SoylentNews

Kodak Bitcoin Kashminer Turns Out to be Scam

posted by mrpg on Tuesday July 17 2018, @12:00AM   
from the krazy-kodak-kashminer dept.

kazzie writes:

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...

---

Original Submission

• Re:A bit too obvious ... Re:A bit too obvious ... (Score: 0) by Anonymous Coward on Tuesday July 17 2018, @03:06AM (1 child)

  by Anonymous Coward on Tuesday July 17 2018, @03:06AM (#708192)

  the basic question "Why do you share rather than keep the boxes and the profits, given the amazing 9-month ROI?"

  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.

  Parent

• Re:A bit too obvious ... (Score: 0) by Anonymous Coward on Tuesday July 17 2018, @05:58AM

  by Anonymous Coward on Tuesday July 17 2018, @05:58AM (#708228)

  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.

  Parent