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

[Nightmoonk]

Yeah I can't believe how much of a bad idea selling the units is and how many people are advocating it. We bought hashrate not units (according to Garrett) so lets just get the 28th/s that we ordered operational, who cares what they are hashing at, just keep them steady and cointerra will be forced to give us more units if we aren't getting the agreed hashrate.

Those advocating selling the units, once sold what are we left with? What are going to buy instead? I would be in favour of it if Garrett hadn't signed a very favourable (to us) deal with cointerra. We've been promised hashrate, just be patient. I'm sure Garrett could be doing more but this is a company run by ONE person, try to keep your expectations reasonable.

Or don't tell me you plan to issue a dividend with the proceeds (I saw some people advocating this) and then what, the company folds due to no working capital?

[1714213466]

1714213466

[1714213466]

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[CMMPro]

Probably for the best considering these are two university students who can't dedicate their time to make sure everything stays running and thought that they could plug 30TH into their grandma's basement and somehow cool it all as well....now they are scrambling to arrange a datacenter co-locate? That should have been arranged before the equipment arrived. 


 

[theterabyte]

Yeah I can't believe how much of a bad idea selling the units is and how many people are advocating it. We bought hashrate not units (according to Garrett) so lets just get the 28th/s that we ordered operational, who cares what they are hashing at, just keep them steady and cointerra will be forced to give us more units if we aren't getting the agreed hashrate.

Those advocating selling the units, once sold what are we left with? What are going to buy instead? I would be in favour of it if Garrett hadn't signed a very favourable (to us) deal with cointerra. We've been promised hashrate, just be patient. I'm sure Garrett could be doing more but this is a company run by ONE person, try to keep your expectations reasonable.

Or don't tell me you plan to issue a dividend with the proceeds (I saw some people advocating this) and then what, the company folds due to no working capital?

People would rather sell our $6000 units for $12000 than have them sit idle, that's all.  50% could be paid as divs, the rest go to the reinvestment fund, and cog is no worse off than it was a year ago.  Unlike having the hardware sit idle, losing opportunity and value every day.

If the units can be made to operate soon, nobody is advocating selling them, of course that'd be silly, but if they are not what was promised, or cannot be made to run consistently, we would make more money selling them.  we are just reminding everyone of the options to ensure Garrett evaluates them all.

[elasticband]

how much did cog pay for it's 28TH contract? in BTC....

[Surf Capital Management]

 About to dump 1% of total outstanding shares on Havelock.

At BTC.01/share you'll be drinking 30 packs of Natural Light on weekends. No more Labatt Blue or Corona Extra.
 
Garrett and Sam, we need communication, resolution, and hashpower!

[hephaist0s]

[elasticband]

wow this is an absolute mess, 11% difficulty change just skipped us by and our HW is not even running stable after weeks from delivery.

This really is a sorry state of affairs.

What is going on with the miners?
Why is this happening?
What are your communications with coin terra regarding the matter?
when will this be resolved?

[Lloydimiller4]

Well after this mess i bet its not long before someone runs to the SEC and Garr goes to jail

what a cluster fuck...

Nothing like managing a couple $100k's worth of other people's money and not being held liable for a dime of it

[stabs]

Looks like somebody is dumping shares...

[Lloydimiller4]

Lol, Garret could even be pointing these Cointerra rigs at an address he owns that he hasn't made public and -no one- would even know.

Garret has absolutely zero accountability!

I would not be surprised if he has been ripping shareholders off just because he knows that no one can see what he does. Like that time we had 2 months of unaccounted dividends because there was 0% luck on the pool. Soloing with that little hardware would have been a complete joke! I truly doubt that was what he was doing.

Reminds me of the BFL chip group buy where I unfortunately took part of.... He was the -only- group buyer to receive the BFL chips late, and he was late by a damn month. Who knows, he might have received them on time, made miners with them. Used the miners to get some BTC and buy another reel a month later for 1/8th the price.

I don't want to sound like a conspiracist here, but with 0% accountability, Garret can do whatever the fuck he wants, and I've already been ripped off several thousand $$$ from his damn ignorance.

Maybe my fears are right and he is stealing shareholders money though...... we all know he has some debts. The only way he could prove he isn't is by running these for Cog addresses.

