If you don’t see the similarities between the Dot.com Bubble and Bitcoin – you are not looking very hard:
- Bloomberg – Long Island Iced Tea Soars 500% After Changing Its Name to Long Blockchain
- Business Insider – Poker company’s stock almost doubles after announcing it’ll buy a cryptocurrency wallet
- MarketWatch – Here are seven new bitcoin-related stocks — most are bonkers
In 1999 and 2000 – all you had to do is add a dot.com to your companies name and your stock would go thru the roof! Now, you just have to add cryptocurrency or blockchain to your name – and it’s off to the races. People are getting rich quick, by getting out quick:
- Bloomberg – A Cryptocurrency Founder Sold All His Coins After 7,500% Rally and Brown: Bitcoin Billionaires May Have Found a Way to Cash Out
But I suspect a lot of insider trading is going on – and ultimately, it’s all a sham anyway – Governments are not going to allow fake money to enter their closed systems, this will end very badly for most investors – and many will go to jail:
- ZeroHedge – SEC Suspends Trading In Crypto Company Which Soared To $11 Billion Amid Bitcoin Mania
- Business Insider – A US financial watchdog is warning investors about crypto ‘pump and dump’ schemes
If you don’t do anything else today – please watch this segment the Daily Show did on Bitcoin – it is hysterical:
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