Red Pulse is slated to be the first ICO that will use NEO to fund itself. Today, it announced that due to stricter ICO regulations, the Chinese citizens will not be allowed to take part in the Red Pulse ICO. Being the first ICO to use Neo, it means no skyrocketing of Neo like Ethereum this year. This is extremely bad for the Neo that was meant as the launchpad for ICOs. Ethereum is often used for funding the ICOs and this was massive chance for Neo to prove itself and replace Ethereum for funding.
That being said, Red Pulse is a serious project and this unclear regulation can jeopardize it. This is the original message delivered to Red Pulse slack users:
Due to stricter regulations in China regarding ICOs, we’ve had to make the difficult decision to disallow Chinese citizens from participating in our ICO. We know people will be angry and upset, but we need to protect the interests of Red Pulse, and the long-term success of the platform. We believe this is also in the best interests of the community in the long term, and we hope that our supporters will understand this. That being said, once RPX is listed on Binance and other exchanges, it is accessible to everyone.
This means two things.
1) An opportunity for you to buy more NEO at a cheaper price
2) An opportunity for new investors to enter NEO and thus raise marketcap and increase value of existing investors.
Do you expect Ethereum to follow Chinese regulations? I see ETH as Google and Neo as Baidu, which follows local regulations.
August 29, 2017
| NEO News