7:59 cut – OBC

I couldn’t find any interesting news from serious companies to report on this morning. However I did find the following that hopefully qualifies as interesting.

Online Blockchain (OBC) – Corporate Update

This is the company that changed its name from “On-line PLC” to “Online Blockchain” in December 2017. This is interesting for a couple of reasons. Firstly “online” hadn’t been commonly spelt with a hyphen since late last century and secondly their name change very handily marked the top of the last bitcoin / blockchain hype cycle almost to the day.

Since then they “developed” the Plus 1 Coin (later rebranded to PlusOneCoin, then Plus1 coin), Happypool.co and Brazio, and invested in Encryptid. These activities have generated £26,000 revenue to the 6 months ending 31st December creating a loss of £238,000, plus a loss of £38,000 (I believe) on Encryptid. If they continue their rate of cash burn then they will need to raise more money (or not) in July.

Today they announce a new product “FreeLoadr”. This isn’t finished, only working with one type of graphics card. They plan is that instead of people mining cyptocurrency and spending it, or mining it and converting it to fiat (i.e. proper) money, OBC will add value by mining cyptocurrency on their machines, selling it for them for proper currency and then translating it into their own special currency which is neither blockchain nor fiat.

Conclusion: if you believe that “Bitcoin and cryptocurrencies catch the imagination of the traders and investors again…in 2019 or 2020” as their partner ADVFN do, then Plus 500 may be a better investment.