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

[Cognitive-PR]

Please clarify:

4.09573021 coins leaving from 1cogxXy to
- 1.91145049 to 1Gw8o, the Cognitive havelock deposit address. This is the 10420 shares * 0.00018344 btc dividend per share.
- 1.91145049 to 1coggh, the Cognitive reinvestment fund, now at only 11.2291 btc instead of 15.
- 0.27272926 to 1Garr255, Garrett's public personal address... but why??

The contract states that all operating costs will be covered by the operators shares. I don't see any valid reason to send Cognitive funds straight to Garretts address.
Did you not make a separate wallet for Cognitive, resulting in sending all change money to your personal wallet? Please keep personal wallets separated from Cognitives.
Any coin that goes to 1coggh, intended or not, belongs to Cognitive.

Garrett plans to get online tonight and give you a more detailed explanation, but for now here is a brief explanation:

For a period of time, Garrett was using personal funds to pay dividends. The funds that were transferred from 1cogxXy to 1Garr255 (Garrett's public personal address) are compensation for that. I am going to contact Havelock and get records of when deposits were made into the COG dividend account and from what address they were sent. Then anyone should be able to verify that the dates for both the deposits and the dividends were the same, and that there were indeed deposits to 1Gw8o from one of Garrett's personal addresses equaling 0.27272926 BTC in value.

Why is there not at least 15.09686895 Btc in the reserve fund? The cointerra order was placed before cog was launched on havelock. So why is the not 50 percent of divs in the reserve fund? Why is the reserve fund still not completely public? This is bitcoin these are not hard task to accomplish this is the cognitive wallet mining revenue goes in, and any time that a single satoshi moves from the wallet there is a explanation. That way none of this crap is a problem and investors are not left with broken promises about transparency.

Garrett and I will come up with the exact price of the CoinTerra order so the amount in the reserve fund can be verified. The CT hardware was priced in dollars, so we will have to check the price of bitcoin at the time of the CT purchase to determine the value of the CT hardware, and ensure that the amount of BTC in the reserve fund is valid.

The reserve fund is completely public: https://blockchain.info/address/1cogghK1bWFNSVHdicX2dQLfcWJzxHBHY


As I said, Garrett will be online tonight to give a better explanation.

- Samuel

[1713889926]

1713889926

[1713889926]

1713889926

[1713889926]

1713889926

[1713889926]

1713889926

[1713889926]

1713889926

[elasticband]

I don't understand why he would need to loan cog money to pay the divs?

[KCBitcoin]

Please clarify:

4.09573021 coins leaving from 1cogxXy to
- 1.91145049 to 1Gw8o, the Cognitive havelock deposit address. This is the 10420 shares * 0.00018344 btc dividend per share.
- 1.91145049 to 1coggh, the Cognitive reinvestment fund, now at only 11.2291 btc instead of 15.
- 0.27272926 to 1Garr255, Garrett's public personal address... but why??

The contract states that all operating costs will be covered by the operators shares. I don't see any valid reason to send Cognitive funds straight to Garretts address.
Did you not make a separate wallet for Cognitive, resulting in sending all change money to your personal wallet? Please keep personal wallets separated from Cognitives.
Any coin that goes to 1coggh, intended or not, belongs to Cognitive.

Garrett plans to get online tonight and give you a more detailed explanation, but for now here is a brief explanation:

For a period of time, Garrett was using personal funds to pay dividends. The funds that were transferred from 1cogxXy to 1Garr255 (Garrett's public personal address) are compensation for that. I am going to contact Havelock and get records of when deposits were made into the COG dividend account and from what address they were sent. Then anyone should be able to verify that the dates for both the deposits and the dividends were the same, and that there were indeed deposits to 1Gw8o from one of Garrett's personal addresses equaling 0.27272926 BTC in value.

Why is there not at least 15.09686895 Btc in the reserve fund? The cointerra order was placed before cog was launched on havelock. So why is the not 50 percent of divs in the reserve fund? Why is the reserve fund still not completely public? This is bitcoin these are not hard task to accomplish this is the cognitive wallet mining revenue goes in, and any time that a single satoshi moves from the wallet there is a explanation. That way none of this crap is a problem and investors are not left with broken promises about transparency.

