The Most Competitive Mining Bond - Synergy @ 25Gh/s [GLBSE]

[Garr255]

Hi all,

Because of the nature of the original contract between myself and Synergy's underwriter, it was no longer in my best interest to continue operating Synergy. Because of this, we have performed a buyback of all bonds as per the contract, at 105% the 30d average price.

I'm going to keep the ticker alive but inactive on BTC-TC, in case I want to issue mining bonds under a new contract in the future.

Best,
Garrett

Code:

Public Contract: 

The holder of this bond will receive as coupons a number of Bitcoins equivalent 
to 100% PPS output of one million hashes per second for the duration of time the 
bond is held. All coupons will be paid on the Saturday of each week for the 
previous seven days of mining. This bond is 100% underwritten by a private 
investor. If operation is ceased at any time, during the same week the Investor, 
not the Manager, will repurchase all bonds at 105% the 744 hour average price.

Old OP:

Important Update!

Great news, everyone!

Synergy is live on BTC-TC! Check it out at https://btct.co/security/SYNERGY

Bondholder info has been processed by BTC-TC this morning and everyone on the lists supplied by GLBSE will be recieving an email shortly. Be sure to check your spam folder! If you didn't receive an email and you are a bondholder, please contact me at synergy@cognitivemining.com and include your email and bitcoin address you gave to the GLBSE claims form, and the number of shares you own.

After you receive your email containing the account login information, I recommend that you make a new account which you will more easily be able to remember and transfer the shares accordingly. BTC-TC has no internal transfer fees

Additionally, I am automatically emailed a bondholder list every 12 hours, so we won't have this problem if the new exchange ever shuts down!

Cheers,
Garrett

Synergy will be the most competitive mining bond on the market.

I have been fully underwritten for the bond (by a private investor who wishes to remain anonymous), so there will be no IPO askwall to deal with.

Initially we will release 23237 1mh/s bonds, a which will be sold at the respective owner's choosing. The first coupon payment will take place Saturday, June 9, 2012, and will be a full coupon, calculated including all seven days before the payment.

I am already verified with the GLBSE and have an outstanding reputation managing Cognitive.

Contract:

The holder of this bond will receive as coupons a number of Bitcoins equivalent to 100% PPS output of one million hashes per second for the duration of time the bond is held. All coupons will be paid on the Saturday of each week for the previous seven days of mining. This bond is 100% underwritten by a private investor. If operation is ceased at any time, during the same week the Investor, not the Manager, will repurchase all bonds at 105% the 744 hour average price.

As always, input is appreciated.

Cheers,
Garrett

[1714881410]

1714881410

[Garr255]

Well, the first and most obvious question is why you are releasing another mining bond when you already run COGNITIVE.

Secondly, what's the hardware ^^

Thirdly, if it's deterministic (1mHash/sec) it's already not as competitive as COGNITIVE. What is the investment hypothesis here? Will the shares be cheaper than 0.3 mHash/share to start? Are there bulk purchase options? Thanks.

Cognitive is not a bond, it is a company whose shares represent ownership of it. Keep in mind these are two completely different types of investments.

This will be Mini-Rig powered.

I cannot give information regarding bond prices, because I am not selling them. However, I believe they will be sold below 0.3.

[Timbo925]

Subbing and waiting to buy some 

[Sukrim]

I wouldn't take "This bond is 100% underwritten by a private investor who wishes to remain undisclosed." into the contract itself.

[Garr255]

I wouldn't take "This bond is 100% underwritten by a private investor who wishes to remain undisclosed." into the contract itself.

That is there for my own protection. I did clean it up a bit though.

We will finalize the contract very soon!

[brendio]

Synergy will be one of the most competitively priced mining bonds on the market.

I cannot give information regarding bond prices, because I am not selling them.

How can you claim to be the most competitively priced mining bond on the market when you are not setting the price?

[BinaryMage]

Synergy will be one of the most competitively priced mining bonds on the market.

I cannot give information regarding bond prices, because I am not selling them.

How can you claim to be the most competitively priced mining bond on the market when you are not setting the price?

IANAL, but I think "one of the" and "competitively priced" make the statement meaningless in the concrete sense. Just a wee bit of advertising.

[ineededausername]

[Vernon715]

What equipment will you be using, FPGAs like with cognitive, or something else?

[Garr255]

Synergy will be one of the most competitively priced mining bonds on the market.

I cannot give information regarding bond prices, because I am not selling them.

How can you claim to be the most competitively priced mining bond on the market when you are not setting the price?

IANAL, but I think "one of the" and "competitively priced" make the statement meaningless in the concrete sense. Just a wee bit of advertising.

Fixed that. I'm not going to name a price, but it will be a very good one!

What equipment will you be using, FPGAs like with cognitive, or something else?

This will be Mini-Rig powered.

[Vernon715]

are you managing/housing it?

[Garr255]

are you managing/housing it?

Indeed.

[Vernon715]

How much of your attention will be diverted from cognitive to synergy? Will this hurt your cognitive shareholders in any way?

[Garr255]

How much of your attention will be diverted from cognitive to synergy? Will this hurt your cognitive shareholders in any way?

None. I will just increase the amount of total time put into the operations.

[Vernon715]

OK. How much time do you estimate will be taken up by the maintenance of synergy?

[punningclan]

I'm liking this and waiting!

[Garr255]

OK. How much time do you estimate will be taken up by the maintenance of synergy?

As a very rough estimate, in a few months it should average to be a few hours a week.

[Vernon715]

Thanks

[Garr255]

Update:

Just registered the asset. Waiting for approval then the three day wait time.

Coupons will be paid Saturday as planned. These coupons will represent mining revenue for the preceding seven days.

https://glbse.com/asset/view/SYNERGY

Go ahead and place some bids!

[Garr255]

Update:

We put up a site: http://miningsynergy.com/