Since 2013 often we had news of China banning Bitcoin.. then price was taking, whales buying cheap - rinse and repeat.
Now this kind of stopped working so now they banned ICOs.
This doesnt mean BTC or ETH are banned or even crypto, just making ICOs in China and for Chinese.
Yet people awaited such "news" to get things cheaper and dump. Everything went into red zone.
By checking biggest gainers and losers we can spot which coins are most beloved in China and which they dont really collect in big numbers.
Top Losers by MarketCap
Obviously coins that are mostly traded in China only lost most: HSR, BTM, GXS, WTC, BNB, QTUM, NEO.
TNT was an international ico but it had no pump yet so nothing to worry about. EOS has great place there too.
Worth nothing that smaller marketcap coins that lost a lot today are 1ST (also chinese ICO), AGRS, DGB, EXCL, ZCL, NMR, MYST.
Shortly speaking - if China gets back stronger than before, this coins will mostly likely pump the most.
Top WInners by Marketcap
This coins seem to not have too many investors in China which means they should spread their marketing - unless they believe china is dead of course. Two exceptions might be XVG and BQX who just yesterday had some good news so possibly they survived the storm. But this is just a guess.
Conclusion & Illustration
In this post i have put world upside down. Losers are actually potential future winners and the opposite. I think we should put a bit of humor on such red days. ALso remember using sites like BitMEX you can bet on SHORT (sell) and multiply Bitcoins this way.. Was one of easiest days to do so today.
Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips! |
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Bitshares DEX CNY volumes are climbing, makes sense for China to head to a decentralized exchange Big Brother can't shut down, seize, freeze or otherwise hamper. Seriously, all of China should just trade using the Bitshares exchange and there would be zero problems with governments trying to tell people what they can and can't do. Zilch, nada. DEX is the way of the future and the PRC is helping speed up the revolution. Exciting times!
thats why i try to promote DEX as much as possible
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@kingscrown Thanks for sharing. I did not consider this. I thought the Chinese were selling everything.
Check out my bitcoin analysis - https://steemit.com/bitcoin/@pairmike/bitcoin-technical-analysis-9-5-2017-china-bans-icos-bitcoin-says-so-what.
Because of china now bloodbath on market
This post received a 2% upvote from @randowhale thanks to @sumayia! For more information, click here!
Your posts are so well written and well laid out. I've always wanted to know more about crypto and how it all works, and I can safely say that YOUR posts are bookmark worthy.
I'm learning so much and it's all thanks to you Sir. Please continue because there is at least ONE person (me) whom you are helping very much.
& for that, I thank you !
I'm upvoting this
Great post . I like this Ban cause we have enough coins that can be used for the future.
This should not be the reason currently to like this ban (because we have enough coins). It is good because scammers will have it much harder to do ICO´s in China. Currently there are a lot of scammers.
현재 많은 사기꾼 때문에 중국이 이렇게 하는 것이 아닐까요??
Banned everywhere, it's a sign they recognize the value of crypto currency and it's time to pay up.
Follow me @Yehey
Thank you.
i agree this ico market need to calm down a bit, let's see how many use this as a exit
It's no wonder you wear the Kings Crown.
Info like this is great to have and you keep posting it.
Thank you for just being!
Great post, explained the issue very well.
I like how USDT is rising even though it is supposed to have a fixed value xD
@kingscrown do you ever upvote any comments on your blog? Seems you're really interested in pumping out articles daily but not so much in showing appreciation to your commenters.
I think the news has made people overreact.
Yeah, people definitely overreacted to this news. Not only in China, but in the states as well. Oh well, for a short time, everything was on sale. It was great!
well most prices are even lower than they were directly after the sale of that bad news. Got a TA expert friend who's been doing it for many years who fears that Bitcoin is showing long term signals of a bear market.
NEO does ICO's but it's not the main part of what they do from what I understand.
what is the main part of NEO ?
I heard in an interview someone say that they are principally a smart contract platform.
yeah it is the same thing like ethereum, qtum and soon EOS.
good advice on short selling - it looks like the better option today- actually i just had a look at the website for bitmex and realised i wouldn't feel confident doing a margin trade - maybe you would like to show how it is done on a upcoming post? Many thanks, David
China has proven to be the master puppeteer of the 21st century.
@drakos everything is down today again. I wouldn't be surprised if people in the Chinese government were crypto investors.. honestly.
Of course they are, you think their communist salaries are enough to feed their bellies?
More humor) Excellent picture dear @kingscrown! ) Thanks for your post!
nothing to fear.
