Fool markets to 1500%: the demonstration by Longfin

Here is another illustration of the complete madness that is unleashed about the blockchain.

Longfin: a striking example

A company totally unknown 9 months ago when it was introduced on the Nasdaq - named Longfin - saw its price soar from $ 5 to $ 143 in one week before relapse to $ 78 on Tuesday. Longfin is a start-up whose project is to realize micro-credit by relying on blockchain technology. The company is developing a business model that can include loans backed by a cryptocurrency portfolio (which does not exist yet).

The word blockchain unleashes the passions

The CEO said himself not to understand the share price and a capitalization of $ 7 billion. Yes, seven billion, I write it in full. In fact, the company currently only generates $ 28 million in sales. Moreover, she has never recorded any activity on Bitcoin or other Ethereum since its creation. And it is not certain that this is possible, given the volatility of the underlying!

Buy crypto-bidule!

There is also another example of the absurdity of a company that changed its name and associated the word "blockchain". Concern ? This has nothing to do with his activity. The stock price took + 600% in 1 month. But no one has bothered to check what his real "job" is.

So this is the perfect illustration of the unfathomable stupidity of a pseudo "market" where machines just as foolish (well, it's not their fault but that of the programmers) buy absolutely anything to any price. The robots trust the "Panurge effect". The "algos" are simply programmed to "pay" everything that goes up, or that is related to keywords. Obviously, right now it's blockchain or crypto-bidule.

Markets where the cynics make their fortune by exploiting the most common defects in this world: greed, blindness, stupidity.

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