[COMMUNITY] Let's buy a SC Single together! It's cheaper than a Jalapeño!

[Garr255]

I am going to take the popular advice and scrap this venture. I will be focusing on expanding Cognitive with SC rigs instead!

Thank you all for your support and criticism; I've learned a bit from this thread.

Cheers,
Garrett



https://bitcointalk.org/index.php?topic=67547.0
http://cognitivemining.com/
https://glbse.com/asset/view/COGNITIVE

I want in on BFL's new ASIC line (who doesn't?) but I really just can't afford it. (I also don't want a coffee warmer ) They will be opening their order forms tomorrow, and I'd love to get a good spot.

I am offering to host as many SC Singles as we raise funds for a fee of 10% of the hashing power. The hashpower will be distributed evenly among co-owners.

Each SC Single supposedly gets 40gh/s. One "Slot" here will get you ownership of one twelfth of the SC Single, minus the 10% management fee which will cover power and housing.

You can buy one twelfth of the SC Single for a minimum of 20btc, and more slots for any amount greater than that which is also a multiple of 20btc. This will give you 3gh/s per slot.

I will be putting an initial 20btc toward the effort for the first SC Single, thereby getting the 10% management fee + the purchased 3gh/s.

If you would like to purchase a slot, PM me and I will send you an address.

If you would like to donate to the cause, 1Ms8sUVbaKfhMJnpWh1ou9m1j2UbFoEnG1

SC Single 1:

Code:

Slot 1 - Garr255
2       -
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5       -
6       -
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9       -
10      -
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12      -

I reserve the right to liquidate the SC Single(s) at any time, and distribute the sales revenue proportionally among fellow co-owners.

Let me know what you think! We need to get funds raised very soon, preferably tonight.

Cheers,
Garrett

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[Garr255]

Thanks Obsi, I think it will cause a bit of a spike, but nothing too significant.

I'm not going to sell though, as I think BTC is just going to go up from here out!

[Bitcoin Oz]

Good idea

[chronicaust]

i might be interested in this once a few ppl sign on. Sounds like a good idea = ). So at 3 gh/s we would get approx 1.3 btc per day? Are you planning on paying daily or weekly? Or will we have control over payouts? Thanks! Hope more ppl sign on = )

[Serge]

although Jalapenos provide slightly better HG/s per USD cost performance at current exchange rates than this deal, this could be a good option for someone outside of US to save on overall cost and or delivery time, and on shipping handling along with delays in case their product needs a replacement or warranty fix being outside of US

[Garr255]

i might be interested in this once a few ppl sign on. Sounds like a good idea = ). So at 3 gh/s we would get approx 1.3 btc per day? Are you planning on paying daily or weekly? Or will we have control over payouts? Thanks! Hope more ppl sign on = )

At the current difficulty 3gh/s will get you 1.75btc per day.

Keep in mind that the difficulty will increase as ASICs are released. This is why I want to have a part of one of the first ASICs!

[Garr255]

although Jalapenos provide slightly better HG/s per USD cost performance at current exchange rates than this deal, this could be a good option for someone outside of US to save on overall cost and or delivery time, and on shipping handling along with delays in case their product needs a replacement or warranty fix being outside of US

I did calculations at $6/btc, because of volatility in the market.

[DILLIGAF]

At the current difficulty 3gh/s will get you 1.75btc per day.

Keep in mind that the difficulty will increase as ASICs are released.

That is an understatement. Have you plugged the numbers into a calculator as to the increases to be expected once the th/s boxes come online at the same time?  I know I have and its not pretty and this is what is going to happen as BFL chimed in in another thread to say they will have three lines running so all the boxes are shipping at once according to him/her.

[Tachikoma]

Might be interested if I can get some more BC in time. Subbing

[Garr255]

I'm off for the night -- hopefully I wake up to some PMs, eh?

