China banned ICO

People's Bank of China released official statement, that bans ICOs
04 September 2017   2237

The People's Bank of China issued a banning order for the initial offers of coins (ICO) in the country. This is reported by Silicon Angle with reference to the local edition of Caixin.

The prohibition concerns not only the new initial coin offering. In addition, organizations and individuals who have already conducted an ICO by now will have to return funds to investors.

The decision to ban the ICO came into force last weekend. As a consequence, the large-scale conference on the ICO, which was to be held on September 2 in Beijing, was canceled. Also, the authorities warned all major trading platforms about the official ban of ICO as "illegal financial activity." 

The market reaction was not long in coming.

Top 10 cryptocurrencies
Top 10 cryptocurrencies

As you can see on the screenshot of CoinMarketCap, all cryptocurrencies are losing their positions. Ethereum, Litecoin, IOTA and Ethereum Classic lost over 10% in 24 hours.

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'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


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.