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

[btcash]

Where do you want to order ASICs with the COG.F funds? You won't be able to update your order if BFL ships on March 1.

[Garr255]

Where do you want to order ASICs with the COG.F funds? You won't be able to update your order if BFL ships on March 1.

Avalon will be our preferred choice. If the first BFL order processes before we raise funds to expand it, we have another one (for the SC Single upgrades) placed shortly after, and is still a low order number

[Vernon715]

Heard anything about anymore asics arriving?

[Garr255]

Heard anything about anymore asics arriving?

BFL's estimated shipping date is in the next few weeks. They always seem to find a way to delay it further though. I will post back when I hear anything from them, and when we (finally) get a shipping notice!

Cheers,
Garrett

[Vernon715]

Thanks

[medicine]

I am a small Cognitive shareholder thinking to pick up some more shares as the price has moved lower in the last few days.

Any updates on the "Contract for delivery" idea? 

Also, I have read through this thread, but it would be helpful if we could get an update on the current hash rate, and the estimated hash rate following the arrival of the new hardwares.  Hope this isn't too much to ask.

Thanks.

[Garr255]

I am a small Cognitive shareholder thinking to pick up some more shares as the price has moved lower in the last few days.

Any updates on the "Contract for delivery" idea?  

Also, I have read through this thread, but it would be helpful if we could get an update on the current hash rate, and the estimated hash rate following the arrival of the new hardwares.  Hope this isn't too much to ask.

Thanks.

Hello,

I've been away for the past few days and unable to announce it, but the latest motion has passed!

In an effort to raise funds for upcoming ASIC sales, if this motion passes as per the new contract (reflected here:
http://cognitivemining.com/contract.html ), a new sub-asset of Cognitive will be created in the funds section of BTC-TC with the ticker
"COG.F". Each one of these shares represents one share of Cognitive to be delivered once the hardware purchased from capital raised from
these shares arrives and is hashing. COG.F shares will not pay a dividend, nor will they have voting power until the said delivery. Because of
this, COG.F shares will be sold in bulk, and priced competitively. This will be a good opportunity for long term investors.

COG.F shares will be issued later this week. It's a great time to invest bitcoins in Cognitive, while the USD price is high!

I believe the following post answers the rest of your questions. Feel free to ask if you have any more!

Best,
Garrett

Hey! I have looked at Cognitive from time to time and have just been catching up. I have a few questions, that I couldn't answer from reading the thread:

What is the current MH/s of the mining farm?

Are the BFL Singles still hashing or are they already on their way back to BFL? (By the way, the OP still says that the Singles have not been delivered yet.)

Any contingency plan in case those new shares issued for acquiring Avalon ASICs are not actually sold on GLBSE anytime soon? I mean, it's almost $20k in new money needed there. And in the meantime those unsold shares kind of dilute the dividend payment, don't they? Or are you somehow redirecting the dividend payment for those unsold shares? (or does GLBSE already do that?)

Thanks in advance! :-)

Hello jav,

Sorry for not keeping the OP up to date... the web site is always up to date if you want to see inventory.

We currently have 13200mh/s, then the BFL ASICs will add 420000mh/s, then the Avalon ASICs will add 600000mh/s, for a total of 1033.2gh/s!

In the past all shares have always sold within a week. I'm confident these will sell in a timely manner, but if they don't we will have to develop a plan.

GLBSE does not pay dividends to shares held by Cognitive (AKA only outstanding shares are paid), so that isn't a problem.

Thanks for your interest,
Garrett

[medicine]

Great, thanks a lot for the quick reply. 

[Garr255]

Hey all,

This morning I gave BTC-TC my application for approval of COG.F

The first contracts will be sold in a few days when the asset goes live on the exchange for 2.5btc each. Before then, I am accepting bulk orders of these shares at the rate of 45btc per 20 COG.F shares.

For those just tuning in, here's the contract for COG.F:

COG.F is an asset representing contracts for delivery of COGNITIVE shares that will be issued upon arrival of mining hardware purchased with COG.F funds.
One (1) COG.F represents a contract for twenty (20) COGNITIVE shares, to be delivered upon arrival of said mining hardware.
   


Now is a great time to invest bitcoins into mining, both because of the new ASIC hardware that is going to be released, and because of the high bitcoin value which maximizes investment payoff!

Best,
Garrett

[medicine]

How many COG.F contracts are you going to issue?

[Garr255]

Hey all,

This morning I gave BTC-TC my application for approval of COG.F

The first contracts will be sold in a few days when the asset goes live on the exchange for 2.5btc each. Before then, I am accepting bulk orders of these shares at the rate of 45btc per 20 COG.F shares.

