Bitcoin is in the news again today, and as typically the case, you can find any opinion you want.
My favorite of the bunch involves the Companies That Jumped on the Bitcoin Train Right Before it Derailed.
Name Change
Long Blockchain may epitomize this craze, as this time last year it traded as Long Island Iced Tea Corp., a microcap beverage company. In late December, just days after what would prove to be bitcoin’s recent peak, it abruptly announced a change in both name and focus, turning instead to ”the exploration of and investment in opportunities that leverage the benefits of blockchain technology.”
Long Island Iced Tea – Now, Long Blockchain
What a Riot
Riot, another new entrant in the sector—it was previously BiOptix Inc., a biotechnology company—saw similar price action. It rallied after announcing its move into the blockchain arena, but the stock saw a peak that coincided nearly perfectly with bitcoin’s, as seen in the following chart.
BiOptix Inc., now Riot
Hive Blockchain
Hive shows the benefit to getting into crazes well before they peak. It’s down 64% in 2018 but it’s up 753% from a kear ago.
Kodak
In January, after the bitcoin record, it announced a “major blockchain initiative” designed to help photographers license their work and get paid for usage.
Kodak, Still Kodak (KODK)
I wrote about the absurdities of Kodak in Peeking Inside an Actual Bitcoin Mine: Care to Buy a Mining Operation?
Kodak is branding a $3,400 bitcoin-mining machine that you would have to be ape-shit nuts to buy.
