even more attractive, knowing further dilution wouldn't be needed. If it does assume further investments outside of growth fund (COG.F3 or whatever) please outline what dilution we can expect.
Thanks!
-Carl
Hi Carl, The 1PH figure is calculated using COG.F2 and COG.F3 funding in conjunction with the growth fund. We're certainly in a desirable situation I spoke with a BFL employee this morning and our box of 7 singles will be in the mail this week, so that in itself is fantastic news! As for the dividends this week, I'm terribly sorry they are late! I neglected to check whether the script worked properly because it has been very reliable for the past weeks. It turns out the server doesn't appreciate having a changed IP address, so I had to sift through some files to manually change over some IP settings. All is well now and dividends will be going out in a few hours. I'm adding 1btc of my personal funds to the dividend this week in an effort to compensate for the delay. --Garrett |
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To be clear here, are you counting % of actual votes? Otherwise, if someone doesn't see the message, they are automatically counted as for not getting a refund, right? That doesn't sound legit.
I think you're right in your thinking: We should count non-responders as voting for a refund. |
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I haven't sent out that email yet, you can expect to see it by the end of this week.
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Apologies for the confusion in the previous post! I've been extremely busy these past few weeks and made that post when I was quite sleep deprived. The one petahash figure is the estimation for our total hashpower in a few months, as in Q1 or Q2 of next year. The number that CoinTerra has given me for my bulk order purchase is still covered by their NDA that I had to sign, and cannot be disclosed without their explicit permission, which I have asked for.
A large investor in another mining venture of mine does not want this new location disclosed publicly for security purposes, which I believe is a very good choice. I will talk with him and see if he would be willing to agree to share the location with those willing to sign an agreement not to disclose it.
The first batch of COG.F2 sold out in a few hours, so I expect this batch to sell fairly quickly after the numbers can be publicly finalized. I am going to be calling the CEO of CoinTerra tomorrow morning to figure this out.
--Garrett
I understand the security issue. I just want to know the jurisdiction and general area, so I know the legal circumstances and the cost per kilowatt-hour. Any additional information is unnecessary. I'm sure you agree there is no reasonable security concern that would keep you from sharing the state or province? Sure, the location is in Montana, USA and the power rates will be less than what we had in in Idaho ($0.07/kwh). Because we may be drawing a large amount of current, I might be able to get lower rates than before. Thank you, that's awesome. I appreciate the responsiveness. $0.07/kwh is very reasonable. I'm sure you're already aware, but mid-central Washington State has power at $0.01/kwh. Just something to keep in mind for the future. Indeed. I have already looked into operating out of a location where electricity was less than 0.01/kwh but concluded that because of the costs for remotely running the operation it would not be benefical in the mid-term. Long-term however, if we get to the point where we are drawing a megawatt of power, central/eastern WA hydroelectric power will be the way to go! |
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Apologies for the confusion in the previous post! I've been extremely busy these past few weeks and made that post when I was quite sleep deprived. The one petahash figure is the estimation for our total hashpower in a few months, as in Q1 or Q2 of next year. The number that CoinTerra has given me for my bulk order purchase is still covered by their NDA that I had to sign, and cannot be disclosed without their explicit permission, which I have asked for.
A large investor in another mining venture of mine does not want this new location disclosed publicly for security purposes, which I believe is a very good choice. I will talk with him and see if he would be willing to agree to share the location with those willing to sign an agreement not to disclose it.
The first batch of COG.F2 sold out in a few hours, so I expect this batch to sell fairly quickly after the numbers can be publicly finalized. I am going to be calling the CEO of CoinTerra tomorrow morning to figure this out.
--Garrett
I understand the security issue. I just want to know the jurisdiction and general area, so I know the legal circumstances and the cost per kilowatt-hour. Any additional information is unnecessary. I'm sure you agree there is no reasonable security concern that would keep you from sharing the state or province? Sure, the location is in Montana, USA and the power rates will be less than what we had in in Idaho ($0.07/kwh). Because we may be drawing a large amount of current, I might be able to get lower rates than before. |
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btw, tmr is labor day
Yep, I have personal numbers for those who I will be talking to so the holiday won't be a problem. |
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Still nothing about BFL ignoring your order date? is there something that you never told us about? I'm confused? I invested expecting to double our hash rate.
I will also call BFL in the morning regarding our order of 7 Singles. The order was placed on July 14th 2012 and we've still received nothing, which is absolutely absurd and unacceptable. I have a contact currently residing in KC who may be willing to talk to BFL in person for us. |
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So I thought divs were paid autocratically. Am I incorrect?
Dividends are paid "semi-automatically" in that the Cognitive balance is automatically paid out as a dividend whenever there is a balance. So the fluctuation in times is a result of the variation of me sending mining revenues to the btc-tc wallet and how long it takes the said transaction to confirm. Also, with regard to my tardiness responding to inquiries on this thread, I will be more and more active here in the coming days. --Garrett |
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Apologies for the confusion in the previous post! I've been extremely busy these past few weeks and made that post when I was quite sleep deprived. The one petahash figure is the estimation for our total hashpower in a few months, as in Q1 or Q2 of next year. The number that CoinTerra has given me for my bulk order purchase is still covered by their NDA that I had to sign, and cannot be disclosed without their explicit permission, which I have asked for.
A large investor in another mining venture of mine does not want this new location disclosed publicly for security purposes, which I believe is a very good choice. I will talk with him and see if he would be willing to agree to share the location with those willing to sign an agreement not to disclose it.
The first batch of COG.F2 sold out in a few hours, so I expect this batch to sell fairly quickly after the numbers can be publicly finalized. I am going to be calling the CEO of CoinTerra tomorrow morning to figure this out.
--Garrett
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At this point the chips are beginning to look unprofitable and worse unattainable. Yifu seems to be buckling under the pressure and implies bulk chip orders (for out of China residents) may never arrive. Since he has put up a form for refunds, what are you're opinions on requesting one? It seems some individuals in the group buy wish to request a refund...?
I have been confronted by a few individuals requesting refunds, and I have recently stopped accepting them because I have been doing it entirely out-of-pocket. I will poll all of the group-buy participants via email. One chip ordered will count as one vote, and if 50% or more of the chip-votes vote to request a refund, that is what we will do and everyone will be refunded at the same rate per chip that I am given back from Avalon. I am sorry that Avalon has failed to deliver so far, and I will do everything I can to make sure this situation has the best result possible. |
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