I think the drop was a combination of both "hitting the $5k ceiling" and "the China ICO regulations" <---Not really because of the government intrusion but because a lot of really bad writers wrote a lot of really bad articles about what was happening. --- Being most of them don't understand the Crypto-world they fear-mongered and basically said the Chinese Government was shutting down the Crypto-industry.
I have a different view than most when it comes to China's move. I'm for it because there were too many start-up coins gathering lots of money and just disaapearing with no intention of releasing any coin.
Other ICOs were over-spending on staff, offices, promotion, etc... and couldn't develop the coin.
It worked beautifully in Ethereum's case but many took this model and used it to scam the public, while taking advantage of the lack of regulations.
Anyway --- At this point I'm all-in for awhile and bought more Crypto when the markets adjusted in an upward trend.
I buy and hold 3 coins and I love when the they fall because I'm buying more cheap.
I'm happy when it's up.
I'm happy when it's down.
Peace!
Peace indeed! (And I think crypto will help bring it)
I wonder though... are government regulations better at protecting people than their own experience? It seems to me if people are doing stupid things and rewarding stupid scams (often because of their own greed), they will learn much faster than having some central authority telling them what they can and can not due. Yes, the scammers should be punished and found out for the fraud they are causing, but I think a free market system can also do that and do it well. Unfortunately, we're mostly programmed to rely on central authorities instead of taking on the responsibility ourselves.
I agree with what you're saying and I'm all-for keeping the government away from the crypto-world but....
As for the buyers - I think it's more than just greed - there's also a % of just plain-old stupidity. LOL And, of course the government has no business protecting the ignorant, so...
That would leave it up to people like you and I to educate the public on issues like bad-ICOs, scam-exchanges, pump-&-dumps, etc..., so I guess the point would be - we need to do a better job with it, and Steem would be the perfect forum.
Perhaps invent a category titled "Scam Alert" or something similar and list the companies under the microscope.
My utmost concern is the reputation of the industry and I think future-scammers hiding behind ICOs will think twice now - especially in Asia.
Have a great day.
John