China's Central Bank Declares ICO Illegal

Synaesthesia

sr. member

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Quote from: Mett33 on September 05, 2017, 03:50:27 AM

I suggest that all ICO

are registered as company with legal tax number, maybe we can make some trust register on which countries are trusted (avoid kind of Nigeria)

every ICO company have to show names, references and faces public of owners and advisors.

every ICO have to pay some amount in register as warranty and after certain time they will get back. They will show that are serious people and believe in their project.

if other have suggestion how to regulate please write on..

maybe we will have some platform make all thing you say. like kickstarter

Mett33

full member

Activity: 200

Merit: 101

I suggest that all ICO

are registered as company with legal tax number, maybe we can make some trust register on which countries are trusted (avoid kind of Nigeria)

every ICO company have to show names, references and faces public of owners and advisors.

every ICO have to pay some amount in register as warranty and after certain time they will get back. They will show that are serious people and believe in their project.

if other have suggestion how to regulate please write on..

luke_m

newbie

Activity: 1

Merit: 0

Hi all,

it's understandable the price drop as a reaction to this announcement, however, I would not be too concerned about ICOs in the long term. Let's not forget that China has a long history of banned financial industries and potential threat to a free floating economy (something that they can't control but only influence). For example:
- In 2013 Bitcoin was banned by China for financial transactions...
- The Foreign Exchange industry (FOREX) is "almost-banned" in China. We can say that they have very strict regulations if not total ban.

These are just 2 examples, that the news of today is not the end of the world...

kryptqnick

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Quote from: seasonw on September 04, 2017, 11:59:01 PM

Quote from: Benezim on September 04, 2017, 11:40:43 PM

Quote from: Sarcasm on September 04, 2017, 10:53:52 PM

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence

Protests in China? Well, if you have a strong death wish...

The Chinese will swallow this as they have swallowed other, bitter pills before. And they will find a way to spend their excess money somewhere else for now, until the dust has settled.

Yes, I agreed. Sarcasm you must be forgotten that China is a communism country. There will be no protest at all, Chinese citizen will take it, obey any rules made by their government. I tell you what, you can't visit facebook in China and a lot other websites, have you even seen a protest about it?

As far as I know, in China a lot of things are formally forbidden but nobody is actually charged or somehow else punished for that. It holds for facebook, for example. I guess now we just see the big panic, but maybe Chinese will make their icos and use cryptos anyway a bit after this official declare of them being illegal.

Earn with Bitcoin

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Reviewing low-investment Bitcoin opportunities!

I think the timing is definitely interesting, it is happening at a time where more and more people are getting sick and tired of the massive amount of Scam or BS ICOs, that are essentially burying and almost making it impossible to find the legit, seriously created ICOs with huge market potential.

Quote from: VTS on September 05, 2017, 03:32:23 AM

A possible solution could be: Community driven audit service >>> discussion here: https://bitcointalk.org/index.php?topic=2135456.new#new

This is one approach, and a week ago, I also read this one: https://bitcointalksearch.org/topic/how-to-combat-the-surge-in-scam-icos-2124796, about making ICOs pay some BTC in order to be allowed to create an announcement. Both approaches make sense to some extent, and I think we see that in general, there is a tendency towards regulation: wether it's completely outlawing them (which would suck for us, of course), or making them more regulated by state governments, or by self-regulating them via the community. But what we see is that the status quo is something that leaves nobody really happy (not even the scammers, I would imagine, as they also struggle to gain visibility amongst their fellow scammers threads).

Mett33

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Merit: 101

I don't understand why all this panic, just about that news?

China ban their citizen just from participation on ICO, after ICO is done they can buy those tokens free as everybody.

Same did USA and Singapore, so what? still rest of the world can do.

And that price drop because people can't invest more in fraud ICO's wtf? invest in other alt coin which are safe.

Problem of crypto currency is that here are so many amateur people and when they see little down, get in panic. But yes this crashes are good, because people learn to not get in panic and in years crypto market will become more stable (less up and less down).

VTS

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Licensing & Monetizing Digital Content!

As I already said in other threads with the China topic:

There are 2 scenarios for me:

1. Atm we have 4 countries regulating icos that is by far not "ALL" world. Other countries will slowly follow and icos will be regulated everywhere. The regulations will force issuers of icos to register a company, be transparent, pay taxes and give guaranties to investors and be fully legal responsible.

2. Not all countries will follow, anonymous coins will rise and icos will be held in countries with no regulations. Everything will work as before...

I would only panic about investing in scam icos no matter in which country the ico is hold.
A possible solution could be: Community driven audit service >>> discussion here: https://bitcointalk.org/index.php?topic=2135456.new#new

redkey

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as far as I'm concerned China didn't ban ICO's, it may ban but did not do it yet. it's more about regulating them than banning.

maurobiasolo

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http://scientificcoin.com/

Quote from: Drizzlepistol on September 04, 2017, 11:11:54 PM

China gov want control ICO and just ban ICO from many project they can't control. But China people will try another way to invest their money.

Well, I guess:
a) Chinese ICO HQs moving to BVI asap
b) listing ICO outside China
c) no many troubles for investors ... ETH and BTC come from nowhere

seasonw

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Quote from: Benezim on September 04, 2017, 11:40:43 PM

Quote from: Sarcasm on September 04, 2017, 10:53:52 PM

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence

Protests in China? Well, if you have a strong death wish...

