Category Archives: BBC

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Kodak-Branded Bitcoin Mining Scheme Collapses Amid Scam Rumors

A Bitcoin mining scheme working under the Kodak brand has ceased operations, while Kodak has told the BBC it never officially licensed the project.

The Kodak KashMiner was launched in January this year and featured on the official Kodak stand during the CES technology show in Las Vegas. Critics accused the scheme of advertising unachievable profits and misleading information from the start, labeling the venture a scam.

Project history

Spotlite USA is the company behind the KashMiner and is one of several companies that are legally licensed to use the Kodak brand on its own products.

The business plan offered in January detailed a scheme that would allow people to rent the machines at an upfront fee of approximately USD 3,400, with the miners allowed to keep the Bitcoins they were rewarded.

During this time, Spotlite’s chief executive Halston Mikail claimed 80 devices were already in functional operation, with future plans to install hundreds of hardware units at the official Kodak headquarters in New York that benefits from its own on-site power plant.

However, a spokesperson for Kodak informed the BBC that not only had this not occurred in the New York office, but Kodak had never officially licensed the KashMiner specifically.

Mikail confirmed that the US Securities and Exchange Commission was responsible for canceling the operation and said instead that Spotlite would use the equipment at a private mining farm in Iceland.

Problematic promises

After paying the upfront costs to rent the hardware, Spotlite advertised monthly earnings of USD 375 months for the following two years. Those familiar with the logistics of Bitcoin mining found this figure to be problematic.

Accusations against Spotlite claimed that its internal analysis did not take into account the increasing difficulty of the mining process. Economist Saifedean Ammous was among the vocal skeptics, who pointed out there was no way the KashMiner could produce exactly USD 375 each month.

 

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Image Courtesy: Pixabay

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Bitcoin at over $100,000 Says Wall St Veteran Max Keiser

In a conversation with Bitcoinist, Max Keiser, American broadcaster, filmmaker and Wall Street Veteran, has said that he envisages that the crypto giant Bitcoin “will top USD 100,000”.

Timothy Maxwell ‘Max’ Keiser currently hosts the Keiser Report on Russian state media channel RT. Until 2012, Keiser anchored the news analysis program On the Edge on Iran’s Press TV. Elsewhere, he has hosted business analysis programmes for BBC Radio 5 and BBC World News and produced the TV series, People and Power, for Al-Jazeera.

Keiser was quick to point out in the interview that his show was the first to cover Bitcoin back in 2011, arguing that it “fulfills Aristotle’s 4 conditions of money nicely”.  It must be durable, portable, divisible (have fungibility) and it must have intrinsic value.

Keiser maintains that with extremely low interest rates prevailing around the world, there is absolutely no incentive to save. Thus, due to poor investment practices and a “horrendous capital allocation trend”, an unsustainable bubble has been created: “an economy of artificially inflated stocks, bonds, property, and art”. He maintains that Bitcoin, along with gold, remain outside this bubble, although he sees altcoin Bitcoin Cash as “dodgy”, riding on the back of Bitcoin’s success.

Recent developments and comments surrounding investor and magnate George Soros and The Rockefellers were seen by Keiser as evidence that futures contracts could be used to build much bigger positions. He sees George Soros attempting to “corner” the bitcoin market, borrowing at 0% and accumulating “a huge position”.

In this scenario with the added financial impetus offered by big players, Keiser says Bitcoin can only go “a lot higher”, predicting a long-term target for the virtual currency of USD 100,000, based on “a Soros dump”.

Apart from Keiser’s appearances he has appeared as a financial pundit on a number of news networks. He was the creator, founder and CEO of HSX Holdings/Hollywood Stock Exchange and co-invented the Virtual Specialist platform on which the Hollywood stock exchange operates. The technology allowed traders to exchange virtual securities such as the Hollywood Dollar.

 

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