China declared crypto airdrop illegal. - page 2.

Buttermellow

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Quote from: Hagmonar on November 13, 2018, 08:58:37 AM

That would be appropriate to avoid the risks of getting scammed and any other forms of fraud. It is good that China is aware to the increasing cases of money laundering to protect their people's wealth, unlike any other 3rd World Countries, they just really don't care and let their people be trapped in an endless waves of fake ICO's Angry

.

That is why, until now there is no significant changes in their economy.

You have great point also that the China government were only concern about the welfare of the people so this is a way for them to discourage or to let them avoid in getting involved on so many fraud and scam ICO. Airdrop were also one of the best way to scam people just like the many said that people will going to buy some of their coins after receiving their tokens but still it will just abandoned their project and will run away after they collected some funds from them.

Akpuv

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There is no need for this hash declaration. China has to be totally crypto friendly. They cannot accept one part and kick against another. Such acts may create a little panic.

virasog

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Quote from: TrumpD on November 15, 2018, 05:04:49 AM

China should be commended for trying to protect its citizens from unregulated scams in form of icos and airdrop. On the other hand, there is another element to it. Control. Any thing decentralized is opposite of what the Chinese government stands for. Life in China is heavily controlled, and the government is at the forefront of controlling what its citizenry consumes from the outside world, and I suspect this could be their reason for illegalizing airdrops.

Airdrops are mostly for the ICO and These days there are great percentage of SCAM ICO. This is a good step as it will save people from wasting the time for collecting the coins in airdrop which have very low value or even no value at all. I think China has taken good step for overall benefit for the people.

munareal

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Cryptocurrency airdrops are not much in terms of value at the time of airdropping but have the possibility to be a great coin or a shitcoin. Banning it is absurd as people are not forced to do an airdrop is there wish to participate.

Renaldi blackspadeteam

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of course, in the crypto world I have seen many scammers from my own experience following airdrop, but not all ICO projects that have airdrop are illegal, because I see an average task that must be completed to follow airdrop,

there are still many people who have problems with the economy and the airdrop program from the ICO can alleviate their suffering, if the airdrop is closed then it sounds like selfishness, and let those who have economic problems suffer more, isn't that really cruel

Capt00

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Quote from: verguat33 on November 17, 2018, 02:27:54 AM

Quote from: LOLpenguin on November 14, 2018, 05:36:43 AM

I don't think airdrops are good anyways. Not that bad news.

China had been a bit conservative in that sense and this is the reason to protect their domestic economy as a result of which they banned some of the exchanges that had been operating in the country.

Even airdrop as of now is not too good but at least it helps in the market movement price, but why in a country of China they banned all sources of cryptocurrency. From using Bitcoin, miners and now even a small thing airdrop was also banned. The government of Country in China they are very sensitive when it comes cryptocurrencies, hopefully, they were enlightened soon and adopt this digital currency.

verguat33

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Quote from: LOLpenguin on November 14, 2018, 05:36:43 AM

I don't think airdrops are good anyways. Not that bad news.

China had been a bit conservative in that sense and this is the reason to protect their domestic economy as a result of which they banned some of the exchanges that had been operating in the country.

DAVETUN

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It is a step in the right direction from the government of China if the news is real,Airdrop give away has been abuse in the cryptocurrency community, Several Airdrop from ICO since the year began are mostly out to collate data from bounty hunter, Airdrop is now going into extinction,

AlutBitcoin

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Quote from: BagzMM on November 14, 2018, 12:21:18 AM

In my opinion, i think their government just controlling the investors not to invest too much on crypto. They were afraid for investors not to invest for the benefits of their government.

Well till today, I have always been reading that governments are striving to invest in bitcoin now because they know the future is all about bitcoin. Then how country like China is doing all this?

Sengoko

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Quote from: zacad on November 13, 2018, 01:52:39 AM

Why is it responsible? I think this is correct. It is important to know that many scammers use the airdrop mission to defraud a lot of wealth. Airdrop behavior is essentially an advertisement for coins. Such a populous country should ban airdrops, as does India. The biggest drawback of cryptocurrencies is that they are too easy to be exploited by scammers. Otherwise, the price of Bitcoin has already exceeded $100,000.