Is there a way to remove Garret as the CEO of this company? Garret clearly can't handle this ship while he goes to college. I know a lot of you shareholders actually care about your money too.

I just can't get the possibility out of my head that this -kid- could be stealing our dollars just because he knows there is not much we can get done.


Maybe some-type of audit by the SEC wouldn't be bad for this company's shareholders, those are the guys I care about.... because I am a shareholder...

EDIT-
I would personally like to raise the motion to fire Garret as CEO of Cognitive Mining. I don't think he is doing a good job, and he is not worried about the shareholder's interests/BTC/$$ in this company.

[MPOE-PR]

Lol, Garret could even be pointing these Cointerra rigs at an address he owns that he hasn't made public and -no one- would even know.

Garret has absolutely zero accountability!

I would not be surprised if he has been ripping shareholders off just because he knows that no one can see what he does. Like that time we had 2 months of unaccounted dividends because there was 0% luck on the pool. Soloing with that little hardware would have been a complete joke! I truly doubt that was what he was doing.

Reminds me of the BFL chip group buy where I unfortunately took part of.... He was the -only- group buyer to receive the BFL chips late, and he was late by a damn month. Who knows, he might have received them on time, made miners with them. Used the miners to get some BTC and buy another reel a month later for 1/8th the price.

I don't want to sound like a conspiracist here, but with 0% accountability, Garret can do whatever the fuck he wants, and I've already been ripped off several thousand $$$ from his damn ignorance.

Maybe my fears are right and he is stealing shareholders money though...... we all know he has some debts. The only way he could prove he isn't is by running these for Cog addresses.

Is there a way to remove Garret as the CEO of this company? Garret clearly can't handle this ship while he goes to college. I know a lot of you shareholders actually care about your money too.

I just can't get the possibility out of my head that this -kid- could be stealing our dollars just because he knows there is not much we can get done.


Maybe some-type of audit by the SEC wouldn't be bad for this company's shareholders, those are the guys I care about.... because I am a shareholder...

EDIT-
I would personally like to raise the motion to fire Garret as CEO of Cognitive Mining. I don't think he is doing a good job, and he is not worried about the shareholder's interests/BTC/$$ in this company.

This should be interesting.

[Tafelpoot]

There are only 2 miners running for Cognitive, all the other devices are "switched off" ==> mining into his own pocket.
What is going on over there? You could at least provide daily updates until all the gear is working properly.

[superresistant]

The problem is that everything is in the hands of one person.

First option : The mining gear should be confiscated from Garrett and shared through competent miners who could watch for the hardware, make it run and give updates. It is easier to run 1 or 2 unit than 20 units.

Second option : Sell all the hardware while it worth something, share the profit and end this mining group that is not mining anyway.

I'm for selling the hardware. I don't believe that Garrett can run multiple Cointerra at the same time and I don't think anyone want to help him.

[kephael]

There are only 2 miners running for Cognitive, all the other devices are "switched off" ==> mining into his own pocket.
What is going on over there? You could at least provide daily updates until all the gear is working properly.

Garrett should allow some larger investors to come to the location and physically inspect the miners and see what is going on in person.

[dunchy]

Second option : Sell all the hardware while it worth something, share the profit and end this mining group that is not mining anywa

+1

After this fiasco I just want out. Especially after seeing this mpoe-pr bitch account, here

[Cognitive-PR]

Hello everyone,

I apologize greatly for the late response. Garrett has been in San Francisco for the past few days, and I have been off the grid without internet.

We can make very little excuses for the low hash rate you have seen in the last few days. As before, the problem was a result of CT hardware that isn't working properly, combined with a lack of attention and quick response on our part. Garrett was focused on securing the new, cheap-power location. This is important, but of course so is keeping the hardware online. He should have been focused on both of these tasks. Garrett is very aware of his mistakes, and is committed to fixing all of this immediately.

In response to allegations that Garrett has been stealing from Cognitive: I can assure you that this is absolutely untrue. Mismanagement in some areas -  perhaps yes. But stealing or any sort of criminal activity, absolutely not. While my word may mean very little to you, I can tell you that I have access to the shop where all the hardware currently resides, have helped with the setup of this hardware, and that all of this hardware has been hashing for Cognitive, and no one else.

It is our promise that Garrett and I will work our hardest to fix all of this as soon as possible.

