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

[robitnik]

Goat, what do you think the outcome of suing will be right now.

He goes to jail for fraud.

Meanwhile, those investors you represent lose any chance of recovering even a fraction of their investment. Take it to them. Ask them if they're willing to wait 6 days for a chance of recovering at least some of their money.

Never attribute to malice that which can be explained by incompetence. The urgency that COG is now showing was warranted a month ago, but we are here now.

It's hard to advocate constructive actions when the air is poisoned, but I do feel we should agree some parameters that ensure all our interests are protected.

I would see it as following:

Success: - We are mining at 18+TH/s by next Friday. COG agrees to hire external support to produce financial reports as well as arranging a 24/7 support contract. COG comm's with reopening on Havelock be discussed openly and transparently so that shareholders can make informed decisions to stay in or get out before market relisting. Dissatisfied shareholders enter in to remediation talks to change COG to a more agreeable corporate structure going forward.

Failure: - COG shareholders agree liquidation process with legal support from dissatisfied shareholders. Lawyer up.

I realise these suggestions might not be to the liking of all concerned, but this is about how we proceed not how we argue which will ultimately define the outcome for all shareholders.

I'm all for this. It's the most pragmatic approach at the moment.

[Garr255]

Never attribute to malice that which can be explained by incompetence. The urgency that COG is now showing was warranted a month ago, but we are here now.

It's hard to advocate constructive actions when the air is poisoned, but I do feel we should agree some parameters that ensure all our interests are protected.

I would see it as following:

Success: - We are mining at 18+TH/s by next Friday. COG agrees to hire external support to produce financial reports as well as arranging a 24/7 support contract. COG comm's with reopening on Havelock be discussed openly and transparently so that shareholders can make informed decisions to stay in or get out before market relisting. Dissatisfied shareholders enter in to remediation talks to change COG to a more agreeable corporate structure going forward.

Failure: - COG shareholders agree liquidation process with legal support from dissatisfied shareholders. Lawyer up.

I realise these suggestions might not be to the liking of all concerned, but this is about how we proceed not how we argue which will ultimately define the outcome for all shareholders.

I'm all for this. It's the most pragmatic approach at the moment.

I'm all for YoYa's plan as well.

I plan on making it up to everyone. Let's be productive instead of destructive.

Our hardware will be hashing by Friday so I have no reason to object here.

[silverfuture]

I'm a long time holder of cognitive and a fairly large one at that. I say give him the 6 days.

[MilkyLep]

All im seeing here are more promises and statements similar to previous replies  (from months back regarding transparency, dividends and financial reports) we've all witnessed by an assurance of just wait another week. Another week and Cognitive is turning a new leaf. Words are free and cheap, consequences costly and brutal.

Well days turn to weeks and weeks into months. You can't fight network hashrate and difficulty with procrastinated patience of "defective" overpriced hardware. 600BTC (?) gone and no place to run it, plan b or not, I wasn't the only to ask where and how this "28TH" was to run efficiently. Shareholdings diluted with near zero incremental income. How can you argue that you have Cognitive's best interests in mind?

Hardly anything changed then, why is the present different? This Ultimatum of yours should have been provided a quarter year ago. Now Havelock stepped in to halt trading. How is their pending investigation going and what exactly does that consist of?

I fear it's far too late for Cognitive to ever catch up and be profitable, yet all those concerns and questions brought up over the years downplayed time after time.

The saga of BTC securities are as entrancing as the investors are fruitless.  

[Lloydimiller4]

Meanwhile, those investors you represent lose any chance of recovering even a fraction of their investment. Take it to them. Ask them if they're willing to wait 6 days for a chance of recovering at least some of their money.

The problem is the current shareholders are people who bought in at .002 while the .6 people are trying to recover what they lost.

They people who bought in a .002 are not wanting it to close as they are trying to make a quick buck.

Like it or not Cog might have to lawyer up to protect it self not from current shareholders but from old shareholders who have nothing more to lose by suing.

^ This 100%
Goat easily has the right of this. Shareholders that entered at .6 (oops, me) lost 300x (yes, times) their money from Garret's incompetent ass. The transparency is a joke (at best!), we have -no- idea if Garret is truthful, he would -have- to -prove- that he has been.

I don't even believe trading on Havelock should be allowed to be re-opened up. It allows wayyy too much of a conflict of interest on Garret's part. Maybe he was trying to drive the price down on purpose so that he could buy up all the god damn shares on -fractions- of pennies on the dollar, lol, -after- he used our CT gear to mine for himself. (OMG the perfect crime!(how could -anyone- find out!?))

Again, the transparency is an utter -JOKE- at best. How many months did Garret claim we were solo mining. SOLO MINING! for Christ's sake, another convenient lie that is perfectly unprovable.

I hate to sound like this is a conspiracy, but we are talking about hundreds of thousands of $$$ worth of money that is in the hands of some dumb kid.

I think Goat is correct on all counts against Garret. In six days maybe Garret 'loses' the hardware or finds a better way to F his shareholders. Garret is delusional if he thinks he is in this for the shareholder's best interests.

-EDITED-

[Garr255]

I'm a long time holder of cognitive and a fairly large one at that. I say give him the 6 days.

Thanks.

As said earlier, once the hardware is online by this Friday, I will peacefully resign if 50% of shareholders desire.