[cuz0882]

Why don't you put it on GLBSE. Otherwise people are just sending money to a stranger in a forum. There are a lot of people doing similar things on there.

https://glbse.com

[Garr255]

Why don't you put it on GLBSE. Otherwise people are just sending money to a stranger in a forum.

Good question -- I thought about this, but I would like to make this really simple, and being in direct contact with co-owners is nice too.

As an argument: I consider myself as a fairly well trusted member of the forums. Additionally, I maintain $12,000 (Soon to be over $30,000) of hardware that I do not own, so this would be a relatively small addition.

Also, sending money to someone on the GLBSE isn't significantly different. If it's verification that you're worried about, Nefario has all of my details.

[Garr255]

Are you planning on paying daily or weekly? Or will we have control over payouts?

I will either do payouts every Saturday as I do for Cognitive and Synergy, or I will let each co-owner point his hashrate as his own pool. This depends on mining software limitations, which will change by the time we receive this hardware in October.

[cuz0882]

So you have Cognitive, SYNERGY plus this posting. You can't afford a $1,299 single? Why the need to make up a new business name every few days? This seems like a whole lot of deception to me, even if its just to have multiple posting on the forum it seems lame to me.

[Turbor]

So you have Cognitive, SYNERGY plus this posting. You can't afford a $1,299 single? Why the need to make up a new business name every few days? This seems like a whole lot of deception to me, even if its just to have multiple posting on the forum it seems lame to me.

He is 16 or so... 1299$ was much money back then.

[Bitcoin Oz]

So you have Cognitive, SYNERGY plus this posting. You can't afford a $1,299 single? Why the need to make up a new business name every few days? This seems like a whole lot of deception to me, even if its just to have multiple posting on the forum it seems lame to me.

Why the aggro ?

[DutchBrat]

What will you do with any remaining BTC if the usd-rate stays at 6.50 or rises further by the time the order is placed ?

Will the owners get a dividend ? Will you buy an extra hot-choco-warmer with it ?

[Tachikoma]

Some very good questions are being asked, withholding till participation till answers are given

[CoinDiner]

Some very good questions are being asked, withholding till participation till answers are given

I agree with above poster


also BFL say theres a six week waiting time once order had been placed for a single

[yunk3r]

I might be willing to participate in this. i just need some references before I send so many btc. Can anyone vouch for him or can you give some references. 

[EskimoBob]

Only reason one will buy a so called coffee warmer aka Jalapeno is just for LULZ, This little thing can not pay for itself if you only have one.
 
Garr255, put me down for one if you are willing to send it to me. I am close to EU.

[Raoul Duke]

Only reason one will buy a so called coffee warmer aka Jalapeno is just for LULZ, This little thing can not pay for itself if you only have one.

But you can help secure the network and warm your coffee for almost no cost. Just for the LULZ, ya know?

[Garr255]

For those of you who are skeptical of my credibility:

This thread page is almost entirely people congratulating me on running Cognitive so well: https://bitcointalk.org/index.php?topic=67547.200

I've also done some large transactions with reputable members such as JWU42, alexmat, and rjk, just to name a few.

What will you do with any remaining BTC if the usd-rate stays at 6.50 or rises further by the time the order is placed ?

Will the owners get a dividend ? Will you buy an extra hot-choco-warmer with it ?

I will repay remaining funds to the co-owners.

So you have Cognitive, SYNERGY plus this posting. You can't afford a $1,299 single? Why the need to make up a new business name every few days? This seems like a whole lot of deception to me, even if its just to have multiple posting on the forum it seems lame to me.

He is 16 or so... 1299$ was much money back then.

^ Indeed it is.

[piotr_n]

For those of you who are skeptical of my credibility:

Well, you cannot deny that starting a competing business is not quite fair.

I mean: could one person be a CEO of Samsung, Microsoft, Google and Apple at the same time?

[Garr255]

For those of you who are skeptical of my credibility:

Well, you cannot deny that starting a competing business is not quite fair.

