Why investing in Chinese Steemit might not be stupid afterall
Demand
Yesterday I posted how to buy YOYOW which is the upcoming Chinese version of Steemit:
https://steemit.com/cryptocurrency/@dawidrams/how-to-buy-chinese-steemit-ico-it-s-going-fast-tbh
My logic behind why this might be a good investment:
- China doesn't like foreign social media.
- Steemit might get a ban in China anytime
- So they need to create their own.
- Plus they prefer to cop... sorry reverse engineer everything. (Uber)
- And keep everything domestic.
- Their startup market is is just frenzy.
12,000 startups are being created every day in China
The amount of funding going into starups (but not cryptocurrency yet!) is just insane.They are getting funded in hours. The government is encouraging small investors to put money into them because banks already maxed out their borrowing activities.
In my opinion everything which has in it's CHINA and CRYPTOCURRENCY or BLOCKCHAIN is strong BUY.
Looks like backing is not longer possible. they reached the goal of 600 BTC and the message says
The project has been completed, Thank you for your support!
Although in the text description they say that they're looking for 2,000 BTC in the ICO. The platform would support overfunding (there is one finished at 107%) but the party seems to be over, only 3 days after it started)
Any info on trading yet?
Probably way too early.
I just bought 980 YOYOW on the bitshares exchange. If you already have a bitshares.org account, you don't need to visit the sites listed on the yoyow.org website. On the bitshares exchange, just go to Find Market at the top right, choose the base currency and type YOYOW in the next field.
One of the exchanges on the YOYOW site, ICOAGE, wanted my real name and ID number to open an account. No way. Not sure about the others.
You are right that this might be easier method. Is it the same as openledger?
I don't really care because I'm signed with my real name everywhere so let it be :)
Yeah, the same as openledger. YOYOW is a project of the Bitshares team. I agree with you; it's got a lot of potential in the Chinese market, and I hope it can be avoid being censored by the government. The censors closely monitor all the other domestic social media for dissent and criticism of the Party.
According to the white paper YOYOW is controlled by "the council" which are elected members. They can "hide" something from the blockchain but it requires a consensus vote. This is not surprising since this is a Chinese company and the Government needs some control.
Regardless I think this could be a good speculative bet since the Chinese are basically crazy gamblers with not many places to gamble.
I put my 1/4 of a Bitcoin in so we will see what happens.
What price did you p ay Wheatdogg?
According to my notes, I paid 196 BTS for 980 YOYOW on May 22. 1 BTS = 3831 satoshis = about $0.08 then. So about $15? Now each YOYOW is about $0.39, so my $15 investment is now worth about $380. Not bad, I'd say.
Actually... that is no true. They could just write own frontend like @strimi is going to do, and display stuff only from own people.
What they would have then:
Steemit can be banned - that is true, but Steem cannot.
But knowing al of that, I can agree that Chinese know Chinese market better, so I will not be surprised if they will build successful service.
Yes they could from the technical point of view, but I was talking about socio-economic factros.
UGH my exchange is flooded with people and not responding & ICO365.com won't let me upload my passport photo. Will try later but it's already 88% funded.
Yeah. they only want you to upload Chinese identity card.
I am a Chinese who married an American. I must say that China is a very ridiculous country. The Chinese policy is paradoxical. Most of Chinese live a poor and harsh life who are controlled and fooled by its own government and the traditional Chinese religion--confucianism!
A few Chinese live a very wealthy and comfortable life, foreigners mistake China as a powerful and wealthy country.
Yeah, China can transfer everything into Chinese version.
Hey MASSIVE RED FLAG with YOYOW! The funding was 100% now it has mysteriously dropped to 80%?! I wrote a post with screenshots...please make one yourself if you feel the need. https://steemit.com/steem/@ethancaine/red-flag-alert-for-yoyow-ico-chinese-steemit-be-careful
Omg...
As more of a content provider who writes about China, I would look forward to using the platform. Sure, having another source of crypto would be awesome, but the intangible benefit is it would force me to learn Chinese a lot quicker.
Hello ~:) Thank you for visiting Steam It ~ Follow me!
I just want to share the coin information and share it.
In addition to the NEVERDIE ICO information posted today, I would like to ask you for ICO information frequently.
https://steemit.com/ico/@maxtill94/nevedie-ico-full-analysus-why-you-should-buy-neverdie-coin-gaming-cryptocurrency-coin-comparision-with-gamecredit-mobilego-first
Chinese people like oversea social media but it's blocked by the government...