Bitcoin Bubble Deflating? (puh-leez ... eye roll)
I hate articles like this one over at Investor's Business Daily.
https://www.investors.com/news/bitcoin-bubble-deflate-long-blockchain-delisted-nasdaq/
Basically they use the delisting of Long Blockchain as an indicator of the collapse of crypto. First thing - Long Block Chain used to be Long Island Iced Tea. Then they got the bright idea of jumping on the blockchain bandwagon and their stock price jumped way up. But now they're finding that blockchain solutions aren't that easy and they're in trouble.
So let me see if I got this figured out - a company with no experience or even an inkling about blockchain jumps in head first, crashes and burns and this means Bitcoin is collapsing. Maybe the problem is incompetent management.
Worse, at the end of the article they list four other companies on the stock exchange, 3 of which were up for the day. So the invalidate their own thesis.
What kills me is that Long Blockchain is a relevant story. It's a cautionary tale about jumping into something unprepared. It really needs to be told. But tell THAT story and don't conflate it with market conditions in general. Long Blockchain screwed themselves. That says nothing about the health of Bitcoin and cryptocurrency.
If there was a day that journalists suddenly started doing their jobs properly, then I very much doubt that that day would be today.
LOL. Yup.
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