South- Korea bans ICO’s (initial coin offerings) for new cryptocurrencies or blockchain tokens and yet the Bitcoin price takes a price dip.
Now in any market, where a product or service is become more rare, the price of the current product or service is becoming more valuable.
This is why Cryptocurrency is so innovative and new..... it needs time to mature
This reaction is called FUD (Fair Uncertainty and Doubt) and this is a typical reaction for such a new market as the crypto space.
So this tells me to buy more, this market is really in its beginning phase and many people don’t understand the long-term value of a token or cryptocurrency.
If China, USA and S-Korea (possibly Russia) are banning ICO’s on new cryptocurrencies and tokens, the chances that the current steady currencies and tokens are going much higher “because there is less competition out there” are very high.
Banning the ICO’s is not a bad thing
With all the new ICO’s coming out on a daily basis and many of them are rubbish and will fail tokens, I think it’s a good thing that these ICO’s are being regulated.
It’s much better for the positive image of blockchain, just think about the fact that if people get scammed on bad ICO’s, it will look bad on the entire crypto space because people are not protected “as they are used to” by a government or bank.
Yours Truly,
CryptoPaul