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

[alincoln]

TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS.

I'll post this every day until he pays up late dividends and principal.

I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB

GARRETT, PAY UP.

Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying.

Then he should come and say so clearly, don't you think? This is the only decent thing to do instead of hiding and deliberately being elusive in his answers. I am a reasonable person and would be more than willing to negotiate. Not paying and leaving bondholders without a clue for 98 days IS NOT ACCEPTABLE.

[1713245116]

1713245116

[1713245116]

1713245116

[superresistant]

TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB

Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying.

Then he should come and say so clearly, don't you think? This is the only decent thing to do instead of hiding and deliberately being elusive in his answers. I am a reasonable person and would be more than willing to negotiate. Not paying and leaving bondholders without a clue for 98 days IS NOT ACCEPTABLE.

I agree that he should tell the truth but why the fuck did you invest so big in one investment ?
Don't you know some basic about investment ? Don't put all eggs in one basket. It's not just a saying, you must diversify. If things goes wrong, yes you are fucked and you are the only one responsible for it. No one forced you to put all your money in a bond.

[alincoln]

TODAY IS 01/22/14, IT'S BEEN 98 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS
I'll post this every day until he pays up late dividends and principal.
I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB

Most likely Garrett simple has no money now, perhaps he invested everything into mining hardware and now waits until it is delivered, hoping that mining revenues would allow him to start paying.

Then he should come and say so clearly, don't you think? This is the only decent thing to do instead of hiding and deliberately being elusive in his answers. I am a reasonable person and would be more than willing to negotiate. Not paying and leaving bondholders without a clue for 98 days IS NOT ACCEPTABLE.

I agree that he should tell the truth but why the fuck did you invest so big in one investment ?
Don't you know some basic about investment ? Don't put all eggs in one basket. It's not just a saying, you must diversify. If things goes wrong, yes you are fucked and you are the only one responsible for it. No one forced you to put all your money in a bond.

I didn't put all eggs in one basket. I have been playing with Bitcoin for a while if you understand me. Also I bought FIMB when BTC was below $100.

I am not asking for anyone's compassion here, I don't need it. All I am doing is exercising my right of complaining and making sure this issue is not forgotten, as COGNITIVE can't have any hopes of continuing a long term operation  while on default with its obligations.

[kakobrekla]

I agree that he should tell the truth but why the fuck did you invest so big in one investment ?
Don't you know some basic about investment ? Don't put all eggs in one basket. It's not just a saying, you must diversify. If things goes wrong, yes you are fucked and you are the only one responsible for it. No one forced you to put all your money in a bond.

So FYI, investors, you weren't forced to invest. Now Garr can do anything and you all should shut up and stop with the slander.


lol.

[investr]

I'd like to nominate myself as a part- or full-time employee for Cognitive. I'm a burgeoning web developer with some experience building Wordpress sites as well as web applications using Ruby on Rails. I just graduated college, and although I have another freelance project I'm currently working on - I'm actively pursuing either more work or a full-time position. Perhaps I could help organize the website as far as transparency is involved - building something to show inventory, income, and expenses (even if it's just a google doc)?  If there is work to be done with the mining units or Linux system administration perhaps it could be done remotely. I would take payment in Bitcoin and offer a competitive rate.

My personal opinion is that Garrett needs someone who can execute to truly improve his 'PR'. Not just a 'PR' person. Whether that's me or someone else is less important. He is receiving a lot of flak for slipping up on a workload that is similar to a tech startup, but even in that scope Garr as a person doesn't scale. The expectations from many pseudonymous shareholders are for the most part unrealistic in my opinion. That doesn't mean I don't empathize with their frustrations on accountability and so on, which is why I'm posting here.

My LinkedIn profile is http://goo.gl/FTF4J

I do currently hold COG shares, and have had varying quantities for the last 1+ year.

[theterabyte]

Garrett: Are FIMB and COG actually linked, or are they two separate enterprises both owned by you?  Does an FIMB default imply a COG default?  If so, that would be very disturbing, as the risks of FIMB were not discussed anywhere on the COG website and I didn't even know it existed until people came here to complain about it.

That said - people absolutely have the right to complain about FIMB defaulting, and that is absolutely Garrett's "fault/responsibility" and impacts the trust people have for him.  If FIMB defaulted due to no negligence on his part, then he should come forward and say so and explain the plan moving forward, and whether or not that impacts COG.  When a company fails, you don't call the CEO a scammer.  When a company disappears without paying their debts or explaining anything, however...  PLEASE Garret, answer these accusations and explain where FIMB and COG are and if they impact each other.