There are always scammers everywhere. I think the best thing in this situation is to find a way to deal with the scammers in our midst instead of declaring airdrops as illegal. What about the companies that are legit and gives out free coins (money) as a way to attract people and also investors and grow their business? If they don’t do things like this they won’t be able to get the interest of people.

andriarto

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Quote from: hastag_80 on November 15, 2018, 09:29:15 PM

Quote from: jeromix on November 13, 2018, 12:19:14 AM

I came across to an article that China has declared crypto airdrop illegal. I just wonder why is that crypto airdrop was declared as an illegal where in fact we know that crypto airdrop were just like a giveaways to the team who promote the ICO projects. This is one way to attract a private investors and will certain a way also to gain more possibilities of success in promoting the project. So, how could a crypto airdrop be banned? What could be the reason behind the banning of crypto airdrop?

So, i read further about the article and found out that China has repeatedly imposed strict sanctions against cryptocurrency. The main reason for it is stated in https://cryptocurrencynews.com/china-bans-crypto-airdrops/ that

Quote

The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.

It just make sense how China reacted to crypto airdrops. The country doesn't have the likes on the ICO (Initial Coin Offerings) for some obvious reasons. And we know it already because there are plenty of ICO nowadays scamming investors or if not done scamming the project that will be implemented will not gone good and will just dump the project. Most of the project that was being brought up in the ICO were not really functioning and this will lead to undervalue the tokens/coins after the exchange listing of the tokens/coins. This is the problem with ICO's the team that manages the project will then just list their tokens and will not work on to improve more on the project. Though not all of the ICO were being dumped but basing on the number of ICO nowadays a huge percentage of it has come to the point that the tokens/coins were being undervalue and being dump. Project were dead.

Whom will going to blame for this after China declaring the crypto airdrop illegal?

Actualy since from the start china become allergic about crypto,because they want to make there own crypto investement and they dont want a crypto foreign exchange thats why they considered thats crypto airdrops is illegal,othwerwise if we talking about airdrop its only a certain amount of crypto coins and several only would granted and benefited on this kind of campaign because mostly its only a promotion and low price value coins.

i think it's only a little airdrop that is valuable now, i think this is an effective step for China to maximize cryptocurrency, even though China has planned to make its own crypto from a long time

hastag_80

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Quote from: jeromix on November 13, 2018, 12:19:14 AM

I came across to an article that China has declared crypto airdrop illegal. I just wonder why is that crypto airdrop was declared as an illegal where in fact we know that crypto airdrop were just like a giveaways to the team who promote the ICO projects. This is one way to attract a private investors and will certain a way also to gain more possibilities of success in promoting the project. So, how could a crypto airdrop be banned? What could be the reason behind the banning of crypto airdrop?

So, i read further about the article and found out that China has repeatedly imposed strict sanctions against cryptocurrency. The main reason for it is stated in https://cryptocurrencynews.com/china-bans-crypto-airdrops/ that

Quote

The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.

It just make sense how China reacted to crypto airdrops. The country doesn't have the likes on the ICO (Initial Coin Offerings) for some obvious reasons. And we know it already because there are plenty of ICO nowadays scamming investors or if not done scamming the project that will be implemented will not gone good and will just dump the project. Most of the project that was being brought up in the ICO were not really functioning and this will lead to undervalue the tokens/coins after the exchange listing of the tokens/coins. This is the problem with ICO's the team that manages the project will then just list their tokens and will not work on to improve more on the project. Though not all of the ICO were being dumped but basing on the number of ICO nowadays a huge percentage of it has come to the point that the tokens/coins were being undervalue and being dump. Project were dead.

Whom will going to blame for this after China declaring the crypto airdrop illegal?

Actualy since from the start china become allergic about crypto,because they want to make there own crypto investement and they dont want a crypto foreign exchange thats why they considered thats crypto airdrops is illegal,othwerwise if we talking about airdrop its only a certain amount of crypto coins and several only would granted and benefited on this kind of campaign because mostly its only a promotion and low price value coins.

paparexon0414

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China must be very cautious in cryptos. We can say that there are so many ICO are faking it just to find investors and run away with your money. Indeed that airdrop attract people to have their tokens with some catchy features just to gain more value of their tokens. China is already have their own tokens and maybe this is also they way to eliminate competitions and their people just use thier own tokens. Its better to be more careful in choosing than in the end we all loss our money.

andika2018

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I think every country have a different rules and regulation. Airdrop should be good for ICOs, because people get attract to invest and getting more to know about the project.

tenebriscaelum

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Quote from: Reatim on November 13, 2018, 04:04:12 AM

No. It only makes sense for them to declare anything related to ICO illegal because in the first, they have ban ICO already. So I'm not sure about this news coming from China though. There's a report even saying that bitcoin is not the future of crypto anymore. Lol. But on the contrary they still hosted a lot of mining farms and have the total monopoly. I guess we really need to forget them and let Japan and South Korea lead the pack into the future of crypto.

