The current tax legislation isn’t some thoughtful reform to benefit Americans. It’s a quickly planned looting through a broken window in our nation’s character. – John Hussman
John Hussman wrote a must-read essay titled: ‘Three Delusions: Paper Wealth, A Booming Economy and Bitcoin (link).’ The crypto/blockchain delusion has exceeded the absurdity of the dot.com and housing bubble eras. I was shorting fraud stocks happily in both eras. I’m short a company now called Riot Blockchain. If you look at its description in Yahoo Finance, it bills itself as a developer of technologies applied to animal (‘non-human’) medicine. It recently changed its name to Riot Blockchain from Bioptix Inc. Prior to calling itself Bioptic Inc, it called itself Venaxis. Just the name change to Riot ‘Blockchain’ moved the stock from $4 to $40…insanity.
The Company changed its name in early October to Riot Blockchain. Based on this, Canaccord was more than happy to fleece investors by raising $37 million for Riot in a private placement. But that’s okay I guess because one has to be a ‘sophisticated’ investor with the financial qualifications to have your money taken from you by Wall Street and Bay Street in order to invest in private placements.
This post was published at Investment Research Dynamics on December 19, 2017.