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

[elasticband]

Why with the compensations machines will our hashrate not meet 28thps + compensation for lateness?

[runam0k]

One Terraminer is being sold back to CT for the purchase price (which is greater than their current retail price so it would be impossible to sell it for more) to pay them for the shipping costs which totaled over $6,000 USD

What does this mean?  Does it mean one Terraminer is being given back to CT to cover previously unpaid shipping costs?

[broyboy]

I'm sad to see our miners go, but it sounds like it will be a fair deal. If indeed this all actually happens then the shares are a value right now.

However we've all seen this before. I was hopeful for a long time but now it's starting to make sense. It seems Garrett had this exit plan in the works for some months.

Therefore please update us regularly on the progress. I agree with others and don't think private conversations are productive or appropriate.

[El Cabron]

One Terraminer is being sold back to CT for the purchase price (which is greater than their current retail price so it would be impossible to sell it for more) to pay them for the shipping costs which totaled over $6,000 USD

What does this mean?  Does it mean one Terraminer is being given back to CT to cover previously unpaid shipping costs?

This is illegal. If he is in liquidation he can not just give away our stuff to pay back some selective debts.  

Edit: Also I see you are in a far away place. That is good for you as the law will odds are not bother to get you (assuming you do not come to the USA) but that makes you not exactly ideal to manage our stuff. Garr clearly is the one doing things like giving away our assets. You are just a new tool he is using to communicate.

If you do have control of anything, like BTC please prove it to us. I'm going to assume Garr still has everything.

[elasticband]

Cointerra have no right to be paid for delivery until we receive our full contracted 28thps + compensation for lateness.

Is this just going to be ignored?

Where is Garrett's statement we were all told to wait for?

[MPalokaj]

Hello Everyone,

As for the current situation, broyboy said it best:

I'm sad to see our miners go, but it sounds like it will be a fair deal. If indeed this all actually happens then the shares are a value right now.

The process is nearing its end, probably (note, indication) everything will be finalized within 24 hours.

Under the circumstances we are trying to make this as profitable as possible for the shareholders.

Nothing is being done out of ill intent. As a result of the bitcoin climate and indeed mistakes made the best thing for CM, including its shareholders is what we are doing right now.

We will keep you posted as information comes along. For now:

Progress

The Terraminers have been sold. Part of the payment is clearing escrow right now, another part is waiting for completion. The old generation gear (SC Singles, Avalon) has not been bought by a buyer due to lack of interest, but Garr is compensating this out of his own Btc holdings.


Garrett has been off the grid for a couple of days. Hereby a message from him.

----------- Message -------------

Dear Cognitive Mining Holders:

I want to extend a sincere thank you to everyone involved in Cognitive Mining within the past two years. This project has been exciting and educational for the majority of the duration, and recently it has been extremely stressful due to the Cointerra miners coming
online a week late and the immense bitcoin difficulty jumps. (The explanation for this has been posted before so please refer to that for
details.)

I apologize for not having multiple options for the hosting of these units, as opposed to the single datacenter which, after receiving the first shipment of Terraminers, refused to host the units without the full one megawatt contract. It is true that if multiple datacenters were ready to go this risk would have been mitigated, the only problem being each one wanting a large deposit.

Although ultimately out of my control, I am very sorry for the pain this may have caused anybody. Just for full disclosure, I have fortified all of my shares to the new manager and will not be receiving anything from the liquidation dividend.

Again, thanks to everyone who participated. I have not gained any monetary worth via this project, but that was never the goal. Many people have learned from the project, and that was the true goal since the beginning.

Best Regards,
Garrett

--------- End -----------

Regards,

Mentor

[runam0k]

Cointerra have no right to be paid for delivery until we receive our full contracted 28thps + compensation for lateness.

Is this just going to be ignored?

Yes, it, like every other valid question and concern, will just be ignored.

A few pathetic statements by sock puppets and poof, Cog Mining is no more.

I am especially pleased and impressed by this: "I have fortified all of my shares to the new manager and will not be receiving anything from the liquidation dividend".  Fortified indeed.

[calvinweight]

Just curious, when the price was 0.01 per share M Pakolaj inferred that the value was much higher than that. Do we have an estimation on the final payout price yet?

[silverfuture]

Just curious, when the price was 0.01 per share M Pakolaj inferred that the value was much higher than that. Do we have an estimation on the final payout price yet?

Tempting to grab up all those shares at below .01 isn't it? The problem is hardly anyone has any trust left whatsoever that a payout will even happen or, if there is, that it will be a very small amount because fees etc.. That's why the shares are still there.

[MPalokaj]

Tempting to grab up all those shares at below .01 isn't it? The problem is hardly anyone has any trust left whatsoever that a payout will even happen or, if there is, that it will be a very small amount because fees etc.. That's why the shares are still there.

There are no fees paid to Garr or me in this liquidation. The difficulty bumps and hardware price decreases have brought down the payout significantly though. To those who are not in the loop, refer to the CoinTerra website to see the significance of the price drop.

As the payments are completed you will receive updates. I however do not advise speculation on the shares to those tempted.

[tocoolforschool]

haha how do you know this liquidator is a real person and not Garr ?
Is it legal for Garr to wipe his hands clean, walk away and pass the scraps to this "liquidator" to sort out ?

I think you need to sort out the Goat/Garr discrepancies before anything else happens. It sounds like alot of money is being disputed.

[El Cabron]

I think you need to sort out the Goat/Garr discrepancies before anything else happens. It sounds like alot of money is being disputed.

I have proved Garr has lied and stolen money. The share price reflect this.

[st4nl3y]

what a failure this has turned out to be.. sorry for your losses everyone.

PS so glad i sold at 0.1


EDIT: oh, and fuck you garr you lying greedy bastard.

[tocoolforschool]

lol.
I feel sorry for those who lost. I would be very cautious believing or handing over any information to anyone Garr has put in charge.

I do hope some one takes legal action.

EDIT: oh, and fuck you garr you lying greedy bastard.

[hephaist0s]

Presumably that was the final sell-off dividend that just came through.  0.00762344BTC/unit

[investr]

Comparatively worthless.

[jimmothy]

Presumably that was the final sell-off dividend that just came through.  0.00762344BTC/unit

Wow if that's true then cog shareholders got fucked even more than I expected on this one.

so 100btc for 16 cointerra miners = ~$2,700 per terraminer! (assuming the bfl singles were set on fire because selling on ebay would be too hard)

Such a great deal for the scammers that charged $0.4/kwh and a $1,000 setup fee (and they got out of a $6000 shipping fee that cog apparently needs to pay)

[investr]

Presumably that was the final sell-off dividend that just came through.  0.00762344BTC/unit

Or about 31 times the average of the last two dividends.

[twentyseventy]

Presumably that was the final sell-off dividend that just came through.  0.00762344BTC/unit

If that was going to be the final payout, why wouldn't they have performed a buy-back instead?

[investr]

Because Garrett.