As usual there’s an enormous overreaction from news originating from China. It’s possible to state that the foundation of latest announcement that China is banning ICOs and exchanges is unreliable as there’s been no formal statement from the government official.
The origin of the headlines was a Google translated article from the Chinese journalist, who apparently had spoken for some official. So the headlines is three layers from the first source.
Last time China banned or wanted to avoid Bitcoin, they reversed the specific situation some months after.
Remember, China have many laws preventing capital flight, money leaving China, and we’re not used to laws being verbal unsubstantiated statements, from non-government officials.
Are many people having an agenda to pump Bitcoin and spook the market? This news could possibly be doing everyone a favour, since it is apt to be the past time you should buy Bitcoin at these levels. We’ve just had it gifted to us, a 30 percent return as BTC will dipped below $4000 and then returned to business as usual.
However Ether may not be so lucky
Bitcoin isn’t the matter here. It’s Ether, that will be largely the hub of the ICO community, that probably will have a pounding, with the Ethereum network struggling to help keep pace with demand. ICOs are, all things considered, the pump for Ether, and it is probable that ETH will continue to increase for enough time being.
Many ICOs are founded on poor ideas, and big ones could expose industry when founders fail to supply the thing that was promised, since they lack experience and have not run a business.
Many ERC20 token launches previously half a year derive from bad ideas and flawed thinking where tokenomics don’t benefit investors.
First ICOs get called out, go out of money, and many have delivered nothing to users or investors. But also for enough time being, ICOs will pump ETH and in 2018 we will have 5000 ICOs.
Remember, Chinese investors continue to be available, still buying into ICOs, and especially China isn’t the market, it’s not Bitcoin, and the entire world of crypto will push up with or without them.
China has and will reverse your decision, they’re pumping mining pools like everyone, Russia, America, India and the enterprise takeover continues…
China banned Bitcoin, then changed its mind. China’s rules to avoid capital flight isn’t working. China cannot pick and choose the items it likes from capitalism, it’s capitalism that’s paying to build China into what it’s today.