My Two Cents- Concerning China, Crypto Currency, ICO's and Exchanges.
I Have My Own Conspiracy Theory Regarding the FUD Out of China.
The last few weeks have been full of uncertainty for those of us who own and trade Crypto Currency.
1. China Bans ICO's. True as far as I can tell.
2. China Orders the Closure of Exchanges. True.
3. China Bans Bitcoin. False.
What is Happening?
China and the PBOC are doing their best to protect the Renmimbi (Yuan). Now China also wants to be at the forefront of Blockchain technology. It appears to me that they want the technology but not the decentralized aspects. So I have come to a hypothesis.
On October 18th the 19th National Congress of the Communist Party of China kicks off. During this meeting the Chinese Communist party officials will decide the direction of the government for the next five years. Since everything China does is centrally planned it will be interesting to see who is selected. Could we have somebody close to Blockchain technology selected?
I also suspect that there will be meetings regarding Bitcoin and Blockchain. I don't think for a second that China is going to give up the future cash cow that is Blockchain technology. We see a sharp increase in investment by its neighbors Japan and South Korea. Why would they want to miss out on the party?
My guess is that shortly after the meeting we will more clearly understand the direction the Chinese government will take regarding Bitcoin, Blockchain and Crypto Currrency.
Where I Have Decided to Park Some Bitcoin.
If you follow crypto currencies you know that NEO is positioning itself as the Ethereum of China. Currently NEO is more than 50% off of its all time high with all of the FUD out of China. This has given me a second chance to buy NEO.
If China decides for some reason to pick one Crypto Currency to favor, NEO would be the best fit. For me this is pure speculation but it is one that I believe could pay off huge if I am right.
The Rise of Decentralized Exchanges.
Yes the exchanges are closing in China. This means there will be a rush to decentralization. We already have the Bitshares DEX and a few others but more will surely come to market after this news. It is time to shift our use of exchanges like Poloniex and Bittrex to the decentralized exchanges.
Bitcoin Might Fall Further.
This is a possibility. Regular folks are nervous right now. The problem is that institutions are buying like mad. This means that the institutions we despise are trying their best to take control of the market we love. If you don't want a few large institutions to decide the direction of our market then we need to make a stand.
My worry is that the community of Crypto-Anarchists that built this economy are being pushed aside by institutions and governments. We can fight back by Hodling and using decentralized technology.
NEO Co-Founder Da Hongfei
Sound smart to me
you have to be aware of the new NEO. that generates gas, or that has the same ecosystem.
The transition between Crypto and fiat currency is the weak link in the system, and thats why its getting attacked right there. A virtual asset that only has value in the virtual space is meaningless.
Its like saying "I have a gun to protect myself. To prevent that someone is taking it from me, I deposited it in a bank vault."
nice info and tips @hilarski, these tips are real help for all crypto traders and steemians. thanks alot
a very great theory @hilarski. good post :-)
Bitcoin can't be banned of stopped its the blockchain's power and decentralization china promoted bitcoin as well by this ban and FUD
@hilarski,
China has a smart plan and I was thinking WTF NEO is showing uptrend while China ban exchanges! Now I got the answer! Thanks dude!
Cheers~
@hilarski - oh my goodness, this is a very valuable article for me. Thank you decided to share with steemians. Love your predictions. Therefore, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
great bitcoin information, thanks for sharing