You know that the crypto craze is in full effect when old companies start attempting to attach their products and services to the blockchain and digital currencies. For example, have you ever had the pleasure of drinking a Long Island Iced Tea from the Long Island Ice Tea Corp.?
Well, they have changed their name to… Wait for it… Long Blockchain Corp…
Now it’s Kodak’s turn!
They have recently announced a partnership with Wenn Digital that allows them to create a blockchain and fund it with an ICO. The new platform is called KodakOne and the coin is called, you guessed it – KodakCoin.
Here’s what the LA Times is reporting about how it will be used.
The Kodak systems will enable photographers to register work that they can license and then receive payment. The initial coin offering will open Jan. 31.
“Engaging with a new platform, it is critical photographers know their work and their income is handled securely and with trust, which is exactly what we did with KODAKCoin,” CEO Jeff Clarke said.
read more at latimes.com
I must admit, it does actually serve a real purpose that could lead to the rebirth of a brand long-ridiculed for being put out of business by the very technology it created, digital photography. I guess they aren’t going to let this whole digital thing get pass them this time.
On the other hand…
Embracing the relatively new phenomenon of digital currencies and blockchain has become a sure-fire and controversial way for companies to remake their images — and boost their share prices.
Either way, this offering will be of interest especially because of Kodak’s lasting brand recognition. At the end of the day however, they are just one of well over a thousand cryptos vying for attention.
So what do you think. Is this a smart, long-term play for Kodak to resurrect the dead or just a pump and dump? Let me know in the comments.
Governments are also trying to cash in on the cryptocurrency boom. Venezuela, Russia, Estonia, and others have all announced projects in the works or under consideration so Israel is not alone.
Following in the footsteps of Russia and Dubai, Israel is considering offering a national cryptocurrency – a digital shekel – which would correspond in value to physical shekels.
According to the sources close to the Finance Ministry, Israel’s black market is approximately 22 percent of the country’s gross domestic product. A digital currency, registered with the government of Israel, would make black market transactions less possible.
Additionally, per the news source, the government is considering legislation that would substantially reduce the amount of physical cash in the economy. For example, one suggestion would be a law against paying wages in cash.
As noted, Israel, and other countries, are looking for ways to better track everyone’s purchase behaviors in a highly centralized manner using the blockchain. It wouldn’t be surprising to see this being the first step of a long game to eventually outlaw Bitcoin and any non-state sponsored digital currency.
The controls they could try to enact particularly when moving digital shekels to bitcoin could be disturbing. I’m obviously speculating but the only reason for governments to do this is because they see more efficient ways to control their citizens.
What are your thoughts?
Hello Ladies and Germs! This is that multiple time per year event when the price of Bitcoin takes a major stumble (30+% or more) before coming back stronger within days! Just look at the headlines that piled up yesterday:
Bitcoin plunges: Is its stunning rally over? Cracks are starting to appear in bitcoin’s breathtaking rally.The cryptocurrency slumped to as low as $13,130 on Friday morning in Asia, according to CoinDesk.com. That’s a more than 30% drop in less than a week, having been on the cusp of breaching $20,000 last Sunday. (via CNN)
Bitcoin Price Drops 22% in Four Days As Infighting Goes Public From a Sunday high of nearly $20,000 per digital coin, Bitcoin dropped more than 22% to a price as low as $15,262 on Thursday afternoon. (via Fortune)
Bitcoin prices slide another 13% amid fears big investors are cashing out The price of bitcoin was in the throes of a selloff on Friday, as the cryptocurrency moved all the way below $13,000 at one point and weekly losses … (via Marketwatch)
Bitcoin buyer beware: The crypto carnage could continue, says a real currency strategist Bitcoin saw one of its most dramatic recent price swings yet on Friday, plunging as low as $10,400 per coin and prompting Coinbase to briefly disable trading. While this price action may encourage some to pile in and purchase the cryptocurrency at what appears to be a discount (or “buy the dip”), one foreign exchange strategist has a clear-cut message: Don’t. Boris Schlossberg, foreign exchange strategist at BK Asset Management, said the volatility could continue over the coming week and he wouldn’t step in here to buy. Here are his reasons. Bitcoin as a speculative product has captivated investors this year. The price swings over the last several trading days have proved particularly volatile. (via CNBC)
Now this makes for awesome “see, I told you so” moments for mainstream media. They have been predicting the death of Bitcoin for some time now and they so desperately want to be right!
That didn’t take long… Less than 24 hours…
I, for one, love these dips. It presents another great buying opportunity. I think this is the 3rd or 4th time this has happened this year… Plus, another benefit is seeing these headlines from today:
Bitcoin rebounds after serious slump Bitcoin, which is known to be extremely volatile, sank below $11,000 at one point Friday, according to data from CoinDesk.com. Prices had approached $20,000 as recently as a week ago. Amid the turbulence Friday, one of the most popular cryptocurrency exchanges, Coinbase, said buys and sells might be “temporarily offline” due to high traffic. The price dip came on the back of a few days of bad news for bitcoin, which has still soared by more than 1,000% since the start of the year.
Just another day in the life of cryptocurrencies. Maybe tomorrow it will have another major drop, and rebound? Either way, protect yourself on both sides of the swing!
