Bitcoin Forum

Hello,

China declared ICO's illegal.
Why does this even matter?
Bitcoin is not a bank we can spend it on whatever we want

Legal or not why does it matter I don't get it LOL ;D

I'm in ZRX right now. It crashed and double dottomed. Let the MOON begin!

It's not that people aren't allowed to invest in ICO's. It's that Chinese companies are not allowed to crowdfund through ICO's.

Do some reading on the subject.

Well that's besically the same thing

It is clear that smart contrat platform for ICO is having only one famous golden boy,
I am waiting the right moment to buy golden boy for ICO during its lowest price.

There are many ICO this month and next month.

ICO will be huge and many people still get involved there, it is creativity and techie
Lets invest and make the world know about it

China people can do anything they want. Dont try stop China people.

If china dont want Ico. Let them buy our bags. Cool logic

No that's definitely is not the same thing at all.  

Oh! Finally some clarity. It's not the people. It's the companies. Then, I don't get where all this panicking is coming from. Basically, the people still have their digital assests and can buy into any ICO they want. It's company that can't source for funds via ICO. It's not a ban on the people, just companies, right?

I agree. Chinese government should allow people what they want. They didn't ban people from buying or having crypto, that is good. But creating ICOs shouldn't be illegal. I know there are loads of scammy ICOs but those ones should be outlawed. Not all ICOs.

The main advantage of crypto-world is it is decentralized. Cryptocurrencies use blockchain technology. So nobody stop them actually. No any government or group or person. But they can control founders and fund's real bank account activities.

I think China is just a top of iceberg.
There is very strong lobby of bankers and brokers. In most countries below articles about bitcoin you can read super long list of comments that bitcoin is not real, it is bubble, it is worthless. If you will ask your advisor - he will tell you not to invest in cryptocurriences, banks are forcing banning of cryptocurriencies. They will loose huge amounts of money.
Simple example: what would you choose: 2 days upto 2 weeks expensive unconfirmed (you dont know if someone didnt sent or bank is playing with your money) international money transfer, or super fast, cheap and confirmed crypto transfer?

So last week we have seen:
1. Putin forced by lobby trying to ban people from crypto trading, only professional brokers will be able to do that.
2. China in panic bans ICO's, now they are realising this decision was too fast and too stupid
3. Many articles, written even by noble prize winners, that it is huge bubble and worthless
4. A lot of articles about huge dumps of BTC, generating panic

We are at the edge of economic war.

I'm sorry, but China's effort is in vain. People in it will not stop investing in ICOs and will continue to grow.

This is not something that China can take. It's not enough power. It's not a battle or psychological control!

China can stop nothing but it seems they can make big effects on the market. Have you ever also think about why they declared ico as illegal? It's not about stopping something.

All this panic Makes the market recession.  :D

Well. I mean that they both need each other. Why would people invest in a company if they know they aren't gonna get anything?
Anyway how can China even know. This is Blockchain. They can't really prove anything.

Someone is making a killing buying some coins dirt cheap at the moment

Countries like China and Russia fear capital flight, that's why they're cracking down.

Regarding the articles about bitcoin falling - a week ago they were writing excitedly about bitcoin rising - it's just journalists doing what journalists do. Nothing to worry about.

well, they can't stop crypto. but they do have a great impact on the general market and it will take some time for it to recover.

I think many people understand in a different way that people from china didn't invest into ICO's. But later understanding companies should not allowed to raise fund through the ICO's.

That's what I am talking about

http://www.mirror.co.uk/tech/banks-spread-fake-news-stories-11107961 (http://www.mirror.co.uk/tech/banks-spread-fake-news-stories-11107961)

I think it is totally fine from western perspective that Chinese government made a decision. Markets sometimes have corrections and some air is blown out and now everything can move on healthier. Sometimes a panic and overreactions is a way to buy cheaper. So I agree. China is not stopping us but we are not stopping china too. We can just not panic and look for the long perspective. :)

Not sure why you are mentioning Bitcoin. ICOs have nothing to do with Bitcoin.   ICOs are way to crowdfund  money for diferent projects. Difference is that here there is no security for investor.  And tons of guaranties for ICO organizers.

ICOs are illegal in USA, now in China. Do you think Europe uses different laws then China and USA?

At least that would be helpful to get rid of lots of scams!

Definitely they do have the same laws but I doubt that they would impose such restriction too soon on ICO. If it does then I'm sure another price dips would happen again but I agree on what have been said here mostly that no one could stop us and I cant see that these isolations can really affect badly on bitcoin.

Yes, I heard same. Its really painful to pick up right ones from many.

