China's FOMO is Bigger than yours. So much fear of it crashing so hard, which it very well may but fear not as it is just the bubble busting and what falls into place after that are what will be the true leaders of cryptocurrency.
It’s almost time for crypto to truly go mainstream. Everyone and his great granny will need it for something, something legit not just a dream in a kids basement.
You see it’s kind of complicated but not really. I was discussing with of my Chinese friends who still remains quite skeptical of BTC and she sent me a message today telling me how China was going to shut down Bitcoin. Ah, young padawan, I wanted to say. I had to explain that the Chinese news doesn’t differentiate between ICO’s and BTC all that well. Which is probably another obstacle we will face in the near future. How many of you have to explain ”Well, Steemit is like BTC but it’s not, it’s another type of cryptocurrency which is like BTC but it’s completely different.” Or something along those lines. So how do you make it turn into money? Any Steemer knows what this feeling is like, we may have felt the same at some point.
So, I went on to explain some differences and I would like some of you to hear what's really going down.
First, China holds huge amounts of BTC and cryptocurrencies, I can’t tell the exact numbers but I have heard that up to 80% of BTC is from or in China through mining or buying and selling. Even Dalian where I live has one of the world’s largest BTC farms, which was brought to my attention by (edited as I got the name wrong, oops.) and I have spread it around this city via WeChat like wild fire. Thank you (who ever that was).
See the tour here.
With that said, it’s not in China's best interest to lose those billions of dollars and the potential future trillions of dollars, that’s US dollars, like anyone would think I was referring to another dollar accept maybe SBD. It's in their best interest to find a way to control and tax it, make the scammer accountable, somehow, which is in part what lead to a freeze in BTC and ICO trading here on the exchanges. (the exchanges are under attack no the coins).
Right, you’ve heard that many exchanges have been thwarted in some way in China. Let me explain that a little for you. BTC CAN NOT BE STOPPED BY ANY GOVERNMENT but a government can stop exchanges in their country and that is what is happening in China now.
(Daisy Hernandez quote)
Another huge part of the reason China is halting the exchanges here is because of the massive institution of fake coins. Coins that claim to do something now or soon or eventually but in reality it’s just some guy(s) who are literally lying to our faces and selling a dream. Just like in the 1990’s with the dotcom boom. People investing in shyte websites and lost all their money just like today people are investing in shyte coins and losing all their money.
Sorry to say a government crackdown was bound to happen and if only there was a more trustworthy non government entity that could do this job we would not be here today. I expect China to be a leader in ICO and crypto soon as they truly leading the way today to a more legit system we will all benefit from.
The thing is, there was/is no accountability for ICO’s anyone could say anything and it's simply buyer beware topped off with FOMO. It was/is the wild west days of ICO’s and those days are not over yet but will soon be.
This has led to a real problem for legitimate coins that do and or will offer something of true value. As I said, the bubble is popping and whatever survives will be the leaders of the crypto future. BTC will obviously be a huge part of that as well as many others. China is actually protecting its citizens from internationals who are taking them for a ride, including North Korea in all probability now that I think of things I've heard in the news.
https://images-na.ssl-images-amazon.com/images/I/51PT8PCCS0L.SX310_BO1,204,203,200.jpg
(I admit odd I chose this photo but hey, it's reality for crypto too)
Those of you who are smart traders, I without a doubt know you’ve got some pretty big bets on the coins that will without a doubt survive the cleansing of dirty, nasty coins that only want to hurt people for profit. Which coins will make a millionaire is unknown; with some time investigating it can be quite clear which coins are true garbage and deserve to die.
(your money is not garbage so why would you buy that?)
I admit, it’s not easy to know, sometimes and often it is better to stick with what is known to be true, BTC and ETH and Steemit, BTS the list of legit coins is long; still though, their values in the future are unpredictable, we can all rest assured they are not Shyte coins.
Pay due diligence and always Google search any coin you’re considering buying, read the Steemit posts from authors with a high rep and active comment section, yes in tandem. Check other sites and make sure you’re not reading advertisements; the fake ICO’s can be crafty.
(understand, this life in all aspects not just bad trading decisions, you still got a bank account don't you?)
To be honest it’s kind of a good time to hold or buy Chinese brand coins. I expect things to go lower yet before the jump but once China has this all sorted out the true coins will reach their true potential as they will be liable for BULL SHIT by Chinese government and if they refuse their rule then they won’t be for sale here. So many coins now are already adhering and surpassing expectations for showing they are legit and those are the ones you should be buying. Get it!
So now the Chinese are just laying the road for the future of crypto. I know and have met personally many professional hedge fund and stock traders who all moved to China to be where the action is, like they did New York City so long ago with the stock market boom. The world is changing and if there is one thing we can expect from China is it will change with it. If we could just get things moving a little faster in the western world we might be able to keep up.
These are my thoughts.
Image credits
https://www.amazon.com/Traditional-Lead-Climbing-Surviving-Learning/dp/0899972551
https://www.voanews.com/a/china-sells-united-states-treasury-securities-protect-yuan/3657528.html