A few hours ago, news came out that the Chinese government has banned ICO’s altogether.
Even ICO’s that are over and done with, will be ‘penalized’, although at this time it is unclear what that means.
What this means for the crypto market, however, seems pretty clear, though. It’s bleeding.
Full article on Bloomberg here:
https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal
Stay tuned – I’ll provide some investment suggestions soon.
I seem to remember watching a Clif High video in which he predicted a major pullback, I think in September, then a run-up to new highs through the end of the year. I also think he said governments would try to work against crypto currencies but would fail. Clif has been pretty good with his predictions in the past.
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Yeah, there are many who believe that September will be a game changer in one way or another. An impending global financial crisis a la 2008 does seem highly likely.
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If that comes, Cryptos should be a safe haven. It seems governments have become suddenly hostile toward coins and tokens which makes one wonder if the money flow into the space is hampering their efforts to manipulate fiat currencies. Venezuela is arresting miners and China wants people who held ICO's to give the money back? How does that work when they've been traded? Governments appear to be in a state of panic from their loss of control.
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I agree. That's not gonna work. I guess it demonstrates the governments lack of understanding of crypto space. That being said, many crypto experts believe that crypto will also take a hard hit from a general economic collapse. Personally, I'm not so sure about that.
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Nice post bro. I think the government is against on some areas about crypto currency because its not taxable for them . The government needs to ear more real value to support the needs of everybody but later on the crypto world will bloom so much this will be unstoppable. No one could stop this one for it's success.
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Please do follow me also and upvote my post. Thanks. Its a big help for me as a newbie.
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Post on steemit! I support you! I just sent you some SBD to you in your wallet.
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Im also looking forward u will also do the same for me bro.. being a newbie here. Thanks in advance. I will follow u and upvotr ur post.
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