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