I’m changing my name to Blocky Blockchain

In the surest sign that blockchain madness has consumed the markets, Long Island Iced Tea Company announced yesterday that they were changing their name to Long Blockchain Corporation and says says it “was shifting its primary business strategy to blockchain technology and was in the preliminary stages of evaluating specific opportunities to grow that business.”  The markets subsequently rewarded the big move by pushing their stock price up 300% within hours of the announcement, from a previous day close of $2.44 to a high of $9.49.  Keep in mind, the company previously known as Long Island Iced Company isn’t a cleverly disguised technology company…they make, you guessed it, bottled tea.  They don’t create software, they don’t provide infrastructure, they’re not a tech company…in fact, the furthest they’ve previously ever strayed from bottled ice tea was bottled lemonade; and given that the company just lost $11.6 million on sales of $3.9 million in the first nine months of this year, they’re probably not even very good at selling bottled beverages.

With all the heat around “crypto currencies” and their enabling tech, blockchain, these tea guys aren’t the only ones “pivoting” to take advantage of the “next big thing”…furniture maker Nova Lifestyle saw their share jump too yesterday after they also announced they’re all about blockchain, and “diagnostic company Bioptix’s shares soared 400 percent after it changed its name to Riot Blockchain in October.”

Everybody from Jamie Dimon to my local TV weatherguy has been saying that Bitcoin and their ilk are a bubble just waiting to burst.  Given that the markets are reacting to anything named “blockchain” just as they did to “.com” in the 90’s, a huge implosion seems almost inevitable.  But until then, if I can increase my net worth by 2-3x just by renaming myself Mr. Blockchain…well hell, sign me up!  You can just call me Blocky…

AdvertisingEKA Next-Gen Commodity Analytics

Write for CTRM Center
Would you like to write for us and get your opinions heard? Contact us today to find out more.