BitPay makes scandalous announcement on SegWit activation

BitPay makes a scandalous announcement on the upcoming SegWit activation
18 August 2017   1564

BitPay, one of the world's leaders in Bitcoin payments, made an announcement concerning the recommendations on the need to update the software of the nodes before the next week activation of the Segregated Witness (SegWit) protocol.

However, the community immediately noticed that the company insists on activating the BTC1 client, that is the code underlying the SegWit2x offer and in fact proposes to abandon the Bitcoin Core client.

For now, 100% of the miners already support the Bitcoin Core code signalling in support of the protocol. Thus, no separate code is required for this, especially since the fixation of SegWit has already taken place.

BitPay, in its turn, offers the operators of the node to perform another update, this time to the BTC1 client, which, in addition to activating SegWit, also provides for the network's hard-fork with an increase of the block size to 2Mb.

In fact, BitPay tries to mislead the users, because, as noted above, no additional update is required to support SegWit.

The news caused a great resonance in the cryptoworld society.

Thus, Peter Todd, the developer of Bitcoin Core directly accuses BitPay of fraud as the company does not mention SegWit2x anywhere in its record, activation of which is provided by the BTC1 client. Instead, BitPay uses the term SegWit exclusively.

SegWit activation is to take place on August, 22th, so we'll keep you updated.  

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   132

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.