I havn`t contributed so much to the pub as of yet, so I wanted to do so by giving my opinion on the FUD of today by focussing on NEO.
I was quite dissapointed to see the amount of FUD on the pub today. A lot of misinformation and untruths were circulating creating a lot of fear and panic.
When a crash like this happends. Take a breather, try and find informative sources that can be trusted and make rational decisions. Dont just look at headlines, we all know they are set up for the shock and awe effect! ( and oh boy, i saw some horrible ones today )
So, i just wanted to put out some facts and thoughts on what actually happend today. Hopefully to inform some that dont know what to do with NEO. I am definately no expert, please correct me if im wrong, but this is my vision.
Since May of this year, the funding of ICO`s have been drastically increased:
Just a short recap of what an ICO is. Because here, a lot of the misinformation stated:
An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.
During the past months, there has been quite some issues with some ICO`s. Between many great initiatives, there has been some scams that ripped off a lot of people. Focussing on NEO and the Chinese market, the fact that this is an
UNREGULATED means by which funds are raised......... ..... to bypass the rigorous and regulated capital-raising process... We should perhaps even expected that China would come out and try to regulate this. Da Hong Fei of NEO should definately have expected this, as he has proven to know and oblige to the Chinese laws strictly.
Ill come back to this later.
Regarding the Ban. Not only is it very positive that the chinese government actually wants to protect its citizens against unregulated investments that can potentially harm them, a committee that oversees risk in the country’s internet finance sector, has provided a list of 60 major ICO platforms for local financial regulatory bodies to inspect.
This shows me, the government is not out to ban ICO
s forever, they are actively investigating them and perhaps merely want to regulate them. This would mean that on medium to long term, we might actually see ICOs comming from- and on the Chinese market.
Now, this Ban surged through the internet, and the news quickly changes to completely different statements. People saying Chinese governments are banning trade in cryptocyrrencies, that NEO is an ICO and will therefor be banned and many other crazy stories. This is NOT correct. Chinese people will still be able to trade coins on the exchanges, just not able to fund ICO`S.
Comming back on Da Hong Fei. He tweeted today that they will be comming with an offical announcement in the following days:
Someone here on the Bitcoin Pub posted this link to a Steemit article that i would recommend you to read:
The writer had a very exciting idea that the more i think about, makes some sense and excites me:
``Allow me to explain. NEO is a public blockchain as we all know. Is a blockchain very much like Ethereum.
What most people don’t know is the same team that created NEO, is also working on another blockchain called Onchain.
Onchain is to be the NEO for the corporate world in China.Now as we already know, NEO is basically given a green light go on passing all new Chinese laws. This is logical considering the belief is they worked directly with the government to make this possible.
This means only two blockchains are likely to be legal in China - a corporate blockchain and a public blockchain.
What China has no plans of doing, or at least per my understanding, is to stop the investment tokens, smart contracts, etc. This again is a logical move. Why would they stop this if they have control over the blockchain itself, they know every asset created.
So why is this lack of competition good for the value of NEO? Because all assets MUST go through NEO or Onchain.``
Looking at how China operates and has acted in history, this would actually make a lot of sense. Perhabs I am creating some FOMO here, but I just wanted to show you that there are many scenerio
s out there, that arent all that dark regarding NEO`s future.
We will have to wait and see what Da HongFei has to say within the following days.
I`ve beien following Antshares // NEO for a long time. I have bought 100 shares at $6, 20 at $18, a couple on $30 and today, bought 70 more at between $18 and 21$. I strongly believe in this project and therefore I perhaps dont get too rattled by this FUD.
Hope this post can help some to make a well thought off decision on what to do with NEO ( AND FUTURE FUD!!! )