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

[dunchy]

I think the best course of action would be to have a vote to remove/replace management.

This should happen soon before garr is slammed by the law.

If the feds do come for him, they will have a plethora of broken laws to choose from.

Exactly.

[Tafelpoot]

Goat's posts are disappearing.. by whom?

[malevolent]

Goat's posts are disappearing.. by whom?

Probably deleted by himself because his user ID does not appear in the modlog (Ctrl + F "44233" without quotation marks). All deleted posts are still visible on bitcointa.lk though (this thread is 6 pages longer).

[Garr255]

Hey all,

Here is the current vote tally. If you don't see your vote, please resubmit in the format specified in the motion email.

https://docs.google.com/spreadsheets/d/16x2qqmv0JGmZizUHK1CvUB5qYskMz6XtV3GZEHFhJtM/edit?usp=sharing

Cheers,
Garrett

[strello]

Hey all,

Here is the current vote tally. If you don't see your vote, please resubmit in the format specified in the motion email.

https://docs.google.com/spreadsheets/d/16x2qqmv0JGmZizUHK1CvUB5qYskMz6XtV3GZEHFhJtM/edit?usp=sharing

Cheers,
Garrett

My email address is listed as owning more than 200 more shares than I actually own.

More incompetence, or more fraud?

Garret, please check your numbers, then answer this.

[elasticband]

I am not listed.

[theterabyte]

I see an entry for the number of shares I own, but it doesn't match my email.  The hash that does match my email is lined up with 4 shares instead of 253. I presume a sort was done missing a column, or some other sort of error occurred.  Please let us know when this has been fixed.

edit:  if you are testing this from the CLI, ensure you do:

echo -n "me@example.com" | sha256sum

Don't forget the '-n' or it will include the newline and give the wrong hash.

[Tafelpoot]

I see an entry for the number of shares I own, but it doesn't match my email.  The hash that does match my email is lined up with 4 shares instead of 253. I presume a sort was done missing a column, or some other sort of error occurred.  Please let us know when this has been fixed.

edit:  if you are testing this from the CLI, ensure you do:

echo -n "me@example.com" | sha256sum

Don't forget the '-n' or it will include the newline and give the wrong hash.

I'm also not on the list using this command.

[superresistant]

Right, how is the datacenter going ?

[Cognitive-PR]

For anyone who would like to have questions answered, or who would like to give input, we are doing an IRC right now at #cognitivemining on freenode.

- Samuel

[Garr255]

Sorry, the rows must not have stuck together when I did a column sort. I will take care of that today.

The 8 CT units will be online today. They are out for delivery in the town of the DC right now. Yesterday morning they were on a late flight which caused this delay.

I will provide the tracking number for the units after they are delivered.

Best,
Garrett

[Surf Capital Management]

IRC Meeting from earlier on #CognitiveMining

[elasticband]

"Shareholders:

It is now necessary for Cognitive to pay for hosting fees directly, as opposed to me using my personal dividends to do this.

Vote "YES" for the reserve fund to cover hosting expenses from the time my personal dividends were insufficient forward.
Vote "NO" to liquidate all Cognitive mining assets and disperse via a large dividend.

Best,
Garrett"

How about NO and you uphold the original agreement you started with your share holders and pay for the hosting as it is part of the contract you made and agreed to, if your share is your failing mining company does not provide enough revenue per month to maintain the hosting of cognitive's hardware then raising a motion to breach or end contract is not an acceptable resolution.

Your miss management has caused this, now deal with it without raping your shareholders more.


PS where is my vote in that list?

[jimmothy]

So now you cant afford to pay electricity for hosting 8TH but you can afford to fund an asic production line?

Seems legit.

[elasticband]

So now you cant afford to pay electricity for hosting 8TH but you can afford to fund an asic production line?

Seems legit.

See the point is Garr's dividends can no longer afford to cover cognitive's hosting price, had cognitive's hardware been online the whole time, then it might be a different story. Garr's personal funds can afford to do what ever the f*ck he chooses. More miss management affecting share holders.

Dissolving Cog now will most likely result in a buy back from the management on pennies to the dollar.

when is 7 day countdown up? Surely we are in the last 20hours now?

[MilkyLep]

Still no response to what exactly happened with Havelock (unless that occurred on IRC which I didn't bother to read) and now a motion to buy back the shares after claiming you can no longer pay hosting and uphold your end of the contract once again.

Will you refrain from receiving any liquidation of assets personally due to the mismanagement over the past half a year? What happened to you using your April dividends to reimburse shareholders?
 

[robitnik]

...
Dissolving Cog now will most likely result in a buy back from the management on pennies to the dollar.
...

There's no buyback in the contract:

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 one week. 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/

Liquidating Cog means selling the hardware with the proceeds being distributed to shareholders.

TerraMiners are going for roughly $8,000 at the moment. 30 TH/s is ~25 units at 1.2 TH/s (19 at 1.6 TH/s). This gives us between $152,000 and $200,000 assuming all units are sold. At current prices, that is between 287 and 377 BTC or between 0.020 and 0.026 BTC per share.

Running 30 TH/s assuming a difficulty increase of 15% every 2 weeks will yield 108 BTC in 6 weeks, 203 BTC in 16 weeks and so on. And we'd still have the hardware although it's value will be greatly depreciated.

Note that the above doesn't include Ebay fees for selling or electricity costs for running the hardware.

It's a tough one to call. If it's run correctly, there is still a viable enterprise here. If it's not run correctly, then its assets are worth about 0.02 BTC per share. The last motion to liquidate seems to be "no" by 3:1 but needs to be updated. The current motion to use reserve funds as operational funds or liquidate cog expires in 7 days. I'm really not sure which way to go on this.

For 27 BTC he can buy the whole company...

Havelock should clear the order book before trading recommences. There'll be no buying at 0.002 BTC unless shareholders decide to put up an ask at 0.002 BTC.

[damiano]

is this going down the same path as labcoin?

[damiano]

is this going down the same path as labcoin?

No with labcoin - Alberto took all the BTC never paid out anything bought mining equipment and used the btc to gamble with at Just-Dice

he mined for a bit at the end and paid out dividends for about 2 weeks i think

[elasticband]

Exactly. Liquidating cog gives garr perfect chance to buy cogs hw back from shareholders.