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

[EskimoBob]

Not sure, what are we voting here:

Starting on the 23 February 2013 dividend day, 50% of mining revenue will be allocated to our reserve
fund, which will be used for purchasing new hardware and maintaining old hardware. Due to the significant
cost of mining equipment, a motion will be raised for every purchase of new hardware.

The outcome of the "Voting Method" Motion will determine the calculation method for this motion.

1) idea to allocate 50% of mining revenue to our reserve ?
or
2) the need to rise a motion every time Cognitive needs to purchase a new hardware ?

1 - yes, good idea
2) - no, bad idea. Why delay every purchase of new equipment. Imagine, if a real life Co has to ask shareholders every time they need to purchase equipment they use to run their daily business. It make sens, if you like to buy a pair of new skates - stuff, that has NOTHING to do with running a mining business. And even this is never taken to the shareholders meeting, unless those skates cost as much as the yacht.
Check out, how this stuff is done in real life business.

[1713276806]

1713276806

[Code_red]

Hmm seems to make sense having a motion for purchases considering the current track record for asic manufacturers.

[Garr255]

Quorum: 40% (because of the rather learge amount of shares that are owned by those who do not check this forum or btc-tc frequently enough to
and again, undeclared shares: removed from the quorum requirement

Pretty sure the second of those statements is unneeded.

If there's 1000 shares then a 40% quorum requirement means 400 need to vote for any result to count.

If the other 60% do nothing it doesn't matter.  You CAN'T remoe them from the quorum requirement (40%/400 votes) as that would give a negative number (-20%/-200 Votes).

So wording should be more along the lines of:

At least 40% of outstanding shares must register a vote (Yes/No/Abstain)
Of those that express an opinion (Yes/No) at least 70% must vote Yes for the motion to pass.
Motions will always be worded such that a Yes vote is required to make any change to the contract.

Last point is needed otherwise some tricky operator could make a motion to leave the contract the same - and the motion failing would mean it changed

So if there were 1000 shares outstanding, 300 voted Yes, 50 voted No, 100 Abstained then:

45% would have voted - so quorum was achieved (at least 40% of shares voted in the motion).
300/350 = 85.7% voted Yes
And motion would pass.

Had the 100 who abstained done nothign then the motion would fail as only 35% showed any awareness of there being motion.

In principle I'm not keen on minority changes to a contract - but with a 2 week period minimum and the fairly low level activity of many investors, what you propose seems a reasonable compromise.

I agree with you here. Also, while your way is a better way of wording the motion, it has already been issued, and they mean the same thing so we'll keep it that way.

Not sure, what are we voting here:

Starting on the 23 February 2013 dividend day, 50% of mining revenue will be allocated to our reserve
fund, which will be used for purchasing new hardware and maintaining old hardware. Due to the significant
cost of mining equipment, a motion will be raised for every purchase of new hardware.

The outcome of the "Voting Method" Motion will determine the calculation method for this motion.

1) idea to allocate 50% of mining revenue to our reserve ?
or
2) the need to rise a motion every time Cognitive needs to purchase a new hardware ?

1 - yes, good idea
2) - no, bad idea. Why delay every purchase of new equipment. Imagine, if a real life Co has to ask shareholders every time they need to purchase equipment they use to run their daily business. It make sens, if you like to buy a pair of new skates - stuff, that has NOTHING to do with running a mining business. And even this is never taken to the shareholders meeting, unless those skates cost as much as the yacht.
Check out, how this stuff is done in real life business.

I agree with you here as well. I will raise another motion that will negate the #2 that you pointed out. I suppose if there is ever an incident where I don't feel confident in using Cognitive's funds, I can still raise a motion and see what other shareholders want to do!

[Deprived]

Just a quick request for clarification about the pass-through on LTC-GLobal.

It isn't entirely clear from the description where the backing shares will come from.  There were three alternatives:

1.  (The one I think you're doing) : You buy the shares on the open market from whoever happens to be selling.
2.  You sell shares from treasury at equivalent to the price they're listed at on BTC.CO.
3.  You sell treasury shares at the equivalent of market price on BTC.CO.

