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.