when you really want to jump on-board a fad but have no idea what you’re doing…
So let’s start with “Kodak’s” brilliant and innovative rights managements platform…
The KODAKOne image rights management platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform. KODAKCoin allows participating photographers to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and sell their work confidently on a secure blockchain platform. Source: https://www.kodak.com/US/en/kodakone/default.htm?
First off, it’s important that you know that “Kodak” is no longer the Kodak of your childhood. That company is gone, what is left is a company that sells the “Kodak” name to other companies. Virtually every product you see with “Kodak” on it today has nothing to do with the old Kodak.
Now let’s move on… the entire idea “Kodak” has is the same thing that Binded already does… Binded uses a digital ledger to record your images. Binded also makes it convenient for you to register your images with the copyright office. Same general concept, use “blockchain technology” to record a photographers rights and then conveniently license those images out.
The only difference is the inclusion of asinine fads. The company behind “Kodakone” and “Kodakcoin” are using buzzwords to make money… not for photographers… but off of them.
In people’s cryptocurrency fad fueled obsession, they will inevitably make poor choices and “Kodak” is ready to make money off of those poor choices.
Don’t you think it’s odd that Kodak wants to license images and then pay photographers with a currency that it created and controls?
Are people supposed to pay Kodak with Kodakcoin to license images? Will they have to, in essence, purchase Kodakcoin from Kodak with US dollars to use the platform? So Kodak will get real money while both the customer and photographer get a fake, just created, coin?
What’s the purpose of that? ‘Here you go have some kodakcoin as compensation‘ except you can’t use that compensation anywhere to pay for anything… The only way to sell kodakcoin is to claim that it will increase in value. And it will, in the beginning… because people are crazed and making poor choices and don’t understand the abusive nonsensical system Kodak is setting up.
This is the basis of a scam. One person gets real benefits by convincing others that they will eventually get even greater benefits. And eventually, Kodak will walk away with those sweet sweet greenbacks while everybody else is left holding the bag… they will feel scammed and betrayed as the hold their worthless KodakCoin in their KodakWallet after selling their KodakRights with no chance of ever getting their money or possibly even the rights to their photograph back.
But it gets worse… or better if you’re Kodak…
The Scam Type Behavior Continues With the Kodak Kash Miner
Here’s a photo of Kodak’s magic money making machine. pic.twitter.com/wjWeJqMUBF
— Chris Hoffman (@chrisbhoffman) January 9, 2018
It seems that Kodak has also rebranded another company’s crypto-currency mining equipment as Kodak equipment, which it is renting out at over 150% of the equipment’s base cost, with incredibly scammy promises of monthly earnings from your newly rented equipment.
…Kodak-branded bitcoin miner that suggests potential investors could obtain a certain rate of return if bitcoin’s price remained steady. CES brochures of the Kodak KashMiner said that customers who paid $3,400 upfront to rent the devices, would receive a payout of about $375 per month for the next two years if bitcoin averaged a price of $14,000 in that time frame. The brochure noted that the licensing company would take in 50% of the cryptocurrency mined…
…
The problem, he noted, was that the KashMiner proposal doesn’t take into account basic principles of the cryptocurrency. The bitcoin protocol will only release a fixed amount of cryptocurrency per day. As more miners — computer programs that run complex calculations to earn bitcoin — are added and compete with each other, these computations become harder and require more power. To expect computing speeds, known in the cryptocurrency world as “hash rates,” to remain steady “is ridiculous,” said Nicholas Weaver, a lecturer at the University of California, Berkeley.
…
Nicholas Rangel, a Kodak spokesperson, refused to answer questions about the calculations that went into the marketing brochure, which featured an all-caps tagline “IN MATH WE TRUST.” He said that the company would make an official announcement about the program in two to three weeks and also declined to say what company actually made the machines.
Source: https://www.buzzfeed.com/ryanmac/experts-call-kodaks-bitcoin-mining-scheme-a-scam
That is simply crazy.
“look at all the money you’ll eventually make!!! monthly payments!!!”
I’m surprised they didn’t say it’s the perfect investment for retirees…
It’s all so insanely scammy that it boggles the mind. You are not going to magically make money every month. There is absolutely nothing that says you will make anything each month.
What’s more, did you notice how they’re promising returns in US dollars?
Bitcoin is a currency. It is meant to be a currency. It is not an investment. And they are promising you a return on your investment… your bitcoin… in US dollars.
Then what the hell is the point of bitcoin? If nobody is actually going to use it as a currency then it only exists to be an investment for people want to make US dollars… except it can’t be an investment… because bitcoin is not a company or an organization or anything that produces anything of economic value…
Absolute lunacy.
A word of advice, stay away from Kodak. This is all very concerning behavior that you don’t need to be involved in.