ICO is officially banned in China !!! - page 16.

marky89

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Quote from: suvo05 on September 05, 2017, 03:56:06 AM

This is really a bad news. They ban every ICOs or they ban some of the ICOs? What will happen if all the countries follow the same thing?

Essentially, all ICOs are banned. At least, they cannot be administered in China, and ICO tokens cannot be offered to Chinese residents.

Now, in practice that's not much different than the USA. To the SEC, most of these ICO tokens are unregistered securities, and it's definitely illegal to issue them to US residents. What happens? The people running ICOs change the terms, saying that US residents aren't allowed, and maybe at most there is an IP restriction placed. Then US residents just get a VPN and invest anyway. Same here.

Most countries regulate securities. I think most will also be a bit more subtle and just stiffly regulate ICOs, not outright ban them.

suvo05

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This is really a bad news. They ban every ICOs or they ban some of the ICOs? What will happen if all the countries follow the same thing?

exstasie

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Quote from: Scorpion on September 05, 2017, 03:39:53 AM

It's not about protecting their citizens though, they want to find a way to get their cut so they banned ICOs. Once they get their foot in the door they'll say, "Oh okay, after some consideration and reflection we have decided to allow certain ICOs as long as .... "

This seems a bit different than the "China banned Bitcoin" days. Those were just cryptic proclamations that weren't backed by anything on paper. The regulations issued in this case seem very clear: ICOs are banned in China. There is no ambiguity around that at all.

I agree that, in time, this could change, but I think the PBOC was really worried at the level of capital outflows being invested into ICOs. Cryptocurrencies are one thing, and they are already concerned about that, but ICOs are arguably in a bubble and maybe they are responding to that (like they did with BTC in 2013). Also, there are a lot of scammy ICOs out there. I don't love this kind of response from the PBOC, but I get it.

Scorpion

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Bitcoin OG

It's not about protecting their citizens though, they want to find a way to get their cut so they banned ICOs. Once they get their foot in the door they'll say, "Oh okay, after some consideration and reflection we have decided to allow certain ICOs as long as .... "

aoluain

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i see now on bittrex that the old reliable's are making a recovery
from the China ICO news.
The sad thing about this is that even the really good ICO's will be
affected by the China ban,
There will probably be a "Legitmate" way to create new positive
Blockchain technologies without the need for an ICO

Russlenat

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I think to those Chinese who have and hold bitcoin still can used there bitcoin even ICO is ban from there country because they don't ban the cryptocurrency only the ICO.

w0lf0.

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It's a very bad notice for the btc value right? I see a mega crash on exchanges....

kayvie

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Quote from: HabBear on September 04, 2017, 10:54:03 PM

When Paris Hilton is involved in an ICO it's time to sell this shit. Seriously, guys, the ICOs are a mirage. Don't get let holding the empty bag!

Couldn't agree more with the sentiments shared below.

Cheers to the Chinese Government for trying to do something to keep people safe from the scams that exist.

Quote from: stupid_seb on September 04, 2017, 01:15:03 PM

Quote from: Lauda on September 04, 2017, 01:03:31 PM

99% of these ICOs are cancer, and people advertising them are greedy idiots. Nice going China, time for EU, Japan and Russia to follow and shut down the bullshit sales (e.g. Bancor, StorJ, Civx, etc.).

Loving this part.

2000% agree.

I love the part too. Binance is gonna suffer...
BTC becomes a rare asset now in China... happy those who put their hands on some of the coins before this ban.

because of some people engaging in ICO's, a lot of people are using it as their advantage to scam people's money and that is probably the reason why they ban it on china to stop scamming which spreads through ICO's

shinchan888

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From what my understanding, the text mentioned ban of ICO but not Crypto Currency. Isn't that a good move to prevent irresponsible party/company from running a scam, using cryptocurrency as front?
Other than ICO, all Cryptocurrency exchange still trading as usual, isn't it?

Genamant

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Trphy.io

yeah i think its to protect chinese traders from being scammed.
But i just thought of their binance platform who usually offer ICOS
And those who invested. I guess they are really affected by the red price of their coins
but its crypto who knows what will happen

Reid

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The funny thing is people there cannot even access the whole capability of the internet and yet they ban just an ICO.
I know they are doing this to protect their people but how could they even see that an ICO is existing if the Firewall is too high that it is hard to break it.
This is just another news where it doesn't matter.
Best business in that area is VPN. Grin

ankurguta87

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Where is the list of ICO banned officially by China. So that we can go for others?

