Kodak Is Now Up Over 300% Since Launching KodakCoin

Greater-est fools discovered...

Following yesterday's launch of "KodakCoin" and Eastman Kodak's explosion higher, 'investors' continue to pile their hard-earned gambling chips into the stock this morning.

KODK is now up over 300% since the company unleashed "a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management."

https://www.zerohedge.com/sites/default/files/inline-images/20180110_KODK.png

Who's buying? That's easy... (as Bloomberg notes)

The answer just might surprise you. Turns out, some experienced day-traders are trying to ride the surge of buying that invariably follows companies that suddenly reinvent themselves as blockchain ventures. That’s enough, market watchers say, to bring in high-frequency traders and computer algos.

And to these players, what really matters isn’t so much that crypto is real, but that the share-price moves -- and the quick profits -- are.

“The interest in these stocks is so strong because many traders like me are so hungry for the increased volatility,” said Jim DePorre, a professional day trader and founder of sharkinvesting.com. “I know that there are still traders willing to jump in, so who cares if the stock has questionable value?”

The spikes in volume have probably also attracted various algorithmic buyers that weren’t necessarily looking for the next crypto-related trade, according to Tucker Balch, co-founder of Lucena Research.

“My hypothesis is that momentum is initiated by retail traders or pump and dump and then algos are hopping on the bandwagon.

That may leave investors vulnerable to bad actors trying to game the system and the market feeling a little like the Wild West, according to Michael Covel, author of “Trend Following” and “The Complete Turtle Trader.” But it’s a small price to pay if cryptos ultimately prove to be legit.

“Con artists will always try to ride the new new thing,” he said. “But if cryptos are for real, and keep growing into dynamic liquid markets, honest players, including momentum, will jump in to ride trends up and down.”

Now, where have we seen this before?

In the mean time, traders like DePorre couldn’t care less what kind of money is in on the blockchain name-change game -- dumb money, fast money or otherwise -- as long as there’s enough money willing to bet on it.

 

“As long as there is confidence that other traders are still willing to trade them,” he said, “there is no reason to stay away.”

Comments

Giant Meteor LetThemEatRand Wed, 01/10/2018 - 09:37 Permalink

When I think back
On all the crap I learned in high school
It's a wonder
I can think at all
And though my lack of education
Hasn't hurt me none
I can read the writing on the wall

Kodakcoin
They give us those nice bright colors
They give us the greens of summers
Makes you think all the world's a sunny day
I got a Nikon camera
I love to take a photograph
So mama don't take my Kodakcoin away ..

Apologies to Paul Simon, and "Kodachrome"

In reply to by LetThemEatRand

brucyy Wed, 01/10/2018 - 09:19 Permalink

1)buy shittons of calls 

2)send a mail to bloomberg that you will now use (companyName)+Koin

3).....

4)sell previously purchased shitton of calls

5)donate some to ZH , because we're having a really good laugh over here

Herdee Wed, 01/10/2018 - 09:31 Permalink

It's called a "wash trade". Big gangs of traders all talk to each other and decide to buy the stuff up really cheap. They then they trade with each other back and forth. Some of the bigger outfits with algos jump in to help out their fellow money hungry fellows and she explodes upwards. After the parabolic move they dump the crap on the public. They'll wait till the sentiment is right for the next one.

To Hell In A H… Wed, 01/10/2018 - 10:03 Permalink

I remember watching a documentary in the UK in the 90's, showing how middle America was encouraged to dabble in the stock market, to provide for their pension.

You had the archetypal stage set scene of 2 mid to late 50's couple, with grown kids and young grandchildren talking about USSA freedoms, the stock market and how great it was to invest. 

Even then I was laughing because the fools believed shares were traded based on market fundamentals and not inside knowledge. It showed them losing their money then blaming George Bush, for their losses. lol

Reading this article, gave me the same image of brainwashed Mid-West fools buying into Kodakcoin. It's not even some sad parody. this is real life. How can people be so stupid?