China’s own version of Steemit the blockchain based social media site has almost completed funding despite the ICO going live just over a day ago.
It’s an interesting project and potentially a profitable one given that the Chinese are going crazy over Crypto Currencies. The Chinese government is even encouraging small businesses and investors to get involved with ICO’s.
This could have something to do with the debt markets in China faltering. China’s once largest commodity trader Noble Group lost 30% of it’s value just this morning and trading has been HALTED! This is a huge deal because they think silver derivatives are the cause.
If this is true it would imply that JP Morgan and Deutsche Bank are the counterparty which means this could be another Enron moment where it all goes downhill.
Back to YOYOW...you may be thinking "WAIT A MINUTE! China censors everything, how is this allowed."
Yes, you are correct. YOYOW is governed by an elected "Council" that can "hide" posts from the blockchain. However the entire council must be in consensus. This is China so people accept censorship blindly for the most part.
I don't think the censorship issue is a big deal TO CHINESE PEOPLE because everyone in China accepts it so the economic viability of this platform being widely adopted is still there.
Yes in the west we care about that kind of thing but not the Chinese.
The Chinese will be attracted to the fact you can make alot of money by posting stuff.
ICO’s in China are going ballistic…most of them scams or just plain stupid. There are some diamonds in the rough. Time will tell of course but I personally put 1/4 of a Bitcoin into YOYOW because I am YOLO for YOYOW.
You can buy in with ETH or BTC but hurry before it’s gone!
Participate in YOYOW ICO Here:
/Ethan