Communism
I didn't really see the whole China ban of ICO's coming, but I wasn't exactly surprised. Communists and regulators doing what communists and regulators do - trying to hold themselves in power and protecting the status quo. You wonder why things always go backwards and wrong in communist countries? This is why. It is in their impulses to destroy the natural development of things. Sure, there are many scams in the ICO space - but the markets (people) need to figure it out. What we don't need is government crackdown and regulations. Besides, in a free market, you do your own due dilligence and you take the consequences. You learn. And people love to gamble too, so let them.
That being said, I'm convinced that the markets have overreacted on this one. China has no authority over the blockchain, and the only thing they are going to do is to make sure that the people involved in this space stays the hell out of China. Once they realize that they are going to miss out on so many of the fruits of this new technology - they won't have much choice.
What many inexperienced young people don't get is how small the crypto currency market still is. It's sad how many young people who now have sold their fraction of a Bitcoin to a more experienced trader - robbing the young guy/girl of a future fortune. But we all learn in life.
What I bought
Always when I see buying opportunities I always look at the coin's application. Like Steem is something I always consider buying more of when the prices are good. Why? Because it's a great idea, and it is something more than a system of transaction. And it actually held up pretty good during this correction. It was number 25 before the correction and is at 20 now, so although it did fall, it did not fall as much as many other coins.
Bitcoin on the other hand is both a system for transacting AND a store of wealth. Litecoin is the same. I also think Storjcoin and Siacoin are interesting, so I bought into those as well today. Storjcoin and Siacoin is basically a decentralized dropbox, where you can rent out your surplus space. Then I bought some coins just for the fun og gambling. NAVcoin, Factom, Vericoin, Potcoin. I also own Ripple as sort of a hedge against the decentralized currencies.
I'm betting the correction is over
Could be wrong of course, but looking at the past hour, ALL 28 top coins are in the green. To be honest, I burned 80% of my fuel and bought almost perfectly at the (so far) lowest levels. So, if it continues to fall, hands up I'm almost out of funds :)
Good luck everyone!
