CFTC explains cryptocurrency to general public through their new website

CFTC unveils a new informational portal for educating the public about digital commodities
19 December 2017   525

Just as the bitcoin futures become a thing, US Commodity Futures Trading Commission (CFTC) fires up a website in hopes of educating general public about cryptocurrencies and digital assets in general. The site features a variety of materials and links, such as CBOE and CME Group futures launch dates and CFTC own releases, like an October primer about CTFC siding with US SEC on the matter of ICO tokens being commodities.

The press release about the website states that financial technologies have the potential for significant, if not transformational impact on markets regulated by the Commission, and even the agency itself. One of the recent marketplace developments, which proved this point, is the rise in the prominence of virtual currencies, especially Bitcoin.

The release probably represents the trend of normalization and acceptance of Bitcoin in the eyes of the agency. In 2015 CFTC classified Bitcoin as a commodity, and now, the CFTC's chief commented, that even up to this day Bitcoin is still an unusual kind of commodity by any old standard. And today, when the same challenge is presented to SEC, the CFTC aims to support its fellow government branch.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   116

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.