Small-cap technology investment firm Fatfish Internet Group Ltd (ASX: FFG) is one of the biggest winners on the ASX today. Its share price has surged almost 25% to 10.2 cents on the back of news that it plans to spend about $1.3 million for a 51% stake in Singaporean…
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APAC will operate out of Malaysia initially, with plans to expand into Mongolia.
“Mining” refers to the process by which cryptocurrencies like Bitcoin and Ethereum are created. I won’t get into the mechanics of mining now – but the gist is that “miners” help to verify transactions carried out between parties connected in an accounting network called a “blockchain”.
This verification and reconciliation process takes up a lot of time and computer power, so in exchange the blockchain will reward miners for their efforts with an amount of that blockchain’s cryptocurrency. And voila, a new baby Bitcoin, or Ripple, or Ethereum token comes into being.
Given the global interest in cryptocurrencies right now it’s no wonder the market has responded so strongly to this latest announcement from Fatfish. A similar thing happened when the company bought a stake in another Singapore-based cryptocurrency consultancy startup in December.
Needless to say, all things cryptocurrency are incredibly high risk – so my advice would be to ignore the excitement for now and focus on investments in companies with established business models that can deliver sustainable sources of long-term growth.
While conflict overseas is all media talking-heads seem to mention these days, the billionaire founder of Tesla is losing sleep over what he sees as a far bigger threat.
Elon Musk Warns: This has "vastly more risk than North Korea"
If you missed your opportunity to get in on Google, Microsoft, or Amazon in their early days, don't let it happen again. This emerging technology trend could offer a second chance for anyone who wishes they took part in these millionaire-maker stocks.
Motley Fool contributor Rhys Brock has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.