The Chinese will swallow this as they have swallowed other, bitter pills before. And they will find a way to spend their excess money somewhere else for now, until the dust has settled.

Yes, I agreed. Sarcasm you must be forgotten that China is a communism country. There will be no protest at all, Chinese citizen will take it, obey any rules made by their government. I tell you what, you can't visit facebook in China and a lot other websites, have you even seen a protest about it?

hyunee

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Activity: 476

Merit: 100

I think this results to the dropping of bitcoin price. This news has a great impact on all who are using alt coins. I wonder if all alt coins are affected by this happenings. I'm afraid that the neighboring countries will be more aware and start investigating this ICOs. I hope that they will have a clear investigation and see the benefits of bitcoin.

Benezim

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Merit: 142

Quote from: Sarcasm on September 04, 2017, 10:53:52 PM

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence

Protests in China? Well, if you have a strong death wish...

The Chinese will swallow this as they have swallowed other, bitter pills before. And they will find a way to spend their excess money somewhere else for now, until the dust has settled.

Drizzlepistol

full member

Activity: 134

Merit: 100

Decentralized Ascending Auctions on Blockchain

China gov want control ICO and just ban ICO from many project they can't control. But China people will try another way to invest their money.

Sarcasm

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Quote from: Linuld on September 04, 2017, 10:51:31 PM

Quote from: gribble on September 04, 2017, 10:38:34 PM

Quote from: wendelllee on September 04, 2017, 04:14:58 AM

One hour ago, the bank declares ICO illegal.
Bitcoin tumbled 7.2% to $4,530.73. Altcoins are worse than that.
https://www.bloomberg.com/news/arti...-bank-says-initial-coin-offerings-are-illegal

Yes because of this declaration had made all of digital coins price went down, the most altcoins getting impact of this declaration is NEO price of NEO went down almost 40%, the other altcoins that got impact are ethereum, ethereum classic include EOS almost all of the altcoins based on dapps and smart contract (ICOs) had got this impact include bitcoins its self, although bitcoins platform is not for smart contract (ICOs projects) but it will not be long time the price will goes up again soon.

I am confusing just one country can be made the all digital currencies value come down in a single day. China has that much hands in the digital currency. Really great when again these currencies will be back to normal rates. I will buy some altcoins now BCH and Waves.

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence

Benezim

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Activity: 420

Merit: 142

Quote from: Arkann on September 04, 2017, 04:23:20 PM

Since the Central Bank of China declared all ICO to be illegal, this would mean a reduction in the release of new coins into the digital market. And as a consequence of this, part of the flow of money will be invested in old proven coins, including bitcoin and ethereum. I see no reason for panic. Perhaps all for the better.

THIS

Existing investors will focus more on the top tier coins for now, funding for all the bottom scam coins / ICOs will cease.

At the same time, influx of CNY/RMB into crypto will come to a halt, but the Chinese will come back much bigger once it is properly regulated (regulation will even attract risk averse investors then)

Linuld

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Activity: 473

Merit: 250

Quote from: gribble on September 04, 2017, 10:38:34 PM

Quote from: wendelllee on September 04, 2017, 04:14:58 AM

One hour ago, the bank declares ICO illegal.
Bitcoin tumbled 7.2% to $4,530.73. Altcoins are worse than that.
https://www.bloomberg.com/news/arti...-bank-says-initial-coin-offerings-are-illegal

Yes because of this declaration had made all of digital coins price went down, the most altcoins getting impact of this declaration is NEO price of NEO went down almost 40%, the other altcoins that got impact are ethereum, ethereum classic include EOS almost all of the altcoins based on dapps and smart contract (ICOs) had got this impact include bitcoins its self, although bitcoins platform is not for smart contract (ICOs projects) but it will not be long time the price will goes up again soon.

I am confusing just one country can be made the all digital currencies value come down in a single day. China has that much hands in the digital currency. Really great when again these currencies will be back to normal rates. I will buy some altcoins now BCH and Waves.

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

What like how PayPal did seven years ago?
Care? Did it stop you all?

It is you the scammy idiots buying them that should have banned them..
Like they used to be long ago here.. You all lowered the greedy pajeet bar fer teh ROI's Roll Eyes

hanskan

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Merit: 100

Well this was coming. Things were getting pretty out of hand, tens if not hundreds ICOs every week, most of them utter rubbish with no application or use. Strong will survive.

gribble

hero member

Activity: 966

Merit: 552

Quote from: wendelllee on September 04, 2017, 04:14:58 AM

One hour ago, the bank declares ICO illegal.
Bitcoin tumbled 7.2% to $4,530.73. Altcoins are worse than that.
https://www.bloomberg.com/news/arti...-bank-says-initial-coin-offerings-are-illegal

Yes because of this declaration had made all of digital coins price went down, the most altcoins getting impact of this declaration is NEO price of NEO went down almost 40%, the other altcoins that got impact are ethereum, ethereum classic include EOS almost all of the altcoins based on dapps and smart contract (ICOs) had got this impact include bitcoins its self, although bitcoins platform is not for smart contract (ICOs projects) but it will not be long time the price will goes up again soon.

liatedgnay

newbie

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Chinese guys are so sad Sad

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