Well it is now the time to have another country to take the lead when it comes to cryptocurrency in the east Asia or in the European Union as there are many countries like Japan who are pushing regulations in their country which I think is about time to have one and the next step and reason for the market to have a major movement and after that massive adaptation the crypto to every day use.

stompix

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Quote from: krishnaverma on November 15, 2018, 05:51:07 AM

They already have declared crypto illegal. So, I fail to understand the impact of this additional ban.

No they haven't and stop spreading non-sense.

But it puzzles me how many people are thinking airdrop are naturally tied to ICOs, seems like bounty hunting is really damaging long terms.

What China has banned are airdrops that are part of ICOs who are luring people to buy more after they receive a worthless pile of tokens. You can safely create you coin and do airdrops if you don't plan to run an ICO the same time.

But anyhow, it's China, and nobody cares anymore!

krishnaverma

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They already have declared crypto illegal. So, I fail to understand the impact of this additional ban.

There are ways to bypass these bans but I am not sure if that is happening there as the government there is very strict.

Janation

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Quote from: BagzMM on November 14, 2018, 12:21:18 AM

In my opinion, i think their government just controlling the investors not to invest too much on crypto. They were afraid for investors not to invest for the benefits of their government.

Investing? Airdrop is not a kind of investing but a way to earn free crypto currencies with out really doing nothing, well not really all of them since most of them need you to do something for them.

I don't know the reason of them banning the airdrop but I think with a lot of people in their country spamming the media or the internet with those sharing links to the projects is getting out of their control.

TrumpD

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China should be commended for trying to protect its citizens from unregulated scams in form of icos and airdrop. On the other hand, there is another element to it. Control. Any thing decentralized is opposite of what the Chinese government stands for. Life in China is heavily controlled, and the government is at the forefront of controlling what its citizenry consumes from the outside world, and I suspect this could be their reason for illegalizing airdrops.

Kiweikoo

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Quote from: jeromix on November 13, 2018, 12:19:14 AM

I came across to an article that China has declared crypto airdrop illegal. I just wonder why is that crypto airdrop was declared as an illegal where in fact we know that crypto airdrop were just like a giveaways to the team who promote the ICO projects. This is one way to attract a private investors and will certain a way also to gain more possibilities of success in promoting the project. So, how could a crypto airdrop be banned? What could be the reason behind the banning of crypto airdrop?

So, i read further about the article and found out that China has repeatedly imposed strict sanctions against cryptocurrency. The main reason for it is stated in https://cryptocurrencynews.com/china-bans-crypto-airdrops/ that

Quote

The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.

It just make sense how China reacted to crypto airdrops. The country doesn't have the likes on the ICO (Initial Coin Offerings) for some obvious reasons. And we know it already because there are plenty of ICO nowadays scamming investors or if not done scamming the project that will be implemented will not gone good and will just dump the project. Most of the project that was being brought up in the ICO were not really functioning and this will lead to undervalue the tokens/coins after the exchange listing of the tokens/coins. This is the problem with ICO's the team that manages the project will then just list their tokens and will not work on to improve more on the project. Though not all of the ICO were being dumped but basing on the number of ICO nowadays a huge percentage of it has come to the point that the tokens/coins were being undervalue and being dump. Project were dead.

Whom will going to blame for this after China declaring the crypto airdrop illegal?

I don’t see anything bad about crypto airdrops. Their government is just being kind of stupid (forgive me for saying that though, but it kind of irritates me when I see government doing things that doesn’t make any sense) what exactly makes airdrops illegal? They are just free coins that are given to people to test out the new coin and also get their interest and attract investors. The company, in this case, are even the ones that are losing by giving out free money to people, so I see nothing bad in doing it.

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