Wonders of Naming the Company ‘Blockchain’ or ‘Bitcoin’

January 14, 2018
206 Views

Just like adding .com in the 90s or more recently a cannabis theme, companies are profiting from the name ‘Blockchain’.

Bitcoin and Blockchain is all the rage in more than just individual investors’ circles, and companies are trying to cash in on the craze. While some are launching their own ICOs, such as Kodak, others have merely tacked ‘Blockchain’ onto their name and seen success.

In a move that seems dangerously similar to what happened in the 90s with the dot-com boom, the ‘Blockchain revolution’  taken on by some companies requires careful scrutiny as much of it is smoke and mirrors.

Speaking of smoke, the cannabis revolution that followed its legalization in a few states also came with a similar warning from the SEC about business cashing in on that hype.

Bitcoin services

Among the host of companies trying to wrangle their way into the hyped market is the company formerly known as Tulip BioMed – now Bitcoin Services. This change in name and direction saw the company’s stock increase by a massive 43,500 percent last year.

To their credit, the name change came back in 2016 and only took off last year in November with the hype that came with the cryptocurrency market in the mainstream.

Bitcoin Services financial filings from around that time offer few clues that the company was doing anything specific to justify the hysteria. The same can be said of its website, which generally lacks press releases and other investor information, apart from contact information.

Not alone

Bitcoin Services probably takes the top spot in terms of growth thanks to its name change, but there is a host of others that have made anywhere between 309 and 20,445 percent gains thanks to the change, as shown below.

Former Name Current Name Location Trading Range 2017
Tulip Bio Med Bitcoin Servies USA 42,500%
JA Energy UBI Blockchain Internet China 20,445%
Natural Resource Holdings Blockchain Mining Israel 12,021%
Leeta Gold HIVE Blockchian Technologies Canada 6,384%
Grand Pacaraima Gold First Bitcoin Capital Canada 5,897%
Carrus Capital Global Blockchain Technologies Canada 2,900%
AgriVest Americas NXChain USA 1,700%
Bioptix Riot Blockchain USA 1,611%
AE Innovative Capital Bitcoin Group Germany 1,503%
On-Line Online Blockchain UK 1,300%
Long Blockchain Long Island Ice Tea Corp USA 458%
Transeastern Power Trust Plockchain Power Trust Unit Canda 309%

Quick buck

Another worrying trend that is reminiscent of the dot-com boom is that these gains do not last long as people quickly catch on or regulators step in.

Hong Kong-based UBI Blockchain Internet—previously known as JA Energy—soared more than 20,000 percent before regulators halted buying and selling.

Bubble signs?

Those who believe the entire cryptocurrency market is one big bubble often point to the similarities in hype between the dot-com bubble and these happen around companies taking advantage of the mania and speculation.

It remains to be seen if the cryptocurrency market can weather this mania better than other similar bubbles.

You may be interested

Capital One Seeks Blockchain Patent for ‘Collaborative’ Authentication Tool
Crypto News
Crypto News

Capital One Seeks Blockchain Patent for ‘Collaborative’ Authentication Tool

btcethereumadmin - August 17, 2018

U.S. banking giant Capital One is working on using blockchain technology to usher in more convenient and secure user authentication…

3 Charts Suggest Bitcoin Prices Could Be Headed Higher
Bitcoin
5 views
Bitcoin
5 views

3 Charts Suggest Bitcoin Prices Could Be Headed Higher

btcethereumadmin - August 17, 2018

For bitcoin (BTC), the path of least resistance is to the upside, according to technical charts. At press time, the…

JD.com Rolls Out Blockchain Platform With Its First App
Crypto News
1 views
Crypto News
1 views

JD.com Rolls Out Blockchain Platform With Its First App

btcethereumadmin - August 17, 2018

Chinese e-commerce giant JD.com has launched a blockchain-as-a-service platform alongside its first app – one that digitally tracks corporate invoices…

Leave a Comment

Your email address will not be published.