I mean: could one person be a CEO of Samsung, Microsoft, Google and Apple at the same time?

If that person started all of the companies, then yes, they very well could.

I don't plan on this competing with GLBSE assets, because it will be a more private one.


I'll be back in about an hour to answer further questions.

[piotr_n]

For those of you who are skeptical of my credibility:

Well, you cannot deny that starting a competing business is not quite fair.

I mean: could one person be a CEO of Samsung, Microsoft, Google and Apple at the same time?

If that person started all of the companies, then yes, they very well could.

I don't plan on this competing with GLBSE assets, because it will be a more private one.

Oh, come on, don't tell me you don't see it.
It's obvious that the more hashrate you make in the second business, the more profit you take away from the first one.

[Dargo]

Cup warmer: $149/3.5 Gh = $42.6/Gh

SC Single: $1299/40 Gh = $32.5/Gh

SC Min Rig: $29,899/1000 Gh = $29.9/Gh

The above is relevant to considering this group purchase. The savings for the SC Single over the cup warmer is significant, but you have to weigh that against the trust issue. Personally, I guess I'd go for the cup warmer, not because I don't trust the OP, but because I like to have hardware in-hand to play with and keep complete control over. Still, I think the OP has a good idea.  

[cuz0882]

So you have Cognitive, SYNERGY plus this posting. You can't afford a $1,299 single? Why the need to make up a new business name every few days? This seems like a whole lot of deception to me, even if its just to have multiple posting on the forum it seems lame to me.

Why the aggro ?

Everyone else is using one posting to advertise and backing the bonds in their own name.

[Luceo]

What happens if you decide to liquidate the single sometime down the line? Will co-owners be given first option on purchase?

I could be interested in this, with the necessary confidences.

[stabs]

For those of you who are skeptical of my credibility:

Well, you cannot deny that starting a competing business is not quite fair.

I mean: could one person be a CEO of Samsung, Microsoft, Google and Apple at the same time?

If that person started all of the companies, then yes, they very well could.

I don't plan on this competing with GLBSE assets, because it will be a more private one.


I'll be back in about an hour to answer further questions.

Garr, the issue here is if all of those companies were private wholly owned by an individual or company it would not be an issue.

The issue comes up with diluting shareholder value of Cognitive by starting up competing companies.

[Luceo]

For those of you who are skeptical of my credibility:

Well, you cannot deny that starting a competing business is not quite fair.

I mean: could one person be a CEO of Samsung, Microsoft, Google and Apple at the same time?

If that person started all of the companies, then yes, they very well could.

I don't plan on this competing with GLBSE assets, because it will be a more private one.


I'll be back in about an hour to answer further questions.

Garr, the issue here is if all of those companies were private wholly owned by an individual or company it would not be an issue.

The issue comes up with diluting shareholder value of Cognitive by starting up competing companies.

This isn't a company, it's a joint venture.

[piotr_n]

For those of you who are skeptical of my credibility:

Well, you cannot deny that starting a competing business is not quite fair.

I mean: could one person be a CEO of Samsung, Microsoft, Google and Apple at the same time?

If that person started all of the companies, then yes, they very well could.

I don't plan on this competing with GLBSE assets, because it will be a more private one.


I'll be back in about an hour to answer further questions.

Garr, the issue here is if all of those companies were private wholly owned by an individual or company it would not be an issue.

The issue comes up with diluting shareholder value of Cognitive by starting up competing companies.

This isn't a company, it's a joint venture.

It is a business that is competing with Cognitive. And if anyone says otherwise than he's either stupid or a liar - I don't see a third option.

[Garr255]

What happens if you decide to liquidate the single sometime down the line? Will co-owners be given first option on purchase?

Yes, when liquidating the SC Single we will all meet through some medium of communication (IRC?), and one slot will entitle you to one vote in what is to be done. I will get one additional vote from the 10% management, so this way we have an odd number of votes (13).


