Blockchain Is the New Pets.com

Here’s the latest from the world of internet bubble-osity:

Bloomberg provides the details:

A British company that has been investing in internet and information businesses is having its best day on record.

On-line Plc jumped as much as 394 percent on Friday after announcing plans to change its name to On-line Blockchain Plc….“Blockchain technology and cryptocurrencies are a new and exciting area we have been working on for some time,” the Essex-based company said in a statement on Thursday. “We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector.” The shares pared gains after the company published a follow-up release on Friday, cautioning investors that the development of its blockchain product is still at an early stage.

Ah yes, early stages indeed. Here’s what the company said this morning:

As announced yesterday, the Company has worked as an incubator and investor in internet and information businesses and the Company has been investigating the development of potential applications and customer markets. In particular, the Company has focused on information technology where On-line’s links with ADVFN provide an opportunity to develop a Blockchain-based product to support financial website users’ ratings of information contributors using token-based applications.

Shareholders should note that the while the Company has identified an initial product, the Company’s development of a Block-chain product is still at an early stage of investigation and development, and its current plans envisage that the first application will only be tested early in 2018.

Roger that. But it dampened enthusiasm only a bit:

From Thusday to the close of Friday, the stock tripled in value because it’s “investigating” an extension of its product line that would use “token-based applications” to help web commenters on financial boards more reliably rate “information contributors” (i.e., fellow commenters).

This is just one report from the world of penny stocks. It probably doesn’t mean anything. But for those of us of a certain age who used to work in the tech industry, it brings back memories.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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