Garrett and I will come up with the exact price of the CoinTerra order so the amount in the reserve fund can be verified. The CT hardware was priced in dollars, so we will have to check the price of bitcoin at the time of the CT purchase to determine the value of the CT hardware, and ensure that the amount of BTC in the reserve fund is valid.

The reserve fund is completely public: https://blockchain.info/address/1cogghK1bWFNSVHdicX2dQLfcWJzxHBHY


As I said, Garrett will be online tonight to give a better explanation.

- Samuel

Thank you Sam!
This sounds a lot more professional and transparent, this can really be a good start of Cognitive.
I really hope Cognitive can clear up every doubt we have here and start a healthy growth!

[lunarboy]

 ^This^

great start to the 100% fully transparent business we should be aspiring to. 

[stabs]

Do we have an ETA on the rest of the gear?

[Atruk]

The original contract is as follows:

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/

If you have any questions, comments, or criticism, I appreciate it!

Please clarify:



https://blockchain.info/tx/5e7bc1fa1c008bccd9496d24d979b2e3e7df17e8586a24f3787901eddbcea7fb

4.09573021 coins leaving from 1cogxXy to
- 1.91145049 to 1Gw8o, the Cognitive havelock deposit address. This is the 10420 shares * 0.00018344 btc dividend per share.
- 1.91145049 to 1coggh, the Cognitive reinvestment fund, now at only 11.2291 btc instead of 15.
- 0.27272926 to 1Garr255, Garrett's public personal address... but why??

The contract states that all operating costs will be covered by the operators shares. I don't see any valid reason to send Cognitive funds straight to Garretts address.
Did you not make a separate wallet for Cognitive, resulting in sending all change money to your personal wallet? Please keep personal wallets separated from Cognitives.
Any coin that goes to 1coggh, intended or not, belongs to Cognitive.

Furthermore, please explain the other spend:
https://blockchain.info/tx/fa314a18eba1ecd356cec0af2880e6834b401b241cec07ac8f0234cd4b60b244

- 3.2btc leaving from 1cogxXy to 1LQFqj?
Why not keep all funds in the 1cogxXy address?



Our demand (for months now) is that you post ALL the addresses that are used & owned by Cognitive. You don't use it for personal loans.
What is so hard about sending all mining proceeds weekly for 50% to 1cogxX (savings) and the other 50% to 1Gw8o (havelock divs), without sending the change to your personal address...
It's unbelievable that you are in bitcoin for 2-3 years and that it takes you months to get this sorted.


The last dividend was almost 5 times higher than the last 2 divs, which means 80% pct of the current hashrate is due to the new CT gear.
That gear was paid for about 90% with fresh CogF funds... which means these people deserve to get their piece right now, not when eventually half of all the ordered hash rate arrives.

Edit: it's plain simple. Any spend of btc that does not go to havelock dividends, requires an explanation and a vote. All other costs are on you. AFAIK you have plenty of shares to get around.

O.o

[Garr255]

The original contract is as follows:

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/

If you have any questions, comments, or criticism, I appreciate it!

Please clarify:



https://blockchain.info/tx/5e7bc1fa1c008bccd9496d24d979b2e3e7df17e8586a24f3787901eddbcea7fb

4.09573021 coins leaving from 1cogxXy to
- 1.91145049 to 1Gw8o, the Cognitive havelock deposit address. This is the 10420 shares * 0.00018344 btc dividend per share.
- 1.91145049 to 1coggh, the Cognitive reinvestment fund, now at only 11.2291 btc instead of 15.
- 0.27272926 to 1Garr255, Garrett's public personal address... but why??

The contract states that all operating costs will be covered by the operators shares. I don't see any valid reason to send Cognitive funds straight to Garretts address.
Did you not make a separate wallet for Cognitive, resulting in sending all change money to your personal wallet? Please keep personal wallets separated from Cognitives.
Any coin that goes to 1coggh, intended or not, belongs to Cognitive.

