Kodak Soars 77% on News it Will Launch "KodakCoin" Cryptocurrency

Kodak wants in on the hype. It announced its own cryptocurrency today, the KodakCoin.

Today Kodak hopped aboard the Crypto Bandwagon with a “major blockchain initiative.”

The company and WENN Digital announced Tuesday the launch of the KODAKOne image rights management platform and KODAKCoin, a photo-centric cryptocurrency.

For its part, Kodak acknowledged in its press release that blockchain, like cryptocurrency, is a “hot buzzword” right now, but CEO Jeff Clarke said that the technology will actually prove useful in the company’s case. “For photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” he said in the release.

Asserting Control Over Work

What does the KodakCoin have to do with the unsolvable problem of photographers "who’ve long struggled to assert control over their work"?

Absolutely nothing!

It's a digital coin stupid. It's possible that blockchain technology will be of some use in regards to the stated mission, but the coin is pure nonsense.

Companies needing to resort to hype to boost share price are more than likely solid long-term shorts. Kodak went bankrupt once. It's share price looks as if it may have been headed there again.

I have not followed the company for years, and have no position, but this is nothing more than a clear gimmick to boost share price, and an obvious one at that.

Mike "Mish" Shedlock

Comments (22)
No. 1-22
AWC
AWC

Long Lowes. Went down to pick up $16 worth of misc. hardware the other day. Got a 1961 dime back, among my change.

Vitos
Vitos

I thought this was a joke when I saw the headline, but it's not.

Sechel
Sechel

When a company long forgotten and half dead sees it stock rise simply by announcing an intention to join the crypto-currency trend, you know this is a mania and there's an obvious short

Blacklisted
Blacklisted

Your ignorance on this topic is breathtaking, and will be on full display by the end of Feb (March latest). Have you actually done any research? Do you think Kodak is the only company looking to take advantage of the blockchain?

KidHorn
KidHorn

There are clearly no signs of a cryptocurrency/blockchain bubble anywhere to be found.

Blacklisted
Blacklisted

The big question is, with no other solution being offered when the current debt-based fiat system implodes over the next 3 yrs, why are you so quick to condemn a solution that so many companies and technologist think is so viable?

Corto
Corto

Can I use my KodakCoin to buy stuff at pets.com?

Mike Mish Shedlock
Mike Mish Shedlock

Editor

"Your ignorance on this topic is breathtaking, and will be on full display by the end of Feb (March latest). Have you actually done any research? Do you think Kodak is the only company looking to take advantage of the blockchain?"

By all means, please enlighten us with your brilliance. Please start by telling us how the KodakCrypto will accomplish the stated mission of helping photographers protect their assets.

TFMKTS
TFMKTS

One of many companies benefitting from associations with crypto or blockchain.
https://www.themaven.net/tfmarketadvisors/macro-reports/et-tu-kodak-F6flG2pWyUK6ZumqTArq_g easy to dismiss, but KODK does have a history of innovation and some resources - so I'm skeptical, I did think the initial headline was from the onion, but not quite so dismissive.

Snow_Dog
Snow_Dog

Kodak stayed with film as the onslaught of digital photography was in full fury. They are among the least likely of folks that I would trust to know where things are heading toward in a digital world.

tollsforthee
tollsforthee

Hi, Mish - Longtime lurker, first-time poster. Your inadvertent typo, "its own ctrptocurrency today" gave me an obvious mash-up.

"Craptocurrency."

Well, back to lurking, clearly I have very little to add.

Mike Mish Shedlock
Mike Mish Shedlock

Editor

Thanks Tolls - Fixed

Blacklisted
Blacklisted

One does not need to be brilliant to understand the value of the blockchain. One just needs to be open-minded and ask themselves a few basic questions, like, are there efficiencies to be gained by eliminating middlemen? The Internet certainly helped, but did it eliminate all the waste?

One simple example is an accounting solution. Currently when small businesses need to factor (finance) their receivables they must rely on a bank, which takes a large cut for this short-term lending. The blockchain allows anyone to finance a companies receivables for a fraction of the cost. Populous is one of the companies wanting to provide this more efficient solution - https://populous.co. Since factoring is the largest revenue stream for many banks, it's easy to understand why bank execs are so negative on cryptos. It's the same reason money managers are so negative, as cryptos are competing for assets.

