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

[zhinkk]

If you can deliver the 20Th of mining hashrate in January like you are saying, I'm definitely in.

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[pascal257]

That still won't make up for the missed dividends of the past 2 months.

The longer this gets ignored, the more I suspect foul play. 

Unfortunately Burnside has not yet posted any deposit adresses of COGNITIVE.

[btcboston]

That still won't make up for the missed dividends of the past 2 months.

The longer this gets ignored, the more I suspect foul play. 

It's very clear at this point that Garrett has stolen his investors' money, and he doesn't even attempt to come in here and defend himself. 
Anyone thinking he will come through with 20TH is much more trusting than I am. I have sold my shares and will not continue to place my trust in Garrett. I would strongly urge others to do the same as it seems very clear that this operation is a ripoff.

I mean, these questions have been out here for over 2 weeks and it would take 5 minutes for him to come on here and explain, if there were any other valid explanation.

Add this one to the long list of bitcoin related scams.

[silverfuture]

That still won't make up for the missed dividends of the past 2 months.

The longer this gets ignored, the more I suspect foul play. 

It's very clear at this point that Garrett has stolen his investors' money, and he doesn't even attempt to come in here and defend himself. 
Anyone thinking he will come through with 20TH is much more trusting than I am. I have sold my shares and will not continue to place my trust in Garrett. I would strongly urge others to do the same as it seems very clear that this operation is a ripoff.

I mean, these questions have been out here for over 2 weeks and it would take 5 minutes for him to come on here and explain, if there were any other valid explanation.

Add this one to the long list of bitcoin related scams.

It's not clear really at all, and there is no evidence that there has been any theft. Circumstantially, it looks sketchy for sure, and I'd love to see some evidence one way or the other.  Garrett has had past opportunity to run with the funds like we've seen with many others. Twice now there have been exchange shut downs and these were perfect opportunities to run or pull a stunt like gigamining did. 

[theterabyte]

That still won't make up for the missed dividends of the past 2 months.

The longer this gets ignored, the more I suspect foul play. 

It's very clear at this point that Garrett has stolen his investors' money, and he doesn't even attempt to come in here and defend himself. 
Anyone thinking he will come through with 20TH is much more trusting than I am. I have sold my shares and will not continue to place my trust in Garrett. I would strongly urge others to do the same as it seems very clear that this operation is a ripoff.

I mean, these questions have been out here for over 2 weeks and it would take 5 minutes for him to come on here and explain, if there were any other valid explanation.

Add this one to the long list of bitcoin related scams.

It's not clear really at all, and there is no evidence that there has been any theft. Circumstantially, it looks sketchy for sure, and I'd love to see some evidence one way or the other.  Garrett has had past opportunity to run with the funds like we've seen with many others. Twice now there have been exchange shut downs and these were perfect opportunities to run or pull a stunt like gigamining did. 

Absolutely.  There is no clear evidence of any wrongdoing, only lower-than-expected divs over a very short period of time.  Right now the simplest explanation is that the mining pools had a technical problem, or the miners were misconfigured, or something like that, and Garrett has the communication skills of a rock (and it's kinda sad that is the positive take on it).  If Garrett doesn't have time to post more than a few times a week, how long might it take him to notice the miners are wedged without proper monitoring?  That is a much more likely explanation that Garrett secretly stole 10 BTC from COG, but still paid out the rest, and instead of taking it all and running, is just keeping quiet and letting us continue to guess.

This is why, however, it is important that we get some straight answers from him.  Add "if you barely have time to post on the forum, how long would it take you to notice a wedged miner, are they being properly monitored?" to the list of questions (I don't just mean showing US the hashrate, I want Garrett or someone else with physical access to get an SMS or something the moment the hash rate drops - this is simple to set up).

What would people think about issuing a (very small number of) extra shares - or better get, Garrett could apologize by using some of his - to hire an extra person to help out?  They can do the website dev, hook up the hash rate, independently verify everything Gar says (send pictures!  We like pictures!), and be paid in COG shares (whose value will go up if they do their job right).  20 shares is a drop in the bucket in terms of dilution, but would currently represent about 1BTC (which is a lot for a job that should only take 2-5 hours a week) plus the dividends come January.

[investr]

Alternatively, reduce growth savings from 50% to X% and pay a sys admin a proper wage. Like a startup, someone with the chops to do all the things you described isn't going to be interested in working for "stock" only. They are interested in earning money.

[superresistant]

Having some staff could make Cognitive more appealing and the shares would be more valuable.

[zero3112]

Dividends have been down across the board for me its not just on Cognitive but other mining operations too. Rising difficulty explains part of the reason why dividends are lower. You also have to remember 50% of dividends get held and reinvested in new hardware so that has to be taken into account when your calculating how much should get paid out. Plus their had to have been some fee to get listed on havelock initially which may explain why it was so low.

