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A Small Fintech Stock Surged 2,600 Percent in a Week After Announcing It's a Crypto Company (bloomberg.com)
An anonymous reader shares a report: Fintech plus cryptocurrency equals about $7 billion. That's how much the value of LongFin surged to after the microcap's stock rocketed by as much as 2,600 percent since debuting Wednesday. Most of the gains came since Friday, when the company issued a press release saying it bought Ziddu.com, "a blockchain-empowered global micro-lending solutions provider" that transacts only in cryptocurrencies. LongFin joins a growing list of little-known companies that have seen their values soar after simply announcing plans to join the digital currency craze that's pushed the value of bitcoin past $300 billion. The microcap rallies are reminiscent of the height of the dot.com bubble, when virtually any company that put tech in its name found favor on the public markets.
Same shit as back then. A lot of people with more money than brains find something where they think for some odd reason that will generate money. How? They don't know. They don't understand it. But somehow that's gonna make money.
Everyone who DOES know also knows that this can't work. At least not in the long run. But there's idiots with money throwing it at me, should I really tell them?
I may be honest. But I'm not stupid.
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Fintech plus cryptocurrency equals about $7 billion. That's how much the value of LongFin surged to after the microcap's stock rocketed by as much as 2,600 percent since debuting Wednesday.
Wow, it feels like the dotcom boom all over again. Companies with shitty business models getting astronomical valuations because they put .com after the name of the company. Too many greedy people chasing too few real businesses. If you need evidence that there is a bubble, here you have it. Only question is when will it pop.
They do not mean "cryptography" by "crypto". Another stupid mainstream creation along the lines of "cyber". About as useful too: You can tell that whoever uses these terms has no clue.
Most ACs are not even worth the keystrokes to insult them. Be generically insulted by this and ignored otherwise.