ShapeShift to exit Washington State

ShapeShift exchange to exit Washington State due to the BitLicense-style regulations
31 August 2017   1053

ShapeShift, one of the leading instant digital asset exchanges supporting dozens of blockchain tokens, stops working in Washington State.

The company claims that the decision is due to a new law, “Senate Bill 5031”, that should require a license for blockchain service providers operating in the state. 

Under this interpretation of the law, we would now be required to ask permission from Washington before we buy and sell our own property for our own account. Moreover, we would be required to spend hundreds of thousands of dollars to maintain a license, only to extract our users’ personal information and store that information for hackers to steal.
 

ShapeShift team

In addition, the company argues that this position "endangers customers, stifles growth, and generates unnecessary frictional costs for young innovators". 

We believe the position that Washington’s regulators have taken is unethical, wasteful, and reckless. ... As in New York, the future of finance will no longer flourish there.

ShapeShift team

Finally, as ShapeShift recently acquired one of the world’s leading hardware wallet companies, KeepKey, based in Washington, KeepKey will now be moving its headquarters away from the State permanently.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

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.