Money Why You Should Avoid Kodak's Bitcoin Scheme

17:57  12 january  2018
17:57  12 january  2018 Source:   Lifehacker Australia

Kodak enters cryptocurrency market with 'KodakCoin'

  Kodak enters cryptocurrency market with 'KodakCoin' The iconic company isn't too old to learn some new tricks.Kodak, the company that made its name in the era of film cameras, is keeping competitive in today's digital market by now offering 'KodakCoin'.

Just like your friend from university who won't stop posting about it on Facebook, Kodak is really into cryptocurrencies. During CES 2018, the company announced a two-pronged blockchain strategy: 1) Its own cryptocurrency called KodakCoin designed to improve image rights for photographers, and 2)

Here’s what’s wrong with KashMiner, and why you should probably avoid it at all costs. On the surface, Kodak ’ s claims almost seem to add up. 9,000 total over two years) based on the current value of Bitcoin and current mining rates, but that’s exactly where this entire scheme falls apart.

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Kodak announces its own cryptocurrency and watches stock price skyrocket

  Kodak announces its own cryptocurrency and watches stock price skyrocket There’s a growing list of companies that have added language about blockchain or cryptocurrency into their names and mission statements, and it makes sense. KodakCoins will work as tokens inside the new blockchain-powered KodakOne rights management platform. The platform will supposedly create a digital ledger of rights ownership that photographers can use to register and license new and old work. Both the platform and cryptocurrency are supposed to “empower photographers and agencies to take greater control in image rights management,” according to the press release.

I find hard to comprehend why I should buy 1 bitcoin when I do not know the true value of what it can really do, nor can I see or touch it. What I only know is that there is a resell value. That being said, you can certainly make money in a bubble.

Here’s what’s wrong with KashMiner, and why you should probably avoid it at all costs. On the surface, Kodak ’ s claims almost seem to add up. 9,000 total over two years) based on the current value of Bitcoin and current mining rates, but that’s exactly where this entire scheme falls apart.

Just like your friend from university who won't stop posting about it on Facebook, Kodak is really into cryptocurrencies. During CES 2018, the company announced a two-pronged blockchain strategy: 1) Its own cryptocurrency called KodakCoin designed to improve image rights for photographers, and 2) a Bitcoin mining scheme called KashMiner where customers can rent equipment and allegedly make money over a two-year period.

That first one isn't a terrible idea. It uses blockchain technology to solve a legitimate issue, and Kodak's well-established brand could help popularise the idea of a public ledger for image rights to ensure that photographers get paid for their work. However, the second announcement is quickly being written off as a scam and proof that the Bitcoin bubble is dangerously close to popping.

A major bitcoin conference is no longer accepting bitcoin payments because the fees and lag have gotten so bad

  A major bitcoin conference is no longer accepting bitcoin payments because the fees and lag have gotten so bad The North American Bitcoin conference has stopped accepting bitcoin payments for tickets due to fees and congestion associated with the cryptocurrency.While interest in the digital currency has exploded over the last 12 months, pushing its price up from $US800 to $US15,000, the network has buckled under the strain. Users face fees of upwards of $US30 on every transaction, which can take hours to process.

Why you should never ignore condition.

Are no bitcoin faucets allowed? Still no answer.. From what i have seen.. alot of these big bitcoin advertising networks will only allow you to advertise once your site is doing 100,000 hits per day. So fuck the new guys.. you guys can fuck off.

a close up of a sign © Provided by Lifehacker Australia Here's what's wrong with KashMiner, and why you should probably avoid it at all costs.On the surface, Kodak's claims almost seem to add up. Essentially, the company is asking you to pay $US3400 ($4351) as an upfront investment to buy a Bitcoin mining rig. Spotlite, which is licensing the Kodak brand for this business, will cover upkeep costs and you'll split the profits. The company estimates that you'll earn $US375 ($480) per month ($US9000 [$11,518] total over two years) based on the current value of Bitcoin and current mining rates, but that's exactly where this entire scheme falls apart.

One of the basic tenets of Bitcoin mining is that it becomes more difficult over time. So the rate of Bitcoin production for one of these KashMiners will drop significantly over the next two years. It's possible (likely, even) that the value of Bitcoin could go up at the same time, but there's no guarantee it will be enough to even out the investment.

Here's why other markets didn't care about bitcoin's latest plunge

  Here's why other markets didn't care about bitcoin's latest plunge If you're concerned that a collapse in the bitcoin price could lead to turmoil in other financial markets, this chart should put your mind at ease. If you're concerned that a collapse in the bitcoin price could lead to turmoil in other financial markets, this chart should put your mind at ease.

In the past few days bitcoins have really been on the rise. It seems like everyday the crypto-currency is on the rise. As for me , i have never owned any bitcoin and i never will. Even if value falls they sell, taking a loss. That' s why they are speculators.

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According to one "Bitcoin economist", the final profits could actually come to just $US2457 [$3144]. That's way less than the $US5600 [$7167] (that is, $US9000 [$11,518] minus the initial $US3400 [$4,351] investment) Spotlite and Kodak promise.

That's pretty far from what's being promised up front, and considering how volatile Bitcoin can be, you could end up off even worse. The only real winner here may be Kodak's stockholders, who saw the company's value jump 60 per cent after this week's announcements.

How the technology behind bitcoin could change your life, even if you never buy a single coin .
Blockchain is the technology that underpins bitcoin, but it has many other applications.Simply put, blockchain is like a ledger book that can be group-edited by people in the cloud. There's no central company or government that has to verify a transaction, which means thing can move more quickly. As changes are made, it keeps a public log of what changed, when and how. For that reason, it's very difficult to fake a change or gain access to the log if you're not supposed to. The records also aren't tied to your name, so it makes blockchain another more secure way that people can exchange data.

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