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RE: Why investing in Chinese Steemit might not be stupid afterall
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.