[alincoln]

Garrett: Are FIMB and COG actually linked, or are they two separate enterprises both owned by you?  Does an FIMB default imply a COG default?  If so, that would be very disturbing, as the risks of FIMB were not discussed anywhere on the COG website and I didn't even know it existed until people came here to complain about it.

That said - people absolutely have the right to complain about FIMB defaulting, and that is absolutely Garrett's "fault/responsibility" and impacts the trust people have for him.  If FIMB defaulted due to no negligence on his part, then he should come forward and say so and explain the plan moving forward, and whether or not that impacts COG.  When a company fails, you don't call the CEO a scammer.  When a company disappears without paying their debts or explaining anything, however...  PLEASE Garret, answer these accusations and explain where FIMB and COG are and if they impact each other.

FIMB is a BTC bond which was issued by Cognitive with the sole purpose of financing the purchase of Avalon Hardware.

Here's the contract (still available at BTCT.CO's website as of this writing):  http://imgur.com/ePE3CyT

[Surf Capital Management]

I'd like to nominate myself as a part- or full-time employee for Cognitive. I'm a burgeoning web developer with some experience building Wordpress sites as well as web applications using Ruby on Rails. I just graduated college, and although I have another freelance project I'm currently working on - I'm actively pursuing either more work or a full-time position. Perhaps I could help organize the website as far as transparency is involved - building something to show inventory, income, and expenses (even if it's just a google doc)?  If there is work to be done with the mining units or Linux system administration perhaps it could be done remotely. I would take payment in Bitcoin and offer a competitive rate.

My personal opinion is that Garrett needs someone who can execute to truly improve his 'PR'. Not just a 'PR' person. Whether that's me or someone else is less important. He is receiving a lot of flak for slipping up on a workload that is similar to a tech startup, but even in that scope Garr as a person doesn't scale. The expectations from many pseudonymous shareholders are for the most part unrealistic in my opinion. That doesn't mean I don't empathize with their frustrations on accountability and so on, which is why I'm posting here.

My LinkedIn profile is http://goo.gl/FTF4J

I do currently hold COG shares, and have had varying quantities for the last 1+ year.

+1

Assuming the 28.75 th/s comes online relatively soon, how about compensating this position using the dividends of the 1,023 unclaimed shares? All dividends paid out from these unclaimed shares can also be debited to an accounts payable ledger so we can keep track of what is owed in the event that the shares are claimed and back dividends need to be paid.

In the event that shares are claimed then the accounts payable ledger is closed and an operating expense account is created and debited. Making this position a normal operating expense (like electricity, etc) to be covered before retaining BTC to the growth fund and disbursing dividends.


ALSO, the counterparty risk that FIMB poses to COG shareholders is concerning and needs to be addressed. ~95 Bitcoins is a large amount of money considering the whole COG project has a market cap of ~500BTC.

[MilkyLep]

FIMB?

Seems like he didn't want investors to know if/how it was linked to Cog...

https://bitcointalk.org/index.php?topic=245375.0

[Tafelpoot]

This can easily be categorized as a "set-and-forget" asset

[superresistant]

I think everyone would agree that Garrett is not a scammer, he is doing his best but he has reached his limits and cannot manage COGNITIVE alone any more.

I want someone like Joshua Ziggas alias investr as a full-time employee for Cognitive. Anyone else want to apply ?

[killerstorm]

FIMB is not linked to Cognitive.

Garrett wanted to buy more mining equipment for himself, so he borrowed some money.

From that thread:

The funds are being used to purchase Avalon chips and host boards for them. I am already producing boards with over 20,000 chips so the likelihood of the project failing is very slim. However, if the investment completely and utterly fails, I have more than enough BTC on hand to repay the bond with interest. You can view the balance of my public address here. It typically has a balance of over BTC100 which should prove to you that I own sufficient BTC to repay the bond in the case of the mining endeavor totally failing.

So, apparently, it was a personal loan: Garrett said that he will pay out of his own pocket.

As we know, his mining endeavor totally failed: Avalon did not ship their chips in time. And thus Garrett, as a person, defaulted.

Cognitive is also in a state of default, but for a different reason: we didn't receive correct dividends for October/November.

