KODK Too hyped for its own good
Updated
A little background into the new coin Kodak got behind: its main purpose is to use by paparazzi.
"WENN proposes to launch KodakCoin as the native token of the KodakOne blockchain. What does KodakOne do? It trawls the web for unauthorized use of images that WENN holds the rights to. When the system finds a licensing violation, it will settle payments due to photographers using KodakCoin. Kodak didn’t respond to a request for further details about the blockchain project and the licensing agreement.
If a blockchain-based system to track photos on the web sounds far-fetched, suspend your disbelief for a moment. It’s actually a problem that several startups in the blockchain world have tackled, with varying degrees of success. Among them was Mediachain, which did almost exactly what KodakOne plans to do, and was acquired by Spotify last year. Another firm was Ascribe, which used a blockchain to track fine art and other intellectual property."
Think back to when Long Island Iced Tea renamed their company to Long Blockchain and their stock price skyrocketed overnight. The Kodak hype train took off so fast that it will soon derail.
"WENN proposes to launch KodakCoin as the native token of the KodakOne blockchain. What does KodakOne do? It trawls the web for unauthorized use of images that WENN holds the rights to. When the system finds a licensing violation, it will settle payments due to photographers using KodakCoin. Kodak didn’t respond to a request for further details about the blockchain project and the licensing agreement.
If a blockchain-based system to track photos on the web sounds far-fetched, suspend your disbelief for a moment. It’s actually a problem that several startups in the blockchain world have tackled, with varying degrees of success. Among them was Mediachain, which did almost exactly what KodakOne plans to do, and was acquired by Spotify last year. Another firm was Ascribe, which used a blockchain to track fine art and other intellectual property."
Think back to when Long Island Iced Tea renamed their company to Long Blockchain and their stock price skyrocketed overnight. The Kodak hype train took off so fast that it will soon derail.
Trade active
Opened quite a bit lower than yesterday's close, but if you did short sell near the beginning of the day, then you already have significant profit. KODK is down to ~$8.30 in after-hours trading. I'd stay put in this position for a bit longer.
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Still with me?
Be prepared for a dead cat bounce, though.
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I like to switch up between candles, Heiken Ashi, and lines once in a while. FEB16 puts are looking very very good
Trade closed: target reached
My original target was reached today, but I feel like the bloodbath is just getting started. If you followed this idea, hope you enjoyed your gains! For what it's worth, I do believe the bloodbath will continue so your can keep your short positions open if you want.
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how far away was Kodak from bankruptcy before the blockchain hype?
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