China Bans ICO's but Notice They Did Not Ban Crypto Currencies.
Run, the building is burning down! That is what it feels like as I wake up this beautiful Monday morning. I wake up to the birds chirping and a nice cool breeze coming through the window as I make my pot of coffee. Then I turned on my computer. FUD, FUD everywhere! FUD (Fear, Uncertainty and Doubt)
Now for the Crypto Newbs out there I want to make something clear. China is banning ICO's, not Crypto Currency. This means that your Bitcoin, Dash and Steem will be fine. Sure, the price might tumble but that is pretty normal when news like this comes out.
"China bans companies from raising money through ICOs, asks local regulators to inspect 60 major platforms" as seen on CNBC
If you have been around the Crypto Currency marketplace for more than a year then this kind of FUD from China is pretty normal. A few years ago it was uncommon to see a headline on mainstream media about Crypto Currency. Now it seems like we see them daily. CNBC itself seems devoted to Crypto news as more an more traders look for a speculative play.
Humans are highly susceptible to FUD. When the media rains down negative commentary we run for the hills and drop everything we are carrying. On the other hand there are a small percentage of people who see what is happening and they laugh. These people are experienced traders.
Experienced traders sit down, examine the markets and decide where a good entry point for the market is. They use all sorts of ways to decide whether or not to go long or go short. Either way, statistically, an experienced traders hedges their bets to make sure they come out ahead.
Watch this Video By Adam Khoo to Get a Better Understanding of How to Trade in Your Favor.
What I am Doing Today.
I believe this FUD will pass just like each time before. The biggest recipient of all of this will be Bitcoin. The loser, in the short term, will be Ethereum. The reason is simple, Ethereum has been the platform for ICO's. Now the one who gets decimated is NEO because they were looking to be the Chinese version of Ethereum. NEO will take some time to recover in my opinion. They will have to rethink their business model if they stay in China.
I am Not Selling.
I see no reason to panic sell today. Since it is a holiday in the USA the markets will not be open. This is probably a good thing because if they were open we probably would have had a larger Bitcoin sell off. Tomorrow morning, hold onto your shorts because this roller coaster ride is far from over.
Definitely going to be a bumpy ride for NEO and ETH. It's also carrying into the majority of alts as well. I would keep an eye out the next couple of days for big dips and look for buying opportunities. Buy when there's blood in the streets...although I do not plan on buying NEO nor ETH (I never owned in the 1st place).
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I'd for damn sure buy some NEO now though, this looks shady as all hell looking from their viewpoint.
Didn't NEO's first, upcoming ICO on their own platform, Red Pulse, announce that mainland Chinese couldn't participate only a couple of days ago? And with NEOs coin already in circulation, I wonder where all those Chinese residents will put all their otherwise newly refunded coinage? At discount prices too...
I wouldn't be surprised at all to see NEO having cosied up with Chinese regulators to effectively become the only official option for buying new Chinese tokens, in the near future.
"Chinese ethereum" indeed...
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NEO is under the billion dollar market cap and under $20 USD. Rough days ahead for NEO holders. I'm staying away from NEO. I do like Lisk right now. Under $6 USD with some big events coming their way in the near future...rebranding, SDK, Microsoft Azure backing.
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@pbgreenpoint , this is really valuable information, and will definitely help for the mass adoption of cryptos. Just upvoted your comment. @gold84
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Couldn't agree more with this post. Enjoying the ride with a strong hand and getting me more Bitcoin and Steem, saludos
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I guess this is a good time to open new buy orders. I have deposited some money on bittrex already to buy steem
Shared your post on twitter
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Wow, thank you for the Tweet!
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yes buy now and hodl is the best decision.
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All morning long as I sip my coffee, I keep seeing BTC and other cryptocurrencies keep going down. Not sure why this happening... but, people have been posting it all over. They keep it up, they are adding to fear.
Curious as to what tomorrow brings when market open.
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I guess China banning fundraising through ICO explains the bloodshed in the market and especially for Neo which one of its main uses is to use Neo has a platform to run an ICO.
I think everyone is in support of Cryptocurrencies but it seems like they want to stamp out ICOs. However this has led to so much panic and FUD like in July but all we have to do is to remain calm and watch bitcoin and other cryptos hit new ATHs
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Stay calm and hodl your Bitcoin.
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Chinese money is heavily invested in crypto-currencies, I do not think that it will come to a crisis. Well, today's correction will justify rapid growth, after the "whales" of the purchase .
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@hilarski - Very useful information Sir. Yes, I'll not panic & hold till market up. Love your work Sir. Therefore, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
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I think this is even a good buying time for those with money.
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Bad publicity is good publicity right :P Crypto's are slowly becoming an undeniable fact to the public. It's times like these...that I wished I had more money to invest...
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Look, this ICO-ban is a good thing. There were way too may, sorry for the word, Shitcoins launched and people got scammed or fooled all the time. So this makes the whole cryptomarket think about the future, which is always a good thing. And the correction would have happened anyhow, now maybe a little sooner, but better now than later... Thanks for the trading advice!
