Chinese Ethereum: the rise and rise of NEO

By John Miller

Tuesday the 16th of January 2017


In Cryptoworld, nothing is real except perceived value, and NEO – the old AntShares – are red hot right now. Currently in 8th position overall by Market Cap on $12.4 BILLION and rocketing upwards, NEO could easily have overhauled both NEM ($12.6 B) and Litecoin ($12.7 B) by the time you read this.

The original NEO surge, when they first rebranded, briefly saw NEO rise above Litecoin, only to be replaced by a slew of sexier Coins. But what the hell is NEO?

NEO operates in the electronic contract space, allowing individuals and companies to do business on the blockchain with smart contracts, with the added benefit for large and complex organisations that they can simultaneously track supply chain assets.

The smart contract has benefits for individuals too. If I want to leave my fortune to my kids and not have to worry about some smart-ass lawyer or judge meddling with my will I simply make the contract that I want, the value is in escrow, and then they all turn their electronic keys and get paid. I can even make it a tontine – so that if they don’t all turn their keys none of them get paid – neat.

The point is, that contacts written in code perform exactly how you write them to execute. Contracts written on paper are made by scumbag lawyers with one eye on how they can extort more money from you by litigating every side of the issue in the future.

So that’s the buzz around NEO, which ordinarily I wouldn’t like, because I hate buying surges. The exception to this rule is surges that fundamentally change the board. If you don’t hold some NEO now, then you should probably look to trade for some on its next dip against Bitcoin or Ethereum.

Even with the recent bull run of ETH, the dominance of Bitcoin continues unabated, despite the horrendous lag time that it takes for King Coin to transfer. IMO this is the main factor holding back Crypto right now: the lack of functionality of our flagship Coin. The purists have already migrated to Bitcoin Cash, but that hardly helped.

The hard fork and ensuing Christmas Massacre simply transferred wealth from column A to column B, and then lowered the value of both.

The entire Board went down with Bitcoin, because all Coins are pegged in one way or another to King Coin. Ripple went nuts and then slid dramatically, and the Ethereum surge which came after may have finally hit the wall.

The way forward is for the Power Suiting of Bitcoin, so that it can be transferred at the same pace as Ethereum and Ripple. Then we would see a quick surge to Bitcoin 20K that would lift up the whole board.

Bitcoin noodling around under $15K is not good for anyone, and the big Bitcoin investors need to get this fixed. The future of Crypto is spending Coin IRL with instant transactions.

In the short term I am mostly in ETH, which excels at quick transfer and has the winning aura of a hot investment. Ethereum can also be picked up under 90 (0.090 BTC) on a good day and sold for closer to 99 or even over 100 on a good one, thanks to wild fluctuations in the price of King Coin.

I’m still a believer in XRP, which I can’t resist buying under 13 (0.00013 BTC). It was going for 12.1 today just before I woke up and has been in the 13s a lot. Coiners tend to surge in and out of things, but Ripple ($65 B Market Cap) is in no danger of losing 3rd spot on the Board to Bitcoin Cash ($40 B Market Cap) any time soon.

Will Ripple go for 25s again any time soon? Who knows, but there was a surge that took it up to 19 just last week, and a 15 to 17 band seems much more realistic than sub-15 –  once the glut of buyers who bought into it at mad New Years surge prices has sorted itself out.

With so much red on the Board right now and total confusion about which way and how fast King Coin is going to bounce next, my Coin holdings are just the big 6 (BTC, ETH, XRP, BCH, ADA, LTC) and NEO right now.

Remember to always buy for long term value, anons. Do your research, and know that we are playing on a very fluid battlefield where everything can flip really fast.

The Cardano network seems to constantly go down, which doesn’t really impress me much, but I got ADA at good value and with a $20 B market cap it seems to be holding down 5th spot quite well. Litecoin was a value buy for me as well, with plenty of upside.

Those two coins are really resting on their laurels though, and I look forward to a future where the Top 5 Coins are all fully functional and highly transactional currencies that are easily exchanged for fiat. Right now that only applies to Ethereum and Ripple.

NEO still has a ways to go, but it is heading in the right direction.

Full disclosure: John Miller’s IRL name is Frank Faulkner. I’m an Aussie and when I’m not obsessing about Conservative politics or defending Trump I also enjoy various sports and Christian activities

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