Tuesday, February 13, 2018

Photographers Beware of Fake KodakCoin Scam

One of the biggest pieces of photography news for the new year 2018 came straight from Kodak.

And wow was it ever a bizarre piece of press.

Back when Kodak announced a blockchain-based technology for photo rights in January, analysts and photographers were both amused and bewildered.

The market responded positively, at least initially. Most enthusiasts remained on the bench but expressed optimism about the idea that Kodak was going to introduce revolutionary technology to help combat photo theft – the longtime bane of any professional photographer's livelihood.

Image via Tookapic from Pexels.com.

Well, those hopes withered along with the stock boost the announcement brought. After scrutiny, a lot of questions about KodakCoin seemed to mirror the issues raised with other cryptocurrencies – namely, is this a legit thing?

Nonetheless, Kodak remains undeterred and is moving forward with their plans to introduce blockchain technology for photo right’s management and KodakCoin, its cryptocurrency offering, is part of that plan.

Except for a few scammers on the Internet hope to ruin that part of the deal for Kodak as well.

The company was forced to issue a statement warning consumers that its official crypto offering, KodakCoin, was not yet available and anyone purchasing KodakCoin from online vendors was, in essence, throwing their money away.

Cryptocurrency scams are the rage right now on the Internet, to the point that Facebook has banned advertisements for it. It also helps to check where you put your money and to invest wisely. There are legitimate cryptocurrency trading services out there, but any offering trade in as yet non-existent currencies like KodakCoin are undoubtedly scams and should be avoided.

On the legit side, Kodak received interest in KodakCoin from 40,000 investors and is now in the process of vetting potentials to find those who are serious about breaking in on the ground floor of the new cryptocurrency.

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Time Trap Photography is dedicated to freezing those special moments in life that can be revisited and admired for generations to come. - Shannon Bourque

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