People will think many diffirence way to fund a project. Premine is the first prototype of ICO

I think China is committing a big mistake so cruel handling ico. Chinese investors will invest less in foreign ico because greed is stronger than fear of the law ;D

First the US SEC was looking at ICOs then Canada and now China and South Korea. Its only a matter of time before other countries follow suit.

Best case scenario? ICOs are deemed illegal and can only be launched and participated in by a handful of countries. All of the larger countries deem them illegal or make you jump through hoops to get your ICO legal.

Worst case scenario? US, EU, Chinese, South Korean exchanges stop listing any coin that was created from an ICO. Because they are forced to by their governments.

BTC, LTC, XMR are sure looking good right about now.

I guess China can't really stop the Chinese since there will be many other ways to buy ICO.

Incorrect, I'm afraid. Best case scenario, and the one I deem most plausible, is that China regulates ICO's, meaning only the best companies with great teams, a working prototype and a longterm strategy can have one. Not only will this eliminate scams, it will pretty much guarantee decent profits when investing in one. I believe we'll see China regulate ICO's by the end of octobre, hopefully sooner.

Worst case scenario is China completely bans ICO's, which would anger a lot of wealthy chinese businessmen, who'll then set up companies overseas to participate in the ICO's. The only people that stand to get hurt in this situation is average chinese investors, who won't have a chance to participate in ICO's, yet they WILL still be allowed to invest once the coins get listed on exchanges. In belgium we have an expression that applies to this situation, a storm in a glass of water, which basically means an exaggeration of a very small bump in the road.

What do you mean when you say " If they know they aren't gonna get anything"

The Chinese people can still invest in ICO's, and get what everyone else gets when investing in said ICO. They can still purchase ICO based currency like ethereum and neo ect.  PEOPLE STILL GET STUFF
Chinese companies/startups can not use ICO's to fuel their ideas and raise funds.

Yes they can, I just mean that the ICO companies can aren't allowed to raise money.
And that they will always be able to do it because you can't just stop someone from sending cryptocurrencies.

Laws mean nothing in the crypto world, BECAUSE WE ARE FREE

Its just a bluff because of the surge in price of bitcoin, altcoins including bitcoin are recovering from that news.
No country can stop decentralize cryptocurrencies.

LOL！ Let the MOON begin！

That is right. China cannot stop us! To hell with their new laws about ICO. Cryptocurrency is a technological revolution actually against the current power of banks and establishments that are curtailing our freedom. Why would we worry now about a movement of china? Bitcoin is international. It is not dependent on one country.

Although china had a great contribution regarding on altcoin crypto scene but still it cannot stop those people residing outside of it to trade with ICO coins or other prohibited altcoins, There's another big countries are slowly dominating now and I think China will not became a big deal on its stoppage and im sure they will be back on some other time.

Australian securities regulator ASIC spoke about ICO's - https://www.coindesk.com/asic-on-blockchain-australias-securities-watchdog-unlikely-to-regulate-icos/

Also if you read the whole notice from PBoC, the language seems to differentiate between Cryptocurrency and Tokens from an ICO:

https://www.coindesk.com/chinas-ico-ban-a-full-translation-of-regulator-remarks/

From the translation:



There are more instances where it seems like they are trying to emphasis that it is the tokens from ICO process that they are aiming at and not cryptocurrency itself such as BTC etc.

That's how I read it, but I agree that ICO regulation seems like a good thing to weed out the scammers.

I think nothing significant in connection with the current ban in China, the ICO did not happen. Moreover, if such a ban concerns only organizations, that is, legal entities. Just this market will be a bit orderly. The Crypto currency has already begun to recover after the last sharp drop and begins to rise again at a good pace. Whoever managed to buy coins while they were down, he will eventually win. Life goes on.

No one can stop this thing now. The ICO's will always be there and they will increase day by day. Even if the China tries it's best but still it's people will not stop using this. However, just because of China's this decision something has been altered but that doesn't means any thing to me. China or even any other well populated country even tries to stop it, will fail without any doubt. But it's also to take note of the fact that there can be some hard times but they with not exist forever.

I would have loved to hear the news actually. My mind is now full of questions. Are you talking about what Chinese government has done with ICOs? If you are talking about banning of ICOs, so it was a political move and need of time for them. After all, they have to take care of their local currency. We all respect China's decision.

Bitcoin created not for china. Yes china has a biggezt market. But when bitcoin down because of china news at the same time more people outside china buy bitcoin and it is a good distribution. Bitcoin is for all over the world not for china. Also the news is for ico token only not ban for crypto. So dont qorry about your btc value

What happened shows that we are in times af great expansion.

The bloobath lasted less than 48h. and everything is green now. It's a bad new, but in a sea of good news ;)