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The Long Island Iced Tea Corporation is exactly what it sounds like: a company that sells people bottled iced tea and lemonade. But today the company announced a significant change of strategy that would start with changing its name to "Long Blockchain Corporation."
The company was "shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology," the company said in a Thursday morning press release. "Emerging blockchain technologies are creating a fundamental paradigm shift across the global marketplace," the company said.
[...] The company isn't getting out of the iced tea business. "The Company will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary," the company writes in its press release.
[...] The former Long Island Iced Tea Company is following the lead of other companies that have seen their value skyrocket after announcing blockchain-related moves. One small financial technology company saw its value skyrocket after it announced a blockchain-related acquisition. In October, a biotech company saw its value skyrocket after it renamed itself "Riot Blockchain."
Iced tea company rebrands as "Long Blockchain" and stock price triples
$24 million iced tea company says it's pivoting to the blockchain, and its stock jumps 200%
Update: Bitcoin Tumbles Below $14,000 as Investors Face ‘Reality Check'
(Score: 1, Insightful) by Anonymous Coward on Friday December 22 2017, @02:36PM (7 children)
Just beware of the crash when this bubble bursts. Hopefully that'll happen with the R team in office. It'll yet again take the whole stock market with it.
Goddess, people are stupid.
Out of curiosity, does anybody have a timeline of the dot com bubble or the housing bubble? It would be good to know the amount of time it takes for something like “dot com” or “subprime” to become trendy in the investment world, become horribly over-valued, and then crash. 4 years? 6 years?
I've already moved some of my retirement savings to money market so hopefully I don't get caught with my pants down this time around. It's interesting how having an R team president causes investors to become manic, but I think the depressive symptoms may settle in next year. Reality always asserts itself.
(Score: 1, Interesting) by Anonymous Coward on Friday December 22 2017, @04:21PM (3 children)
> 4 years? 6 years?
My impression is that the cycle time is getting shorter & shorter, driven by faster/wider communication. Or maybe it's being driven by shorter attention spans. Up until this bump with bitcoin & blockchain, it was looking like bad car loans were going to be a big factor in the next crash(?)
Anyway, came here to say,
Turtles are old hat, it's clearly tulips all the way down now
(there isn't much of anything supporting the earth anymore).
(Score: 2) by Gaaark on Friday December 22 2017, @06:25PM (1 child)
Looking more like crying Snowflakes all the way down.
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 1, Insightful) by Anonymous Coward on Friday December 22 2017, @06:53PM
I dunno, libertarians don't support much of anything let alone an entire world.
(Score: 2) by FatPhil on Saturday December 23 2017, @10:47AM
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by Thexalon on Friday December 22 2017, @06:46PM
If anyone definitively knew how long a bubble would last, they could make a ton of money in that prediction:
1. Go long on the assets in the bubble until the predicted end of the bubble.
2. Sell, then go short just before the bubble bursts.
Many people have tried this. Most of them don't succeed.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 2) by FatPhil on Saturday December 23 2017, @10:36AM
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 1) by khallow on Saturday December 23 2017, @11:37AM
In each case, most of the action happened in the last two years. When you have high levels of exponential growth or even superexponential growth, the last bit contains most of the growth in an absolute sense.