Is Kodak Coin a Scam?

Canon Rumors Guy

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Jul 20, 2010
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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.</p>
<p>The initial coin offering for Kodak Coin is January 31, 2018</p>
<p><a href="https://photorumors.com/2018/01/14/the-story-behind-the-new-kodak-cryptocurrency-is-getting-weirder-by-the-day-is-it-a-scam/">Photo Rumors</a> 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.</p>
<blockquote><p>“But what you definitely didn’t hear about (and that we were only made aware of this morning <a href="https://www.marketwatch.com/story/kodaks-stock-pulls-back-directors-disclose-derivate-securities-purchases-before-recent-run-up-2018-01-11?siteid=yhoof2&yptr=yahoo" target="_blank" rel="nofollow noopener">via MarketWatch</a>) 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…” (<a href="https://www.thephoblographer.com/2018/01/12/kodaks-shady-ces/" target="_blank" rel="nofollow noopener">Thephoblographer</a>)</p>


<p>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 <a href="https://webcache.googleusercontent.com/search?q=cache:hp219DhY7ZIJ:https://www.startengine.com/wenn+&cd=1&hl=en&ct=clnk&gl=us" target="_blank" rel="nofollow noopener">cached a copy</a> of the site on January 3.” (<a href="https://arstechnica.com/tech-policy/2018/01/kodak-apparently-re-branded-a-paparazzi-licensing-platform-as-kodak-coin/" target="_blank" rel="nofollow noopener">Arstechnica</a>)</p>
<p>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.</p></blockquote>
<p><a href="https://photorumors.com/2018/01/14/the-story-behind-the-new-kodak-cryptocurrency-is-getting-weirder-by-the-day-is-it-a-scam/">Head over to Photo Rumors</a> for even more news about the new Kodak Coin.</p>
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Don Haines

Beware of cats with laser eyes!
Jun 4, 2012
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Beer is a better investment....,

Put your $1000 into beer instead of Kodak Coin...... when the crash comes, the empties will be worth more than the crypto coin.....
 

brad-man

Semi-Reactive Member
Jun 6, 2012
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Don Haines said:
Beer is a better investment....,

Put your $1000 into beer instead of Kodak Coin...... when the crash comes, the empties will be worth more than the crypto coin.....
Absolutely. At least you'll know where the beer went :)
 

aceflibble

EOS RP
May 8, 2015
296
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Literally all cryptocurrency is a scam. Atrociously terrible for the environment, expensive to 'mine', and not actually worth a single penny except to other prospectors and the dark web.

It's basically like buying a bunch of dynamite and throwing it randomly at a mountain, hoping you might find gold to buy designer drugs and hacked celebrity photos.
 
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Don Haines

Beware of cats with laser eyes!
Jun 4, 2012
8,129
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It is what is known as a Fonzie scheme.....

A Fonzie scheme is quite similar to a Ponzi scheme, except that you feel cool while you loose your money, and when you try to figure out where it went, some guy in a motorcycle jacket says "HEYYYYYY!!!"
 
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Feb 21, 2017
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aceflibble said:
Literally all cryptocurrency is a scam. Atrociously terrible for the environment, expensive to 'mine', and not actually worth a single penny except to other prospectors and the dark web.

It's basically like buying a bunch of dynamite and throwing it randomly at a mountain, hoping you might find gold to buy designer drugs and hacked celebrity photos.
Throwing all crypto currency under one label right now is a mistake, there are some very valid and innovative projects and of course many imitators and scams that come with a new and growing market.
The fastest way to transfer money from the US to UK was by putting cash in a briefcase and flying from NYE to London as the banks take several day to process and take a fee along the way, now I can send funds in a few minutes and no third party touches it.

Many smart people advocate and have very positive thing to say about the technology. They include Bill Gates (Microsoft), Peter Thiel (Paypal), Richard Branson (Virgin), Paul Buchheit (Gmail), Ben Bernanke (Federal Reserve). I don't claim to be smarter than any of them.

Kodack coin though I do not think is a viable product, it also looks bad when they just stuck their sticker over another companies mining hardware :S
 

Hector1970

EOS 6D MK II
Mar 22, 2012
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I'd crypto currency will go through many ups and downs and crisises but I think is there for the long run.
It's very convenient for hot money transfer and the black economy. There will always be a demand for it.
It will settle down to a regular currency eventually. It's all faith based. You either believe in it or not
 

Tugela

EOS 6D MK II
Feb 12, 2014
855
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Most if not all cryptocurrency are scams. They are essentially Ponzi schemes with no real assets underlying the "growth".
 

slclick

EOS 3
Dec 17, 2013
3,114
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It was real. Then it was a scam, now it has a new and shiny webpage with a board of directors (still a scam)
 

Mikehit

EOS 5D MK IV
Jul 28, 2015
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If enough people buy into it and it takes off, it is the real deal.
If it collapses and takes your money with it, it is a scam.

The problem is not the cryptocurrency, it is the speculators behind it - as the current explosion in bitcoins will testify: buy now and there is plenty of room for it to crash. Is it any different to buying into diamonds? or gold? I guess they used the term 'mining' for that very reason.

The problem with these currencies is that the only capital is the money people use to buy bitcoins. The problem is not bitcoins the problem is people who buy into it without realising what they are doing.
 

LDS

EOR R
Sep 14, 2012
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Mikehit said:
Is it any different to buying into diamonds? or gold? I guess they used the term 'mining' for that very reason.
Gold and diamonds have many industrial uses outside jewellery and "money storage". Today platinum and palladium are well over $1000, rhodium is more valuable than gold - you won't see many people trading in them, but they are essential in many industrial processes and products. Most diamonds are used in industrial production - only a fraction are used as gemstones.

But Bitcoins & C? They actually cost a lot of energy to be "mined" (a term used because they are designed to be scarce and hard to "find"), and outside being used to transfer money they are actually useless. They are more akin to banknotes - their value is purely artificial - and like banknotes they can reach value 0 in very little time. The only difference is they cannot printed at will but for new mathematical discoveries that "breaks" the algorithms they are based upon.
 
Nov 4, 2017
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Has anyone heard about Kodak Coin lately? Though I'm a follower of several cryptocurrency blogs, I haven't read about it for a long time. Frankly speaking, I wasn't sure it would become popular in the very beginning. Though I thought about Bitcoin the same way, but now it is the most popular and the most expensive cryptocurrency.
 
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