Neo is the ultimate example as to why you should never ever invest in a Chinese coin or token!
Neo, once the darling of Crypto Street, will now fall to oblivion along with all the other shitcoins out there.
How could Neo exist, when communist China has now banned all "initial coin offerings"... well the ones the government picks and chooses to win and lose anyway.
I hate to say I told you so... but I told you so!
The idea that NEO will fail because ICOs aren't around is ridiculous. Litecoin and Bitcoin never had ICOs. ICOs are just bullshit offerings to suck up insane money from unsuspecting idiots that buy hook, line, and sinker into their generated hype cycles. ($250 million to Tezos.. WTF??) The crypto market would be far better off and far more stable without ICOs.
Regarding Ethereum, ETH has been an unmitigated disaster due to all the ICOs on it. It's been nonstop ETH volatility, performance disasters, security failures, and overall market rollercoasters. The Chinese are now trying to actually protect their crypto market from this.
Lastly, the Chinese government is actually backing NEO, so why would they do anything they thought would damage it? Look it up. Hell, if they wanted to, they could send NEO to the moon tomorrow all by themselves. My advice.. buy as much NEO as these prices as you can get your hands on because it won't be down for long.
You have no idea what Neo is... do you?
OK, so now it's not about NEO being a Chinese project, it's about what NEO really is. So enlighten me on what you think NEO "really is" that suddenly makes your above calls for NEO's imminent demise rational.
I think what you fail to realize is that ICOs are not an inherent part of a successful crypto model. All the ICO model is, is a funding "pump and dump" that most of the time gets abused just as with IPOs. Coins will real business cases don't even need an ICO. So coins will continue to use NEO as a platform regardless of any changes in ICO regulation, and even in the absolute "worst case" scenario where they completely stop ICOs in China (which they won't do in any case.)
Let's face it, shitcoin initial offerings are what give these platforms, including Ethereum their big bucks, so I don't really see a future for Neo, when people could just easily use Ethereum or EOS.
Plus, people are skeptical of the Chinese, and don't want to place their entire life's work in the hands of a communist regime.
I agree that the majority are shitcoins, but certainly not all of them. There are plenty of legitimate business models where they simply don't want to develop their own coins and so ride on top of these existing platforms as tokens. I personally would like to see the shitcoins gone as well, but the shitcoins going away will not invalidate these platforms, it will actually make them more viable because they will be more stable and reputable once the shitcoins are gone. OmiseGo is a an excellent example of a reputable business model where they simply chose ETH as the platform for their tokenization.
You see, the problem with that is... well we'll see once Ethereum makes all these big upgrades. I personally think they are all in over their heads, and these implementations are really going to messed the system up.
If you thought the Ethereum Classic fiasco was bad, I personally believe you have not seen anything yet.
Oh, and guess what, when Ethereum fucks up, every platform on it, including OmiseGo will suffer catastrophic consequences.
What are you talking about? Ethereum is already a disaster. Their performance, security, and general architecture are complete horseshit. This hasn't stopped any investors to date except when they got scared away by the price volatility. Honestly, I think they are rushing Metropolis because they know this and need some very badly needed fixes that they don't talk much about in public. (Hence, the required hard forks for Metropolis as well.) The supposed "Wunderkind", Vitalik Buterin, is also not as bright as everyone wants to make him out to be. This is no highly experienced architect. This is an asocial geek that has problems trying to figure out which ridiculous t-shirt to wear next.
Their structure screams problems since you need empowered, experienced people that really understand where performance and security fall down, plus people (as in Dash) that understand all their stakeholders and how to keep them all happy. This level of professionalism is not Ethereum at the moment. The only thing that keeps Ethereum on the map at the moment is the massive amount of ignorant idiots that have staked their coins on this crappy platform already despite its very clear problems.
This is why I think NEO, EOS, and potentially some other platforms are going to steal Ethereum's customer base. I mean how can a new token / business compete when the Gas prices and ongoing performance problems are outrageous. Some "really important" coins however get special treatment, like OmiseGo with Plasma. They probably threatened to jump ship if they didn't fix their performance shit. AdEx, made the right choice to get out early. I think NEO is a much more performant model than Ethereum any day of the week. Hell, the Ethereum guys can't really explain to you what they have really built other than a big networked computer with no off switch. No really! This is the bullshit story they sold the platform with, and it still sold like hotcakes.
If we want to talk about performance, the only proven platform out there is BitShares (and Steemit for what it is). Nothing else as existing platforms have proven themselves more yet. The numbers of transactions show it. The only reason BitShares isn't already through the roof is that the Ethereum corporate sponsors and token projects haven't jumped ship en masse yet. They are counting on the fact that Ethereum can just keep throwing money and programmers at the problems until they are resolved. At some point, a huge number of them are going to wake up and smell the coffee and realize that no matter how much lipstick you put on the pig, it's still a pig.
My sentiments exactly, and I believe all these massive so called fixes to an already extremely broken system, is only going to make it far far worse.
A big pullback in a month but not unrealistic in the crypto world, is it?
Obviously you think it is going to collapse....
FYI no position for or against NEO...just looking at the chart.
How would it not collapse?
Neo is the Chinese equivalent of Ethereum, so without initial coin offerings, how could it survive?