Is Kodak Coin a Scam?
By| January 14, 2018
Kodak Coin was announced to much confusion last week at CES. Beyond they coin, they also announced a mining computer, that most discarded as a complete scam, as it didn’t take into account the average of a 15% decline in revenue per month while mining bitcoin.
The initial coin offering for Kodak Coin is January 31, 2018
Photo Rumors has summarized a whole bunch of coverage on the new Kodak Coin, and there isn’t much said that’s all that positive about the new crpytocurrency.
“But what you definitely didn’t hear about (and that we were only made aware of this morning via MarketWatch) was that apparently on January 8th, the day before the big announcements, seven members of Kodak’s board of directors had acquired derivative securities (which are convertible into common stock); this according to SEC filings. So, in other words, the day before this major announcement many members of the board of directors got in a position to take advantage of the growth in Kodak stock when the announcements hit the following day. In fact, of those seven directors, two of them made stock sales on the 9th, and two more of them converted the derivatives they had just acquired and converted them into stock before selling them. So, four of the seven directors of Kodak made money on the announcement…” (Thephoblographer)
We found a deleted page that reveals the paparazzi roots of Kodak Coin: “The evidence strongly suggests that Kodak Coin is the re-branding of an initial coin offering called RYDE coin that never got much attention and was apparently aborted days before Kodak Coin was announced. Until recently, the project had a page on the crowdfunding site Start Engine. The page is no longer there, but Google cached a copy of the site on January 3.” (Arstechnica)
Despite being branded under the slogan “in math we trust,” Kodak’s proposition is indeed difficult to fathom from a mathematical perspective. As Ammous notes, given changes in Bitcoin block difficulty, anyone purchasing the two-year contract now would face ultimate gainsin 2020 amounting to around 30% of their upfront payment. This is far from the $9000 or $5600 gains the company promises.
Head over to Photo Rumors for even more news about the new Kodak Coin.