Bitcoin exchange hacked AGAIN, goes bankrupt

Bitcoin mania has reached a fresh level of insanity.

A publicly traded company named Long Island Iced Tea Corp. (LTEA) — which as the moniker implies is usually based on Long Island as well as makes iced tea — is usually changing its name to Long Blockchain Corp. as well as wants to buy some firms inside cryptocurrency business.

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The stock surged nearly 0% on the news.

This kind of is usually madness, pure as well as simple.

While of which’s clear of which blockchain technology is usually important as well as of which bitcoin as well as some other cryptocurrencies like ethereum, litecoin as well as ripple are not going away, there is usually at This kind of point too much hype surrounding bitcoin as well as blockchain.

of which’s eerily similar to the internet stock craze inside late 1990s when several companies of which weren’t destined to become the next Amazon simply added a dotcom suffix or “E” prefix to their name as well as watched their stocks soar.

Long Island Iced Tea is usually just the latest tiny company to change its business type in an attempt to latch on to the bitcoin as well as cryptocurrency wave.

A company at This kind of point called Riot Blockchain (RIOT) has soared since of which changed its name by Bioptyx as well as changed its business type by biotech to bitcoin.

LongFin (LFIN), a financial tech firm of which recently went public, has skyrocketed after announcing of which of which bought a blockchain microlender.

Related: SEC suspends trading of red-hot bitcoin stock

as well as two tiny penny stocks, tobacco company Rich Cigars as well as e-cigarette firm Vapetek, shot up after saying they were at This kind of point blockchain companies too.

Long Island Iced Tea Co. said in a press Discharge Thursday of which of which still plans to keep generating its non-alcoholic line of iced teas nevertheless of which of which has also reserved the web domain as well as will eventually ask the Nasdaq to change its ticker symbol. of which didn’t say what the fresh symbol could be.

“We view advances in blockchain technology as a once-in-a-generation opportunity, as well as have made the decision to pivot our business strategy in order to pursue opportunities in This kind of evolving industry,” said Long Island Iced Tea Corp. CEO Philip Thomas in a statement.

Here’s the thing though. Long Island Iced Tea Corp. currently has no actual businesses tied to blockchain.

The company said of which is usually in “preliminary” discussions to buy a blockchain software developer working on infrastructure for the financial services industry, as well as a London-based provider of foreign exchange services of which is usually building blockchain as well as cryptocurrency technology solutions.

Related: Overstock is usually turning into a bitcoin tech firm

Long Island Iced Tea added of which of which “does not have an agreement with any of these entities for a transaction as well as there is usually no assurance of which a definitive agreement with these, or any some other entity, will be entered into or ultimately consummated.”

In some other words, Long Island Iced Tea Corp. hopes to one day become a crypto powerhouse.

nevertheless for at This kind of point, of which remains a tiny beverage company based in Farmingdale of which reported total sales of just $1.6 million in its latest quarter as well as whose stock was down more than 40% This kind of year before of which decided to become a blockchain player.

sy88pgw (fresh York) First published December 21, 2017: 1:10 PM ET