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Bitcoin [BTC] is revolutionary, but ICOs are a “way to get around the regulatory space”, says Tone Vays

Anirudh VK

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Bitcoin [BTC] is revolutionary, but ICOs are a "way to get around the regulatory space", says Tone Vays
Source: Unsplash

Tone Vays, a Bitcoin [BTC] maximalist and influencer, recently appeared at Blockshow Asia on a panel to speak about the ICO market. Over the course of the discussion, he spoke about how ICOs were not “revolutionary”, stating that they were a way to “get around the regulatory space”.

When asked about whether lessons were learned from the ICO boom of last year and this year, he declined to agree. Drawing on his background as a trader, he spoke about how he never understood the dotcom boom and how websites with only a website and no clients and developers were trading for $100 a share on NASDAQ. He stated:



“It took 15 years for the NASDAQ to recover financially. Meanwhile the internet was being used and used and used. I never understood why people got into this group thing and irrational exuberance of buying into this stuff until i was smack in the middle of this ecosystem.”

He then spoke about how Bitcoin was revolutionary, as it was a way to separate money from government intervention and give people the freedom to spend their value. However, this then devolved into how everyone wanted to print money, with more people believing in it, stated Vays. He then stated:

“The ICOs were not revolutionary, it was just a way to get around the regulatory space and the regulation is finally catching up. I was very critical of the Ethereum ICO and i thought it would only lead to something bad and i guess now other people are somewhat starting to realize it. I was on the other side of it i was warning people the whole way up, the whole way down i will continue to do so.”

Jane Lippencott, the co-founder of ZenCash and Head of Business Development of CoinFi, also pitched on his opinion by elaborating that a lot of founders in the ICO space “went for the money grab without solving any hard problems”. This ensures that they are not lasting through the bear market, she said. She went on to say:

“I think they never really figured out how blockchain applies to their business and how to create token economies that are actually sustainable. I think there’s a lot of work still to be done and that there are a lot of fundamental building blocks for any altcoin project before were going to see real businesses that are going to be VC backed that are built on blockchain and incorporate it.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin price prediction: BTC prices primed for small correction that could evolve into a major correction

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Bitcoin prices primed for a small correction which could evolve into a major correction
Source: Unsplash

Bitcoin has been on a parabolic bullish rally for quite a while, which was followed by sideways movement of the price. However, at press time, the pattern formed indicated an imminent correction.

At press time, Bitcoin was priced just below $8,000, i.e., $7,979 and had a market cap of $141 billion. The dominance of Bitcoin had reduced as the rally ceased and stood at 57%.

Descending Triangle Pattern

Source: TradingView

As seen in the chart above, Bitcoin’s prices are enclosed in a continuation pattern, i.e., a descending triangle, which is a bearish pattern for Bitcoin. The volume for the same can also be seen decreasing over the course of the pattern, which affirms the above pattern.

When the pattern unfolds, the price will break out of the pattern and head downward; the only thing stopping the price from dipping is important resistance points. The price is likely to hit $7,820 level after the breakout, however, if the former level fails there are subsequent resistance points at $7,674, $7,529, and $7,256, which will be tested in that particular order.

A possible Double Top in the formation?

The above breakout is a short-term movement of price, however, on a longer time frame, the price is stuck in limbo, which explains the sideways movement. The parabolic rally was quick which is why most prominent traders, including Peter Brandt, Tone Vays, and others, are expecting a correction, that is overdue.

Source: TradingView

In the above chart, the way the price of BTC is moving suggests the possibility of the formation of a double top. However, the pattern is only confirmed after the price breaks the lowest resistance, i.e., $7,529. After which, the price will decline quickly into a correction that is being expected by most of the traders in the crypto space.



There is however a scenario where the price might just take off from here since it’s is undergoing a sideways movement, which can also be treated as an accumulation phase.

Conclusion

Crypto Twitter is quite bullish on Bitcoin and expects it to continue the rally, however, technical analysts and traders are awaiting a correction. According to Tone Vays, the price of Bitcoin will reach $4,500 before proceeding to a bull rally; Peter Brandt is also awaiting a pullback. No matter the outcome, it is better to tread carefully or stick to stacking sats.





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