Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]

[Shivan Raiders]

Thanks Garr for all your work.  We know you have transitioned us to a new exchange before, and that you will follow through again.  Looking forward to see what unfolds over the next couple of months.

[snowdropfore]

how is going??? are we transfer to BF or havelock? I think BF is better.

[investr]

The news just arrived yesterday and we have about a month to plan for a transition. Do you really expect a decision to have been made already?

Can you give reasons explaining why you prefer BitFunder?

[medicine]

I've used Havelock for a while and always been please with the interface and services. 

One point I think is worth making (NOT 100% on THESE FACTS, MAYBE SOMEONE CAN CONFIRM) I think Havelock is run from Canada and Bitfunder is run from the States.  This makes me think Bitfunder may be more of a risk going forward. Like someone said in the Bitfunder thread:  The U.S. Government does not care where your services are hosted, or how you claim ownership is divided up, and especially if you are a U.S. citizen that appears to be in control, they will move in regardless.

[theterabyte]

Perhaps we can fill out this table and add columns/rows as people think of more things that are important, or have other suggestions?

Name	hosted in US?	Trading Fee	Easy to use / solid website	distributed
Impossible perfect exchange	NO	0%	YES	YES
BTCT	YES	0.25%/0.20%	YES	NO
BitFunder	YES	1.0%/0.5%	YES	NO
Havelock	?	0.4% sell only	YES	NO
Others?

[Newar]

Picostock and Cryptostock. Not sure how they are doing these days, though.

Edit: A new contender: 796

[JimiQ84]

Perhaps we can fill out this table and add columns/rows as people think of more things that are important, or have other suggestions?

Name	hosted in US?	Trading Fee	Easy to use / solid website	distributed
Impossible perfect exchange	NO	0%	YES	YES
BTCT	YES	0.25%/0.20%	YES	NO
BitFunder	YES	1.0%/0.5%	YES	NO
Havelock	?	0.4% sell only	YES	NO
Others?

havelock is reportedly located in Canada

[pascal257]

The fees on BitFunder are just way too high. I'm strongly for a transition to Havelock.

Edit: Also its written poorly and awfully slow sometimes (most of the time)

[Garr255]

I just emailed a number of asset platforms, asking them to convince us to use theirs. Right now I think Havelock is one of the better options.

Yesterday, I placed an order for Cognitive from CoinTerra! I negotiated a discounted rate so we were able to purchase 14 2th/s boxes for a total hashrate of 28th/s, to be delivered in January!

For added protection, I signed a contract with CoinTerra that includes: "If delivery is beyond January 31 2014, for every thirty days late CoinTerra is in delivery of hardware, CoinTerra shall deliver an additional 30% of the total
hashpower agreed to in this contract. if no hardware is delivered within 180 days after January
31, a full refund shall be made to Cognitive."

I can't wait to see where share price goes once we list on a new exchange, and as we get closer and closer to delivery

[supermono]

I know COGNITIVE is planning to move to another exchange... what about COG.F, COG.F2, and FIMB? Will they be moving as well?

Thanks!

[stabs]

I just emailed a number of asset platforms, asking them to convince us to use theirs. Right now I think Havelock is one of the better options.

Yesterday, I placed an order for Cognitive from CoinTerra! I negotiated a discounted rate so we were able to purchase 14 2th/s boxes for a total hashrate of 28th/s, to be delivered in January!

For added protection, I signed a contract with CoinTerra that includes: "If delivery is beyond January 31 2014, for every thirty days late CoinTerra is in delivery of hardware, CoinTerra shall deliver an additional 30% of the total
hashpower agreed to in this contract. if no hardware is delivered within 180 days after January
31, a full refund shall be made to Cognitive."

I can't wait to see where share price goes once we list on a new exchange, and as we get closer and closer to delivery

This is really good, the only problem I have with it is CoinTerra should have some repercussions for not meeting their obligations after 180 days other than a full refund.  Otherwise it's like a 6 month 0 percent loan.  Hopefully they'll be a class act and deliver as promised.

[Carnth]

...if no hardware is delivered within 180 days after January 31, a full refund shall be made to Cognitive."

This is really good, the only problem I have with it is CoinTerra should have some repercussions for not meeting their obligations after 180 days other than a full refund.  Otherwise it's like a 6 month 0 percent loan.  Hopefully they'll be a class act and deliver as promised.

If there is a "full refund" I hope it's in the same currency you paid for it.

[theterabyte]

* theterabyte puts on his math hat.

To rehash some numbers I threw around earlier... The current projected difficulty change (in about 18 hours) is a 33.2% increase.  33.2% increase twice a month (roughly) yields 77% increase per month.  The difficulty will be about 150mil on October 1st.  Between then and Feb 1st, we have 4 months.  Since the diff changes slightly faster than twice a month let's actually call that 10 diff increases instead of 8, at 33.2% per increase.  The diff on Feb 1st is thus projected to be (150mil * (1.332**10)) => 2,637mil.

