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Topic: China not only bans new local ICOs but orders liquidation of existing ones - page 2. (Read 1469 times)

member
Activity: 111
Merit: 10
WBVC - fearless approach to investing
The press is having a field day with this...

The government move should “help cool down the market and sweep away bad actors,” said Jehan Chu, whose crytocurrency hedge fund Kenetic Capital has invested in Chinese ICOs. He said he hoped regulators would allow some forms of digital currency financing later. “I don’t think they’re trying to kill it.”

WSJ story: articles/chinas-ico-ban-brings-bitcoin-back-to-earth-1504526144?mod=e2tw

http://www.businessinsider.com/initial-coin-offering-china-bitcoin-ethereum-peoples-bank-of-china-law-all-crypto-illegal-etoro-2017-9?r=UK&IR=T
member
Activity: 112
Merit: 10
I'm not sure how someone (even a governing body) can control or regulate this.  Wallet addresses are anonymous and you can use VPN's to access the Internet.  This ruling doesn't change much except create fear which will drive the price of current cryptocurrencies down.
member
Activity: 80
Merit: 10
Maybe there have been too many get rich quick type scheme ICO's where the lots have lost money when the coin teams did not deliver the goods but just took the money and well, vanished. There have been many reports of this in the wild. I feel, actually, that this is almost a good thing, in fact it is, for existing organisations will be recognised for the good work they do, whatever your alt flavour, only the strongest will survive right?
full member
Activity: 448
Merit: 100
China government are complete idiots. They ban VPN, there are a bunch of decetralized open source VPN projects coming up.

It just doesn't make sense to try to legalize something you can't control.
That's truly dictatorship. The cryptocurrency community may become a threat to chinese government. That's the way comunist rulling the country. No one can be rich without being controlled by the government. I suggest to all developers to move to Singapore. I think Singapore more welcome than other countries. England is good choice too. Are there any countries that support ICOs, What do you think about Australia?
legendary
Activity: 1540
Merit: 1011
FUD Philanthropist™
What they mean by existing one?

There should be some time frames. And definitions what is ICO.

Without it is hard to refund anything.



Exactly

Bull God damn shit noob.
This shit worked fine for 7 fucking years with out ICO scammers holding their hand out.

Need money for your coin faggots?
Get a fucking job Roll Eyes
I hear McDonald's is hiring...
legendary
Activity: 1918
Merit: 1728
Then, curious how those Chinese investors liquidate their assets in the crypto world if Chinese government forbid to either invest or liquidate. Maybe they'll forcefully exchange their blockchain asset offshore or else?
I'm just starting to think that it's like a trap given by Chinese government even though the govt themselves want to stop the ICO activities totally, but that's just not right to force their citizens abandoning theirs "digital gold".

And think about prices!
Well today's crash is just speculative reaction to this ban but when Chinese projects who raised funds via ICO will be forced to sell off their assets (most of which will constitute surely of cryptocurrency reserves), prices will further crash more.
It will be interesting to see how market shapes further!
sr. member
Activity: 243
Merit: 250
Good. We need to get these scammers out of the cryptocurrency ecosystem. I hope enforcement keeps happening in more countries, until the fraudsters have nowhere to run their criminal activities from.
full member
Activity: 387
Merit: 106
Then, curious how those Chinese investors liquidate their assets in the crypto world if Chinese government forbid to either invest or liquidate. Maybe they'll forcefully exchange their blockchain asset offshore or else?
I'm just starting to think that it's like a trap given by Chinese government even though the govt themselves want to stop the ICO activities totally, but that's just not right to force their citizens abandoning theirs "digital gold".
I agree with you, this possibility is just an issue, this is done to create a red market, or called FUD, and this possibility will end 2-3 weeks later, but if this is true how big chinese influence in crypto market, until it can destroy all altcoin prices
sr. member
Activity: 338
Merit: 250
Asura – Self Sustainable eSport ecosystem
that is a bad news to everyone. Hope that the chinese will be ok after this disaster.
member
Activity: 142
Merit: 10
wow, this does seem impossible to enforce, hope they are attempting to come up with some sensible regulations
sr. member
Activity: 616
Merit: 251
Blockchain Marketing: tokensuite.io
China government are complete idiots. They ban VPN, there are a bunch of decetralized open source VPN projects coming up.

It just doesn't make sense to try to legalize something you can't control.
legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
Then, curious how those Chinese investors liquidate their assets in the crypto world if Chinese government forbid to either invest or liquidate. Maybe they'll forcefully exchange their blockchain asset offshore or else?
I'm just starting to think that it's like a trap given by Chinese government even though the govt themselves want to stop the ICO activities totally, but that's just not right to force their citizens abandoning theirs "digital gold".
full member
Activity: 225
Merit: 100
ICOBAZAAR: ALL ICOs IN ONE PLACE
What they mean by existing one?

There should be some time frames. And definitions what is ICO.

Without it is hard to refund anything.



Exactly
full member
Activity: 238
Merit: 100
What they mean by existing one?

There should be some time frames. And definitions what is ICO.

Without it is hard to refund anything.

full member
Activity: 225
Merit: 100
ICOBAZAAR: ALL ICOs IN ONE PLACE


Those who have already raised money must provide refunds, though it isn't clear how the money would be paid back to investors.
By the way, the decision has already affected the whole crypto market. Check this out.
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