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Online Blockchain - after the pump the dump and another big block-tastic lie

By Tom Winnifrith | Wednesday 10 January 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

The Nomad is Roland "Fatty" Corniush, the most incompetent financial adviser in the known universe so, on that basis, Clem Chambers blockspoof Online Blockchain (OBC) must feel under no obligation to tell the truth as it places £1 million at 100p. This is the stuff of peak bull market insanity.

The RNS today repeats the claim that

"As previously announced in December, following testing within the ADVFN community, the PlusOneCoin wallet, which was built on software developed by OBC".. yadda yadda yadda.

But if you go to Online's annual report for the year to June 30th 2017 you will see that:

a) 100% of its income is generated by providing management services to ADVFN
b) There were no employees other than the three directors who are all already very well paid directors of ADVFN
c) cash at the year end was £2,000 and profits just £18,000.

In other words, how did Online develop software? Did Clem Chambers do it on his laptop? And if he did surely ADVFN which pays him an arm and a leg as well as paying Online for his management services would have first dibs on the IP? 

The statements just do not tally.

Shares in Online Blockchain which has absolutely sod all in the way of realisable assets and no real business other than this pointless recharging arrangement with ADVFN, were ramped from 16p to a peak, two days ago, of 200p on the bais of its blockchain product:

PlusOneCoin is designed as a social media cryptocurrency to allow social media users to interact and "up vote" content of other social media. The OBC developed wallet is now being used by ADVFN members and PlusOneCoin is listed on the Tradesatoshi cryptocurrency platform.

Hmm, ADVFN again. I do't suppose there is any chance of Online saying what revenues have been to date? Can't think why.

Anyhow with the shares at 158p last night the company has now raised £1 million from spivs who will flip having paid only 100p. If you paid 200p a couple of days ago at peak ramp you better have lubed up big time as you will be hurting today. The cash will be spunked on more R&D etc, etc, etc. What you mean PlusOneCoin is not generating stacks of cash for that? Knock me down with a feather.

It seems that I am not the only one cynical of this spoof. Justin the Clown has just tweeted:

I fail to see how Online Blockchain #ONL is anything to do with #blockchain. Yes they state the buzz words in their releases but blockchain is about decentralization, this project is not.

There are now 8.66 million shares in issue so with an inytrinsic value of just under £1 million this ramp is now, at 142.5p, valued at £12.3 million which is a total rum and coke. But maybe I can't see the future?

That. according to Clem Chambers is "one of his jobs". Watch him below, explain how fan-fucking-blockchain-tantistic everything is on pay to play TV at Proactive.

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