Numbers 1/2 are both fine - number 3 would be out of order as shares would be being sold to you privately (to operate the pass-through) at a discounted rate without their sale price having been officially lowered.

I'm pretty sure you're doing #1 - so outstanding shares won't increase but price on BTC.CO should rise (probably slightly) due to increased demand.

[Garr255]

Just a quick request for clarification about the pass-through on LTC-GLobal.

It isn't entirely clear from the description where the backing shares will come from.  There were three alternatives:

1.  (The one I think you're doing) : You buy the shares on the open market from whoever happens to be selling.
2.  You sell shares from treasury at equivalent to the price they're listed at on BTC.CO.
3.  You sell treasury shares at the equivalent of market price on BTC.CO.

Numbers 1/2 are both fine - number 3 would be out of order as shares would be being sold to you privately (to operate the pass-through) at a discounted rate without their sale price having been officially lowered.

I'm pretty sure you're doing #1 - so outstanding shares won't increase but price on BTC.CO should rise (probably slightly) due to increased demand.

Sorry for not clarifying my intentions; I'm doing #1. I would by no means abuse my abilities as the asset issuer for the main Cognitive.

Just to make everything crystal clear: I will be buying shares on the open market, and it is my responsibility to pay the equivalent dividends. If I underprice passthrough shares, I am the one who eats the difference.

In celebration of the passthrough launch and to get things rolling, I put up some passthrough shares at a discounted rate. So snag them up before they're gone https://www.litecoinglobal.com/security/COGNITIVE-PT

Best,
Garrett

[Deprived]

Just a quick request for clarification about the pass-through on LTC-GLobal.

It isn't entirely clear from the description where the backing shares will come from.  There were three alternatives:

1.  (The one I think you're doing) : You buy the shares on the open market from whoever happens to be selling.
2.  You sell shares from treasury at equivalent to the price they're listed at on BTC.CO.
3.  You sell treasury shares at the equivalent of market price on BTC.CO.

Numbers 1/2 are both fine - number 3 would be out of order as shares would be being sold to you privately (to operate the pass-through) at a discounted rate without their sale price having been officially lowered.

I'm pretty sure you're doing #1 - so outstanding shares won't increase but price on BTC.CO should rise (probably slightly) due to increased demand.

Sorry for not clarifying my intentions; I'm doing #1. I would by no means abuse my abilities as the asset issuer for the main Cognitive.

Just to make everything crystal clear: I will be buying shares on the open market, and it is my responsibility to pay the equivalent dividends. If I underprice passthrough shares, I am the one who eats the difference.

In celebration of the passthrough launch and to get things rolling, I put up some passthrough shares at a discounted rate. So snag them up before they're gone https://www.litecoinglobal.com/security/COGNITIVE-PT

Best,
Garrett

You sure you've done your math right?

The cheapest ask on BTC.CO is .34 - equivalent to about 113 LTC.  Your "discounted" ones are at 177 LTC.

The first big ask on BTC.CO is at just under .5 - equivalent to about 167 LTC.  Your main sell is at 255 LTC.

I run pass-throughs myself - and know you have to be careful not to be caught by exchange-rate moves. But a markup of over 50% AND keeping 5% of all dividends?  That seems just a little bit greedy.

[stochastic]

Just a quick request for clarification about the pass-through on LTC-GLobal.

It isn't entirely clear from the description where the backing shares will come from.  There were three alternatives:

1.  (The one I think you're doing) : You buy the shares on the open market from whoever happens to be selling.
2.  You sell shares from treasury at equivalent to the price they're listed at on BTC.CO.
3.  You sell treasury shares at the equivalent of market price on BTC.CO.

Numbers 1/2 are both fine - number 3 would be out of order as shares would be being sold to you privately (to operate the pass-through) at a discounted rate without their sale price having been officially lowered.

I'm pretty sure you're doing #1 - so outstanding shares won't increase but price on BTC.CO should rise (probably slightly) due to increased demand.

Sorry for not clarifying my intentions; I'm doing #1. I would by no means abuse my abilities as the asset issuer for the main Cognitive.

