The Truth About China’s ICO Ban – What This Means For YOU

Josh Sigurdson speaks with author and economic analyst John Sneisen to talk about the recent news of the Chinese ICO ban and what this really means for people invested in cryptocurrencies.
While it’s the job of the state to suppress freedom and independence as much as humanly possible, the free market always has an answer to their madness.
People once again wrongly assumed that the ICO ban which brought cryptocurrencies down temporarily would be the “end” of cryptocurrencies which is frankly laughable if one understands how cryptocurrencies work in the first place. Not only has this brought more money to the Bitcoin market, but in the long term it won’t affect altcoins much either.
We’ve all seen how over the top the ICOs have been and how risky many have been, but that is not the job of the state to dictate people’s personal decisions. But let’s not forget, China banned Google and Facebook too. How did that work out for them?

Aside all of this, there are massive Chinese startups happening in the cryptocurrency world and the growth of the community isn’t stopping any time soon so people’s concerns will be put at ease as time goes on.
Sequoia, IDG are to invest $50 million in China Bitcoin mining giant Bitmain.
We are still in the infancy of this market with incredible potential.
At the 7 year daily average rate of growth, Bitcoin is set to hit $250k by 2020 and that’s just a starting point. The future is bright in the centralized world as the central banks come crashing to the ground.

Stay tuned for more from WAM!

Video edited by Josh Sigurdson

Josh Sigurdson
John Thore Stub Sneisen

Graphics by Bryan Foerster and Josh Sigurdson

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  • Derek Carter

    If it’s limited, how is it good for everyone? Sounds like you guys own alot. What about the majority that will never get/buy bitcoin I guess.

  • mageew1

    Sounds like you guys are big on bitcoin.  Whether it’s fiat or not Bitcoin has no intrinsic value and it is not something I can hold in my hand; unlike gold and silver.   With the flip of a switch it can be all gone or inaccessible to owners of this crypto currency.  If you use it to purchase real, hard assets then that is perhaps a smart move.  Otherwise, I have no interest in it and we’ll see what happens down the road with it.  It’s my understanding the BIG guys are buying more GOLD.   Gold & Silver are God’s money and time tested and limited in supply.   That’s good enough for me.

  • lucifuehrer

    I’m not too confident in currencies where any Joe Schmoe with a computer can create wealth from numbers on a screen, I’d much rather stay poor and confident.

  • Luke Shackleton

    Predicting the price of Bitcoin (or any other asset) in dollars might be pointless if we go through hyperinflation and a monetary reset, the value of Bitcoin relative to other assets when dollars no longer exist is what will matter, how many loaves of bread or Lamborghini’s will you get for a Bitcoin?

  • shox007

    Dear WAM, Thanks a million for your continuing efforts to inform the people of the world about the dangerous developments which are engulfing societies everywhere. It terrifies me to think: If people are so subservient in the good times, surrendering more and more of their liberties for the false promise of security from almost non-existent threats, then just how bad will things become when the political pendulum finally swings from democracy back to dictatorship. That will be the FINAL and Permanent dictatorship – a dictatorship which will inherit the most sophisticated and efficient tools of control every devised by the mind of man, and with these tools ensure its PERMANENT survival for the rest of time. All these things frighten me. 100 years from now the single, solitary, autonomous, independent, free spirit individual will be as extinct as the Northern White Rhino. In that time, there will no longer be individuals, there will only be the group.

  • Dion Adcock

    wtf is up with all the disinfo agents in the comments lately, “bitcoin is doomed” “bitcoin killed jesus” nonsense, they’ve been swarming since the latest booms… the bankers must be getting scared.

  • blackraver5

    I dnt have faith in bitcoin. Its only free because the people have the majority of hashing power. But the govt can easily acquire the resources to edge out the rest of society. IPs can throttle people’s internet, quantum computers and AI could all rise and crash the crypto party. Tech is mostly in control by Govts so I’d rather not play the game.

  • Henry Bowman

    I own zero bitcoin but understand crypto currency be an answer to government over-reach and fiat currencies which have enjoyed protection from competition for way too long.
    Any government that disallows competitive currencies and free-market banking is a government working in the best interests of international bankers and not in the best interests of the citizenry.
    Had people everywhere rejected fiat currencies by now, we would not be having this debate.
    Centralized power and banking is EVIL.
    I wish statists could understand that.

  • momoe1974

    I am sick of crypto pushers all over youtube like flies on shit, fck Bitcon, Stick to tangible assets Gold, silver, food/water, land etc.

  • 宿趣

    I see Bitcoin is a pyramid scheme, the creator on the top will occupy the most of the bitcoin volume and subs will share the less than 5%, IT IS A COMPLETE WEALTH SWAPPING! And the cost of mining bitcoin is a big electricity bill and the hydro company is the only winner. You cannot create the wealth from nothing which is not a logical thing. The bitcoin is still surviving is because the people are speculating on the pool, this is a zero sum game like a gamble.

  • Bin Dar

    Bitcoin will fail.. You need money to buy bitcoin .If money fails than how would you purchase bitcoin? .. If it was different. It wouldn’t need money . Look at bitcoin transactions fees. Its free to use my us debt visa to buy things .

  • Joe Brown

    Thanks guys! Just a question for you…we put all our savings into pms over the last ten years. Didn’t really know or understand anything about bitcoin etc. We have enough to live on ok but no extra money anymore. We have managed to put away in very secure savings 5027 oz of silver and four oz. of gold. With all the things going on with bitcoin et al should we cash some of our pms in for bitcoin or just hang on to what we have put away? Do you think silver will go up a lot…relativity soon or what? Thanks again!

  • paulczar

    “You can’t collect taxes (on bitcoin).” Really? Why not? The blockchain is public and bitcoin is the complete opposite of anonymous. Once you can figure out who owns a particular address, the IRS could absolutely enforce taxes on those people. I actually think governments in a way kind of like bitcoin because it would mean never missing a chance to collect tax. I’m well informed on bitcoin and am an enthusiast and a hodler, but this should be well known to many people. Not really sure what you meant by this.

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