Ice tea company rebrands as “Long Blockchain” and stock price triples

[ontariontari]

Ice tea company rebrands as “Long Blockchain” and stock price triples

"Blockchain technologies are creating a fundamental paradigm shift," company says.

TIMOTHY B. LEE - 12/21/2017, 8:54 AM

Enlarge / This row of ice tea bottles kind of looks like a blockchain.

Long Island Ice Tea Corp.

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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."

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.

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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."

The former Long Island Ice Tea Company is following the lead of other companies that have seen their value skyrocket after announcing blockchain-related moves. One small financial technology company saw its value skyrocket after it announced a blockchain-related acquisition. In October, a biotech company saw its value skyrocket after it renamed itself "Riot Blockchain."

The move is reminiscent of the late 1990s, when companies could see their stock prices soar if they added ".com" to their names.

[Raithu_bidda_]

Munde chepochuga man robinhood lo konevalam ☹️☹️

[ontariontari]

1 minute ago, Raithu_bidda_ said:

Munde chepochuga man robinhood lo konevalam ☹️☹️

Nenu kuda ippude chusa baa!!!

kaani idi just bubble just name change chesinanduku ila yegabadi kontunnaru 

[Hydrockers]

3 minutes ago, ontariontari said:

Nenu kuda ippude chusa baa!!!

kaani idi just bubble just name change chesinanduku ila yegabadi kontunnaru 

 

free publicity

[Batman_fan]

Blockchain ki bad name testunaru kada ra babu

[Hitman]

NETE, NXTD both payment processing companies.. they just mentioned they will consider accepting crypto currencies and start working soon.. thats it SP raised 400% in yesterday and today... now the trend is Crypto & block chain.. if you keep these 2 key words in your product portfolio... BOOOOOOMMMM..... 

[Batman_fan]

13 minutes ago, Hitman said:

NETE, NXTD both payment processing companies.. they just mentioned they will consider accepting crypto currencies and start working soon.. thats it SP raised 400% in yesterday and today... now the trend is Crypto & block chain.. if you keep these 2 key words in your product portfolio... BOOOOOOMMMM..... 

What companies and consumers are not realizing is that there are many implications on how they account the bitcoins. Firms cannot treat them as currency or Forex. They cannot treat them as Cash equivalents because of its volatility. So they have to rely on middle layer BMSP services to convert bitcoin to cash. Accounting the bitcoin means there are 10x more chances of manipulating accounts and fraud the investors.