The recent events with China banning ICO's remind me of the events in Macau with respect to VIP gambling and China's attempts to stamp out corruption. Long story short, gambling companies were hard hit for a few years but have been on the rebound after reorganizing their services to serve a wider audience including expanding into entertainment destination ala Las Vegas. This seems to me to be a similar scenario in China's anti-corruption activities. No...I don't think cryptocurrencies are going away in China but it is not unreasonable to expect a drawn out process while China pursues regulatory controls for this new technology. For the patient speculator, this may be a golden opportunity to continue to build long term positions in a technology that will only grow over time. The blockchain technology is real...some cryptos that provide solutions to real world problems will survive but, in the long term, many will undoubtedly fail. Which will survive and which will fail?...who knows...thus it seems like the best strategy is to simply build a basket of the most promising cryptos for the long term.
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