“There is craziness going on,” said Emin Gun Sirer, an associate professor of computer science at Cornell University. “There always is when there is exciting new technology.” Long Island Iced Tea, or Long Blockchain, is not the first company to get a bitcoin-related boost and likely will not be the last, experts say. Bioptix Inc., a biotech company based in Colorado, announced in October it was changing its name to Riot Blockchain Inc. to reflect its new focus. Its stock is up about 250 percent, even after a 24 percent drop Thursday. Overstock.com’s shares have risen 285 percent this year as the online retailer has announced it would accept bitcoin for purchases and make a coin offering through its exchange.
And British company On-line PLC’s stock soared nearly 400 percent in October when it announced plans to change its name to On-line Blockchain PLC. Nova Lifestyle Inc., a modern furniture company, also got in on the action Thursday, saying that it would be start accepting bitcoin and other major cryptocurrency and announcing the creation of a subsidiary called “I Design Blockchain Technology Inc.” Its stock rose 18 percent. .
Published in Daily Times, December 23rd 2017.
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