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

[MilkyLep]

-snip-

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

I suppose nothing happens between days 2 - 29?

Pretty much sounds like there's no protection if the miners arrive Feb. 3rd. (Which was pointed out long ago.) But then again we are just taking Garrett's word on the contract since no shareholder has the privilege of such knowledge. Similar to the past quarter or two clarification is needed.

Any word on the scrypt mining setup?

What about the housing location of all this new hardware? Is it wired and ready to go? Shelves in place? Cooling all set? If hardware was initially expected by now, why has this not been completed?

Where are the financials promised more than two months ago on December 2nd? Charts? Live updates of mining address'?

Still not taking responsibility for the mismanagement of mining hardware and resulting dividends for months? An "Oops I'm sorry we had bad luck." doesn't cut it when overseeing mining hardware and resulting profits/revenue.

Once again I just see words and promises followed by a lack of details, supporting facts and concrete follow thru, why is that?

The level of dedication devoted to this outfit can be seen as negligent at best in my opinion.


P.S.

@alincoln What's the situation on this FIMB communication?


P.S.S.

My recommendation, if you want all of #bitcoin-assets to leave you alone, start proving them wrong.

[Garr255]

It's also worth noting that earlier (Dec. 10th) I ran some projections (https://bitcointalk.org/index.php?topic=67547.msg3916609#msg3916609):

Difficulty at the end of January (low projected) => 908mil * ( 1.284**4 ) => 2468mil
Difficulty at the end of January (middle projected) => 908mil * ( 1.35**4 ) => 3015mil
Difficulty at the end of January (pessimistic projected) => 908mil * ( 1.50**4 ) => 4596mil

We are currently at 2.19mil, under the lowest projection I made.  Things are going to ramp up when cointerra ships, no doubt, but we are on track to make a tidy sum still.

Indeed we are!

The Litecoin situation is going well. Our first rig is ready to go physically -- I am copying BAMT to a flash drive as I write this, so we will be online within the hour!

P.S. Emails have been sent to FIMB holders regarding repayment. Please confirm here.

Also, please review the quote below if you have not read it above. I am turning Cognitive around.

Cognitive is run by a guy who has little time. I suggest he gets Cognitive right first, before venturing into every possible available altcoin.

Yes but this part could be managed by an other person. The is no geographic requirement so anyone from this group could do it.
We can have a small CPU team like :
 - One person that write and test the auto-install script
 - One person that decide which coin to mine according to calculation
 - One person that rent servers and copy paste the script
 - One person that sell the coins on this forum or on exchange
Everyone could check the mining pool data and the main wallet.

It is all about getting a bit organized and having some staff or volunteers.

I too agree that in order for Cognitive to be wildly successful like it once was more people need to come on board on the management front, preferably shareholders, because we all have a vested interest in the company succeeding as opposed to contracted workers.

As the New hardware arrives, I have a plan to correct Cognitive fully:

First, total 100% transparency is entirely necessary. All book keeping will need to be done meticulously. There will not be an expense that goes unaccounted. Every thirty days a comprehensive, formal expense report will be posted in addition to the website inventory being updated the same day as a transaction.
Second, we need to find members willing to help this recovery process. People for PR, for research (which includes new hardware, new tech, and pricing on existing tech).
Third, the entirety of the hardware will soon be moved to a fully managed datacenter where power is $0.025/kWh, which is the cheapest in the nation because of an abundance of hydroelectric power.

As always, I love to hear constructive input of all sorts. It is my goal to make Cognitive the highly desirable asset it once was.

[superresistant]

These are really great news.

For the bitcoin mining, the difficulty is lower than the best scenario we imagined. This is so awesome.

Thanks Garrett to make the GPU RIG working as fast as you can.
Please concider pointing the GPU RIG at middlecoin.com so everyone can see the mining transparently. This pool is optimised to mine the most profitable coin and pay directly with Bitcoins. That is exactly what we need. Please have a watcher like CGWatcher to monitor, restart the miner or the system in case of hardware failure. You also need to add at least one backup pool (2 or 3 would be better) in case middlecoin goes offline.

[alincoln]

P.S. Emails have been sent to FIMB holders regarding repayment. Please confirm here.

Hi Garrett,

I confirm having received your email regarding FIMB. If you don't mind I am replying to it here. Your proposal was:

Hey,

As you saw I sent an email to all FIMB holders regarding repayment. I plan on repaying 50% now and the rest as my personal mining income comes in. Because you are an exceptionally large FIMB holder, I thought I should contact you directly. What works best for you in terms of repayment?