The equation I am using again is: ((diff_in_millions*1000*1000)*(2**32) / (28.0*1000*1000*1000*1000) / (60*60)) => X hours to find block, divide 24 by X to get blocks per day, mult by 25 to get BTC/day

Assuming 200*20 + 10240 shares => 14420 shares (as the extra 600 contracts have not been released yet, once they have they will roughly cut the numbers in half)

For the first 2 weeks of February, we can expect to make: 5.34 BTC/day => 0.00259 BTC per share each week
For the second 2 weeks of Februrary (diff 3513mil) we can expect to make : 4.008425 BTC/day  => 0.00195 BTC per share each week
For the first 2 weeks of March (diff 4678mil) we expect: 3.01BTC/day => 0.00146 BTC per share per week
For the second 2 weeks of March (diff 6232mil) we expect: 2.259BTC/day => 0.00110BTC per share per week

This means in the first 2 months after we receive the hardware (even if we get it on Jan 31st) we project 0.0208 BTC/share return.  If additional hashing power arrives in the next month or two on the order of 1048TH as Garr implied, cog can capture significant hash share before the craze dies down and people stop buying hardware (due to diminishing returns), If cog is over a petahash when the network growth flips from exponential to linear, it could be a great long-term investment, but even if it isn't it should sustain growth at least until then.

[MPOE-PR]

Perhaps we can fill out this table and add columns/rows as people think of more things that are important, or have other suggestions?

Name	hosted in US?	Trading Fee	Easy to use / solid website	distributed
Impossible perfect exchange	NO	0%	YES	YES
BTCT	YES	0.25%/0.20%	YES	NO
BitFunder	YES	1.0%/0.5%	YES	NO
Havelock	?	0.4% sell only	YES	NO
Others?

More things that are important Things that are more important: security, liquidity, reliability, financial competence, etc. Though the entire US-based thing isn't any good in any case, I'll grant you that.

[Garr255]

I know COGNITIVE is planning to move to another exchange... what about COG.F, COG.F2, and FIMB? Will they be moving as well?

Thanks!

Hi,

All of these assets will move to the same exchange with the same transition process as Cognitive

I just emailed a number of asset platforms, asking them to convince us to use theirs. Right now I think Havelock is one of the better options.

Yesterday, I placed an order for Cognitive from CoinTerra! I negotiated a discounted rate so we were able to purchase 14 2th/s boxes for a total hashrate of 28th/s, to be delivered in January!

For added protection, I signed a contract with CoinTerra that includes: "If delivery is beyond January 31 2014, for every thirty days late CoinTerra is in delivery of hardware, CoinTerra shall deliver an additional 30% of the total
hashpower agreed to in this contract. if no hardware is delivered within 180 days after January
31, a full refund shall be made to Cognitive."

I can't wait to see where share price goes once we list on a new exchange, and as we get closer and closer to delivery

This is really good, the only problem I have with it is CoinTerra should have some repercussions for not meeting their obligations after 180 days other than a full refund.  Otherwise it's like a 6 month 0 percent loan.  Hopefully they'll be a class act and deliver as promised.

Yes, that is certainly a risk we are taking by choosing them. If they choose to take that path, they will lose all reputability and certainly lose a majority of their customer base. I believe we will be getting our hardware in early January

Cheers,
Garrett

[medicine]

What are the payment terms in the contract with Cointerra?

[Garr255]

What are the payment terms in the contract with Cointerra?

The entirety of the payment was made upfront.

[Tafelpoot]

Thanks for the update Garret. When will you merge cog1 and cog2? Is there a bonus for current cogf2 holders compared to the upcoming 600 batch? Or will it be cancelled? Do you have an update  of the financial status report?

Terabyte, i would expect a few steeper diff increases. What will happen when 1 or 2 next gen chips become available.. knc, am, bfl.. Look at the steep rampup in the gpu era...

[medicine]

So we just gave them a 10 month loan interest free?  I hope we got one heck of a deal.  On the surface it doesn't look like they have any reason to want to deliver on time.  I would have suggested that if they do not deliver by January 31st, they should include all (or most) lost mining profits we would have earned had we received the product by Jan 31st.  That would give us the upper hand.  
Their website states batch 1 units for delivery in December are going to amount to around 2000TH/s.  In January I'm sure they will deploy more units so our order looks like it represents a small fraction of total production.  
This move is positive, and I hope this will be the right move.

[Garr255]

[...]
This move is positive, and I hope this will be the right move.

That is key. We are certainly moving in the right direction. And I hope this leads to many more expansions in the future, via both CoinTerra and others. There is honor involved here on CT's end of things. I am confident they will do the right thing.