When WPCS International Incorporated (NASDAQ:WPSC) snapped up bitcoin platform developer BTX Trader last week there has been cheering in cyberspace. After all, bitcoin had just made it to the big time and BTX Trader is now an indirectly listed NASDAQ company. But should we be cheering?
The news was certainly good for WPCS shareholders; its stock jumped up quickly. Interim CEO, Sebastian Giordano stated that, “As one of the first publicly traded companies to make an early entrance into the bitcoin space, we believe this transactions consistent with ongoing efforts to provide the Company with an opportunity to deliver improved shareholder value in the future.” Yes, at first glance this would and should bring joy to bitcoiners, expanding the credibility and reputation of bitcoin. BUT the cheering has been short lived since a review of investor message boards and SEC Filings suggest a different story about WPCS and why it snapped up BTX Trader. What is the truth?
Source:
http://www.cryptocoinsnews.com/2013/12/30/btx-trader-snapped-nasdaq-listed-company-wpcs-international-arent-cheering/Fast-forward 6 months, WPCS has fallen from its "BTX Trader-mania" high of >$3.00 to a NASDAQ non-compliant $0.66.
The insiders unloaded like a mofo during peak times and now this company is destined for the grave. Guess the truth was "scam."
Take notes from Wall Street future scammers, this is how its done.
Does anybody ever get the feeling that an association with Wall Street can only serve to delegitimize bitcoin, and that Wall Street needs bitcoin more than bitcoin needs Wall Street?
I thought part of cryto's whole charm is that it hadn't become a meaningless, greed driven fustercluck yet. Some people insist on racing us there though.
