It seems that NEO/ANS has had a meteoric rise in the past few weeks, now on its way to $28, maybe testing $30, or maybe already at its peak. Although, “peak” seems unlikely. NEO is billed as the Chinese answer to Ethereum, and Ethereum enjoys a price about 10% of Bitcoin on the regular. If NEO becomes the default cryptocurrency of Chinese projects, on which they build Ethereum-like projects, then it is, of course, easy enough to see a strong and developed response in China garnering a lot of value. Even more than it has now.
It’s no exaggeration to say that the whole cryptocurrency market is still very new. Even if you buy in now, on just about anything that is not a scam, long-term, it’s probably going to be worth more than if you had not, although in the short term there are always booms and busts.
It’s clear to see, as well, that troubles with Bitcoin often translate to boom times for other coins. People recently were allowed to dump from Bitcoin Cash back into Bitcoin if they so chose, and so this explains the sharp price increase there. There’s on the other hand a lot of news about NEO coming out of China, and the buzz continues to grow. Unless there is some massive problem with the platform, it would seem that ICOs from Asia will begin launching on this platform and people will have the option to invest in that manner. Before long, services will exist which will move NEO over private platforms like Alibaba for purchases. Such things will mean a vast improvement to the economy for China, and so it is no surprise that the Chinese government are looking to collect taxes using the blockchain. In a way, the Chinese government is much more comfortable in its own skin than our government because it has a less harnessed power. That is why it’s free to utilize a blockchain product if it feels it is a better option, with few hurdles between planning and execution.
As Hacked writer Justin O’Connell writes,
NEO development began in 2014 and the blockchain-startup ONCHAIN is overseeing its enterprise version. Already the platform offers more languages than Ethereum supports. NEO’s partners include crowdfunding platform WINGS and multinational technology corporation Microsoft. Reports last year of a partnership between Alibaba and the former AntShares were false, though the companies have worked together.
Indeed, and not much has changed since, except the Chinese government has expressed a keen interest in the blockchain, as well as the Russian government expressing interest in Bitcoin mining to rival that of China. There is some validity to the idea that the world might go to war over water and electricity next, after ideas are dead. Ideas can only survive so many bankruptcies, after all. The world relies on peace to thrive. Yet, cryptocurrencies will only further thrive if external chaos continues, so long-term buy and hold strategies seem to apply as well to NEO as they do Ethereum and Bitcoin, both of which have earned a lot of people money by simply not moving.
We at Hacked will make it our duty to watch Asian markets, projects, and innovations more closely, as the NEO platform will certainly foment a new renaissance of decentralized applications built on top of it. That’s it’s intended purpose, after all, as well as to allegedly have a more robust smart contract programming language.