Not surprised. The amount of scams happening on the ICOsphere where unbearable. It was meant to happen sooner or later. ETH holders can consider themselves lucky because for all I know, ETH ICO was as much of an scam as the next Chinese ICO. What was the difference anyway? Most ETH developers hold most of the coins.
What annoys me the most is the fact that Bitcoin is paying the price from other people's scams. Now the entire ecosystem is on a bear market, hopefully it's just a correction.
Topic: ICO is officially banned in China !!! - page 21. (Read 11280 times)
Some icos are somewhat not so good to rely on so Chinese people tried to ban icos for themselves. And as we all know that Chinese are all into business, I mean commonly known for business and if something ruins it,they will close it.
It's a bloodbath, time to buy the dip or jump the ship?
Anyone have any insights on this crash, it seems to be affecting the entire ecosystem.
Anyone have any insights on this crash, it seems to be affecting the entire ecosystem.
ICO ban in china should positively affect BTC on the long run as coins will have to be present on exchanges to get acess to the Chinese Market.
Markets panic (a habit in China). The Alts on exchanges should see their price raise, not drop: they are post ICO.
Buy the dip (especially BINANCE BUT Except NEO)
Agreed with this, since ICO is all about fundraising to support a business, which business means business needs to pay government taxes, and with this banning i hope other countries will follow to ban ico, this make the bitcoin community and bitcoin talk forum safe from fraudulent ICOs.
Interesting how is this going to affect on-going ICOs and those that are planned for the nearest future. Really curious to read the full version of PBC decision in English, there definitely should be the ways to bypass the regulation.
I would think that ICO organizers would add terms prohibiting participation from Chinese residents, similar to language we already see towards US residents. I'm curious about what happens with ICOs that have already happened. There is talk of repatriation of funds (at least according to Google translate). Does that mean that ICO organizers need to liquidate funds to pay back Chinese investors?
In the majority of cases ICO fundraisers do not even know who exactly invested in the project. They might know ETH or BTC wallet number without having information if it belongs to a Chinese citizen or not. What should they do in this case...? In US you are not able to participate if your token is security token, in other cases you can, not clear yet if Chinese prohibition has something to do with that.
Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.
Yes this is accurate. see my translation also. no fiat to crypto, not even USD.
I posted a longer translation in #12
"From today onwards, so called exchange platforms are not allowed to participate in exchange of fiat vs tokens, fiat vs crypto. They are also not allowed to buy/ sell as a centralised participant. Not allowed to provide pricing or information as an intermediary.
Any platform against these rules will have their website, mobile apps shut down and license to operate revoked."
However the words tokens and crypto are a little bit ambiguous in Chinese.... we've yet to wait for any clarification but there might be no clarification at all..... so let's see.
Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.
If anyone else can chime in regarding translation, please do. This is a massive development if so.
China's exchanges don't have quite the influence that they once had a year or two ago, but that would basically destroy the entire business model of Okcoin, Houbi and BTCC, among other exchanges.
Given that this seems geared towards ICOs, and I haven't heard anything from other people regarding fiat exchanges, I'm skeptical of Point #3 for now.
Government all over the globe want to control the finacial market and there economy,with cryptocurrency thecnology governnent have little or no influence,this seems like a threat to the polity,this may be reasons why they will want to make rules to control the market
ICO need some sort of regulation. 30 mil for a whitepaper and a crappy website is not enough...
Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.
Interesting how is this going to affect on-going ICOs and those that are planned for the nearest future. Really curious to read the full version of PBC decision in English, there definitely should be the ways to bypass the regulation.
I would think that ICO organizers would add terms prohibiting participation from Chinese residents, similar to language we already see towards US residents. I'm curious about what happens with ICOs that have already happened. There is talk of repatriation of funds (at least according to Google translate). Does that mean that ICO organizers need to liquidate funds to pay back Chinese investors?
Interesting how is this going to affect on-going ICOs and those that are planned for the nearest future. Really curious to read the full version of PBC decision in English, there definitely should be the ways to bypass the regulation.
Dumb idea if this is true. Why not ban the population from breathing air to protect them from bad air in some part of China.
It's funny how those who criticises ICOs are busy promoting them here. Hypocrisy is a shameful thing .
By the way, Chinese people can still invest if they want to. Difficult to censor the Internet these days... It going to be more difficult in the future.
It's funny how those who criticises ICOs are busy promoting them here. Hypocrisy is a shameful thing .
By the way, Chinese people can still invest if they want to. Difficult to censor the Internet these days... It going to be more difficult in the future.
Is anyone surprised by this? Bitcoin looks positively benign compared to the perceived damage unfettered ICOs could do. I expect more of this in other countries too. The writing was on the wall, doused in fuel and set on fire.
It's almost reminiscent of the PBOC banning Bitcoin. So I guess they'll have to ban ICOs another dozen or so times, too.
This wasn't expected from me. I figured it was all up in the air. I was surprised at the very hands-off approach that the SEC took ("maybe some tokens are securities, but we're not doing anything right now") and I thought maybe a similar approach would be taken by other governments. I guess not.
Impacting everything across the board it seems - didn't expect this to have such an affect to be honest...might be a good time to buy.
Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
Bad news for the market in short-term, but good news in long-term. They should've done something with scams, and finally they made it.
Good. These ICO's should all be banned worldwide. Same old developers creating pretty websites and conning noobs. It gives BTC and any GENUINE cryptocurrency bad press.
Well this is a big blow to NEO because without ICOs the growth of NEO will be stuttered but i have been a victim of many ICO scams so i will say this is a step in the right direction, until there is an authentic way of identifying a good ICOs many countries will start banning ICOs
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