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From the BBC:
The company behind a Kodak-branded crypto-currency mining scheme has confirmed the plan has collapsed.
In January, a Bitcoin mining computer labelled Kodak KashMiner was on display on Kodak's official stand at the CES technology show in Las Vegas.
But critics labelled it a "scam" and said the advertised profits were unachievable and misleading.
Now the company behind the scheme says it will not go ahead. Kodak told the BBC it was never officially licensed.
An up-front investment of $3,400 to rent a box that will generate $375 a month in bitcoin? I hear the word "ponzi" on the breeze...
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Kodak Bitcoin Kashminer Turns Out to be Scam
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
When I met th'POPE back in '58, I scrubbed him with a MILD SOAP or
DETERGENT for 15 minutes. He seemed to enjoy it ...
(Score: 4, Insightful) by bob_super on Tuesday July 17 2018, @12:38AM (7 children)
> "An up-front investment of $3,400 to rent a box that will generate $375 a month in bitcoin?"
Is there a youtube video of the guys behind this scheme trying to answer the basic question "Why do you share rather than keep the boxes and the profits, given the amazing 9-month ROI?"
I really really would love to know how you can spin that one with a straight face.
(Score: 3, Interesting) by Anonymous Coward on Tuesday July 17 2018, @01:14AM (3 children)
P.T.Barnum... there's a sucker born every minute.
Everyone seems ripe for a few fast ones before they wise up.
Myself included.
Their specialty is in finding those who haven't wised up yet. Once they have been around the bush a few times, they will become just a cynical as the rest of us.
Those who won't wise up are condemned to pay tuition for the same lesson over and over and over.
I learned that one of the most expensive things on this planet are handshakes with men wearing suits.
(Score: 0) by Anonymous Coward on Tuesday July 17 2018, @03:03AM
There is a lot more money to be made from pulling fast ones than there is in cultivating trust.
It may have taken a family and a church 20 years to raise a child from a baby to a trusting obedient order follower.
Once the sheep have become skittish, now you have to go chase 'em down and confine them, maybe even have to kill 'em, to shear them again. Poor shepherd indeed that has his sheep so distrusting they run away from the shepherd.
(Score: 3, Interesting) by FatPhil on Tuesday July 17 2018, @03:23AM
https://petapixel.com/2018/01/11/kodak-kashminer-bitcoin-miner-rent-3400/
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 4, Funny) by realDonaldTrump on Tuesday July 17 2018, @05:34AM
I think we need P.T. Barnum right now. We don't have him. But we have me. And I hear from many people that I'm a lot like him. But in many ways, much better. Little story about P.T. Barnum, he ran a museum. Folks would pay to go in, they'd look around for a long time. It got very crowded, it was cutting into his profits. Too many visitors! So he put up a sign, "this way to the egress." Folks would follow the sign, they'd end up outside. Locked out. Because "egress" is a fancy word for the exit. A word that a lot of folks didn't know. I don't talk like that. and I don't write like that. I use words everyone knows. I have many many words. But I stick to the simple ones. And folks love me for it!!!
(Score: 0) by Anonymous Coward on Tuesday July 17 2018, @03:06AM (1 child)
I do not know what kind of up-fronf arrangement there is, but "generate $375 a month in bitcoin" will cost you about 375 BTC in electrical bills. Mining in a llace with average price ov electricity will not be very profitable.
(Score: 0) by Anonymous Coward on Tuesday July 17 2018, @05:58AM
The term "Privatize the Profit, Socialize the Loss" comes to mind when I see this.
Get the money now - and run!
Use Marketing and Business skillsets to find those who will agree to terms.
(Score: 0) by Anonymous Coward on Tuesday July 17 2018, @06:07PM
Well, the boxes cost them less than $3,400, so they're making a chunk of change reselling the box. Also, if the boxes generate more than $375 per month they keep the extra. So they are getting suckers to fund the boxes and generating free bitcoins.