It could be better explained if the finances of this operation where made transparent.

[keemao]

It could be better explained if...

...someone was here to explain...

[alincoln]

When will FIMB be released?

+1

Can we get an official statement regarding FIMB migration status? Dividends are very late, and no word has been given when it will be migrated to a new exchange. At a minimum, dividends should continue to be paid on schedule using BTCT's panic address, as months have passed since the shutdown and there is no reason for withholding payments.

Once again, can I get an answer to this? FIMB bondholders have been continuously restricted in their right to do whatever the hell they want with their divs, because they are NOT being paid and there is no reason for that. I'd have converted to fiat when BTC was abobe $1,000 but will take a loss if they are paid now.

I will keep posting this every day until I get an answer or dividends are paid.

[theterabyte]

Dividends have been down across the board for me its not just on Cognitive but other mining operations too. Rising difficulty explains part of the reason why dividends are lower. You also have to remember 50% of dividends get held and reinvested in new hardware so that has to be taken into account when your calculating how much should get paid out. Plus their had to have been some fee to get listed on havelock initially which may explain why it was so low.

It could be better explained if the finances of this operation where made transparent.

Yes, divs are down across the board, but that isn't what we are talking about.  If you read the thread history you will see the divs from the time during which COG was between exchanges was lower than expected taking the difficulty into account, enough lower to be *very* unlikely due to random luck.

[Tafelpoot]

Garret, I have given you a negative trust rating for the lack of transparency and communication. I hope you take measures to restore our trust in Cognitive & FIMB.

[alincoln]

When will FIMB be released?

+1

Can we get an official statement regarding FIMB migration status? Dividends are very late, and no word has been given when it will be migrated to a new exchange. At a minimum, dividends should continue to be paid on schedule using BTCT's panic address, as months have passed since the shutdown and there is no reason for withholding payments.

Once again, can I get an answer to this? FIMB bondholders have been continuously restricted in their right to do whatever the hell they want with their divs, because they are NOT being paid and there is no reason for that. I'd have converted to fiat when BTC was abobe $1,000 but will take a loss if they are paid now.

I will keep posting this every day until I get an answer or dividends are paid.

This is my THIRD post asking for an update regarding FIMB dividend payments, and still NO ANSWER. I will keep posting and asking for an update regarding MY MONEY until the administrator cares to answer or receives a scammer tag.

I once had trust in Cognitive but the recent lack of transparency and communication is unbearable.

[stslimited]

COGNITIVE:

20TH coming online in the next couple months.

with share prices of .02/share Cognitive has a market cap of 191 bitcoin.

at ***CURRENT*** difficulty 20TH would earn 77 bitcoins per week, half of which goes into the reinvestment fund (right?)

so for dividends sake, think 38.5 bitcoin.

Assuming difficulty adjusts every two weeks, then you are looking at 77 bitcoin during one round of difficulty.

And this will only be a diminishing return.

At share prices of .02/share , cognitive shareholders will *NEVER* make their investment back.


Garret's dividend withholding is just an extra reason to get out while you can.

just posting this now that I've finished selling with limit and market orders.

[stabs]

COGNITIVE:

20TH coming online in the next couple months.

with share prices of .02/share Cognitive has a market cap of 191 bitcoin.

at ***CURRENT*** difficulty 20TH would earn 77 bitcoins per week, half of which goes into the reinvestment fund (right?)

so for dividends sake, think 38.5 bitcoin.

Assuming difficulty adjusts every two weeks, then you are looking at 77 bitcoin during one round of difficulty.

And this will only be a diminishing return.

At share prices of .02/share , cognitive shareholders will *NEVER* make their investment back.


Garret's dividend withholding is just an extra reason to get out while you can.

just posting this now that I've finished selling with limit and market orders.

Was that you who finished getting out at .0181?

[stslimited]

COGNITIVE:

20TH coming online in the next couple months.

with share prices of .02/share Cognitive has a market cap of 191 bitcoin.

at ***CURRENT*** difficulty 20TH would earn 77 bitcoins per week, half of which goes into the reinvestment fund (right?)

so for dividends sake, think 38.5 bitcoin.

Assuming difficulty adjusts every two weeks, then you are looking at 77 bitcoin during one round of difficulty.

And this will only be a diminishing return.

At share prices of .02/share , cognitive shareholders will *NEVER* make their investment back.


Garret's dividend withholding is just an extra reason to get out while you can.

just posting this now that I've finished selling with limit and market orders.

Was that you who finished getting out at .0181?

