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Money Why You Should Avoid Kodak's Bitcoin Scheme

17:57  12 january  2018
17:57  12 january  2018 Source:   lifehacker.com.au

Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild

  Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild Crypto's total market cap hit an all-time high above $US660 billion on Tuesday as so-called alternative coins, or "alt-coins," charged upwards. Meanwhile the largest crypto, bitcoin, lagged behind small rival coins.As the year progressed, and new coins came onto the market, bitcoin's position dwindled. That trend has continued into 2018.

On the surface, Kodak ’ s claims almost seem to add up. Essentially, the company is asking you to pay ,400 as an upfront investment to 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 5 per month

The NBN is a painful political boil on the government' s arse. After the promise of fast 100Mbps connections was squashed by the Abbott/Turnbull government, in favour of a program that said 25Mbps qualified as broadband, there have been all sorts of delays and issues with the service.

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On the surface, Kodak ’ s claims almost seem to add up. Essentially, the company is asking you to pay ,400 as an upfront investment to buy a Bitcoin 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

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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.

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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.

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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. It showed off a Bitcoin -mining computer labelled Kodak KashMiner in January and told the BBC that it planned to let people rent the machines.

On the surface, Kodak ’ s claims almost seem to add up. Essentially, the company is asking you to pay ,400 as an upfront investment to 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 5 per month

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.

Cryptocurrencies: a legitimate investment, or a risky gamble? .
Two experts give their side of the debate on Weekend TODAY.To debate the issue, cryptocurrency investor and advisor Ian Balina and CEO of online investment platform Stockpot Chris Brycki appeared on the Weekend TODAY show to battle it out.

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