We will discuss the current surge in NEO coin.
Recently, it has surged by more than 400% in last one week.
It seems like a massive pump & dump scam to me. To give you an idea about the background of NEO,it has been in market since last couple of years with different name AntShares.
Here are few Red flags about them:
a)They claim to be upgraded version of AntShares but in reality its Re-branded AntShares with new Matrix Style Logo!& a name which appears to appeal to audiences (Neo--New...Isn't it?)
b)They released [Smart Contracts 2.0] http://docs.neo.org/en-us/sc/introduction.html
Imagine a smart contract that acts as a last will and testament. The coins are self-escrowed in the blockchain and then released at timed intervals to a person’s beneficiaries.
But nothing is materialized yet.The current price is based entirely on the "china ethereum" hype and kids who think they're somehow gonna get rich quick investing in something that already has a huge market cap. The price rise in the recent days has been impressive, but it's entirely because of hype and not actual accomplishments or practical use.
c) NEO is backed by Chinese Government and we all are aware that Chinese citizens rarely adopt technologies coming from West and it can be observed in platforms such as Baidu, Weibo and WeChat which are market leaders in their respective segments.These services are under constant monitoring of Chinese Government & we can see similar situation play out in case of Blockchain as well.Though it may be best for China,but I personally don't want to give control of my investment backed by certain Government entity when the prime motive of blockchain is de-centralization.
Unlike Bitcoin & Etherium which have practical implementations & they are used frequently,there's nothing as such about NEO.
You are open to share your ideas in comments.
