Correct. This money will be placed in redundantly backed up and sufficiently secure cold storage. I hope we all learned from the PatrickHarnett incident!
Or amazingrando. Or that other guy. Or etc. Yes. The reason I specifically bring up PatrickHarnett is because Cognitive is/was invested in it. |
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This is a good plan.
Just to make sure, the 50% of the revenue held will be held by Cognitive and not held by a person to earn interest, right?
Correct. This money will be placed in redundantly backed up and sufficiently secure cold storage. I hope we all learned from the PatrickHarnett incident! |
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The site owner should use some of his profits to send the loser an actual gem.
Haha great idea  |
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I suppose eventually Cognitive will get large enough that the retained mining income can support the growth on its own and not have to rely on additional investment that will dilute initial shareholders. I would like to see a plan on where Garr sees Cognitive in 2-5 years.
How many weeks would it required with the 50% dividend to grow the mining company by buying ASIC from, for example, butterfly labs when they actually exist?
I would love to grow Cognitive to the point where it will be totally self sustainable and capable of expanding significantly without issuing any additional securities. This, of course, would only be possible via a growth plan. Currently, we're producing ~10 coins weekly, so we will be growing at the rate of ~5 coins per week. I just went on the BFL order page, and it currently costs BTC9.1123 for a Jalapeno, so we could have adequate funds for expansion after only two weeks of the growth plan! The next step up is the Little SC Single, which currently costs BTC38.2374, so we would have enough funds for this in roughly two months. Personally, I'd like to see cognitive growing faster than that. This is why I'd love to see large, share issuance induced, expansion until we get to such a point. And to more directly answer your question, I want Cognitive to be at this point within a year. For the past months our sole reason for this lack of growth activity has been the lack of ASICs in the wild. When they come, I see Cognitive flourishing. Edit: Actually, a viable option for immediate expansion would be to purchase FPGA Singles, and order ASIC upgrades for them via BFL. I have talked to them and they have said they will allow me to expand my ASIC order that is currently first in the cue, so we would have first priority with these boards, which is largely advantageous especially at the beginning of ASIC mining  |
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Thanks for the replies. Deprived: I agree that that price for the preferred shares is low. It would definitely be raised before issuing these proposed shares. Alright, so after digesting these replies along with an email sent from another shareholder, I've decided that (taking into account the current state of ASIC production) the preferred stock is not the way to go for the time being, and the forwards contract would work well after a bit of modification. Preferreds should represent a higher value than common stock, so my initial price for those (1btc for four) was significantly low. So, here's what I'm proposing for a forwards contract: We can either issue forwards now, or wait until ASICs are available for purchase (not preorder). When we do, they should be offered in bulk, and priced above the current asks for Cognitive. This is to allow for large investments without driving the price up or leaving a bid wall and hoping your orders get filled. Because I agree with you that Cognitive is best as a pure mining asset, the futures coins will go straight into ASIC (pre)orders, and will not be subjected to any kind of arbitrage or speculation. I think it's best to focus on increasing share value, which is why I support the growth plan along with expansion into the world of ASICS |
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Completed a math assignment for Garr255.
He didn't ask me to, but I'd like to vouch for this guy. He showed all the steps extremely clearly, and it helped me grasp a concept that otherwise might have taken longer. Thanks Edit: just sent you a tip  |
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I also have a bunch of these that have popped up in my Steam account that I'd be happy to give for free. If he doesn't get back to you, just ask me.
Hopefully this isn't considered threadjacking lol
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Haha this is classic bitcointalk  |
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To prepare funds for ASIC hardware (to be spent only when a manufacturer proves there is a product, and delivers it) I am looking into issuing preferred stock and/org forwards for Cognitive. A few features of the preferred stock: - Set dividend of BTC0.004 weekly per share
- Any-time Convertibility into 4 Cognitive common shares
- Liquidation priority (In the event of liquidation, you will be reimbursed XX BTC per share.
- May be forcibly converted to Cognitive common stock, at the ratio of 1 preferred share to 4 common share
- No voting rights
This would be listed on BTC-TC as COGNITIVE.P for 1btc each, which is an awesome deal. Another thing that I believe would benefit Cognitive, is a forwards fund. Forwards features: - No dividend or voting rights
- Will be converted to 3 cognitive common shares upon arrival of hardware.
- To maximize our purchasing power, I will be able to trade these bitcoins on various exchanges, whether it be buying, selling, or arbitraging.
This would be listed as COGNITIVE.F on the exchange, and sold for 0.5btc each. My ability to move these funds around will likely be beneficial to Cognitive, as I do this with my own funds frequently as it is Amount of each to be sold will be determined via motions which will be raised ~48 hours from this post. In the meantime, I would like to ask for shareholder input here. Looking forward to the future of Cognitive, Garrett |
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Motion Raised! https://btct.co/security/COGNITIVEVoting Dates: Begins: 2013-01-27 16:58:46 (PST) Ends: 2013-01-31 23:59:00 (PST)
If this motion passes with a 70% majority, starting on the 2 February 2013
dividend day, 50% of mining revenue will be allocated to our reserve fund, which
will be used for purchasing new hardware and maintaining old hardware. Due to the
significant cost of mining equipment, a motion will be raised for every purchase
of new hardware.
Personally, I believe this will be a good choice for Cognitive's long term success!
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How many shares sold at .62? Is there really only 1.91 BTC remaining like the main cognitive page suggests?
Not many have sold unfortunately (less than forty). And that number does not reflect the shares sold at 0.62. |
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Ohh man this looks fun |
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$1000 800 gox available, seeking dwolla. I can convert to BTC then send to you as well.
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Awesome. Archived and sent you a tip Mind if I use this on some of my own sites? |
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Antichamber comes out in five days, will you have it then?
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Got mine this week -- fantastic stuff!
Thanks!
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Have 50 BTC looking for dwollas
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I think it might be more effective to take down the 1805 shares on sale for 0.62 BTC and use the reserve funds to purchase back some of the shares, unless you think the current ask prices of 0.38-0.50 are still overpriced. The large number of shares at 0.62 makes it impossible for investors to sell shares above that price in the short term. If you want to sell those share then I suggest you do it in a range that you feel Cognitive is fairly valued at, or offer them as a preferred stock to entice people to buy them.
After reading up on preferred stock, I'm intrigued. How would you suggest going about issuing these? While I support Cognitive buying Cognitive back, we don't have the reserve funds available because of the Starfish BCB (PatrickHarnett) default. Our holdings are always visible at http://cognitivemining.com/Soon a few motions will be raised regarding a few things: - Introduction of a growth fund (taken from mining revenue)
- What to do with the shares currently for sale at 0.62
If anyone has recommendations, they are always appreciated! --Garrett |
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