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Six days before announcing the new Kodak partnership, WENN digital was trying to release Ryde Coin, a cryptocurrency designed to “benefit the community of countless paparazzi and media conglomerates with whom we do business” – a stark contrast to the words used in Kodak’s press release describing the project’s goal of “Empowering photographers” and “Democratizing photography.” The team turned to KODAK after their project failed to gain traction. Follow Sahm Adrangi on Twitter.
Sahm Adrangi’s Kerrisdale Capital has taken a short position against shares of Eastman Kodak company, a 138-year old commercial printing and imaging enterprise whose stock prices have more than doubled since they announced a partnership with plans to release a cryptocurrency along with a bitcoin mining rig.
On January 9th, Kodak and a newly formed organization named WENN virtual introduced a “primary Blockchain Initiative and Cryptocurrency.” Kodak lended the usage of its brand name to WENN digital to create KODAKOne, a rights management platform for photography professionals that mainly uses blockchain technology and a cryptocurrency that would enable photographers to promote and buy/ sell photos and related services.
who exactly is the team behind the KODAKOne project? with all the media attention Kodak has ignited with this new partnership announcement, it’s slightly odd that the KODAKOne site doesn’t bother to mention a single person from Kodak. Visit The Hedgefund Journal to know more about Sahm Adrangi.
That is for a good reason – now that they have graced the project with its name, Kodak can contribute absolutely nothing else.
At the CES conference, Kodak also announced an even less promising project to which it lended its copyright: the KashMiner. A Bitcoin mining rig seen by most as a scam. Experts in the cryptocurrency scene claim that for the price of the KashMiner (above 3,000 USD) the amount of Bitcoin mined would put the owner at a net loss over a 2 year period, taking into account the increasing difficulty of mining Bitcoin.