So the dragon just breathed fire on ICO's, what does this mean for NEO?
Just trying to connect the dots here ...
I got up at 4 am EST and saw that the market cap for cryptos overall dropped from $180B to $150B. I read that perhaps some of it was due to people taking profits (just last week it topped $150B for the first time), or perhaps that people didn’t understand the ramifications of China’s actions.
China is not moving against “cryptos”, they are banning “ICO’s” until they can get regulation set in.
All of this bodes well for NEO, the only legal blockchain in China, and GAS (NEO’s token that runs the blockchain), because they are already compliant. Any ICO’s that run off of NEO will not only have to be transparent, they will have to be compliant as well.
The regulation pushed by the Chinese came after complaints about lack of transparencies with many ICO’s which were popping up. So all this will do is make NEO that much more credible.
Last but not least, consider this:
- NEO is China’s only legal blockchain
- China announced this past July that it will be a cashless society in 5 years.
What currency will this cashless society use in 5 years?
Until another blockchain is made legal in China, there is only one game in town: NEO and its token GAS.
Perhaps all this confusion made some large scale investors dump their NEO pushing the price down as much as $14 at 4AM EST, which to me says that this sell off driving prices down means to me that it’s time to buy.
What say you?