This works for me, with the following remarks:
- Unpaid/late dividends from the last months should be paid in fully prior to you buying back
- As per FIMB's contract, you'd be buying back bonds at 102% of face value
- You'd be buying back half of the bonds now, so the other half would stay active and generating 2% monthly interest.
- At the first day of every month when FIMB dividends are due, you can buy back more bonds as your personal mining income comes in.

Given that FIMB's contract has a buy back clause, the above plan is simply following the contract to the letter. What do you say?

[kakobrekla]

What do you say?

The pan. It needs more heat.

[snowdropfore]

how about the cointerra 's machine?? is it going to be late??

[superresistant]

how about the cointerra 's machine?? is it going to be late??

If it's very late we'll have 30% more hashing. If it's very very late, a total refund.
I doesn't matter if it is few days late because the difficulty is lower than the lowest scenario we imagined. We have a big margin now so relax man.

[snowdropfore]

ok，thank  you

[Garr255]

These are really great news.

For the bitcoin mining, the difficulty is lower than the best scenario we imagined. This is so awesome.

Thanks Garrett to make the GPU RIG working as fast as you can.
Please concider pointing the GPU RIG at middlecoin.com so everyone can see the mining transparently. This pool is optimised to mine the most profitable coin and pay directly with Bitcoins. That is exactly what we need. Please have a watcher like CGWatcher to monitor, restart the miner or the system in case of hardware failure. You also need to add at least one backup pool (2 or 3 would be better) in case middlecoin goes offline.

I've done some investigation and really like the middlecoin setup. Once all our sCrypt rigs are complete I will make a dedicated bitcoin address and point all the miners to it via middlecoin.

[superresistant]

These are really great news.
For the bitcoin mining, the difficulty is lower than the best scenario we imagined. This is so awesome.
Thanks Garrett to make the GPU RIG working as fast as you can.
Please concider pointing the GPU RIG at middlecoin.com so everyone can see the mining transparently. This pool is optimised to mine the most profitable coin and pay directly with Bitcoins. That is exactly what we need. Please have a watcher like CGWatcher to monitor, restart the miner or the system in case of hardware failure. You also need to add at least one backup pool (2 or 3 would be better) in case middlecoin goes offline.

I've done some investigation and really like the middlecoin setup. Once all our sCrypt rigs are complete I will make a dedicated bitcoin address and point all the miners to it via middlecoin.

That's perfect. Everyone will be able to check the hashing speed and revenue all the time on the website.

[investr]

I've heard negative things about middlecoin with regards to lots of downtime or errors. I believe what it came down to was that the service was an experiment that did not scale well with its popularity. Not sure how true or accurate that is today, but beware.

[elasticband]

i have privately been told good things about tompool.org but someone i have met in person. They do not exchange the alts for you though, this would need to be done manually, or you can set cryptsy up with auto sale after deposit

[superresistant]

I've heard negative things about middlecoin with regards to lots of downtime or errors. I believe what it came down to was that the service was an experiment that did not scale well with its popularity. Not sure how true or accurate that is today, but beware.

Yes it is true that middlecoin had some problem due to its popularity but I think that the owner is very aware of that and try his best to have an uptime close to 100%. Even if that pool get offline, I suggested to setup one or two backup pool thanks to a watcher. The goal is to switch automatically to the next pool whenever the main pool is offline. That way we cannot loose any minute of hashing.

i have privately been told good things about tompool.org but someone i have met in person. They do not exchange the alts for you though, this would need to be done manually, or you can set cryptsy up with auto sale after deposit

That could be the first backup pool.

[Garr255]

I've heard negative things about middlecoin with regards to lots of downtime or errors. I believe what it came down to was that the service was an experiment that did not scale well with its popularity. Not sure how true or accurate that is today, but beware.

Yes it is true that middlecoin had some problem due to its popularity but I think that the owner is very aware of that and try his best to have an uptime close to 100%. Even if that pool get offline, I suggested to setup one or two backup pool thanks to a watcher. The goal is to switch automatically to the next pool whenever the main pool is offline. That way we cannot loose any minute of hashing.

i have privately been told good things about tompool.org but someone i have met in person. They do not exchange the alts for you though, this would need to be done manually, or you can set cryptsy up with auto sale after deposit

That could be the first backup pool.