Just to make everything crystal clear: I will be buying shares on the open market, and it is my responsibility to pay the equivalent dividends. If I underprice passthrough shares, I am the one who eats the difference.

In celebration of the passthrough launch and to get things rolling, I put up some passthrough shares at a discounted rate. So snag them up before they're gone https://www.litecoinglobal.com/security/COGNITIVE-PT

Best,
Garrett

You sure you've done your math right?

The cheapest ask on BTC.CO is .34 - equivalent to about 113 LTC.  Your "discounted" ones are at 177 LTC.

The first big ask on BTC.CO is at just under .5 - equivalent to about 167 LTC.  Your main sell is at 255 LTC.

I run pass-throughs myself - and know you have to be careful not to be caught by exchange-rate moves. But a markup of over 50% AND keeping 5% of all dividends?  That seems just a little bit greedy.

Does BTCT.CO have automated trading yet?

[burnside]

Just a quick request for clarification about the pass-through on LTC-GLobal.

It isn't entirely clear from the description where the backing shares will come from.  There were three alternatives:

1.  (The one I think you're doing) : You buy the shares on the open market from whoever happens to be selling.
2.  You sell shares from treasury at equivalent to the price they're listed at on BTC.CO.
3.  You sell treasury shares at the equivalent of market price on BTC.CO.

Numbers 1/2 are both fine - number 3 would be out of order as shares would be being sold to you privately (to operate the pass-through) at a discounted rate without their sale price having been officially lowered.

I'm pretty sure you're doing #1 - so outstanding shares won't increase but price on BTC.CO should rise (probably slightly) due to increased demand.

Sorry for not clarifying my intentions; I'm doing #1. I would by no means abuse my abilities as the asset issuer for the main Cognitive.

Just to make everything crystal clear: I will be buying shares on the open market, and it is my responsibility to pay the equivalent dividends. If I underprice passthrough shares, I am the one who eats the difference.

In celebration of the passthrough launch and to get things rolling, I put up some passthrough shares at a discounted rate. So snag them up before they're gone https://www.litecoinglobal.com/security/COGNITIVE-PT

Best,
Garrett

You sure you've done your math right?

The cheapest ask on BTC.CO is .34 - equivalent to about 113 LTC.  Your "discounted" ones are at 177 LTC.

The first big ask on BTC.CO is at just under .5 - equivalent to about 167 LTC.  Your main sell is at 255 LTC.

I run pass-throughs myself - and know you have to be careful not to be caught by exchange-rate moves. But a markup of over 50% AND keeping 5% of all dividends?  That seems just a little bit greedy.

Does BTCT.CO have automated trading yet?

You mean via API?  There is an OAuth 1.0a API (similar to twitter) setup.  You can query your portfolio, buy, sell, and cancel orders so far.  This is in addition to the standard read-only JSON endpoints that provide complete market data, so really the only commands missing are internal transfer and coin withdrawal.

FAQ here: https://btct.co/faq?tab=tab5

I put together a stand-alone demo app here: https://btct.co/burnside-exchange-client/

It's pretty rough, but you can see how it all works.  You can download the demo app php code here: https://btct.co/dl/burnside-exchange-client_0.8.zip

Should be really simple to get going on your own LAMP stack.

Cheers.

[stochastic]

Just a quick request for clarification about the pass-through on LTC-GLobal.

It isn't entirely clear from the description where the backing shares will come from.  There were three alternatives:

1.  (The one I think you're doing) : You buy the shares on the open market from whoever happens to be selling.
2.  You sell shares from treasury at equivalent to the price they're listed at on BTC.CO.
3.  You sell treasury shares at the equivalent of market price on BTC.CO.

Numbers 1/2 are both fine - number 3 would be out of order as shares would be being sold to you privately (to operate the pass-through) at a discounted rate without their sale price having been officially lowered.

I'm pretty sure you're doing #1 - so outstanding shares won't increase but price on BTC.CO should rise (probably slightly) due to increased demand.

Sorry for not clarifying my intentions; I'm doing #1. I would by no means abuse my abilities as the asset issuer for the main Cognitive.

