Poloniex to disable deposits and withdrawals of Bitcoin

Poloniex Exchange's plans to handle potential BTC network disruptions
25 July 2017   3032
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

A leading cryptocurrency exchange offering a wide variety of digital assets, Poloniex, announces its plans concerning potential Bitcoin network disruptions as there are a number of proposals for technical changes to Bitcoin that may take effect in the coming weeks.

As the team claims, Poloniex takes no position on the desirability of any particular proposal nor does it have a stake in any outcome. As reported, the primary concern is protecting its users and their tokens.

We will be disabling deposits and withdrawals of Bitcoin (and all BTC related tokens) any time we deem necessary to ensure that all tokens stored on Poloniex remain safe.
 

Poloniex Team

The length of any possible downtime is unknown as this is highly dependent on network stability, the team details on its blog. Trading will be unaffected during these periods.

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

Poloniex also highlights that the exchange cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split. Even if two viable blockchains emerge, Poloniex may or may not support both and will make such a decision only after they are satisfied that they can safely support either blockchain in an enterprise environment.

Another important remark made is that if the exchange decides to support and make available derivative blockchain tokens after a blockchain split, note that if you have your tokens on loan at the time of a split, Poloniex cannot distribute the derivative tokens to you, the lender, as you would not possess them. Such loaned tokens can leave the platform. 

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The feedback to the announcement is rather ambiguous. Thus, some users are not happy with the status quo, let along the breaking news concerning the disabling deposits and withdrawals of Bitcoin.

'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.