Chinese City Warns Investors: Crypto Isn’t Blockchain

ven7net

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Quote from: htsy585 on December 16, 2019, 06:35:13 PM

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

I believe that this is the logic. Now, in principle, creating a cryptocurrency is not a problem. But whether it will be related to the development of blockchain technology is a completely different matter. All this is aimed at solving the problems associated with fraudsters in the crypto sphere. We ourselves know what crypto projects mean now, most of which are now initially scam, as they were created with the sole purpose of taking possession of investor money. Of course, you need to deal with this in all ways.

lolgato1

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You can´t use blockchain without cryptocurrencies. Because how will you ensure the decentralization and validity of each transaction? You have to motivate people to verify transactions right?

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Quote from: Silberman on December 25, 2019, 12:40:51 PM

Quote from: pixie85 on December 20, 2019, 05:48:55 PM

Quote from: mu_enrico on December 16, 2019, 11:10:07 PM

The news is basically stating that China is anti-ICO/tokens and unregulated exchanges, and both are not "blockchain." I think I agree with the above view since none of these have a consensus mechanism.

Shaddy exchanges and ICOs/tokens prone to pump and dump schemes, Ponzi, scam, etc.

It can be also understood like they don't know what they're talking about. There's no Bitcoin without blockchain and no blockchain without Bitcoin.

It's like they're trying to make people think that investing in bitcoin is wrong.

They are banning all crypto trading without trying to understand which of them are ponzis and which are not. This is a stupid and ignorant approach.

Governments have a tendency to make sweeping generalizations, they are not going to waste their time as investors do to try to find good investments and allow people to invest in those and then ban bad investments, if they did it that will be the equivalent of a government giving financial advice and that is never a good idea, and when you take into account that China doesn't really want to give their citizens any kind of freedom then you understand why they do not like cryptocurrencies.

Federalism type of government would really be always like that and its no surprise that China would really make things a mess.They've already ban out bitcoin/crypto
and now they do force out on having a warning that Crypto isnt Blockchain? I do somewhat believe that they do have some point but they shouldnt really
force to influence on what people should gonna do into their own money.

Silberman

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Quote from: pixie85 on December 20, 2019, 05:48:55 PM

Quote from: mu_enrico on December 16, 2019, 11:10:07 PM

The news is basically stating that China is anti-ICO/tokens and unregulated exchanges, and both are not "blockchain." I think I agree with the above view since none of these have a consensus mechanism.

Shaddy exchanges and ICOs/tokens prone to pump and dump schemes, Ponzi, scam, etc.

It can be also understood like they don't know what they're talking about. There's no Bitcoin without blockchain and no blockchain without Bitcoin.

It's like they're trying to make people think that investing in bitcoin is wrong.

They are banning all crypto trading without trying to understand which of them are ponzis and which are not. This is a stupid and ignorant approach.

Governments have a tendency to make sweeping generalizations, they are not going to waste their time as investors do to try to find good investments and allow people to invest in those and then ban bad investments, if they did it that will be the equivalent of a government giving financial advice and that is never a good idea, and when you take into account that China doesn't really want to give their citizens any kind of freedom then you understand why they do not like cryptocurrencies.

Katashi

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Quote from: Chrystora123 on December 21, 2019, 01:03:11 PM

IMO.. There is nothing wrong with China warning to investors.

Totally agreed if the intentions are to safeguard the investors but if they say that all cryptocurrency doesn't involve blockchain then its a total lie. China created its own digital cryptocurrency so maybe this warning is to scare Chinese investor that into another cryptocurrency and just focus on using China's own crypto.

Chrystora123

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IMO.. There is nothing wrong with China warning to investors. it is true that cryptocurrencies and Blockchain technology are different, but the first who adopted Blockchain technology were cryptocurrencies (Bitcoin), cryptocurrencies cannot be separated from blockchain technology. Blockchain is a technology, we can use Blockchain technology for transparency purposes such as elections, banking and budget transparency for a group, region or country. cmiiw

mobilestrike

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Quote from: pixie85 on December 20, 2019, 05:48:55 PM

Quote from: mu_enrico on December 16, 2019, 11:10:07 PM

The news is basically stating that China is anti-ICO/tokens and unregulated exchanges, and both are not "blockchain." I think I agree with the above view since none of these have a consensus mechanism.

Shaddy exchanges and ICOs/tokens prone to pump and dump schemes, Ponzi, scam, etc.

It can be also understood like they don't know what they're talking about. There's no Bitcoin without blockchain and no blockchain without Bitcoin.

It's like they're trying to make people think that investing in bitcoin is wrong.

They are banning all crypto trading without trying to understand which of them are ponzis and which are not. This is a stupid and ignorant approach.

Actually they do not know about it and when they will learn then they will say that China will take every benefit from bitcoin. They will adopt bitcoin in the same way as they adopted blockchain after banning blockchain. In the previous year they banned everything related to crypto and blockcahain but when they realized and learned about blockchain they gave a statement that they will adopt it for their state. So wait a little more for them to learn about Bitcoin and its adoption by the Chinese state.

luckyflop

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Quote from: mu_enrico on December 21, 2019, 01:37:03 AM

Quote from: pixie85 on December 20, 2019, 05:48:55 PM

It can be also understood like they don't know what they're talking about. There's no Bitcoin without blockchain and no blockchain without Bitcoin.

It's like they're trying to make people think that investing in bitcoin is wrong.

They are banning all crypto trading without trying to understand which of them are ponzis and which are not. This is a stupid and ignorant approach.

