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Kodak Announces Its Own Cryptocurrency, Watches Stock Price Skyrocket (theverge.com)

Posted by BeauHD on from the surprise-announcement dept.

Kodak has joined the cryptocurrency craze by launching its own KodakCoin, a cryptocurrency for photographers. As soon as the news was announced, Kodak's stock (KODK) jumped more than 60 percent. The Verge reports: 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. The digital currency is meant to create a new economy for photographers to receive payment and sell work on a secure platform. But while Kodak's proposed blockchain-powered platform and virtual coin sound good on paper, it's not clear why the photography company needs to use blockchain to achieve its goals, rather than just create another social media platform instead. It appears that Kodak, like the other tea and vape companies that received media attention last month for making the abrupt leap to blockchain, could just be trying to capitalize on the current cryptocurrency mania.

10 of 135 comments (clear)

  1. Interesting. by msauve · · Score: 5, Funny

    Can't wait to see what develops.

    --
    "National Security is the chief cause of national insecurity." - Celine's First Law
    1. Re:Interesting. by SeaFox · · Score: 4, Funny

      I fear lots of people will get overexposed and end up washed out financially.

    2. Re:Interesting. by LordKronos · · Score: 5, Funny

      I fear lots of people will get overexposed and end up washed out financially.

      Definitely. This might look like cryptocoin's golden hour, but the market is oversaturated. Every ordinary company is trying frame their product in cryptocoin terms, instead of just staying focused on their core product. Companies keep pulling this crap, but it's only a matter of time until they push it too far and investors see that this shit doesn't pan out they way they say it will. Once one or two fail, get ready to watch the speed at which they all shutter.

    3. Re:Interesting. by jenningsthecat · · Score: 5, Informative

      Definitely. This might look like cryptocoin's golden hour, but the market is oversaturated. Every ordinary company is trying frame their product in cryptocoin terms, instead of just staying focused on their core product. Companies keep pulling this crap, but it's only a matter of time until they push it too far and investors see that this shit doesn't pan out they way they say it will. Once one or two fail, get ready to watch the speed at which they all shutter.

      Outstanding! In one short paragraph you've packed 11 references to photography: 'golden hour', 'oversaturated', 'frame', 'focused', 'pulling', (two meanings there), 'push', 'pan', (another double entendre), 'speed', and 'shutter'. Bonus points for the references that only someone familiar with film photography and darkroom work would get. Well done!

      --
      'The Economy' is a giant Ponzi scheme whose most pitiable suckers are the youngest among us and the yet-unborn.
  2. Now is the time... by OpenSourced · · Score: 5, Funny

    Now is the time for BLOCKBUSTER to join in. That name is just begging to be converted to something-crypto-something-blockchain-something.

    --
    Rome taught me patience and assiduous application to detail. Virtues which temper the boldness of great, general views.
  3. Re:In semi-related news ... by ELCouz · · Score: 4, Funny

    In other news... new rapper named Blockchain see his popularity increase over 9000!!!!!

  4. Next Hi-Frequency Trading bubble in the making by Antique+Geekmeister · · Score: 5, Insightful

    Because cryptocurrency trading requires significant computational resources to occur quickly, expect the same developers and traders who created hi-frequency trading to invest their time and money in cryptocurrency arbitrage. With the current wildly fluctuating currency prices, it leaves them opportunities similar to those in hi-frequency trading on the NASDAQ and other stock exchanges to engage in precisely the same draining of consumer profit out of cryptocurrency arbitrage that these companies perform in more standard currencies and stocks.

  5. Wow! Very nice by 110010001000 · · Score: 5, Funny

    It closed 116% higher and up another 46% in the after hours market. The Golden Times are here now, and they will never end. You can count on it!

  6. Re:Don't have mod points by msauve · · Score: 4, Funny

    Maybe that can be fixed.

    --
    "National Security is the chief cause of national insecurity." - Celine's First Law
  7. Re: Don't have mod points by MangoCats · · Score: 4, Funny

    Too late, you're over exposed.