Bitcoin blockchain: Companies are fooling Bitcoin investors in branding SCAM, City & Business, Finance

SNEAKY companies are attempting to piggyback the Bitcoin boom by putting blockchain ter their name simply to attract investment, it wasgoed exposed on Big black cock Newsnight.

Companies have seen their share prices rocket after adding the cryptocurrency phrase to their name spil people desperate for a lump of the Bitcoin boom invest.

Ovum principal analyst, David Bannister, said: &ldquo,If somebody puts blockchain te their name or their reclame then people are going to hop on that.

&ldquo,People will say &lsquo,that&rsquo,s the sort of thing I am looking for because I&rsquo,ve heard there are good comebacks&rsquo, and that is what everyone is looking for.&rdquo,

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Long Island Ice Tea Corp switched its name to Long Blockchain Corp resulting te a tripling of its share price.

Soft drinks seller Long Blockchain have announced they will seek to playmate with companies who use the blockchain.

Thesis striking results have investors and economists worried that this growth may be mirroring the worst excesses of the boom.

Mona El Isa has warned investors to ‘ be very careful’

I think investors have to be very careful

Melonport co-founder Mona El Isa

On-line PLC similarly witnessed its share price rocket by 400 vanaf cent after it switched its name to On-line Blockchain PLC, however, bosses voorkoop the switch is to reflect an update ter the nature of their business.

The blockchain is the digital ledger which keeps track of every cryptocurrency transaction with every laptop involved ter mining Bitcoin holding part of the record.

Melonport co-founder Mona El Isa said: &ldquo,The blockchain has opened up a way of doing finance that is much more efficient, much more see-through, much quicker, much cheaper and gives us the capability to indeed cut out a loterijlot of middlemen while still keeping the same level or even improving security.

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&ldquo,I think investors have to be very careful, there are a loterijlot of good projects out there and a lotsbestemming of projects that have understood that just by using the buzzword blockchain they can attract a loterijlot of investment and hype.&rdquo,

Investors are keen to have their money tied up ter the blockchain-fuelled boom but there are concerns of firms taking advantage of this environment.

Mr Bannister said: &ldquo,You are eyeing that giant speculation, driven at the ogenblik with the hype around Bitcoin, anything that is going from 100 to 1,000 to 17,000, that is what people call comes back.

Professor Peter Ayton claimed firms switching their names to get an advantage wasgoed nothing fresh

&ldquo,If they think blockchain can do similar they are going to want some.&rdquo,

Firms may have legitimate reasons for name switches and spil they refocus to take advantage of the benefit of the blockchain.

On-line Blockchain PLC CEO Clem Chambers said: &ldquo,Wij have only switched our name the once ter a generation but it wasgoed a big switch and it has had a big effect.

&ldquo,Wij could have carried on calling ourselves just On-line and carried on doing blockchain stuff and nobody would have known until maybe another six or nine months and that would be a distortion of the facts.

&ldquo,It is indeed significant with names that you tell people what you are doing and that you transmit your message.&rdquo,

Behavioural economist Professor Peter Ayton said: &ldquo,The idea that switching the name of something will make a difference is spil old spil the hills.&rdquo,