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Kodak Bitcoin Kashminer Turns Out to be Scam

posted by mrpg on Tuesday July 17 2018, @12:00AM   Printer-friendly
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...

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  • (Score: 1) by khallow on Tuesday July 17 2018, @02:35AM (1 child)

    by khallow (3766) Subscriber Badge on Tuesday July 17 2018, @02:35AM (#708182) Journal

    or, in other more annoying cases, completely honest investments like pension plans.

    Note the characteristic of paying off existing investors with funds from new investors. There's some notable examples of pension plans that work just like that, for example, US Social Security or any pension fund that has depleted its investment base. But I would agree in excluding those from the category of "completely honest investments".

  • (Score: 2) by realDonaldTrump on Tuesday July 17 2018, @05:09AM

    by realDonaldTrump (6614) on Tuesday July 17 2018, @05:09AM (#708215) Homepage Journal

    Trust me, I'm not touching Social Security or Medicare. Until Day 1 of my second term!!!