People who say that Garrett is trustworthy are either retards, or liars who want to sell COG at a good price.

[alincoln]

FIMB is not linked to Cognitive.

Garrett wanted to buy more mining equipment for himself, so he borrowed some money.

From that thread:

The funds are being used to purchase Avalon chips and host boards for them. I am already producing boards with over 20,000 chips so the likelihood of the project failing is very slim. However, if the investment completely and utterly fails, I have more than enough BTC on hand to repay the bond with interest. You can view the balance of my public address here. It typically has a balance of over BTC100 which should prove to you that I own sufficient BTC to repay the bond in the case of the mining endeavor totally failing.

So, apparently, it was a personal loan: Garrett said that he will pay out of his own pocket.

As we know, his mining endeavor totally failed: Avalon did not ship their chips in time. And thus Garrett, as a person, defaulted.

Cognitive is also in a state of default, but for a different reason: we didn't receive correct dividends for October/November.

People who say that Garrett is trustworthy are either retards, or liars who want to sell COG at a good price.

I am sorry but you can't reach that conclusion merely from a buried comment he made in a forum.

What is relevant here is the contract, and both COG and FIMB contracts at BTCT.CO were issued by exactly the SAME entity: Cognitive Mining. There is not even a remote indication Garrett was issuing this as a personal loan, and if this was his real intention, then using Cognitive's name in FIMB's contract was blatant dishonesty. For your ease of reference:

• COG's contract:http://imgur.com/NbmhD2t
• FIMB's contract:http://imgur.com/ePE3CyT

To come now and say FIMB is a personal loan to someone is a slap in the face of those who trusted in the company's capability of paying it back, so let's keep this clear: FIMB was issued by Cognitive, and Cognitive is defaulting for not paying it back.

[Newar]

Hi all,

An additional 53 sharehoders' shares have been claimed, bringing our total up from ~2000 to ~7000 shares claimed!

COG.F and COG.F2 will be listed next week, and will be tradable.

FIMB (Not related to Cognitive) Will most likely be listed on another exchange in 1-2 weeks and all back-dividends will be paid at that time.

Cheers, and I'm glad everything is moving along so smoothly now that we're relisted and well on our way to having all the shares claimed.

--Garrett

Emphasis mine. The first time FIMB was mentioned in this thead was 23. September and FIMB was already trading:

Anyone catch those trades with FIMB last night. Pretty suspect if you ask me, or people who don't bother to look the contract lol.

If it was related to COG you'd think it'd be mentioned before trading starts.

[superresistant]

What is relevant here is the contract, and both COG and FIMB contracts at BTCT.CO were issued by exactly the SAME entity: Cognitive Mining.

No.

COG : COGNITIVE
FIMB : I don't see anywhere COGNITIVE is mentioned on the contract.

Nice try. Sorry for your loss.
 
Also :

FIMB (Not related to Cognitive)
--Garrett

Emphasis mine. The first time FIMB was mentioned in this thead was 23. September and FIMB was already trading:

Anyone catch those trades with FIMB last night. Pretty suspect if you ask me, or people who don't bother to look the contract lol.

If it was related to COG you'd think it'd be mentioned before trading starts.

+1

[alincoln]

What is relevant here is the contract, and both COG and FIMB contracts at BTCT.CO were issued by exactly the SAME entity: Cognitive Mining.

No.

COG : COGNITIVE
FIMB : I don't see anywhere COGNITIVE is mentioned on the contract.

Nice try. Sorry for your loss.
 
Also :

FIMB (Not related to Cognitive)
--Garrett

Emphasis mine. The first time FIMB was mentioned in this thead was 23. September and FIMB was already trading:

Anyone catch those trades with FIMB last night. Pretty suspect if you ask me, or people who don't bother to look the contract lol.

If it was related to COG you'd think it'd be mentioned before trading starts.

+1

I hope you are not playing obtuse on purpose when you say you don't see Cognitive's name mentioned in FIMB's contract.

• Issuer section:

garrett@cognitivemining.com

• Issuer Detail section:

Garrett MacDonald
Idaho, USA
+1.424.253.4278
garrett@cognitivemining.com

References:
http://cognitivemining.com/
https://bitcointalk.org/index.php?topic=67547
http://bitcoin-otc.com/viewratingdetail.php?nick=Garr255

Summarizing the situation: either FIMB was issued by Cognitive or Garrett used Cognitive's name all over FIMB's contract to boost confidence, never making it clear in the contract it was a personal loan. It seems to me that the second scenario is even worse for his reputation.