Furthermore, please explain the other spend:
https://blockchain.info/tx/fa314a18eba1ecd356cec0af2880e6834b401b241cec07ac8f0234cd4b60b244

- 3.2btc leaving from 1cogxXy to 1LQFqj?
Why not keep all funds in the 1cogxXy address?



Our demand (for months now) is that you post ALL the addresses that are used & owned by Cognitive. You don't use it for personal loans.
What is so hard about sending all mining proceeds weekly for 50% to 1cogxX (savings) and the other 50% to 1Gw8o (havelock divs), without sending the change to your personal address...
It's unbelievable that you are in bitcoin for 2-3 years and that it takes you months to get this sorted.


The last dividend was almost 5 times higher than the last 2 divs, which means 80% pct of the current hashrate is due to the new CT gear.
That gear was paid for about 90% with fresh CogF funds... which means these people deserve to get their piece right now, not when eventually half of all the ordered hash rate arrives.

Edit: it's plain simple. Any spend of btc that does not go to havelock dividends, requires an explanation and a vote. All other costs are on you. AFAIK you have plenty of shares to get around.

Hi Tafelpoot,

As Samuel said, the COG.F/2 funds will be converted before the next dividend is issued. The confusion on the transaction you are seeing is due to the fact that I've been using personal funds held within Havelock to pay the dividends ever since we started mining into the 1cogx address, hence the lack of outgoing transactions when dividends were still being paid. I moved some funds to my personal address for compensation, and will move the rest before the next dividend. The 1LQFqj address is a Havelock deposit address, and the other 1cog address is our reserve fund. The reason we cannot leave all funds in 1cogx is simple: we need to pay dividends. Perhaps you're confusing 1cogx (mining income) with 1cogg (reserve fund).

There was a fantastic charts page developed for us last week but the developer ran away before it was properly implemented in our webserver. I will try to get that working this evening, at which point http://cognitivemining.com/charts will be live.

PS, My personal wallets are certainly separate from Cognitives, I intended for the change of that transaction to go to my personal address as partial compensation for the dividends I have been paying with personal funds.

If you need further clarification on any of this, Samuel and I will be happy to answer.

[Garr255]

Additionally,

Thursday of this week I will be in Washington to finalize setup at the new facility. Then, the remainder of the CoinTerra rigs will be delivered and we will be hashing at our full promised capacity of 28th/s + whatever lateness compensation comes out to be.

Cheers,
Garrett

[killerstorm]

COGNITIVE Litecoin exchange pass-through haven't received dividends since 2013-12-22:

https://litecoininvest.com/security/COGNITIVE-PT/history

[Garr255]

PT dividends will be paid up within 24h.

[snowdropfore]

28th,is that all? Will be adding more hashrate in the near future?

[superresistant]

28th,is that all? Will be adding more hashrate in the near future?

Are you kidding ? 28TH is huge. What are you comparing with ?

Yes more hash will be added, that's the idea of Cognitive : the group reinvest 50% of the earning into new hardware.

[snowdropfore]

With the current difficulty,28th wil generate 4.499B one day,31.5 a week . 31.5/2/14000=0.001125B per share. I think we would not made our bit coin back.

[superresistant]

With the current difficulty,28th wil generate 4.499B one day,31.5 a week . 31.5/2/14000=0.001125B per share. I think we would not made our bit coin back.

You cannot make that assumption based on this calculation.
Cognitive have been mining since 2012.
The share you own is not a share for a hardware, it is a share for a mining group that will continuously reinvest in future hardware and negotiate better contract with miner manufacturers.

[Tafelpoot]

Hi Tafelpoot,

As Samuel said, the COG.F/2 funds will be converted before the next dividend is issued. The confusion on the transaction you are seeing is due to the fact that I've been using personal funds held within Havelock to pay the dividends ever since we started mining into the 1cogx address, hence the lack of outgoing transactions when dividends were still being paid. I moved some funds to my personal address for compensation, and will move the rest before the next dividend. The 1LQFqj address is a Havelock deposit address, and the other 1cog address is our reserve fund. The reason we cannot leave all funds in 1cogx is simple: we need to pay dividends. Perhaps you're confusing 1cogx (mining income) with 1cogg (reserve fund).

