{"id":10179,"date":"2018-06-08T18:28:02","date_gmt":"2018-06-08T22:28:02","guid":{"rendered":"https:\/\/www.ctrmcenter.com\/?p=20406"},"modified":"2018-06-08T18:28:02","modified_gmt":"2018-06-08T22:28:02","slug":"an-update-long-island-iced-tea-long-blockchain-corp-crashes-to-earth","status":"publish","type":"post","link":"https:\/\/www.comtechadvisory.com\/blog\/an-update-long-island-iced-tea-long-blockchain-corp-crashes-to-earth\/","title":{"rendered":"An Update: Long Island Iced Tea\/Long Blockchain Corp crashes to Earth"},"content":{"rendered":"<p>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.\u00a0 Based solely on a press release of the name change and the dubious pivot, their stock price exploded\u2026closing 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\u2026for some reason. Further, in a separate press release that same day, they announced they were doing a public stock offering \u2013 apparently to pay for the mining machines.\u00a0 Four days later<a href=\"https:\/\/www.ctrmcenter.com\/blog\/opinion\/an-update-long-island-iced-tea-long-blockchain-corp-crashes-to-earth\/\">&#8230; continue reading<\/a><br \/>\nContinue reading <a href=\"https:\/\/www.ctrmcenter.com\/blog\/opinion\/an-update-long-island-iced-tea-long-blockchain-corp-crashes-to-earth\/\">An Update: Long Island Iced Tea\/Long Blockchain Corp crashes to Earth<\/a>. This article appeared first on <a href=\"https:\/\/www.ctrmcenter.com\/\">CTRM Center<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An Update: Long Island Iced Tea\/Long Blockchain Corp crashes to Earth | Commodity Technology Advisory<\/title>\n<meta name=\"description\" content=\"As readers of this blog may remember, back in December I looked at the 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