Yes, there will be a delay, likely until mid-August, when the Avalon chips (as said above) have arrived and are hashing.

And I will be able to make multiple bond offerings so long as I am able to track which bonds were sold in what batch.

Sure, your position is definitely understandable. Mining is an extremely profitable business, I am offering these bonds as a mitigation of risk while still being involved in mining.

How would you recommend I improve and clarify the contract?

Allllll of that suspense....


For this.


Interesting though

Valid point. I will easily be able to up the rate to 2% monthly. Change made.

I have over 20,000 Avalon ASIC chips on order, and am working closely with a board developer to produce boards that will allow us to overclock the chips far above the clockrate they're being shipped at in the Avalon-spec miners. ~350mh/s per chip is the current projection.

1. To the bondholder, you are right that it does not matter what the funds are being used for, so long as the interest is paid. I am publicly announcing exactly what the funds will be used for for the sake of transparency and nothing more.
2. See TF's post.

Reserved.

Also, I know the asset is currently mislabeled "stock". It will be moved to the bond category soon.

Previous mining bonds have all had a hashpower-denominated face value. This is simply not a feasible way to value an asset due to the ever-growing bitcoin difficulty. The said difficulty increases render the traditional bonds nearly worthless, making the asset a great way for the issuer to make a quick buck, and certainly not having the investor's best interest in mind. A fixed interest bond will solve the problem by guaranteeing the investor a return, and that is exactly what I am offering here.

Updated contract:
Offered is a fixed-term, fixed-interest, callable and puttable mining bond that has a face value of 0.01, and upon the sale of the initially issued 10,000 bonds, pays a fixed two percent (2%) interest on the first day of each month. The bond matures three (3) years from the date of issuance: Wednesday, July 1st, 2015. The bond can be repurchased by the issuer at any time for 102% of the face value, and can be sold back to the issuer at any time for 90% of the face value. The issuer can issue additional bonds at any time.

The first 10,000 bonds will be put up for sale on Saturday, June 29th at 8:00 AM PST.

https://btct.co/security/FIMB

This has been talked about a lot in the past, and people have shown a great deal of interest in this type of bond. This can easily be categorized as a "set-and-forget" asset, because you know exactly what will come of it Any constructive criticism is appreciated as always!

Let's get mining!

--Garrett

Thread rules: All posts must: add to the conversation and be constructive, and be relavent to mining/bonds. No spamming.

I have sent out emails to a few people who offered to sell the units, and plan on purchasing two of them as of now, then letting the remaining ~30 coins sit aside for boards for our Avalon chips.

Yes Cognitive lost 100btc a long time ago because PatrickHarnett turned out to be a scammer who ran away with our deposit. We have learned from this, and are most likely only going to be investing in physical mining hardware hereafter.

Re: COG.F

The COG.F funds were used to purchase the said Avalon chips, and once they start hashing for us (Mid-Late August) the COG.F contracts will all be converted to Cognitive shares.

Cheers, these coming months are good times for Cognitive

--Garrett

Yep, the parts sourcing is finalized and firm prices will be coming in later this week. Testing of the final board revision is going to happen on schedule, which is extremely weird for mining hardware haha

Cheers,
Garrett

http://store.avalon-asics.com/?product=avalon-asic-chips-10000


Are you sure?

~BTC230 and growing every week

Our Singles weren't ordered until later, unfortunately. I'll definitely post an update when I get a shipping notification!

Also, there are at least two people who want to sell me their batch three Avalon order for 80-90 coins. There isn't enough time to raise a motion so I'll informally poll shareholders here: Do you think we should purchase ~80gh Avalons for 80-90 coins each?

My vote is yes; they are supposed to be shipping very soon.

Cheers,
Garrett

Recently Avalon stopped selling their chips via their web site, but I want 10,000 more. Many people are growing skeptical of whether they are going to deliver on time or at all, so I think that will work to my advantage.

We're dealing with ~800 coins here, so I will demand we use a mutually trusted escrow.

If interested, contact me here or garrett[at]cognitivemining.com

Most of the chips just sold in a large private deal, I upped the price to 0.5 per chip for future orders. Discounts for orders of 100+.

Email, check your spam box.

The suspense is terrible!


...

Replied!

Yes they'll always have some value outside of *Coin land, just not as much

Now for some scrypt FPGAs, then ASICs

Then GPUs will be dead, so long as nobody makes a coin with a new algo.