Sold some on the forums, some on Havelock

Thanks for the liquidity

I had been holding for the CoinTerra chips, but difficulty was under one hundred million at the time, now that it will surpass 1 billion, this is no longer a good bet

This was one of the more promising ways to get exposure to ASIC technologies, unfortunately no longer viable.

ActiveMining is aiming to have single machines that can do 24 TH/s, KncMiner will be rolling out their batch right along with CoinTerra

this particular security offering doesn't have the potential in the face of these outcomes



I was thinking that maybe I would hold for dividend euphoria, like when one big dividend came in with ASICMiner people would just bid up the shares as if it would happen for all eternity, but with my calculations on this share issue no price for COGNITIVE makes sense, that and coupled with the fact that dividends are being withheld, I could no longer rationalize even holding a smaller position in COGNITIVE

caveat emptor and hold that helps

[theterabyte]

At current difficulty 28TH/s (the actual amount we are scheduled to receive) we see:

Code:

1172.0*1000*1000*(2**32)/(28.0*1000*1000*1000*1000*60*60*24) => 2.0807298573544974 days to find a block

That means each day it will find ~12 BTC

Code:

25.0 / 2.0807298573544974 => 12.015BTC/day

This means if we got the miners right now, and assuming 30% network growth and 12-day adjustments instead of 14, we would get 144 BTC in the first 12 days, 100.9BTC the second 12-day period, 70.65BTC the third 12-day period, and 49.5BTC the fourth 12-day period.  This means in the first 48 days we'd see 366 BTC, 50% of which would be 183BTC, which is better than break-even at the current market cap.  If cointerra comes through, the shares will pay for themselves in DIVs alone in under 2 months at teh current share price.  Getting a share in hardware that will break even in under 2 months is unheard-of practically.  Add to that that you still have the shares to sell (which are even more valuable because COG has 186BTC to spend on even more hardware) and it is still looking pretty good.

The only reason to sell remains uncertainty over Garrett (and it is very uncertain now, I agree).  That said, I'd rather hold and be wrong then sell and be wrong, so I'll take your cheap shares, tyvm.

[stslimited]

At current difficulty 28TH/s (the actual amount we are scheduled to receive) we see:

Code:

1172.0*1000*1000*(2**32)/(28.0*1000*1000*1000*1000*60*60*24) => 2.0807298573544974 days to find a block

That means each day it will find ~12 BTC

Code:

25.0 / 2.0807298573544974 => 12.015BTC/day

This means if we got the miners right now, and assuming 30% network growth and 12-day adjustments instead of 14, we would get 144 BTC in the first 12 days, 100.9BTC the second 12-day period, 70.65BTC the third 12-day period, and 49.5BTC the fourth 12-day period.  This means in the first 48 days we'd see 366 BTC, 50% of which would be 183BTC, which is better than break-even at the current market cap.  If cointerra comes through, the shares will pay for themselves in DIVs alone in under 2 months at teh current share price.  Getting a share in hardware that will break even in under 2 months is unheard-of practically.  Add to that that you still have the shares to sell (which are even more valuable because COG has 186BTC to spend on even more hardware) and it is still looking pretty good.

The only reason to sell remains uncertainty over Garrett (and it is very uncertain now, I agree).  That said, I'd rather hold and be wrong then sell and be wrong, so I'll take your cheap shares, tyvm.

okay, I'm doing my calculations on www.dustcoin.com/mining , but yes with 28TH things look slightly rosier

but only with the share price at .0181/share , partially a result of me selling into liquidity

just a week ago at .06/share yes this predicted a 30% return

and a week before that at .010/share this predicted a 20% return

On the other hand, my cost basis was ***MUCH*** higher, so maybe you have a more manageable amount of shares at a lower entry price and can rationalize holding

I could not rationalize this

[Garr255]

Having some staff could make Cognitive more appealing and the shares would be more valuable.

I agree, and I have had a few people ask to fill a PR role. I do feel that Cognitive will have a better image once some staff is in place, because I cannot be maintaining the forums all the time, due to the fact that every minute I spend on these boards is a minute not spent on growing Cognitive in a more direct way.

In the next hour, a motion will go out for the purchase of an alt-coin mining rig, and to determine where we want to point this hash power we can have polls via email with all shareholders.

--Garrett

[theterabyte]

On the other hand, my cost basis was ***MUCH*** higher, so maybe you have a more manageable amount of shares at a lower entry price and can rationalize holding

I could not rationalize this

No, my cost basis is pretty high too.  But read my previous posts - I predicted the difficulty would be this high in january 2 months ago.  This is not a surprise.  The only thing we didn't predict was bitcoins 10x value increase, and all that does is make the "reinvestment fund" more valuable.  On an investment like this, 20% annual returns is great.  At the current price, the expectation is more like 100% return in under 3 months, plus we still own the hardware/reinvestment fund.  Pretty crazy.