China Announces Ban on New ICOs Fueling Massive Selloff
China is banning all new ICOs (Initial Coin Offerings) calling them "illegal public financing".
Bitcoin and Altcoin markets have been selling off since the announcement, with Bitcoin down nearly 10% and Ethereum tumbling over 15%. Chinese based blockchain technologies are getting hit the worst with NEO crashing 35%, loosing over 10$ in value.
The regulations in China are only on new ICOs. Existing projects are not directly affected, however platforms like NEO are no longer able to host ICOs on their blockchains in China.
Some are treating this broad sell off as an opportunity to buy more legitimate coins at a discounted price. Are you buying, selling, or just holding on?
Here is the official announcement from the People's Bank of China:
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.html
Article from The Verge: https://www.theverge.com/2017/9/4/16251624/china-bans-ico-initial-coin-offering-regulation
@masterofcoin very interesting post keep up the good work best wishes thankyou
Yeah, scary stuff there. I have pumped in a lot of money in NEO, but am holding on. I bought them all at $43, have no option but to wait till NEO crosses $43 again. Am I being too optimistic or is it better to sell the NEO stock at $15 instead of waiting for it to crash to 15 cents? Please can you reply with your thoughts?
It's just new ICOs in china that are being regulated against. ICOs on the NEO blockchain are now illegal but NEO itself is not restricted. I don't think it's going to 0.15$ today but may be a while before it gets back to 43$.
NEO is pretty mature and has a team of core developers working on it. It's also gained a lot of popularity internationally recently. While the China ICO ban is a setback and may be the start of greater restrictions, quality platforms will continue to have value in the block chain space.
Thoughts?
Touch wood. :)
I really hope this happens and it goes beyond $43. The day it crosses $43 by a cent, I am selling off all lmy NEO.
you will have to be patient but it will reach $43 again
Thanks for reassuring me. :)
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I expect nothing less from a government that runs tanks over people, forces birth control on them and prevents Muslims from having beards (that's literally the law in China).
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