There was a fantastic charts page developed for us last week but the developer ran away before it was properly implemented in our webserver. I will try to get that working this evening, at which point http://cognitivemining.com/charts will be live.

PS, My personal wallets are certainly separate from Cognitives, I intended for the change of that transaction to go to my personal address as partial compensation for the dividends I have been paying with personal funds.

If you need further clarification on any of this, Samuel and I will be happy to answer.

Thank you both for the answers.
I'm glad that you'll convert CogF this week.

I guess you understand my annoyance when I saw 6 TH/s reported here on Feb 24 while we were promised to get 28 TH/s in January.
On top of that, I saw that out of this low mining revenue, 6% went straight into your pocket and 0% to my CogF shares...

We should have mined about 150 btc this month, but instead we mined not even 17 btc.
I hope you'll make this clear in the negotiations with your CT contacts.

The fact that you have to "calculate" the current balance in the "reserve fund" is also quite suspicious. If it was done properly, you could take the remaining balance of the addresses used to pay the 682 btc (please provide tx link) in september and add the sum of all dividends as of that moment. No other costs are indicated on your website, however how did you pay the litecoin gear then?

The whole reserve fund should be located in 1cogg, not spread out like it is now.
Why do you need a "hot wallet" on havelock? It is an unnecessary risk...
Every week you should send the whole balance on all 1cog(x,t,H,...) mining addresses for 50% to 1cogg and for 50% to havelock.
A fixed shedule for these dividends should be good as well.

The 1cogx, 1cogt, 1cogH addresses are proof that you are actually mining at 28+ TH/s for Cognitive.
The 1cogg address is proof that you still hold the Cognitive reserve fund.

If you make a setup like this, people have a clear and simple overview of the operation. It is not hard to do.
You can make a website, graphs and pictures later, it is too easy to manipulate those anyway.
Use the blockchain to regain trust.

I'm monitoring these 4 addresses and I see currently only about 3 TH/s to 1cogx mining address and only 11.2 btc in 1cogg.
However there are funds on 1cogx, 1cogt and 1cogH as well... those  should be split in 2 over the reserve fund and havelock divs.

My requests, in order of urgency:

• provide a list of all "1cog" addresses in use (and what they are about)
• put the whole reserve fund to "1cogg"
• review the LTC passthrough listing... if you can't maintain it, just close it.
• clarify which havelock deposit addresses are for cognitive / personal use. 1Gw8oc saw 25 btc this month and 2 btc on Nov 13...
• add the links to the "1cog" addresses to the contract as well for clarity.
• propose an update for the contract in general (remove FPGA legacy)

[Garr255]

Tafelpoot, some of your requests were fulfilled before writing that post: http://cognitivemining.com/charts went live last night

(note: some funds in the 1cogx address are owed to me still, therefore will not be included in any dividends. I will make a payment out of the address to my personal one correcting the misrepresentation issue within an hour.)

[Code_red]

Are you claiming that you spent around 5 BTC on the scrypt hardware?

[elasticband]

Tafelpoot, some of your requests were fulfilled before writing that post: http://cognitivemining.com/charts went live last night

(note: some funds in the 1cogx address are owed to me still, therefore will not be included in any dividends. I will make a payment out of the address to my personal one correcting the misrepresentation issue within an hour.)

Why did you have to loan cog money to pay divs, I do not understand this.  Cog mines it's divs. For aome reason were we not mining?

[Cognitive-PR]

Why did you have to loan cog money to pay divs, I do not understand this.  Cog mines it's divs. For aome reason were we not mining?

Garrett hadn’t imported Cog addresses into a wallet yet. He decided it would be faster and easier to pay dividends using his own funds.

Are you claiming that you spent around 5 BTC on the scrypt hardware?

No, about 10 BTC.



Lastly, an update:

Garrett will have the two CT units he transported to Washington up and hashing sometime tomorrow. More info to come soon.


- Samuel

[elasticband]

Why did you have to loan cog money to pay divs, I do not understand this.  Cog mines it's divs. For aome reason were we not mining?

Garrett hadn’t imported Cog addresses into a wallet yet. He decided it would be faster and easier to pay dividends using his own funds.

evidence of this please, all i see is a payment out to garr