There are thousands of businesses like Populous that are aiming to improve supply chain efficiencies. Govts, including our own, are investigating how to utilize the blockchain to make improvements. Are some fraudulent and will some fail? Of course, but how can you root against it, especially when there is no alternative to replace the current debt-based fiat system?

I'm not sure what Kodak's solution entails, but I envision it as a peer-to-peer method of making sure photographers get paid directly from the user of the picture.

One thing is clear, the only thing the establishment hates more than Trump is Bitcoin. It's not that they don't understand it - they do. They just hope the rest of us don't figure it out, which is why they employ FUD (Fear, Uncertainty & Doubt). Fortunately, just as we have seen with Trump, the more the establishment piles on, the more their hand of desperation is exposed, and the more conterproductive their efforts. In other words, your wasting your time bashing it. It's peer-to-peer, and the silent majority is sick and tired of centralized systems that only get more corrupt with more power.

Stuki
Stuki

Not sure photographers are all that well served by adding currency risk to their already somewhat risky payment streams. Crypto currencies are the correct way to do currencies. But they are still currencies. Hence need widespread adoption to be useful. Kind of hopeless to get paid in KodakCoin, if you have to pay studio rent in RentCoin, taxes in FedCoin and buy Milk and Bread in MilkCoin and BreadCoin. Each coin of which demonstrate Bitcoin levels of volatility with respect to each other….

PodUK
PodUK

Blacklisted: Do you even understand the role of banks as a financial "middleman"? That's a rhetorical question. Here's an idea I am certain you'll love; let's form a company that "cuts out the bank middleman" for the purchase of new homes and new cars.

RonJ
RonJ

It's a Kodakcoin moment.

Sechel
Sechel

This is definitely another tulip. Kodak opened close to $13.00 today

Sechel
Sechel

Red this in the Atlantic and it seemed so appropriate

It is officially silly season in the land of cryptocurrency. To borrow a reference from the show Portlandia, this is the “put a bird on it” stage of crypto, where seemingly every multinational company, small business, and fledgling entrepreneur is desperately slapping blockchain onto press releases and venture-capital pitches.

CautiousObserver
CautiousObserver

What does the KodakCoin have to do with the unsolvable problem of photographers "who’ve long struggled to assert control over their work"?

I like the occasional brain teaser, so I will take a W.A.G at answering this question. This is only a guess:

  1. Kodakcoin might use the non-fungible Etherium token standard #721, similar to CryptoKitties. Since “currency” must be fungible, “Kodakcoin” would technically be a token and not a cryptocoin or cryptocurrency.
  1. The press release states the “KODAKOne platform provides continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system.”

Presumably this means any registered, licensed image would contain an imbedded code that ties it to a sale or lease recorded in the KODAKOne blockchain and the registered purchaser of said work would need to keep its use of the material updated on the KOKAKOne blockchain. If a registered image discovered on the Web did not contain a code corresponding to the registered IP address where it is found online by a web crawler, then a copyright violation would be recorded and the registered owner of the unauthorized IP address would be notified.

My head spins thinking about how much activity this would add to the Ethereum network. Considering the trouble with “birthing” CryptoKitties, I would expect this to bring Ethereum to its knees if it were implemented today. Also, since the press release refers to this as the “KodakCoin cryptocurrency” and not the “KodakCoin token,” I agree the story does read like just another instance of dead weight being hitched to the crypto bubble.

CautiousObserver
CautiousObserver

(Obviously the numbered list above was meant to read 1, 2...)

Blacklisted
Blacklisted

Cautious Observer, here is Mish as he read your comment ...https://youtu.be/acI12jO0HSQ.

Just as internet speeds have increased by many orders of magnitude over the last 30 years, transaction speeds for cryptos will do the same. Look at how much faster Litecoin is over Bitcoin (150 times faster) - https://www.cnbc.com/2017/12/14/bitcoin-ether-litecoin-ripple-differences-between-cryptocurrencies.html