The Crypto Currency Roller Coaster is Not for the Faint of Heart.
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).
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...
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.
@pbgreenpoint , this is really valuable information, and will definitely help for the mass adoption of cryptos. Just upvoted your comment. @gold84
Couldn't agree more with this post. Enjoying the ride with a strong hand and getting me more Bitcoin and Steem, saludos
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
Wow, thank you for the Tweet!
yes buy now and hodl is the best decision.
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.
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
Stay calm and hodl your Bitcoin.
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 .
@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]
I think this is even a good buying time for those with money.
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...