Poloniex supports sanctions against Russia

Poloniex supports sanctions against Russia by the termination of services to the Russian citizens
21 August 2017   3077

Poloniex, one if the biggest and most influential cryptocurrency exchanges, has updated its terms of use. Among the other provisions in paragraph one, there are now a couple of sentences which, in fact, support sanctions against Russia by the termination of services to the Russian citizens.

Poloniex Terms Of Use  Poloniex Terms Of Use 

The Poloniex customers from Russia claim that this problem is serious. They indeed now have to withdraw their funds as they begin to receive the emails:

Poloniex emails Russian users Poloniex emails Russian users

How this will affect the financial position of the exchange (as Russian miners and traders are quite active) and its reputation, remains to be seen.

Notably, not only Russia will be affected, but also other embargoed countries among which are also Crimea (region of Ukraine), North Korea and others. 

'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.