Now who panicked again?
China might be the secret code word for: dump all cryptos.
Darn, bought too soon.
When it is all in the red, means there is a sale going on. That were some wise words of Heidi Travels a while back when the cryptocurrency market had a major panic sell drop. To put it in other words: Buy The Fogging Dip {BTFD}! And that is what I did, unfortunately I did it too soon. So when the market goes back up again, I will have less gain than would have been possible. But it is hard to exactly know where the cryptos market is going. If I really knew that I would already be a multi-billionair. And so far I am not even close. Well, I am a multi-millionair, but that is in SLOTHcoin. Guess that does not really put any weight in. Yet, stranger things have happened, right? But, do not mention China, or bad things will happen...
By the way, I lost about 14% of my crypto portfolio value overnight, so I am too licking my wounds on this one. So, Chinese government caused FUD {Fear, Uncertanty and Doubt}, again, causing panic on the crypto currency market!? In a way that could be seen as ironic. This time the rumour is about the Chinese government and regulating ICOs {Initial Coin Offering}. Now, first of all what is there to be expected from a collectivist government like that of China? Come on now, they are supposed to govern, it is their job to do so. And many ICOs are really malafide, plain rip offs, scams, piramide schemes, what ever you would like to call them. This happened with the crypto coins too. When it was easy to just create another fork. Premine a lot, or ninja mine the most within a few blocks. So, do not believe the ICO hype anyway, cause it is yet another 'get-rich-quick' sequal!
Self governing, the solution.
Yes, it is weird to expect a collectivist state government system not to try and regulate every aspect of human life. It would be strange to expect the banks to let go of their monopoly on money. Nothing new there really, so the panic that hit the cryptocurrency market again is almost something like: If you can not stand the heat then stay out off the kitchen. Luckily there are those within the cryptos realm who already have come up with a solution: self governing. Set up a list of agreements about what makes an ICO bonafide and publish the ones that applied and got certified. If an ICO or ITO {Intial Token Offering} got through the selection then it can be considered safe. If it is not on the list? Well then it might be a good idea to handle it with a lot of care. Cause where ever there is money to be made there will be scams. It is just common sense, but self governing might still be a good thing to do. Bitcoin, Litecoin, Dogecoin and Zcash are on a clean tokenlist innitiative. And you might be happy to know Bitshares and Steem are too.
And also publish the doubtfull ones or the straight blunt scams. Now what could be more usefull to do so than a blockchain publishing platform like Steem? And maybe it is possible to find ways to decentralize fundraising, although that might even be me trying to kick in an open door. Where rulers are set aside as a thing from that past, that does not mean there are no rules or agreements anymore. It will become a situation of taking self-responsibillity and setup of an alternative system of self-governing. It has been mistaken before that the outcasting of rulers, because they became corrupt self-enriching war-mongering oppressors, to name just a few minor reasons, means the same as no rules. But that would just mean chaos and soon that will lead to a new order, which will be just as fascistic as any bundle of rulers are controlling now. So, self-regulating is needed, it is part of the proces. Just like the Open Source Community needed to create their own licences.
In the meantime HODL...
Innitiatives like TXSRB dot org are a healty first step. Also to make a clear statement that voluntary objectives are different from acting like fashion 'punks' by means of creating chaos, so a call for a new (fascist) order can be heard and fullfilled. With an alternative system comes a different mindset. It will take a while for that one to sink in. And for the time being the current self-acclaimed rulers will do what they always have done, try to stay in control, by all means. Thus, instead of panic selling because some collectivist state calls out for yet another way to suppres humanity, it is better to stay ahead of this and self-regulate, from a voluntary objectives mindset point of view. Rulers never could be defeated on their own territory, where they made up the rules to support them. The solution lies in offering a preferable alternative that slowly evolves in a peacefull manor.
And in the meanwhile after the dust settles things will pick up on the cryptocurrency market. Where I expect it to go up at a ceiling of 150 billion and stay about there for a while. Going for 200 billion next. But remember, only to invest in cryptos what you are willing and able to lose. Also your speculation might be as bad or as good as mine. Recently I bought some Bitcoin and zCash, too soon but I did because of BTFD {Buy The Fogging Dip} and I know that when ever there is a huge dip, there will be a massive buy again in the week to follow. Therefore, I just sit back, relax and HODL my portfolio. As the cryptos market will move up again. Even my EOS I keep safe, because that actually is an ICO/ ITO that I am convinced will deliver a good product. As it is ahead of its targets in developement.
Decentralize everything, that to me is the blockchain future.
Have a great one!
It is a sequal, yet another one...
image cc-by-sa @oaldamster