Either way, I'll keep exercising my right of complaining at the only place he seems to come once in a blue moon:

TODAY IS 01/23/14, IT'S BEEN 99 DAYS SINCE GARRETT LAST PAID FIMB DIVIDENDS.

I'll post this every day until he pays up late dividends and principal.

I own 7712 bonds (face value: 77.12BTC), my withdrawal address is 1Bqg9YKE25U1BRCRm3pJiGsiFE5vvgirtB

GARRETT, PAY UP.

[killerstorm]

garrett@cognitivemining.com

It's simply an email address. If I have email address @gmail.com it doesn't mean that I work for gmail.com.

References:
http://cognitivemining.com/

References are not a part of a contract. They are simply links to his other ventures to show that he is credible.

Garrett used Cognitive's name all over FIMB's contract to boost confidence

Yes, and that's a normal practice. It's like a CV: you always mention what company you currently working for and what companies you worked for before so that people can assess your credibility.

never making it clear in the contract it was a personal loan. It seems to me that the second scenario is even worse for his reputation.

Well, contract doesn't say that it is associated with Cognitive, and in fact "Organization and Management" section only mentions Garrett.

It is your fault that you misunderstood it. DO NOT invest if something is not 100% clear.

[alincoln]

garrett@cognitivemining.com

It's simply an email address. If I have email address @gmail.com it doesn't mean that I work for gmail.com.

References:
http://cognitivemining.com/

References are not a part of a contract. They are simply links to his other ventures to show that he is credible.

Garrett used Cognitive's name all over FIMB's contract to boost confidence

Yes, and that's a normal practice. It's like a CV: you always mention what company you currently working for and what companies you worked for before so that people can assess your credibility.

never making it clear in the contract it was a personal loan. It seems to me that the second scenario is even worse for his reputation.

Well, contract doesn't say that it is associated with Cognitive, and in fact "Organization and Management" section only mentions Garrett.

It is your fault that you misunderstood it. DO NOT invest if something is not 100% clear.

That's not how I understand it and IMO it's very questionable practice to use the name of the company you run to issue a personal loan, in the same market where the company is listed.

Nevertheless, in the end it boils down to this: Garrett, CEO of Cognitive Mining, is on default with his obligations. Tomorrow is the 100th day since he last issued dividends and he never took the time to come here or anywhere else and give a half decent explanation, despite my insistence. So If he doesn't come by tomorrow with some basic answers and a payment plan, I will start a request to put a scammer tag on him.

[theterabyte]

Obviously since Avalon blew up the only way FIMB would NOT be in default is if Garrett paid out-of-pocket.

The Avalon chips COG ordered were refunded, and those funds were applied to a cointerra order.  If I had to *GUESS* (and that's what we have to do when Garrett doesn't tell us anything, HINT HINT GARRET!), I'd guess he did the same thing with the FIMB funds and will be getting hardware from cointerra soon which he hopes to use to pay the FIMB divs owed.  The avalon failure isn't Garrett's fault, but the following things are:

1. Garrett didn't communicate what was going on with FIMB
2. The original FIMB contract doesn't seem to discuss risks at all - it isn't as obvious as it could be (but still pretty obvious IMHO) that if avalon chips fell through the bond would default or be delayed.


FIMB holders: FIMB are COG are both run by Garrett.  Garret is in default, COG is not.  Since this thread is seemingly the best way to talk to Garrett in public, I'm fine with you continuing to complain here, but please stop saying COG is in default.  Garrett is in default.

Garrett:  Please for goodness sake just explain the FIMB situation (if you're waiting on cointerra hardware, say so - if you are hoping to pay out of pocket - say so.  If the whole thing is going to default because of avalon's failure - say so.  These things are always a risk and people knew they were taking a risk when they invested).  Stringing people along with no news is the worst thing both for your rep and for other companies you also manage, like COG.

[btcboston]

I think everyone would agree that Garrett is not a scammer,

No, I don't think everyone would agree on that at all.

Even so, we are faced with two possibilities here:

1) Garrett is a scammer,
  or
2) Garrett is completely incompetent and unable to manage this company and our hardware effectively.

A lot of people seem to be insisting that #2 must be the case. However, I'm not sure why that inspires any more confidence compared to option 1. In either case, it does not help investors in Cognitive and does not bode well for the future of this company.