Yeah, actually I couldn't find any "Bitcoin" word in the cited article. Thus, I assumed they weren't talking about Bitcoin.

Looking back to what they have done to Bitcoin, with mining ban, banking ban, etc., your argument seems to make sense.

However, China still the biggest hash provider with more than 65% of the global hash power.

Because in China, the cost to mine 1 bitcoin is very cheap, so most of the mining plants are located in China. China currently prohibits cryptocurrency and does not allow any Chinese projects to work, even new projects are banned from IEO or ICO. The government sees these as illegal activities and may be punished, they only support blockchain but not cryptocurrency

r32godzilla

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Do not believe Chinese. They are trying to tarnish the name of the cryptocurrency and then they promote their digital yuan as the better solution. It is betetr? it is not, it only alows Chinese goverment to track every move which is made by the Chinese people. The spy state wants to keep everything under control. Roll Eyes

ganeshramk

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China is playing a very big game here. One need to be very careful in this play and should not get lost. Better is to wait and watch this space for clarity. If USA start accepting crypto, then nobody can stop it.

Murat

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When you say about the Blockchain system then you will not count Cryptocurrency in here, It's true that many people thing Cryptocurrency and Blockchain system is similar, So this is not any new thing regarding this issue. When a person wants to invest anywhere then he or she must gather proper information, So the Chinese government will certainly clarify to their people about this issue, I think this is nothing harmful to this platform, You need to get ensured where you are heading to and which thing you should choose, So for me, It's not a matter of surprising anymore.

cryptoknightt

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what is their purpose of saying this to buy their coins, if yes their coins are crypto and not a blockchain, why do they say this, a little strange.
Alright let's see what Chinese citizens respond to this.
so bitcoin and alt are included in cryptocurrency or blockchain.
If like that so bitcoin and alt will be more forbidden in china, its a bad news Cry

terrific

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They've made a decision before that resulted to the banning of crypto. It's a good reminder but they should be specific the way they talk.
It seems that they are pushing people away to invest to cryptocurrency.

fuer44

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it is true, and incidents such as sending to illegal wallets are also often discussed, because it causes dumping. not only investors, everyone involved in the crypto world must also be more innovative in supporting or developing the blockchain.

mu_enrico

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Quote from: pixie85 on December 20, 2019, 05:48:55 PM

It can be also understood like they don't know what they're talking about. There's no Bitcoin without blockchain and no blockchain without Bitcoin.

It's like they're trying to make people think that investing in bitcoin is wrong.

They are banning all crypto trading without trying to understand which of them are ponzis and which are not. This is a stupid and ignorant approach.

Yeah, actually I couldn't find any "Bitcoin" word in the cited article. Thus, I assumed they weren't talking about Bitcoin.

Looking back to what they have done to Bitcoin, with mining ban, banking ban, etc., your argument seems to make sense.

However, China still the biggest hash provider with more than 65% of the global hash power.

stephanirain

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Quote from: htsy585 on December 16, 2019, 06:35:13 PM

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

Even though that strategy isn't new, it must still be reported regularly whenever a crypto was found out to be not really using the blockchain technology. Truly, a lot of projects out there, especially in 2018, are masquerading ICOs that are created solely to accumulate funds then fail afterwards. Investors must be careful and diligent before jumping to anything in this industry.

joshua123

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Quote from: htsy585 on December 16, 2019, 06:35:13 PM

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

Oops there are lots of new ICO like this. Saying they are a platform of blockchain but clearly only a platform that collect blockchain funds and using blockchain as storage but dont really used this tech as part of their project. This is a good discussion by the way, I wanted to know especially on restaurant and food industry if the projects are really connected into blockchain or just using it as as mascots to hide their true goal?

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Quote from: FairUser on December 17, 2019, 01:16:22 PM

Quote from: StephenieDuong on December 17, 2019, 12:31:48 PM

These news really bad for crypto curency because of China gorvernment seem not allow crypto, they just love to own blockchain tech. But i think we dont need to worry about this, China had use laws to ban bitcoin, crypto many time, so with this news i think crypto will grow stronger and stronger. Wink

Every time China issues a ban, BTC and this market will increase strongly. I still remember 2017 China issued a ban on cryptocurrencies, shortly after a few months the price of BTC rose to 20k USD. At this point, China no longer banned cryptocurrencies, they gave positive news and caused the market to go down severely. I hope they can ban it again to the market could go up like 2017

That makes the more FUD statement that comes from CHINA means nothing to the crypto and crypto looks so healthy right now because it is moving based on the development progress in the market and it's not caused by any crap statement that created by crap institution like the government.

Perfect35

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I am not surprised though. The new investors coming in, probably for the first time are the ones to be issued with such stern warming, but for someone who has been here for quite some time now is expected to have known and should live by it. Crypto and block chain technology are two different entities and I believe that with time, we will all get to know.

pixie85

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Quote from: mu_enrico on December 16, 2019, 11:10:07 PM

The news is basically stating that China is anti-ICO/tokens and unregulated exchanges, and both are not "blockchain." I think I agree with the above view since none of these have a consensus mechanism.

Shaddy exchanges and ICOs/tokens prone to pump and dump schemes, Ponzi, scam, etc.

It can be also understood like they don't know what they're talking about. There's no Bitcoin without blockchain and no blockchain without Bitcoin.

It's like they're trying to make people think that investing in bitcoin is wrong.

They are banning all crypto trading without trying to understand which of them are ponzis and which are not. This is a stupid and ignorant approach.

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