Da Hongfei has responded to the recent Chinese ICO regulations as follows:"Thanks everybody. I'm very good. Regulation is good for the industry in long term. Please bear in mind that NEO's designing philosophy is compliance friendly.""I cannot speak for policymakers. I believe ICO/Exchanges will be and should be regulated. Bad money drives out good. Public blockchain is a long distance race. We are very confident that NEO will win out."All in all these are good developments. Something like the Useless Ethereum Token (see:
https://uetoken.com/ ) will never be listen on the NEO blockchain whether as joke, point of critique or otherwise. ALL ICOs listed on the NEO blockchain will be of higher quality.
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Red Pulse response to not allowing Chinese investors to participate in the ICO (and other questions):"Thanks for your thoughts. I will answer your questions: "How can you ask us to have faith in your ICO if it's not up to Chinese ICO standards?" We did not make this decision because our RPX sale is not up to Chinese standards. On the contrary, we made this difficult decision because of recent announcements that China's regulators would be issuing ICO regulations soon, and may ban them entirely until the rules are in place. Faced with the decision of waiting an undetermined amount of time until there is more clarity or going forward with our RPX sale that we've been planning, we have decided to stick with our original schedule, while at the same time abiding by the potential ban in the near term. We won't be considered to be breaking this potential ban, as long as we are not fundraising directly from Chinese investors. We had a very difficult time deciding to disallow Chinese investors from our RPX sale, especially since this is the very market and community we are looking to build. The current regulatory language in China came as a surprise to us, and is out of our control. Please believe me when I say we truly were looking forward to having Chinese individuals take part in our RPX sale. At the same time, we are concerned not just about our company, but about the long-term viability of RPX and the community. Exposing the project to this regulatory risk at the very beginning would not be prudent, and potentially jeopardizes our long-term success. We're hoping our community, inclusive of Chinese individuals, understands this and ultimately supports us in this decision. In any case, this is only regarding our RPX sale, and has no bearing on acquiring the RPX once it has been listed. We're here for the long-term, not for the short-term. Regarding your point on "going silent", I don't agree. if you look at most of the reddit threads, especially the ones that required a direct response, Stanley, I, or someone else on my team has been quite diligent in responding to people's questions. We also have active communities on Wechat and Slack, where we have team members answering questions nearly around the clock. I know people are frustrated, as are we, but we're doing our best to address people's concerns, while protecting the Red Pulse project and community for the long-term. Hope you all understand."
Why do you think people withdraw their assets from the banking sector into a crypto currency? It is because of the problems of excessive regulation and control.
Now ask yourself, who needs a crypto currency in which the rules of regulation begin to emerge? I think that the answer is obvious.
This crypto currency is needed either by the organizers of the financial pyramids (covering party with partnerships with banks or corporations) or systems that collect information about users in order to establish their financial position and status.
In my opinion, if people are looking for reliable places for their assets and are trying in every possible way to withdraw their capital from China, it is best to use other crypto currencies that operate on the basis of bitcoin protocol and have the functions of transactions with increased privacy and interest payments with a good annual income