ViaBTC stops trading

Another Chinese cryptocurrency stops trading; Bitcoin continues to fall
15 September 2017   932

Crypto-currency exchange ViaBTC announced the termination of work since September 30, 2017. This decision was made in the light of the statement of the People's Bank of China on the ban on the ICO and against the backdrop of numerous rumors that the activities of the exchanges will also be prohibited.

The mining pool and the cloud-mining service, as assured by the company, will continue to work.

The official statement of ViaBTC says that the site viabtc.com will be closed on September 30 in the territory of mainland China. Over the next two weeks, the exchange intends to complete the process of withdrawing funds to user addresses.

Trading operations, registration of new users and acceptance of deposits will be stopped as early as September 25, and on the last day of the month the site will be completely closed.

As noted in the message, since the opening of the exchange in June 2017, its customers have become more than 100k people worldwide.

Bitcoin chart

With all this China related news, Bitcoin continues its rapid fall. Lost almost 20% in 24 hours.

Top cryptocurrencies
Top cryptocurrencies

As you can see on the chart above, Bitcoin average price is $3118.27. Also, all top ten cryptocoins continues their fall too. Ethereum lost almost 20% too ($218.88); Litecoin lost more almost 30% ($42.32)!

'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.