Ice Tea Company Rebrands as 'Long Blockchain' and Stock Price Triples (arstechnica.com)

The Long Island Ice 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." From a report: 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 stock market loved the announcement. Trading opened Thursday morning more than 200 percent higher than Wednesday night's closing price. 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 new blockchain efforts are only in their "preliminary stages," the press release says, and will likely involve investing or forming partnerships with other companies. One potential partner is providing "blockchain infrastructure for the financial services industry." Another is building a "new smart contract platform for building decentralized applications."

Comments

Quoting Greenspan

[Anonymous Coward]

" But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?" Waiit, this was about bitco^hblockchain, so no need to fear prolonged contractions caused by inappropriate government-private sector collusion, corruption or politically and ideologically motivated economic policies run through the central banks.

Same old story

[istartedi]

A company for carrying on an undertaking of great advantage, but nobody to know what it is. and the result of this announcement, described in this paragraph:

[the prospectus stated] that the required capital was half a million, in five thousand shares of 100 pounds each, deposit 2 pounds per share. Each subscriber, paying his [or her] desposit, was entitled to 100 pounds per annum per share. How this immense profit was to be obtained, [the proposer] did not condescend to inform [the buyers] at that time, but promised that in a month full particulars should be duly announced, and a call made for the remaining 98 pounds of the subscription. Next morning, at nine o'clock, this great man opened an office in Cornhill. Crowds of people beset his door, and when he shut up at three o'cock, he found that no less than one thousand shares had been subscribed for, and the deposits paid. He was thus, in five hours, the winner of 2000 pounds. He was philosophical enough to be contented with his venture, and set off the same evening for the Continent. He was never heard of again. (Mackay 55-56)