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Good time to buy... Problem is I'm all in crypto already :D
We will get trough this, and we become stronger. China harm only herself and stopping her progress in new technologies. Crypto space is borderless!
Good post. Thanks!
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Neo crashed nearly 40 % that hurt's
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HODL! I am buying more this morning. Some of the best ICO's are yet to come. This is a MAJOR BUYING OPPORTUNITY!
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@hilarski,
Personally I like this news! The market was collapsed by fake pulse ICOs. So, I wish SEC will take same kind of decision and we can have a secure market place after all!
Thank you very much for sharing such useful news with us! Yeah, I will hold and as always I will hold! Really appreciate your effort!
Cheers~
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amigo #resteemia at your service
50% loss already :( but will HODL :) nice information @hilarski
ReSteemia
'UpVote ReSteem Comment'
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Thanks Randy 4 sharing Your thoughts & previous experience...
Imho, the timing (Labor Day when many are not at work) of this announcement "smells" of manipulation to PUSH Prices Lower via FEAR & Panic...
AND as You suggested, this will past but IF China really wanted to prevented People from losing money... this certainly does NOT seem to be the end result of this announcement... just my simple observation.
Cheers !!
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It is the best time to buy and hold but doing it smartly. ;)
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Thanks china, sale period, time to full my bag.
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Just picked up some OMG 😬
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I'm personally very happy about this turn of events, as it combines:
a buy-in opportunity for many different tokens, simultaneously, across many different types of projects;
help to foster a wave of reconsideration of the practices of upcoming ICOs that is wider felt than just in China, as investors begin to demand certain restraints and ICOs acquiesce to avoid more intrusive options; and
a cull, of sorts, for those idiots with weak constitutions currently playing fast and loose with their money in some of these ICO cashgrabs, who are then looking for the community to bail them out with another "guaranteed winner", a cycle which undeservedly makes crypto look bad as a whole. Their sort will follow the quick money onto some new scam, diverting unwanted regulatory attention away from crypto in general, where it was misplaced in the first place.
Choose projects, not tokens, and diversify your HODLing, and you'll rarely feel too bad on red days like this one.
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Shall benefit ICOs outside of China, since many of Chinese speculators will continue investing in ICOs. SIngapore will benefit.
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Tweeted
https://twitter.com/RandyHilarski/status/904690174629748736
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Disclaimer: I am just a bot trying to be helpful.
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Tweeted
https://twitter.com/RandyHilarski/status/904690174629748736
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Disclaimer: I am just a bot trying to be helpful.
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Why is it banned?
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Get to researching
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The todays FUD from china carries both good news and bad news. The bad news is, for sure those who is new in the crypto market will go running and sell everything they have before they run dry. While the good news, also for a new adopter this is the perfect time to buy. Everything is red this morning.
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Hi @hilarski indeed this is a good post on how the chinese are banning the ICOs ,but they should not tamper with Bitcoin at all since much of their money is invested in Bitcoin,Anyway after all when the trade is open the sales will go higher henceforth there will be more Bitcoins and Steem Dollars flooding in the marker of crytocurrency.
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Sir your information are helpful for us, nice video,,following for updates
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nice post
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We will see BTC 4000 or maybe even 3000, but once the buying starts again we ARE going 10k short term. There is no stopping this. It is so obvious. Traders and institutions are now wanting to join the fun. They took this great chance to put fear in weak hands. Weak hands holding too much of their measly savings in the crypto space got shaken out. Now they took a loss and sits with Fiat. While the institutions and traders got their cheap BTC.
Just watch. It's textbook.
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Yes I can see the fear. Let's see what happens tomorrow.
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I am always holding the bitcoins and do not panic by short term selling pressure.
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Best time to buy! hope to see the price fall under 15 $! I missed the August crypto train, i hope i dont miss this opportunity!
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this is crazy man!!!!
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I totally agree with i think its time to invest in crypto currency.
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That's interesting @hilarski and I wonder what regulations are impending for crypto currencies in the future. The powers that be must be looking at a Crypto tax(s) of some kind. We'll just have to wait and see.
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Yes good option for those in a position to invest
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China will eventually allow ICOs on approved platforms and NEO to be the beneficiary.
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This post has been ranked within the top 80 most undervalued posts in the second half of Sep 04. We estimate that this post is undervalued by $16.84 as compared to a scenario in which every voter had an equal say.
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Wow, sir good post .
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Upvoted. For insights on the Chinese ban and impact on the markets: https://steemit.com/bitcoin/@thoughtchain/why-today-is-the-perfect-storm-for-bitcoin @thoughtchain
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You nailed it. The crypto market is not for the faint of heart. It appears that 20%-30% swings are nothing. If one is accustomed to the world of stocks, that seems like insane volatility. I guess everything is proportional. Anything below 50% in this arena is simply a regular pullback (buying opportunity). At 50%, then you perhaps you have a bear in the house.
Thank you for all your posts.
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Your first picture perfectly conveys my attitude to crypto currencies today :)
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