Based on what I wrote below...little did I anticipate the continued roller coaster we have been on this past week...once again today with China regulation rumors swirling...the crypto market is gyrating....I also read an article that suggests that China and Russia are looking to create their own oil trading exchange...using their own currencies...convertible to gold as a way to eliminate the US dollar as the petro dollar currency....in that article their was also a hint of using block chain technology and creating its own coin to tie into all this...
Wouldn't surprise me if this informaiton isn't what's fueling China's rumored crackdown on exchanges...
Which leads me to this question...if all these countries look to take control of crypto...perhaps by even creating their own currency...does that possibly make the coins we trade potentially worthless?
Just asking...no one knows the future of any of this but I'm sure people are out there who see the future in this stuff a lot clearer than I can...
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We all knew it was coming...the SEC has hinted about its concerns over the non regulated nature of crypto investing...little did we know China would be the first to drop the bomb...all ICO's on hold....suggestions of illegalities...ouch.
Its not the first time a Chinese action has caused a sesmic tremor in the crypto world...won't be the last...those of us who have lived by the dragon...die by the dragon...so where are we now?
Its time to weed out the wheat from the chafe...no longer will a coin make us a bunch of money just because of a cool name...well written white paper or frankly...just to be on an exchange and hyped to the moon...instead...a coin has to have a legitimate long term purpose...new issues will be regulated and made to meet certain standards before people invest...
So its show time people...only the strong coins will survive...
I suppose thats a good thing...just starting to feel too much like a teenage party with the parents at home.....sure its safer but a lot less fun...