Don’t be a FUDd: The China ICO Ban Panic of 2017
As someone who is hard at work on my team’s very own ICO project, news came Labor Day Monday here in the US about the frenzy happening in China. Not going to lie, this kind of put me in a panic mode and the FUD (F.ear, U.ncertainty, D.oubt) starting setting in as I was brewing my morning coffee. But why was I “FUD-ding”? My partners and I are doing our homework, front to back, up and down, left to right; to make sure our project will not only pass the due diligence by all the regulatory bodies, but our potential supporters as well.
China halted their entire ICO scene because there were hundreds of ICOs being birthed every day, with no way to vet and regulate them. Who was really doing their homework? Who is actually going to provide tangible and worthwhile products promised by their ICO whitepaper? Who is going to add real world value to their coins and justify them being traded on exchanges?
It was also recently announced that one of the world’s largest bitcoin mining operations, Bitmain Technologies LTD, is raising $50M and receiving investments from US-based Sequioa Capital and IDG Capital to add to it’s current “in the billions valuation” portfolio. Bitmain is located in Beijing. China tried to ban bitcoin on their exchanges in 2014. What does this history teach us? You can’t stop PROGRESS. Bitcoin was not apart of this ICO ban and is still being transacted and traded on Chinese exchanges as your reading this.
My best guess is that this ICO ban is most likely temporary until a state-sponsored platform watchdog is implemented.
So I ask you my fellow global crypto community? Why are you FUD-ding right now? What did we all do before all the “ICO-hype”? We were still trading, mining, and supporting the main staples in Bitcoin, Ethereum, Litecoin, and Ripple. With BLOCKCHAIN at the core, we look to these crypto-currencies to lead us into positive transformation in every industry and facet of our lives.
Please always keep this mindset, no matter the DIPS and the SPIKES.
Be like BUGS BUNNY and outwit the FUDd at all times.