What do you think of all this madness? Did the price plunge scare you out of the market?
Ripple (XRP) is one of the older crypto currencies but it seems to finally be getting it’s due. Last month they announced a deal with AMEX to help with cross-border payments in Europe. Since then, the price of XRP has risen 4x. This deal continues to prove the viability of cryptocurrencies in general. Even more important is that coins like Ripple are positioning themselves for long term adoption.
The price of Ripple’s XRP token has passed a dollar for the first time in its history.
Most recently, the company announced in late November that Standard Chartered and Axis Bank are launching a new cross-border payments platform built on top of Ripple technology. Just a week earlier, American Express said it was using Ripple’s network to connect Santander clients in Europe and the U.S.
What do you think of these kinds of deals? Does it help separate the wheat from the chaff?
It appears that we may have a reason for Coinbase temporarily pulling the plug on Bitcoin Cash trading. From the looks of it, there may have been a bit of insider trading going on. Here’s the BBC with a quick update:
Coinbase fears its own workers may have exploited its move into Bitcoin Cash – a spin-off of the original Bitcoin.
Coinbase began letting its users buy, sell, send and receive Bitcoin Cash on Tuesday in a surprise decision but has temporarily suspended trade.
The company’s chief executive intervened after several market watchers posted allegations of illegal activity on social media sites.
“If we find evidence of any employee or contractor violating our policies – directly or indirectly – I will not hesitate to terminate the employee immediately and take appropriate legal action.”
Trade of Bitcoin Cash was frozen just four minutes after it began on the firm’s Global Digital Asset Exchange (Gdax) and existing orders were cancelled.
If this is true, then it just shows utter stupidity on the part of those employees as insider trading is always frowned upon and subsequently called out. Greed can get the best of us at time but, tell me, would you have tipped off people you knew even if it means jail time if you are caught? Not sure if those laws apply here but I’m sure Martha Stewart thought the same…
Coinbase announced that you are now able to trade Bitcoin Cash (BCH) within their system today. Given that they are the largest exchange, the news hit the market sending the price of BCH soaring by 50% and Bitcoin (BTC) plummeting up to 25% at its lowest. This is all apart of the inevitable transition as BCH eventually replaces BTC because it offers lower fees, faster processing and more. Long term crypto investment will depend on those improved network factors. Here’s what Techcrunch had to say:
Coinbase has just added full support for Bitcoin Cash (BCH) – meaning you can now send, receive, buy and sell the cryptocurrency. All users will also be credited an amount of Bitcoin Cash equal to their Bitcoin balance during the hard fork that occurred August 1st, 2017.
As a refresher, Bitcoin Cash was created when Bitcoin “forked” in early August, by a group of developers who wanted to alter Bitcoin’s code so the blockchain could process more transactions at a faster speed, as well as require a much lower fee. When Bitcoin core developers disagreed, a group decided to copy and modify Bitcoin’s code to create Bitcoin cash.
In a blog post, Coinbase said they considered ” developer and community support, security, stability, market price and trading volume” when deciding to fully support the digital currency. Additionally, they gave some (brief) rational behind the decision:
What about you? Are you going to invest in BCH? Are you getting out of BTC? There are other prominent investors that are doing just that…
Cryptocurrency speculation is hitting traditional markets hard as well. The SEC stepped in yesterday to temporarily halt the trading of The Crypto Company (CRCW) stock because of a sharp rise in it’s price over the last month. This is all symptomatic of the fervor of anything related to cryptos and blockchains. Here’s what CNN reported on the matter:
The U.S. Securities and Exchange Commission temporarily suspended trading Tuesday in shares of The Crypto Company, whose shares have surged more than 2,700 percent this month. The suspension will last until midnight on Jan. 3, according to a release. The commission cited concerns about the “accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company’s insiders to sell their shares of The Crypto Company’s common stock.
“Questions have also arisen concerning potentially manipulative transactions in the company’s stock in November 2017,” the release said.
Several other small companies have seen their stock surge dramatically after announcements that tied them to bitcoin or the blockchain technology behind the cryptocurrency.
On 10-18-17, the price was around $9. At the time of trading suspension it had hit $575 per share. An amazing run, for sure, but you can see why alarm bells sounded.
Let me know what you think in the comments. Should the SEC have intervened?
Last Friday, Bitpay announced that it was adding a payment option for Bitcoin Cash beginning in early 2018. Since that announcement the price for BCH spiked upward as the market reacted to the news. Here’s a snippet of that announcement.
We added Bitcoin Cash (BCH) support to the BitPay wallet app in September of this year. Since then, we’ve had growing demand from our merchants and their customers to enable Bitcoin Cash support for our payment processing services, too.
We will begin adding support for a Bitcoin Cash payment option this year, starting with BitPay Card loads. All BitPay invoices will include a Bitcoin Cash payment option by default in early 2018.
The BitPay wallet already includes optional Bitcoin Cash support. If you want to use Bitcoin Cash to load your BitPay Card or pay a BitPay merchant, you’ll be able to use your BitPay or Copay wallet.
Does this continue to validate that BCH will eventually replace classic Bitcoin? Leave your thoughts in the comments.