Still don't feel better lost a bunch of money
awesome
Recently too many ICOs coming out of China. All they quality ICO are just substandards offering, so glad that the Chinese government stepping in to dampen things down. Yes they want to protect investors, but mostly their own people from losing money through "scams".
nice post
Agreed! this is not a end of BTC or ETH but most of investors are panic and selling their holding coin.
I do not get it why BTC crashed. ICOs are not being done via BTC mainly these days. Well, BTC also did not crashed that much.
Time to buy buy and buy buy buy great coins especially steem Hiyaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa .
In addition, I was wondering if you would please see my latest posts on steem being undervalued and send in your thoughts? your constructive suggestions always add value-I wish ou success.
all cryptocurrency go to up...no government can to stop btc
Interesting they were invested heavily in TNT. I believe phillips behind that is from the netherlands and everyone knows where microsoft is from. I bought quite a lot of that. right before this dip.
With such a low rate of most of these ICOs ever becoming a real company built for the long run, such banning is necessary.
exactly! Not only because of that, you are seeing a lot of scam projects who are only want to get the money. They do not want to build the product at all.
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Enough said!
was it Steve who said that though?
And i found it @blockchainttmft
No, i remember someone said these words. but i cant remember who it was. so i thought steve would be a great candidate lol
Edit: been looking around for the post where i read it but cant find it bud.
No worries, thanks for looking.
Good post. I'm a contrarian investor and look at a correction like today the same way as you. In a year from now the total market cap of the cryptos will be 2X today's market cap, with certainty. Big money (institutional) will be coming in over the next year and excellent corrections make for excellent buying opportunities. To all reading this, be bold! Make your purchases and then forget about your positions. In a year or two you will be amazed what has developed in the blockchain world and realize how wise you were to boldly buy when on September 4th 2017 there was a massive correction. I'm enjoying the same correction as everyone else and am following my own advice.
Or perhaps the coins the market thinks China loves and hates are easy to spot.
I was in a bit of a panic this morning when I awoke to the blood....But that didn't last long, because I am realizing the potential of NEO.
could you give some more informations why you think NEO has potential ?
NEO seems to have set the standard for what the Bank of China wants an ICO to be. So they will be the one standing when the ICO ban is lifted, not sure on timeframe, and will be the one holding most of the ICO token sales. So, it should recover and grow in the LONG run.
buy more!
World government waking up having spasms over what to do about these new currency's is laughable.
Hmmm, that is a whole different view to the reality. I'm too short in cryptospace to make any comments on it other than when this is indeed the case, I have some coins that will moon at some point in time. Now, with your experiences, who long you think it needs fro the Chinese banks and all to let the coins moon again?
Oh, drop is real, so did it affect steem it too? Bc price of it fell like -14 percents....
I believe that some kind of regulating ICOs will have a positive long term effect. I've read that almost 90% of the recent ICOs were more of a scam where the "founder" cashed out the money and didn't do much with the project itself. It doesn't make sense to put things on blockchain only because it's blockchain, similar to why it doesn't make sense to use AI or VR everywhere.
So i'm hoping that this speed bump will filter out at least some of the irrelevant projects and coins and cleans the path for the bright future. I'm pretty sure that the market cap will multiply and there is no need to stress. As long as you haven't invested more than you can afford to lose.
We could always all upvote each other and earn some money that way.
I wonder what that means for neo now? Besides ICOs whats the other main user of smart contracts?
Like black friday, those who have some liquid cash are licking their lips just waiting to pounce
wow veritas is solid, how can i buy veritaseum? is it on any exchanges yet?
If they ban ICO s it might be a good thing for the time being as they can regulate them properly in the same manner as public offering of shares . In the meantime this can lift prices of others currencies , well established , like bitcoin,riple etc.
In the long term just another squiggle ;-p
exactly. Did you buy into any cryptos today or yesterday?
ETH and STEEM
safe picks
win and lose like game..Both are touch who inter in crypto currency world..He/she is real crypto player,,,,
Upvoted your post. Please see my post this evening on this topic with some additional insights: https://steemit.com/bitcoin/@thoughtchain/why-today-is-the-perfect-storm-for-bitcoin @thoughtchain
Thank you for the info :)
Bringing great and informative post like always...i dont think the alt coin boom is over
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Its amazing the way china regulates their market any any move by them usually is quite a big impact on the world market. I guess it doesnt take a genius to figure out many btc are actually kept by the chinese waiting for it to hit highs.
Great points here, this is a very useful analysis. I like the idea that the coins losing the most value will have the most to gain if China recovers in the near future... looks like a good investment opportunity.
I just couldn't understand yet how they will ban someone from joining a decentralized ICO with an Ethereum wallet, for example...
They make it illegal and stop Chinese ICO platforms from listing ICO's.
Thanks for this important information!
great info!
Firstcoin has my interest 😁