NEO dead?
NEO went down almost 50% of its value before starting consolidation which maid me think it had set new top and bottom. However, I just read this https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal.
And so, I believe the price could go much lower!
Is NEO dead?
Well, we have to remeber few facts to give a conclusion:
- Crypto space is one of the most competitive and challanging area to succeed.
- The space is growing faster than anything else.
- Every news is taken really seriously by investor making it really volatile!
- LOTS of uniformed investor around! making crypto probably the most psycological investment.
- If you are not the most spoken project in crypto you are likely going to be forgotten!
Keeping that in mind let's speak about NEO. I do like the tech and i don't think it was only an ICO platform. However, people in crypto needs financial result to believe in a project and this would be reached by allowing ICO and increse, as a concequence the amount of project using the platform.
With this news china is literally killing the chance of NEO to grow which will probabily turn in a massive lost of faith.
As a result other projects will keep growing and new project will come out probably as good or better than NEO ending up killing it.
I'm not calling NEO death but I think its future is not as bright as it was 1 week ago. Now, they have a massive challange and a masssive challange in crypto could easily be an impossible one!
So for the moment i'm out of NEO untill promising news ;)