In response to those concerned with diluting GLBSE share values:

To clarify my previous statement: It is possible that this venture might compete with Cognitive among other GLBSE assets, but even if it does, it will be an extremely shot term hindrance. It will only compete until all twelve slots are sold, then (because they are not publicly traded) there should be very little interference.

I am by no means going to ignore or mistreat other assets I maintain. I plan to raise a motion to issue more cognitive shares to upgrade the current Singles to SC Singles, and will do so after the current motion ends.

[Garr255]

You should probably scrap this, and just raise the money with COGNITIVE after you place an order for the SC single. Now granted I am old and maybe I cannot fathom the structure of these companies. Maybe, in the end, it is just me.

I am starting to agree with you on this. Mostly this was to raise short term funds to get a spot in line for a SC Single, whereas raising a motion for Cognitive will take a few days to turn out results.

I will see where this goes and make a decision later. All coins will be returned to their respective owners if I do decide against this venture.

[the joint]

Only reason one will buy a so called coffee warmer aka Jalapeno is just for LULZ, This little thing can not pay for itself if you only have one.

But you can help secure the network and warm your coffee for almost no cost. Just for the LULZ, ya know?

I plan on buying a few coffee warmers.  It's almost the same $/hash ratio as the single.  No lulz about it.

Edit:  Just glanced at the figures again.  Guess the coffee warmer is a little more expensive.  But, it should still prove to be a good investment.  I have enough BTC for the coffee warmers but not enough that I'd want to throw down on a single yet.  I really think that being able to get your name on the list quickly to be one of the first to receive the products is absolutely essential here to recoup the investment before the difficulty spikes.

[Garr255]

I am going to take the popular advice and scrap this venture. I will be focusing on expanding Cognitive with SC rigs instead!

Thank you all for your support and criticism; I've learned a bit from this thread.

Cheers,
Garrett



https://bitcointalk.org/index.php?topic=67547.0
http://cognitivemining.com/
https://glbse.com/asset/view/COGNITIVE

[DutchBrat]

I am going to take the popular advice and scrap this venture. I will be focusing on expanding Cognitive with SC rigs instead!

Thank you all for your support and criticism; I've learned a bit from this thread.

Cheers,
Garrett



https://bitcointalk.org/index.php?topic=67547.0
http://cognitivemining.com/
https://glbse.com/asset/view/COGNITIVE

Too bad, thanks for trying though

[Transisto]

Sorry, I must skip,,, ... something about Bicoinica.

[P4man]

Only reason one will buy a so called coffee warmer aka Jalapeno is just for LULZ, This little thing can not pay for itself if you only have one.
 

If one Jalapeno can not pay for itself, how do you expect 10 to pay for themselves?

[EskimoBob]

Only reason one will buy a so called coffee warmer aka Jalapeno is just for LULZ, This little thing can not pay for itself if you only have one.
 

If one Jalapeno can not pay for itself, how do you expect 10 to pay for themselves?

Because 1 Jalapeno + 1 PC that suck a assload of power is not as effective as 5 Jalapeno's + 1 PC tat sucks up assload of power.

[P4man]

There are plenty of PCs that run 24/7 anyway.
But if you think electricity cost is at issue here, lets do some math.
Assume the jalapeno is 2.5W.
Average electricity cost in the US is 12¢/kWh. THats ~$2.5 per year.  SO it takes 66 years before your electricity cost exceeds the purchase cost.
Or ~30 years if you use a raspberry pi to drive a single jalapeno.

At current prices, electricity cost is a non issue for these asics. If you have to worry about power consumption, it means you will never ever make a positive ROI on the purchase cost.

[InstantBTC]

How is it you deduce that you can't profit off a Jelapeno? You make no sense. Also, why on earth would you have your jalapeno plugged into your everyday PC, that's dumb too.