Ed (1 day ago) he thinly traded shares of On-line Plc [LON:ONL] spiked 528% Friday morning in London, after it announced on Thursday that it plans to change its name to On-line Blockchain Plc, explaining that “blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time.”
As its shares were exploding higher on Friday, the company came out with a statement cautioning that its blockchain product is just at an early stage, upon which shares collapsed two-thirds of the spike, then re-spiked before tapering off and closing up 165% for the day.
This is how hot the money is around “blockchain” and cryptocurrencies. The temptation to make huge amounts of money in hours on nothing – even if it ends in tears – is just too big.
Why bother making 10-30% per year in our risk-free stock market these days, when you can make that much or more in a day or a week with the blockchain hype and cryptocurrencies?