Just to make everything crystal clear: I will be buying shares on the open market, and it is my responsibility to pay the equivalent dividends. If I underprice passthrough shares, I am the one who eats the difference.

In celebration of the passthrough launch and to get things rolling, I put up some passthrough shares at a discounted rate. So snag them up before they're gone https://www.litecoinglobal.com/security/COGNITIVE-PT

Best,
Garrett

You sure you've done your math right?

The cheapest ask on BTC.CO is .34 - equivalent to about 113 LTC.  Your "discounted" ones are at 177 LTC.

The first big ask on BTC.CO is at just under .5 - equivalent to about 167 LTC.  Your main sell is at 255 LTC.

I run pass-throughs myself - and know you have to be careful not to be caught by exchange-rate moves. But a markup of over 50% AND keeping 5% of all dividends?  That seems just a little bit greedy.

Does BTCT.CO have automated trading yet?

You mean via API?  There is an OAuth 1.0a API (similar to twitter) setup.  You can query your portfolio, buy, sell, and cancel orders so far.  This is in addition to the standard read-only JSON endpoints that provide complete market data, so really the only commands missing are internal transfer and coin withdrawal.

FAQ here: https://btct.co/faq?tab=tab5

I put together a stand-alone demo app here: https://btct.co/burnside-exchange-client/

It's pretty rough, but you can see how it all works.  You can download the demo app php code here: https://btct.co/dl/burnside-exchange-client_0.8.zip

Should be really simple to get going on your own LAMP stack.

Cheers.

Great addition, I missed when this was added.

[Garr255]

Sorry, I did all calculations for 0.5 per share. I've readjusted the passthrough price accordingly.

[btcash]

Can you still update your BFL order?
How many more bitcoins do you need for an extra Single?

[Garr255]

Can you still update your BFL order?
How many more bitcoins do you need for an extra Single?

Yes, they have told me I can add to the order. I would add to my personal order though so we would get our hardware sooner, as I am first in line

At the current rate of $27 per coin, we need BTC48 for another SC Single.

[Garr255]

Avalon is shipping and we need to get on board.

After the current motions pass on Friday, I'm planning on raising two more:

1) As requested by a shareholder, a motion that lets me spend Cognitive's funds on mining hardware freely. I will, of course, continue to operate in Cognitive's best interest as I have with funds in the past. The main advantage is not having to wait two weeks for a motion to pass, because sometimes ASIC ordering windows are much shorter than that!

2) The sale of "Contracts for Delivery", meaning the sale of an asset in order to purchase mining hardware that will mature into a Cognitive share when said hardware arrives and is hashing. These would be competitively priced, to encourage investments, and would be sold in bulk only. I think 100 for BTC22 would be an extremely good deal for investors, as Cognitive shares trade for 0.3+.

As always, suggestions are appreciated.

Best,
Garrett

[silverfuture]

Avalon is shipping and we need to get on board.

After the current motions pass on Friday, I'm planning on raising two more:

1) As requested by a shareholder, a motion that lets me spend Cognitive's funds on mining hardware freely. I will, of course, continue to operate in Cognitive's best interest as I have with funds in the past. The main advantage is not having to wait two weeks for a motion to pass, because sometimes ASIC ordering windows are much shorter than that!

2) The sale of "Contracts for Delivery", meaning the sale of an asset in order to purchase mining hardware that will mature into a Cognitive share when said hardware arrives and is hashing. These would be competitively priced, to encourage investments, and would be sold in bulk only. I think 100 for BTC22 would be an extremely good deal for investors, as Cognitive shares trade for 0.3+.

As always, suggestions are appreciated.

Best,
Garrett

So someone just sold their cognitive shares at prices above .23 BTC. Maybe I am assuming too much but is it because now they are looking at a better deal on your contracts for delivery?

[Garr255]

So someone just sold their cognitive shares at prices above .23 BTC. Maybe I am assuming too much but is it because now they are looking at a better deal on your contracts for delivery?

I see the logic in that, but I personally think that'd be an unwise move, as the contracts for delivery idea is not yet set in stone.

[stochastic]

Avalon is shipping and we need to get on board.