Yes, we will certainly have an abundance of backup pools. tompool.org looks like a good alternative indeed. More GPUs are in the mail to us! Will post pictures after the next rig is set up.

[alincoln]

P.S. Emails have been sent to FIMB holders regarding repayment. Please confirm here.

Hi Garrett,

I confirm having received your email regarding FIMB. If you don't mind I am replying to it here. Your proposal was:

Hey,

As you saw I sent an email to all FIMB holders regarding repayment. I plan on repaying 50% now and the rest as my personal mining income comes in. Because you are an exceptionally large FIMB holder, I thought I should contact you directly. What works best for you in terms of repayment?

This works for me, with the following remarks:
- Unpaid/late dividends from the last months should be paid in fully prior to you buying back
- As per FIMB's contract, you'd be buying back bonds at 102% of face value
- You'd be buying back half of the bonds now, so the other half would stay active and generating 2% monthly interest.
- At the first day of every month when FIMB dividends are due, you can buy back more bonds as your personal mining income comes in.

Given that FIMB's contract has a buy back clause, the above plan is simply following the contract to the letter. What do you say?

Garrett,

Looking forward your reply to this.

Thanks.

[btcboston]

Also, please review the quote below if you have not read it above. I am turning Cognitive around.

That's great news! I am eagerly awaiting your response on the questions that we had around the missed dividends in October/November.

[MilkyLep]

Pretty much sounds like there's no protection if the miners arrive Feb. 3rd. (Which was pointed out long ago.) But then again we are just taking Garrett's word on the contract since no shareholder has the privilege of such knowledge. Similar to the past quarter or two clarification is needed.

Any word on the scrypt mining setup?

What about the housing location of all this new hardware? Is it wired and ready to go? Shelves in place? Cooling all set? If hardware was initially expected by now, why has this not been completed?

Where are the financials promised more than two months ago on December 2nd? Charts? Live updates of mining address'?

Still not taking responsibility for the mismanagement of mining hardware and resulting dividends for months? An "Oops I'm sorry we had bad luck." doesn't cut it when overseeing mining hardware and resulting profits/revenue.

Once again I just see words and promises followed by a lack of details, supporting facts and concrete follow thru, why is that?

The level of dedication devoted to this outfit can be seen as negligent at best in my opinion.


P.S.

@alincoln What's the situation on this FIMB communication?


P.S.S.

My recommendation, if you want all of #bitcoin-assets to leave you alone, start proving them wrong.

You ignored/chose not to respond to/didnt see any of my post(s) (or alincoln's) yet have the gall to state you are turning Cognitive around. Care to show or prove how this is happening?

Once all our sCrypt rigs are complete I will make a dedicated bitcoin address and point all the miners to it via middlecoin.

Why wait? What's with the procrastination? Don't tell us you're solo-mining again.

If you're ignoring me because you think I'm a troll or another slanderous soul, so be it. All I'm looking for is some accountability, open communication and honesty here. All components that most logical people would incorporate into "turning" a company around.

[Garr255]

My apologies MilkyLep, I missed your quoted post. Yes everything is ready to go to receive hardware. The live charts are in developments and will be completed ASAP. The remainder of your inquires have been addressed throughout the posts following yours.


I fully believe we need to hire a PR manager, as my time can be much more effectively used actually working on things as opposed to maintaining this thread.

[Garr255]

(The following is not related to Cognitive)


alincoln, I do realize that that would be the best case scenario for you. However, please acknowledge that I am taking a heavy loss on this one, so please accept a full refund of your initial investment Plus all dividends up to the last one that was paid. With that case, you've still made more money than just holding coins, which is pretty damn good.

I hope you believe this request to be reasonable. It's the best I can do.

[alincoln]

(The following is not related to Cognitive)


alincoln, I do realize that that would be the best case scenario for you. However, please acknowledge that I am taking a heavy loss on this one, so please accept a full refund of your initial investment Plus all dividends up to the last one that was paid. With that case, you've still made more money than just holding coins, which is pretty damn good.

I hope you believe this request to be reasonable. It's the best I can do.

I accept your offer. However if you are leaving half to be paid later as you said, I expect as a minimum that you schedule monthly payments according to your personal mining revenue and finish paying in 2014.

I own 7712 bonds and my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB

Please confirm and post here.