Nivir

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This is the reason why bitcoin and most of the altcoins are dropping right now but on the other hand it gives us an opportunity to buy coins when their prices are low. It is just sad that China banned the ICO but maybe their government just protected themselves from fraud and all.

kenkoy

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Cryptocurrency market is volatile and uncertain. I think China is just protecting its citizen from the fraud and scams brought by untrusted ICOs. Their government needs to figure out how to deal with ICO legally so they have stopped it.

Lauda

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Terminated.

Quote from: stupid_seb on September 04, 2017, 01:15:03 PM

2000% agree.

I love the part too. Binance is gonna suffer...
BTC becomes a rare asset now in China... happy those who put their hands on some of the coins before this ban.

We all know that these ICOs operate in gray areas of the law, but the problem primarily stems from: 1) A huge amount of money flowing into them. 2) A huge amount of money flowing into scam ICOs like Bancor or similar. Obviously they would and should be shut down.

Quote from: HabBear on September 04, 2017, 10:54:03 PM

When Paris Hilton is involved in an ICO it's time to sell this shit. Seriously, guys, the ICOs are a mirage. Don't get let holding the empty bag!

When I was commenting that, I was stating "When people with 50 IQ are pumping random ICOs with a lot of buzzwords, then it's a sure warning sign; exit the market". The ICO that she mentioned uses all the fucking scam buzzwords, "AI", "big data", "marketing cloud", "blockchain". The team behind that project is pathetically stupid.

Quote from: stupid_seb on September 04, 2017, 01:15:03 PM

Cheers to the Chinese Government for trying to do something to keep people safe from the scams that exist.

Next is Japan, EU and Australia and we can continue with a normal market (hopefully).

4yma

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You need to make a token provided with a product. Tokens based on dividends and promises must undergo strict verification.

HabBear

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When Paris Hilton is involved in an ICO it's time to sell this shit. Seriously, guys, the ICOs are a mirage. Don't get let holding the empty bag!

Couldn't agree more with the sentiments shared below.

Cheers to the Chinese Government for trying to do something to keep people safe from the scams that exist.

Quote from: stupid_seb on September 04, 2017, 01:15:03 PM

Quote from: Lauda on September 04, 2017, 01:03:31 PM

99% of these ICOs are cancer, and people advertising them are greedy idiots. Nice going China, time for EU, Japan and Russia to follow and shut down the bullshit sales (e.g. Bancor, StorJ, Civx, etc.).

Loving this part.

2000% agree.

I love the part too. Binance is gonna suffer...
BTC becomes a rare asset now in China... happy those who put their hands on some of the coins before this ban.

pushups44

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Clearly there needs to be more regulation and oversight regarding cryptocurrencies around the world. On the other hand, there are legitimate projects that should be recognized as such. Hopefully China and other countries will find a happy medium between regulating cryptocurrencies and allowing them to revolutionize the economy.

sosobtc-Regina

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Because most of ICOs are only for money,Bad money drives out good is happening to ICO ,so government must pay much attention on it.But I think only regulation can guarantee the long-term healthy development in the industry.

roomfirst

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Quote from: tranle789 on September 04, 2017, 08:26:44 PM

Quote from: xaviervilla on September 04, 2017, 07:41:43 PM

Oh my gosh! This is really shocking! I never really thought that this could ever happen to any country! Specially china where a lot of people loved crypto currencies! Plus all the rumors that cryptos are getting widely accepted in that country. Damn! Who would've thought? Well, maybe people there over did it and started abusing the things crypto currencies could do that's why the government needed to take action. I just hope there ain't no hidden agendas with this decision.

For me. China is trying to manipulate all of the Cryptoucurrency market with this news but my view is different. I am sure China has planned from the start to make many investors panic and sell all the assets makes all altcoin also discounted by and China will buy it cheaply

Why manipulate lol, it's official news though from China. Because of this news China banned ICO, so many cryptocurrency price fall and bleeding even bitcoin too. God damn China, when the bad news come, the price always suddenly dropped so hard. It means China has a big part of the bitcoin community.

Topic: ICO is officially banned in China !!! - page 16. (Read 11280 times)