Kodak crypto coin? Venezuela Petro coin? Here s how crazy the cryptocurrency market is – CBS News

Last Updated Jan Ten, 2018 11:57 AM EST

At very first, Fantasy Market seemed like a wish come true for cryptocurrency investors. Now, the digital money that consumers could use to pay to stream pornography has turned into a nightmare.

According to the Fresh York Postbode, Fantasy Market CEO Jonathan Lucas has “disappeared” with the investors’ money and disregarded their repeated requests for refunds. Lucas planned to raise spil much spil $25 million through an “initial coin suggesting” (ICO) that had bot planned for December but wasgoed scrapped after the Postbode raised questions about the overeenkomst, the paper said.

Fantasy Market’s webstek has bot shuttered and presently contains a message directing investors seeking refunds to voeling the company via email by an April 1 deadline. A company spokesman denied the Postbode’s allegations and said Lucas is “working to finish issuing the refunds” within the next 72 hours. The spokesperson declined to make Lucas available for an vraaggesprek, telling he wasgoed “busy with the refund process.”

“Wij planned to kwestie refunds since wij canceled the presale and have bot doing so for some time,” a Fantasy Market spokesperson said ter an email. “Wij canceled [the ICO] because wij simply did not raise enough, and it wasgoed not economical to proceed spending money on marketing.”

Fantasy Market had planned to sell what it called Fantasy Market Tokens, nicknamed “porn tokens,” using a cryptocurrency called ethereum. According to the news webpagina Altcoinss.com, the company raised $Two million from investors last year suggesting users the chance to control what performers said and did during their spectacles.

“If you have everzwijn played a movie spel where you can control your character’s decisions, then you are already familiar with the Fantasy Market practice,” Altcoinss quoted a Fantasy Market promotional webstek spil telling.

Investors who talent Fantasy Market bitcoin or ethereum will be given their money back te cryptocurrency and not their omschrijving dollar value, according to the company.

The crypto strangeness doesn’t zekering there.

Shares of Kodak (KODK) more than doubled to $6.78 on Tuesday after the iconic photography company formed a partnership with Wenn Digital to come in the cryptocurrency and digital licensing markets. Shares of another company called, Long Island Iced Tea Corp. (LTEA) similarly surged when it recently announced plans to switch its name to Long Blockchain Corp., referring to the underlying technology used ter bitcoin and other cryptocurrencies.

Skeptics such spil MIT’s Jonathan Parker have long argued that the market for bitcoin and other cryptocurrencies is a bubble that’s corded to burst , albeit the underlying blockchain technology might have a future spil does the idea of making money transferrable overheen distances.

“There are now private currencies that have the potential to decimate bitcoin, those sponsored and supported by banks, like ripple,” said Parker, a professor of finance at the Sloan Schoolgebouw of Management. “Even thesis may go under te the face of government competition.”

Other cryptocurrency deals are also raising eybrows among investors.

The government of Venezuela, for example, plans to offerande a token backed by sales of oil, with a coin it has dubbed the petro. Voorzitter Nicholas Maduro has said the petro is designed to help the cash-strapped country evade sanctions levied on it by the international community.

On a more positive note, JPMorgan (JPM) Chief Executive Jamie Dimon told Fox Business News he regretted calling bitcoin a “fraud” and menacing to fire employees who traded the digital money. However Dimon described bitcoin’s underlying blockchain technology spil “real,” he told the business channel he wasgoed “not interested that much ter the subject at all.”

“Jamie Dimon’s about-face is not surprising since Goldman Sachs (GS) has entered the business of clearing bitcoin futures trades for its clients,” said Trevor Gerszt, CEO of CoinIRA, which specializes ter digital money, ter a statement. “Dimon just has to attempt to disassociate himself from his previous comments so that he doesn’t lose face when JPMorgan inevitably expands its bitcoin operations.”

Jonathan Berr is an award-winning reporter and podcaster based te Fresh Jersey whose main concentrate is on business and economic issues.

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