It is mainly the fault of the bank, that chinese peoples bank or whatever is actually quite anti-crypto bank and somehow think crypto will make their business futile and destroy everyones lifes and make it impossible to have the financial system like we do right now. They might be right that crypto is aiming to change some stuff but as long as they could just follow the trends and react accordingly than they could adapt to the change but they are afraid of the change itself.
Hence the chinese government and politicians follow where the money currently is and do what the bank says. Do not worry tho when the crypto gets big enough the bank will be forgotten because money will be at the hands of the crypto holders who will pay politicians enough to stop listenning to the bank.
Topic: China declared crypto airdrop illegal. - page 3. (Read 782 times)
China has not speak on cryptocurrencies good lately and declare airdrop illegal will not affect cryptocurrencies market as most of the people that dumped it are airdrop hunters. I think giveaway system has been there for long and it is a business strategy but if they decided to declare it illegal in cryptocurrencies then it means they are against cryptocurrencies.
This was an interesting reaction from China!
China is doing so well, but against cryptos makes me wonder...
If we take a creative position, this a nice opportunity to come out with a new way, new idea to distribute coins through the world!
China is a creative country, although they cannot create it they can imitate it. as well as cryptocurrency, of course they have a big plan behind it all. because basically they want to dominate the world of the economyChina is doing so well, but against cryptos makes me wonder...
If we take a creative position, this a nice opportunity to come out with a new way, new idea to distribute coins through the world!
That's right and definitely they see that they don't want other crypto to get in their country because they can create of their own. Chinese people are intelligent which they can really imitate things and probably also in digital aspect. About this airdrop, maybe they don't want it because it can probably only caused them burden due to the volume.
This was an interesting reaction from China!
China is doing so well, but against cryptos makes me wonder...
If we take a creative position, this a nice opportunity to come out with a new way, new idea to distribute coins through the world!
China is a creative country, although they cannot create it they can imitate it. as well as cryptocurrency, of course they have a big plan behind it all. because basically they want to dominate the world of the economy China is doing so well, but against cryptos makes me wonder...
If we take a creative position, this a nice opportunity to come out with a new way, new idea to distribute coins through the world!
This was an interesting reaction from China!
China is doing so well, but against cryptos makes me wonder...
If we take a creative position, this a nice opportunity to come out with a new way, new idea to distribute coins through the world!
China is doing so well, but against cryptos makes me wonder...
If we take a creative position, this a nice opportunity to come out with a new way, new idea to distribute coins through the world!
I read the replues of others and I agree to their point that China does not want their people to earn more than the other because the China is a communist form of government. The China would like to keep it that way because they believe in equality to those people belong in the same level. Other than that, crypto will be a one way that will eleviate one on their status and that will ve seem questionable and unfairness to the other individual on their level of shares from the China government.
I think the obvious answer is that China claims ICO is illegal and airdrop is related to ICO because only ICO gives an airdrop to people to attract new investors so basically they encourage every People stay away from ICO rogue though it is just airdrop that will eventually endanger the participants
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
Whom will going to blame for this after China declaring the crypto airdrop illegal?
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?
It's about ICO issue that China is trying to regulate cryptocurrency in their nation. They find it risky to let their people invest in it or do some airdroping because of some personal data breaches.
Airdrops are part of ICOs and I don't think China has exempted other aspects of ICOs in their country. Their statement is pretty reasonable and I couldn't deny that airdrops even though are free is still part of an ICO and the bigger picture here is they are giving away "assets" on the Chinese citizens which are not allowed to participate in ICOs in the first place. Their central bank also have a concern on how it can affect their economy as some ICOs are proven to be fraud, they are just as of the moment protecting their citizens in their own way.
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.
True and I agreed, this is sometimes I've been thinking about several times that this might be their strategy, were they often said that crypto is ban but in reality they have a big average percentage in terms of bitcoin mining farm. and now China declared to ban airdrops on this matter I guess that's good in my opinion.
China's declaration to Airdrop is illegal is quite favorable to me since this is mostly abused, misused and business malpractice to crypto project that may result to bad image. Since Airdrop was applied to most ICOs as part of their advertisement and marketing strategy but many scam project had exploited this kind of activity and most of the airdrops did not succeed that's why China believe that it is an illegal and so i agree with that.
I don't think airdrops are good anyways. Not that bad news.
Your message may not be accurate. My Chinese friend told me that China is forbidden to ICO!
Airdrops on cryptocurrencies are hard to ban because they have the opportunity to contact cryptocurrencies as long as they have access to the Internet!
Unless the internet is banned!
Airdrops on cryptocurrencies are hard to ban because they have the opportunity to contact cryptocurrencies as long as they have access to the Internet!
Unless the internet is banned!
airdrop is simply giving free money, but that free money taken up RMB value, which basically day light robbery.
I think the answers is clear that china was declare ICO's are illegal and airdrop related to ICO because only ICO give an airdrop for the people to attract new investors so basically they encourage people to stay away from scam ICO although it is only airdrop which eventually will have risk for the participants itself
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.
This could have a negative effect on the bitcoin market and if people start discouraging such than market may also crash by some points which is not what bitcoin investors would want at this point of the time where it would be year ending and everyone would want some better returns and market bull run to begin.
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.
it is some sort of illegal because the price will be affected because they are giving away a free coin in exchange of something specially of emails. For me it is illegal yes because the market will drop after that kind of act and they are protecting the true investors who put real money, it is just kind of security of the fund.
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.
I am on the Chinese side, it is true at this time, that the marketing strategy of using AirDrop tokens greatly impacts the worsening condition of the cryptocurrency. Today many ICOs provide their tokens for free to subscribers, the effect is, investors are deceived by the large number of paid subscribers and related tokens being worthless, because there are already many people who have them, and of course it is difficult to develop
Alot of abuse going on in the crypcurrency space, The principle behind the airdrop give away has been abuse, Reason why china term airdrop as an Illegal platform, with regulations and policy formulation we can be sure of this been stopped.
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