- Samuel

[Lloydimiller4]

Ok, it's all good guys, they said they weren't stealing...

But seriously, talk is cheap. Us shareholders want -proof- that Garret and Samuel aren't converting company revenue into their own accounts. Just saying that you aren't is obnoxious.

I really want to believe that Garret is just piss-poor at managing this hardware, but a good part of me believes that is improbable.

These CT units are being hosted in a warehouse right? If heat is the issue, why on earth can't you go to Homedepot or Lowes and buy a decent BTU room AC unit for use on these machines. It is what, $300-400? This was already mentioned by OG Nasty(cool guy, I like his fund). $500 is like 5 hours of keeping this hardware functioning, in less than a day it has paid for itself, I don't care if after you guys move the hardware to the data center you return the AC unit.

I know you guys say the power is maxed at the warehouse, but it truly isn't if this hardware isn't even running. I'd rather see 6 miners and an AC unit than 1-2 miners

Why can't you down-clock the hardware? This should be easy enough, I'm sure CoinTerra would be able to assist you if you need it.

Yes, some of the units have faulty firmware, and have been shutting off when power cycles. Garrett is currently in negotiations with CoinTerra regarding this problem, so hopefully they will compensate Cognitive for this loss in hash power.


- Samuel

How about the firmware updates?

Was the user here Theterabyte able to help you with a powercycle script?

Why don't you write about all of these important issues if you truly aren't stealing from shareholders?

If you guys are having this many issues now, just wait till you have that colo space in SF, it will be pretty damn inconvenient for Garret to fly out there every time there is an issue.

-EDIT
I don't mean to be rude, but when it comes to handling hundreds of thousands of $ of other people's money, you should have been pretty damn prepared to handle these issues.

[Newar]

Second option : Sell all the hardware while it worth something, share the profit and end this mining group that is not mining anyway.

+1

Enough of

[...] very little excuses [...] lack of attention and quick response [...] He should have been focused on both of these tasks [...] mistakes [...] Mismanagement

If you read this thread, you'll realise that those and other issues have come up time and time again. Hence, sell it all and be done with it. If you can't do something, it's better to admit to it and focus your energy and time on something more fruitful.

[sido]

guys, you are right

There was pretty enough shits from cognitive management. There was few guys who was willing to help with fixing this mess. Why do we hire Samuel? By whos will? Garrett is owing us a lot of divs, we need calculate this losts and bring Garrett to responsibility. This situation is unacceptable. By my opinion, we should organise shareholders irc meeting (or something like that), invite Garret and decide how to fix this, with or without him. Change of management should be first step.

Selling our hardware is not option, it's more like run out from troubles.

and few questions for management also:
Why the hell do we miss dividens for PT shares again?
When can we finaly see financial report for last 5 months? (I've still strong feeling that divs for PT shares are not fully paid, do you want let us forgot it by creating different mess?)

Stop with excuses, it's not working anymore. Our scrypt rigs are not hashing because of what? they are less profitable than asics? Are you serious?

Mining bussines is very close to mission critical and you know that. In extreme situations you can have one hour of drop-out, but this? With you actions we all are closed in cage...

all: sorry for my english, I'm not native speaker 

[stereotype]

Hello everyone,

I apologize greatly for the late response. Garrett has been in San Francisco for the past few days, and I have been off the grid without internet.

We can make very little excuses for the low hash rate you have seen in the last few days. As before, the problem was a result of CT hardware that isn't working properly, combined with a lack of attention and quick response on our part. Garrett was focused on securing the new, cheap-power location. This is important, but of course so is keeping the hardware online. He should have been focused on both of these tasks. Garrett is very aware of his mistakes, and is committed to fixing all of this immediately.

In response to allegations that Garrett has been stealing from Cognitive: I can assure you that this is absolutely untrue. Mismanagement in some areas -  perhaps yes. But stealing or any sort of criminal activity, absolutely not. While my word may mean very little to you, I can tell you that I have access to the shop where all the hardware currently resides, have helped with the setup of this hardware, and that all of this hardware has been hashing for Cognitive, and no one else.

It is our promise that Garrett and I will work our hardest to fix all of this as soon as possible.

- Samuel

Unless you have been intimately involved from the start, how can you know that with certainty?