The Strange Tale of LongFin

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The Strange Tale of LongFin‘Motley Fool

The Strange Tale of LongFin

In this segment from the’MarketFoolery podcast, host Chris Hill and senior advisor Bill Mann discuss the strange story of LongFin (NASDAQ:LFIN), a company that came public via the JOBS Act. Shares have been extremely volatile, and the Securities and Exchange Commission on April 6 placed an emergency freeze on $27 million of proceeds from allegedly illegal stock sales. The Fools agree it’s an example of investors giving too much credibility to a company just because it has cryptocurrency somehow attached to it.

Chris Hill: Earlier this month, the Securities and Exchange Commission here in the United States of America froze $27 million in trading profits involving the CEO of a company I’d never heard of before called Longfin, which is a cryptocurrency company. What about this story caught your attention?

Bill Mann: First of all, the CEO of Longfin has now twice gone on CNBC and has given the most unhinged interviews I have ever seen. Most of this company’s business is in Singapore, to the extent that it’s trackable at all. This company came public in the U.S. under the JOBS Act, which purportedly, as the name would suggest, is to bring jobs into the U.S. They came on CNBC and they said, “How many employees have you added?” And he said, “We have three. We’ll probably get to 12.”

Mann: No. It’s not so job-y, not so deep in the jobs. Somehow, this company got to be worth $6 billion on the U.S. Stock Exchange, on NASDAQ, actually. And there’s actually no telling what, if anything, that this company is actually worth. So finally, this last week, in an emergency stop, trading was halted in Longfin. The stock has dropped about 90%. The cryptocurrency that they have, almost no information is available on it, it’s called Ziddu. As far as I can see, there’s been one transaction ever in Ziddu. I literally have no idea what this company does, and yet it managed to be worth $6 billion, and it’s on its way back down. I think it’s probably a zero. I probably haven’t used the word allegedly enough, we’re creating for ourselves some issues, [laughs] but let’s just assume that every other word I’ve used was allegedly.

Hill: Among my thoughts are that this is one more thing about cryptocurrency that isn’t helping. For people like our colleague Aaron Bush, who is a believer in cryptocurrency and blockchain technology and looks at both of those and says, “There are viable futures for both of these,” stuff like this doesn’t help.

  • Publisher: The Motley Fool
  • Date: 2018-04-16T15:53:00-04:00
  • Author: Motley Fool Staff
  • Citation: Web link

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The Strange Tale of LongFin
on 16th of Apr 2018 In this segment from the MarketFoolery podcast, host Chris Hill and senior advisor Bill Mann discuss the strange story of LongFin (NASDAQ:LFIN), a company that came public via the JOBS Act. Shares have been extremely volatile, and the Securities and

Something additional to look at:

James Comey’s ‘strange’ prosecution of the case against Trump
on 16th of Apr 2018 James B. Comey isn’t interested in being your blunt instrument; he would rather just be blunt. If there’s anything the former FBI director’s book and his first interview about it on Sunday night showed, it’s that Comey continues to defy attempts

On ‘One Strange Rock,’ Former Astronaut Mae Jemison Delves into Life’s Origins
on 16th of Apr 2018 As the late Carl Sagan once said, “We are made of star stuff.” Everyone and every living thing is composed of atoms that were born inside stars and scattered across the universe through supernova explosions. So, how did those ingredients give rise to life

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