I finally understand now why Neo, OmiseGo, TenX and all other cryptocurrencies are not moving at all!steemCreated with Sketch.

in #cryptocurrency3 years ago (edited)

I finally understand now why Neo, OmiseGo and TenX are not moving at all! Or at least it does make sense in theory...

Neo - China
OmiseGo - Japan
TenX - Singapore

These are countries that has "Ghost Month" every August of the year. They believe it is particularly bad time to invest money into anything.

This 2017, Ghost Month lands on August 22 to September 19.

Every year as the month of August comes, people in the stock market become fearful of the ghost month. Many advise to avoid investing during this time, as it is considered bad luck.
According to Chinese tradition, particularly Buddhists and Taoists, the Festival of the Hungry Ghost is when the gates of hell are opened and spirits from there go out and roam the earth.
According to superstition, one must focus on honoring the spirits that are visiting earth during this time.

Read also: http://bworldonline.com/stocks-dip-thin-trade-ghost-month-starts/

So, don't panic and take it slow, HODL.

Thnx for the read!

Sort:  

Lol... If this is true.

Very usefull, thank you!

not true la, I am from singapore. Ghost month we do more business, only no renovation and no shifting house only

happy to see a fellow singaporean here!

hahaha singaporeans gotta chime in, when i saw this i was abit like simi taiji?!

It may be false but if everyone in the west believes it to be true, perhaps the self fulfilling prophesy is at work here.

it's not useful! it's lame!!!

its more than lame its stupid

It's more than stupid it's poopy

Wow 3 very edgy responses, good job kids.

sounds like some reddit comments to me

Dumb head.
Poppy butt.
Fart monster.....

You may have a little something; however NEO went from $31.60 up to $43.56 on Aug 22nd and Aug 23rd...... of course their marketing dept was focused on selling to the WEST, ie; United States ~ & Revv Nissan~! lol .. Accumulate OMG under $10--and QTUM who DOES market to China has gone from $13 to over $16 recently..... still ,, agree with you,,, "don't panic and take it slow, HODL"

Thank you!

Price went up just before the Ghost Month, and then it started declining. I actually bought around that period before the price start skinny dipping again and settled at current satoshi rates.

Not sure, but I myself (a Malaysian Chinese - Buddhist) does not follow such a "tradition".

Really good argument @reminescu. I think actually the current situation is also because of the FUD produced by Bitcoin community. But I really liked your thoughts, is true that the big money is used to "sell in May and go away" and Asia is really into superstitions. I'm hodling specially these three without any idea of selling it in the short-term. Thanks for the writing!

Please tell me what FUD means

FEAR, UNCERTAINTY and DOUBT - FUD

Fucked up data

LTC is China but price movement is ramping up high, are they not superstitious ?

I didnt see the price ramping up high in the last Month. What the main message of the Post is that the Asian moby dicks are missing this month.... Remember when LTC pumped 60% or so mainly through south Korean and Chinese money?

Hahaha I think it might be the reason just HODL!

This makes sense, honestly. Good find, nice job!

Congratulations @reminescu! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of upvotes received

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

maybe it's time to buy more while these giants are dormant.

Congratulations @reminescu! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of comments

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Something to think about for sure.

Wow, you gave me hope.. :) I HoDL TenX and NEO and i 'm become very nervous last couple of weeks... :) Hodl for dear life!

why do you think it is?

It means opportunistic people see this month as a great opportunity to buy cheap. By doing so, they will move the price again. Maybe that's why?

When I was travelling in Hong Kong a friend told me of a hotel tower that caught on fire twice in a year. Troubled, the owner consulted a feng shui "expert". He looked at the tower and concluded that the problem was the tower "looked like a cigarette". The solution, to build a pool on the top of the tower. The story goes, it never caught fire again. I'm not surprised that superstition has some sway over Asian markets.

This is great insights into the minds of those in the Orient. They also LOVE the number 8. So, you'd think the 8th month would be big for them, and that they'd hate the 4th month.

No... I don't think that will stop anyone from investing

This is why I personally sold all my crypto on August 21st. No demons so far so I guess that's proof?

A considerable amount of ICO's within this period. Red Pulse for instance an ICO that will see a lot of Chinese investors.

Cheers! upvoted and follwed :)

thnx mate! Really glad :)

Not sure how true this is but you have comforted a few people.

Not really correct. I'm Vietnamese, Asian (Luner calendar). But we still do investment this month. Singapore, Korea, Japan they don't care about it.

My wife is chinese, and in all her family no one heard about this tradition.

That's so useless. I live in Japan and your article makes no sense at all. Gimme back the seconds of my life that I wasted on it.

I always thought the reason anything I buy stops moving is because I bought them! Now I know only to buy in August!

well, looks like NEO was finally moving ;)

Omisego is picking up today. Japan isnt Buddhist or Taoist.

But I thought Omise, albeit founded by a Japanese, is active in South East Asia - mainly Thailand. Isn't that true?

Actually yes, Japan is mainly both: Buddhist & Shinto.

This is false. Walton Coin (WTC) is from China and they are pumping like crazy on Binance (chinese exchange).

Congratulations @reminescu! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You got your First payout

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

OMF if this is true! This kind of believe in something are reducing the prise of the market :D

Very good blog. I was about to post a similair thread. The decision to buy a coin should be based on real analysis of the coin. I found that people keep buying coins without have any knowledge of them. This is considered high risk. Personally I always use: https://www.coincheckup.com Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. Go to: https://www.coincheckup.com/coins/Neo#analysis For the Neo Report.