A tulip of our times...<p>History never repeats but it rhymes<p>For people who missed out on the .com bubble don’t miss this out. It’s a good time to experience what a bubble looks like so you can detect one in the future...<p>Remember this buffet quote
It’s better to be fearful when others are greedy and greedy when others are fearful
I think this is likely not “small companies chasing a fad” but rather “penny stock promoters doing their usual thing: grab a listed entity for five figures then run a boiler room, citing the most recent successful boiler room.”
My comment from: <a href="https://news.ycombinator.com/item?id=15978994" rel="nofollow">https://news.ycombinator.com/item?id=15978994</a><p>----<p>Looks like it [is a joke!]. I mean, the new website is only a day old, hosted with "Hostgator", uses a free theme (<a href="http://websites.simplesphere.net/piupiu/" rel="nofollow">http://websites.simplesphere.net/piupiu/</a>) and NGINX has directory listing switched on!
That and all the news reports are syndicated from the same place, so its just propagating all over the place.<p>That - or I am mistaken, in which case - "All Hail our new Blockchain overlords" :)
The only reason this made any news is because it's tied to blockchain. Penny type stocks do this pump and dump scheme all the time with whatever is hot. Biotech was big for awhile, then pot, and now blockchain (and I'm sure I missed a few in there).
Don't be surprised if in the next edition of A Random Walk Down Wall Street cryptos get appended to chapter 2, The Madness of Crowds. Events like these are embarrassingly similar to those that have occurred in past bubbles. If you have any skin in this game (as I do) you'd do well to read the aforementioned chapter and start planning your exit strategy.
For those who think this is a spoof, check the 5 day view on Google Finance: <a href="https://www.google.com/search?q=NASDAQ:LTEA" rel="nofollow">https://www.google.com/search?q=NASDAQ:LTEA</a>
This reminds me of during the dot com boom. An analyst said that business to business sector is worth some huge amount of money, and B2B stocks started booming.<p>So a janitorial supply company changed their name and their symbol to BTOB and exploded in value.....
Bubbles can be a fantastic way to generate wealth. Amass as much cash as possible, wait for the inevitable crash (you can't time this so just be prepared for when it does happen), and then buy tons of assets for pennies on the dollar. If you truly believe in the fundamental value of the frothy asset, this approach can be a huge win. Obviously, this should not be your primary investment strategy but it worked well for me (e.g. doubled the value of my stock portfolio in 2009 and doubled the square footage of my bay area home in 2010).
Reminds me of Zapata the fish oil company launching zap.com an internet portal and then spinning out and IPOing the subsidiary. [0]<p>[0] <a href="https://mobile.nytimes.com/1999/04/14/business/company-news-zapata-plans-to-spin-off-its-zapcom-internet-business.html" rel="nofollow">https://mobile.nytimes.com/1999/04/14/business/company-news-...</a>
Efficient markets, price contains all available information, rational expectations and whatnot there were. Oh, yeah, almost forgot,<p><i>I don't even know what a bubble means. These words have become popular. I don't think they have any meaning.</i>
- Eugene Fama, Nobel Memorial Prize laureate in Economics
So for those who remind us that the cryptocoin world is full of tulip-like behavior with no underlying asset value... while stocks provide dividends and represent growth and so forth: this article is a gentle reminder that stocks are also subject to tulipy speculations.
WTF. Clickbait title. Even bloomberg knows it's not accurate. From the story itself: "Long Island Iced Tea Corp. shares rose 238 percent after the company rebranded itself Long Blockchain Corp."<p>238 != 500<p>Anyways, I think it's still crazy what blockchain mania is doing/causing.
This happens all the time whenever there is a "craze". When marijuana companies were the craze, scammers who peddle stocks that sounded similar to high flying stocks.<p>It happens during big IPOs.<p><a href="https://www.bloomberg.com/news/articles/2017-02-08/mistaken-identity-sends-snap-sound-alike-up-140-after-ipo-news" rel="nofollow">https://www.bloomberg.com/news/articles/2017-02-08/mistaken-...</a><p>It's pretty much a non-story but bloomberg has to make money with clickbait.
totally need to reverse merger a penny stock company and change it's name to some blockchain company name.<p>I'm thinking:<p>Ageless, blockchain, AI VR company
Except the industrial value of gold which is around 10% of its use and not the quality/pure one, how is gold better than bitcoin? The favorite argument and the only argument is its history, yet when someone tries to use the same historical argument of bitcoin going up and up for 7 years, the elitist, NY folk will quickly follow with "Past performance is not an indicator of future outcomes".<p>I think people here are just salty because they think they are smart yet didn't saw the value in the crypto/blockchain, especially that is up their geeky alley.
Unqualified Americans can’t invest in startups or ICOs. Blockchaina are the only assets that are growing that they can invest in. That deosn’t even include the rest of the world.