Bitcoin crashes due to "plans" of China

According to some sources, China plans to shut local exchanges; Bitcoin lost %7 in 24 hours
08 September 2017   39054

Having lost about the 20% of its price due to China ban of ICOs, Bitcoin gets new hit: Caixin reports Chinese authorities plan to shut local Bitcoin exchanges.

The supervisory authority has decided to close the exchange of virtual currency in China , which involves all the currencies and currencies of the currency , such as "currency line", "coins" and "Bitcoin China."
Journalists confirmed the news from the person who came close to the Internet Financial Risk Special Rectification Working Group (hereinafter referred to as the Leading Group) and learned that the resolution had been deployed to the local level.
In other words, the future in China can not have the so-called virtual currency and the currency between the trading platform.
 

Caixin report

So, Caixin suggests regulators are seeking a shutdown of exchanges as part of the ICO ban imposed earlier this week. 

Well, what's the market reaction? Let's check Bitcoin price chart for this week.

Bitcoin price chart
Bitcoin price chart

As you can see on the picture above, Bitcoin got a big "hit" on the 5th of September, just started to recover. Now he's down again.

Top ten cryptocoins
Top ten cryptocoins

Top ten cryptcoins are falling down along with Bitcoin. 

From the point of $4008 at Monday, Bitcoin regained all its lost ground, only to lose half of it once again.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   137

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.