China Bans ICOs
@weirdheadaches shared this link: https://www.google.com/amp/s/techcrunch.com/2017/09/04/chinas-central-bank-has-banned-icos/amp/
Personally, I'm ok with this because since June to now, I've received a lot of analysis requests of recently bought ICOs that were clearly pump and dump scams. I've often been disgusted. Many of their White Papers were copy pastes with little originality. On one White Paper (I won't mention which), I can only say that it was both good and original. It's just that what was original wasn't very good and what was good wasn't very original!
Also, many well known YouTube crypto personalities were shilling for these ICOs and shamelessly taking payments for it. Not cool!
In this light, I see China as having the wisdom to try and de-risk the cryptoshere of scams. But, this too interrupts the natural order of cryptos. In my opinion, Crypto currency needs no regulation. These scam ICOs would have disappeared on their own if no values were realized by the holders. The natural evolutionary process for the survival of the fittest needs to play out and thus artificial intervention not required.
Dear God, I wonder what the SEC will attempt next.
Don't forget, the Governments have significant ability to try and regulate Bitcoin and Altcoins. Perhaps, once Wave IV bottom is reached and Bitcoin surges to new higher highs on Wave V and then MASSIVELY corrects, the agent of cause or event might be concerted governmental efforts to regulate cryptocurrency. This perhaps could be equivalent to an extinction event for many cryptos! A true survival of the fittest will take place! For this reason, I will be taking closer look to load up on Monero and ZEC for subterfuge holdings. But, that time has not yet arrived as we first need to complete the Wave III top and correct to wave IV and joy ride Wave V up. Once Wave V matures, I will post on the need for true anonymity.
As always, I wish you all MASSIVE profits!
Kind of a good news and I hope the other powers will put a stop to these speculative trends.
@haejin, I have been following your analysis closely, especially about Monero. I am learning about EW basics and I was wondering if you would have time to post your EW count on XMR to have a more global perspective on where you situate the Waves on a more long term timeline. I know it takes time so thank you!!
In the long run, this wouldn't matter much. Even the Rome and British Empire went bust. NEO is currently insanely cheap. That's a great opportunity. Doug Casey always bother to tell that the Chinese symbol for Crisis means Chaos+Opportunity.
That's what we have at the moment. USSA is already a country in decline. China has a growing middle class and that will help China to keep on going. But in the long run Luddites always fail. Little bumps and set backs will scare the weak hands which means more opportunity for us long term thinkers.
That's why I believe in TA
TA+Fundamentals
It gives me a clearer picture (plus I'm new to TA). Most importantly Fundamentals can help pre-filter investments and keep an eye on potential bull runs. Also good fundamentals result in good winners 100% of the time........eventually.
I disagree. RN Elliot stated that a reason or an event shall arrive to justify the forecast. This means that TA begets the fundamental and not reverse. Co-mingling the two can work at times, but often leads to lack of clarity. This is why I use EW and Chart Patterns and have little to no regard for fundamentals. This concept is very difficult to accept and counterintuitive.
So is neo ta still good. This is just a correction?
As posted, a deep correction possible with Bitcoin Bear ruining the rose garden.
Things won't be too nice for the Chinese and USSA citizens. What isn't good for the citizens will eventually be not good for the country. These countries will regulate themselves to Death. Luckily I'm Asian and what I see is a future dominated by non-communist Asian countries.
Look at Russia for an example. ahoolee.io seems like a great product. They have waves, their government seems crypto friendly and the Thai Government is already using OmiseGo.
I agree. Cryptos will flee to friendly countries.
That's how America became a world power and that's how Dubai, Singapore, Hong-Kong, Swiss, Estonia grew like they had God in their back pocket. Survival of the best jurisdiction.
[Insert some preaching/monologues from Atlas Shrugged here]
lol. so true
LOL! Absolutely!
Hello @haejin! Thanks for sharing this. Could this be the cause of the market crash? I see blood in most of the cyrptos at coinmarketcap.
Yes, it's possible. But to me possible and probable are very different. Until a five Wave impulse motive of waves are displayed downaward, I believe this is a smaller correction before the top.
Lmao
I gave you credit for link and comment.
I was laughing at, dear God I wonder what the SEC will attempt next. Lol great article it had me chuckling and I totally agree. Ty much for the credit. I should have clarified my bad. Massive profits ;)
Hey @haejin
So would it not be a good time to buy any alts?
@haejin do you think that Alts will make a comeback? Or because the ban there will be a lot of dead Alts? Without the Chinese money will these Alts never recover to the high amounts?
Just because its banned in China doesn't mean the ICOs will give up. Why? The money is too easy to make still.
so basically this would be a good time to buy a few Alts? what do you think about most of these ICOs and Alts. Such as SNC , BAS , XTZ, XDN, and so on... are these just bad investments or do you think it will ever have a jump in price to its previous highs?
I don't plan on buying until bottom of Wave IV as discussed in recent Bitcoin blog.
Thank you for all the posts @haejin, it means a lot for a newbie like me. I know next to your coin profits money from steem must not mean much to you. You're doing this as grace.
Russia banned ICOs as well for the same reason.
They are trying to prevent people from loosing money.
I wish you MASSIVE profits!
Wave IV correction for Bitcoin has commenced. Wait for the bottom to buy more.