For those just tuning in, here's the contract for COG.F:

COG.F is an asset representing contracts for delivery of COGNITIVE shares that will be issued upon arrival of mining hardware purchased with COG.F funds.
One (1) COG.F represents a contract for twenty (20) COGNITIVE shares, to be delivered upon arrival of said mining hardware.
   


Now is a great time to invest bitcoins into mining, both because of the new ASIC hardware that is going to be released, and because of the high bitcoin value which maximizes investment payoff!

Best,
Garrett

How many COG.F contracts are you going to issue?

Initially 100. More will be issued if there is significant demand. (A few people have contacted me recently regarding making large investments in Cognitive, so it is likely that demand for these contracts will be high.)

[Garr255]

Hey all,
This morning I gave BTC-TC my application for approval of COG.F
The first contracts will be sold in a few days when the asset goes live on the exchange for 2.5btc each. Before then, I am accepting bulk orders of these shares at the rate of 45btc per 20 COG.F shares.

How many COG.F contracts are you going to issue?

Initially 100. More will be issued if there is significant demand. (A few people have contacted me recently regarding making large investments in Cognitive, so it is likely that demand for these contracts will be high.)

What happens if there is not enough demand? Do you have a deadline for hardware purchase or can the funds stay in limbo forever?

Honestly, until reading your post I had no plan for this, because that's how confident I am that the fund will get funded. I'm all for having a plan B though, so: If there isn't enough demand to purchase a single bitcoin miner after a week, COG.F purchases will be refunded.

--Garrett

[Garr255]

Great news everyone!

COG.F has been approved on BTC-TC: https://btct.co/security/COG.F and you can now place bids on the contracts. The first 100 will be listed for BTC2.5 each at 10:00 PM PST on Sunday the 18th.

Cheers,
Garrett

[btcash]

Will you buy from Avalon or update your BFL order? Luke-Jr thinks BFL is going to ship next week. When will Avalon ship if you order next week? Is there any ETA?

[Deprived]

One pitfall to be wary of is that COG.F shares are fungible.

If you sell 50 shares and order an ASIC then sell another 20 shares you have no way of determining which 50 shares of the 70 outstanding are the ones that should be converted when the ASIC arrives.  Only way around this is to start a new ticker every time you place an order.  That also makes sense as if you sold 50 and ordered an ASIC, then sold 50 more and ordered another ASIC, the price of the first 50 sold SHOULD rise due to them being nearer arrival than the second 50.

Not seeing any other way to do it short of manually tracking the shares and then manually upgrading just the ones entitled to an upgrade as each ASIC arrives.

[Garr255]

One pitfall to be wary of is that COG.F shares are fungible.

If you sell 50 shares and order an ASIC then sell another 20 shares you have no way of determining which 50 shares of the 70 outstanding are the ones that should be converted when the ASIC arrives.  Only way around this is to start a new ticker every time you place an order.  That also makes sense as if you sold 50 and ordered an ASIC, then sold 50 more and ordered another ASIC, the price of the first 50 sold SHOULD rise due to them being nearer arrival than the second 50.

Not seeing any other way to do it short of manually tracking the shares and then manually upgrading just the ones entitled to an upgrade as each ASIC arrives.

You're right in that using the same ticker for multiple rounds of funding would be cumbersome, but there is an easy method to circumvent this.

The way this is going to work is simple: We raise funds through COG.F, purchase the hardware, then wait for it to arrive. Once the hardware arrives the COG.F shares are traded back to Cognitive in exchange for standard COGNITIVE shares. Then the asset COG.F is free to do another round of funding. If we want to raise more funds between the time that the COG.F hardware purchase is made and when it is delivered, we simply create COG.F2 and repeat the process with that.

Cheers,
Garrett

[Garr255]

Good morning everyone!

The first few hours of COG.F sales have been decently successful. We currently have the funds to purchase one Avalon ASIC. The Avalon team should be accepting orders for their third batch of ASICs in the coming weeks. I will do my best to get in on the preorder (Usually a <6 hour time frame). If by chance I miss the opportunity to purchase the Avalon, another BFL SC Single will be added to our previous order from BFL, so it will be sent out fairly quickly

Cheers,
Garrett

[stochastic]

Good morning everyone!

The first few hours of COG.F sales have been decently successful. We currently have the funds to purchase one Avalon ASIC. The Avalon team should be accepting orders for their third batch of ASICs in the coming weeks. I will do my best to get in on the preorder (Usually a <6 hour time frame). If by chance I miss the opportunity to purchase the Avalon, another BFL SC Single will be added to our previous order from BFL, so it will be sent out fairly quickly

Cheers,
Garrett

Has anyone received the first batch shipment yet?  I can't follow threads anymore.

[davecoin]

Of Avalon? Yes. BFL? No.

[Garr255]

Of Avalon? Yes. BFL? No.

Correct.