After the current motions pass on Friday, I'm planning on raising two more:

1) As requested by a shareholder, a motion that lets me spend Cognitive's funds on mining hardware freely. I will, of course, continue to operate in Cognitive's best interest as I have with funds in the past. The main advantage is not having to wait two weeks for a motion to pass, because sometimes ASIC ordering windows are much shorter than that!

2) The sale of "Contracts for Delivery", meaning the sale of an asset in order to purchase mining hardware that will mature into a Cognitive share when said hardware arrives and is hashing. These would be competitively priced, to encourage investments, and would be sold in bulk only. I think 100 for BTC22 would be an extremely good deal for investors, as Cognitive shares trade for 0.3+.

As always, suggestions are appreciated.

Best,
Garrett

Is is still that only 1 person has received a shipment from Avalon?

[Garr255]

Is is still that only 1 person has received a shipment from Avalon?

Yes. Before we send them any money the second batch will have shipped and in turn we will be able to more accurately verify that they have a working product

In other news, both motions passed, so the contract is changing from:

Cognitive Mining (asset id COGNITIVE) was created with the intent to give
investors the opportunity to participate in FPGA Bitcoin mining without
purchasing their own hardware. 100% of mining revenue will be distributed
proportionally among shareholders. One share of the asset gives you one share of
the revenue. Operating costs will be paid for by shares held by the operator of
the asset. Each share represents a share in the ownership of the hardware.
Motions to sell more shares can be raised by shareholders if 25% agree. 70% of
shareholders will need to agree to issue the proposed shares. In the event of
liquidation, all revenue will be distributed evenly to shareholders. The
operator reserves the rights, regardless of the amount of shares owned, to raise
a motion, and sell all hardware. Dividends will be paid weekly. Further
information can be found at http://cognitivemining.com/

To:

Cognitive Mining (asset id COGNITIVE) was created with the intent to give investors the opportunity to participate in FPGA Bitcoin mining without purchasing their own hardware. 50% of mining revenue will be distributed proportionally among shareholders as dividends, and 50% of mining revenue will be added to our growth fund, which will be used for investing in additional mining hardware. One share of the asset gives you one share of this revenue. Operating costs will be paid for by shares held by the operator of the asset. Each share represents a share in the ownership of the hardware. Motions to sell more shares can be raised by shareholders if 25% agree. To pass any motion, 51% of a minimum 60% quorum must vote "yes" for the motion. Motions will be raised for a minimum of two weeks. In the event of liquidation, all revenue will be distributed evenly to shareholders. The operator reserves the rights, regardless of the amount of shares owned, to raise a motion, and sell all hardware. Dividends will be paid weekly. Further information can be found at http://cognitivemining.com/

[joeblack]

In other news, both motions passed, so the contract is changing from:

I'm confused, how is that the first motion passed?

the motion text reads "For this motion to pass, the number of shares voting yes divided by the total number of
voting shares needs to produce a decimal with a value equal to or greater than 0.70."

so 4752 / 8619 = 0.55 which is NOT equal to nor greater than 0.70.

[Garr255]

In other news, both motions passed, so the contract is changing from:

I'm confused, how is that the first motion passed?

the motion text reads "For this motion to pass, the number of shares voting yes divided by the total number of
voting shares needs to produce a decimal with a value equal to or greater than 0.70."

so 4752 / 8619 = 0.55 which is NOT equal to nor greater than 0.70.

Taken from BTC-TC
YES: 4752 - NO: 141 - ABSTAIN: 211 - OUTSTANDING: 8619

The total yes shares is 4752. The total voting shares is 4752+141=4893

4752/4893= 0.97118332311, therefore the motion passed with more than a 97% majority.

Sorry you're confused. Does that make more sense?

[joeblack]

Taken from BTC-TC
YES: 4752 - NO: 141 - ABSTAIN: 211 - OUTSTANDING: 8619

The total yes shares is 4752. The total voting shares is 4752+141=4893

4752/4893= 0.97118332311, therefore the motion passed with more than a 97% majority.

Sorry you're confused. Does that make more sense?

Yes, thank you !!