An Update: Long Island Iced Tea/Long Blockchain Corp crashes to Earth

As readers of this blog may remember, back in December I looked at the story of the Long Island Iced Tea Corp. changing their name to the Long Blockchain Corp. and declaring that they had pivoted from being a money hemorrhaging bottled-drink company to now being a bleeding edge blockchain-centric technology company.  Based solely on a press release of the name change and the dubious pivot, their stock price exploded…closing up almost 300% on the day of the announcement. At that time, I noted in the blog that it seemed like a perfect example of stupid money pursuing stupid market hype, much like we saw during the halcyon days prior to the collapse of the dotcom bubble in 2000. In the days following their big announcement (and my blog post of the time), the company began pursuing a strategy that appeared to have been borne out an extended weekend of crack smoking and binge consumption of Everclear. On January 5, they announced they were buying 1000 bitcoin mining machines…for some reason. Further, in a separate press release that same day, they announced they were doing a public stock offering – apparently to pay for the mining machines.  Four days later… continue reading
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