October 27, 2017

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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WHO DOESN’T LOVE A POSITIVE STORY—OR TWO?

“Great journalism really does make a difference in this world: it can even save kids.”

That’s what a civil rights lawyer wrote to Julia Lurie, the day after her major investigation into a psychiatric hospital chain that uses foster children as “cash cows” published, letting her know he was using her findings that same day in a hearing to keep a child out of one of the facilities we investigated.

That’s awesome. As is the fact that Julia, who spent a full year reporting this challenging story, promptly heard from a Senate committee that will use her work in their own investigation of Universal Health Services. There’s no doubt her revelations will continue to have a big impact in the months and years to come.

Like another story about Mother Jones’ real-world impact.

This one, a multiyear investigation, published in 2021, exposed conditions in sugar work camps in the Dominican Republic owned by Central Romana—the conglomerate behind brands like C&H and Domino, whose product ends up in our Hershey bars and other sweets. A year ago, the Biden administration banned sugar imports from Central Romana. And just recently, we learned of a previously undisclosed investigation from the Department of Homeland Security, looking into working conditions at Central Romana. How big of a deal is this?

“This could be the first time a corporation would be held criminally liable for forced labor in their own supply chains,” according to a retired special agent we talked to.

Wow.

And it is only because Mother Jones is funded primarily by donations from readers that we can mount ambitious, yearlong—or more—investigations like these two stories that are making waves.

About that: It’s unfathomably hard in the news business right now, and we came up about $28,000 short during our recent fall fundraising campaign. We simply have to make that up soon to avoid falling further behind than can be made up for, or needing to somehow trim $1 million from our budget, like happened last year.

If you can, please support the reporting you get from Mother Jones—that exists to make a difference, not a profit—with a donation of any amount today. We need more donations than normal to come in from this specific blurb to help close our funding gap before it gets any bigger.

payment methods

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