Here's proof another tech bubble is waiting to pop

by
in internet on (#3Q7)
story imageIf the tech market experienced a bit of a downturn not long ago, it would now seem it's on the rebound, and investors are looking for the next dot-com miracle. The proof? Stocks like this one.

Check out the CYNK stock, linked to a company called Introbiz. Registered in Belize, chartered in Nevada, one employee, totally opaque financial statements. Zero revenue, $1.5M in operating losses. No assets. And yet, the stock is up 25,000% from $0.10 to $14 per share in the last 16 days.

What does the site do? Looks like an ersatz social networking firm with a vague charter of connecting you to famous people. No idea how, who, or where. This is a bubble at its finest, and you know what they say about a fool and his money ...

Re: Penny stocks are the wild west (Score: 2, Insightful)

by zafiro17@pipedot.org on 2014-07-12 21:29 (#2FP)

Unfortunately, I'm receiving email about this crap every single day. "this stock is ready to blow!!!1111" and the like. I have one email account that is protected by zero spam filtering or equivalent, and the address is posted frequently to public places. Gives me a good idea of what it's like to surf the Internet without a condom on, so to speak.

This penny stock stuff is scum, but it's clearly making someone filthy rich, so it's here to stay.
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