This time my promises are back up with actual evidence: see the emails I've sent. I can provide a copy of the agreement with the Canadian bitcoin mining company to any shareholder who desires it.

Please, before accusing me of lying, make sure you're speaking the truth.

[Garr255]

Esp if you are the one counting the votes.

I will publicly post hashes and vote counts, so there is no way to fake motions/votes. Do you agree?

[blackswan]

Esp if you are the one counting the votes.

I will publicly post hashes and vote counts, so there is no way to fake motions/votes. Do you agree?

No I do not agree. There is no way running away is going to save you from your past actions. All it will do is make it so more people, the newer inverters, can also sue your ass. You should really lawyer up.

Fairly large shareholder who bought in a while ago here.  I'm definitely up for a vote.  This company needs to be taken out of the hands of Garrett.  I've lost plenty of BTC watching this company tank, and if there's a lawsuit I'd like to get in.

[Garr255]

Before any threats of legal action, I must say that in a year's time if things remain peaceful I will likely be in the position to pay everyone who desires back their initial purchases, and I will consider the signing of contracts with those who this would be fair compensation for.

It is a provable fact that much of the downtime we are all fighting over was out of my control. Other hardware providers delivering late so the datacenter wouldn't host just a significantly smaller batch of hardware... it's all been a mess getting things online.

If I could come up with a plan to triple our hashrate out of pocket that would be very fair compensation. I have connections with enough hardware producers to make this happen.

All I ask for is time, and I know everyone will receive fair compensation. Please email me and I will be happy to begin negotiation on what you think is fair.

I want this to be a peaceful resolution; That is in everyone's best interest.

[Garr255]

Again, within six days we will be hashing in Canada with an excellent bitcoin mining company there.

[Garr255]

If I could come up with a plan to triple our hashrate out of pocket that would be very fair compensation. I have connections with enough hardware producers to make this happen.

Working with Hash Fast would pretty much guarantee my future actions.

Would CoinTerra or BitMAIN be acceptable options?

[robitnik]

Would CoinTerra or BitMAIN be acceptable options?

If you can swing a deal with either, we could be in a decent position. If we had the option, I'd be inclined to go with BitMain myself.

[elasticband]

asicminer gen3 is specified to be 500w per 1TH and hopefully around $2500. Soon....

[Garr255]

Would CoinTerra or BitMAIN be acceptable options?

If you can swing a deal with either, we could be in a decent position. If we had the option, I'd be inclined to go with BitMain myself.

I have good relationships with heads of both producers and will be able to get hardware at competitive rates.

It's definitely in everyone's best interest to let me get the hashpower of Cognitive up however I can, whether it means taking out a loan in the form of hardware from one of these producers, or anything else.

[robitnik]

Soon....

I'm really starting to hate that word.  

Would CoinTerra or BitMAIN be acceptable options?

If you can swing a deal with either, we could be in a decent position. If we had the option, I'd be inclined to go with BitMain myself.

I have good relationships with heads of both producers and will be able to get hardware at competitive rates.

It's definitely in everyone's best interest to let me get the hashpower of Cognitive up however I can, whether it means taking out a loan in the form of hardware from one of these producers, or anything else.

Whatever it takes to get this show on the road, Garr. Raising funds may be difficult though.
Just don't lose focus on getting COG's current hardware hashing.

[YoYa]

Whatever it takes to get this show on the road, Garr. Raising funds may be difficult though.
Just don't lose focus on getting COG's current hardware hashing.

Speaking of, Garr the six units currently enroute are news to me. Had you mentioned this previously?

We might want to give some consideration around this for the sake of good comms and setting expectations. My understanding from your previous comment was that these were sent direct to the datacenter which didn't work out.

Would this mean that these units as yet have been unopened and are untested?

If this is the case, than it would be suggested that you outline the exact nature of the technical issues you have been experiencing in getting the miners you received directly to run smoothly and how this may relate to ensuring a successful implementation in the canadian data center. Technical info has been scant, but it's worth keeping in mind that sharing info and dealing with the pita queries now will save you future pain.

[MilkyLep]

Perhaps you should plead with someone who holds enough AsicMiner shares to franchise. Or take out some student loans rather than pool/divert income from shareholders.

[jimmothy]

Perhaps you should plead with someone who holds enough AsicMiner shares to franchise. Or take out some student loans rather than pool/divert income from shareholders.

I don't think you need to own AM shares to franchise. Just a buttload of cash.

Either way AM chips are the way to go.

[robitnik]

...
Either way AM chips are the way to go.

Long term yes but you have to consider board manufacture, testing, housing etc. It may be better not to do that solo but get in with a group to produce en masse.

YoYa,
As far as I can tell we have 8 units hashing at 1.2 TH/s in Montana. 6 units on their way to Montana from Washington. Some or all of these units will be forwarded to the Canada center. Although, I suggest we keep some of the current units in Montana just to spread the risk.

With 14 units hashing between 1.2 and 1.6 TH/s, I expect us to be hashing at between 17 and 22 TH/s by Friday.

--EDIT--
This should have us earning between 1.78 and 2.30 BTC per day at the next predicted difficulty.

Assuming, of course, that everything goes as planned.

[snowdropfore]

just keep on working. someone do not represent all of us. form glsb to btct ,now hl, you did not run away.you prove youself. garr