Bitcoin Forum

A friend I introduced to Bitcoin, phoned me today asking why China banned Bitcoin. He quoted a article in his local news paper, who quoted Bloomberg : https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal

The mainstream media has no f#$%^ clue what the difference between ICO's and Bitcoin is. Anyone can create a fancy webpage and a few PDF's with information on their ICO offering and then sell tokens for it.

Initial coin offering (ICO) is an unregulated means of crowdfunding via the use of cryptocurrency. The term is often confused with 'token sale' or crowdsale, which refers to a method of selling participation in an economy, giving investors access to the features of a particular project starting at a later date.

Please phone your local newspapers and explain the difference to them, because ICO's are not Bitcoin!

People will do anything to sell a few extra news papers or to receive a few extra clicks on their websites, even if they publish total rubbish. They should research a subject before they publish garbage like this.

It just shows you how unreliable information can be that are being published in the media. This might even be done on purpose. ^grrrrrrrr^

Edit : Latest garbage from Bloomberg : https://www.bloomberg.com/gadfly/articles/2017-09-06/seventy-eight-billion-reasons-why-bitcoin-s-the-new-gold  < 100% biased and Bullshit >

Only plebs got hooked believing the whole cryptocurrency market is banned in China. I'd say more than 50% here are plebs.

Maybe the China's ban on ICO's might be an reason for a sudden fall in the price of bitcoin along with most of the digital currencies yesterday. Today the price has started to increase once again giving hope for an bigger price pumping to happen in the upcoming days.

That they did, a load of ICO's i've never heard of. Hopefully the btc increase continues.

These media people should get a life! Good as there are tonnes of noob who selling off their btc like nobody's business!

I don't understand why the Chinese need it. They are in a state of undeclared trade war with the United States. I think that now crypto currency is not so strong to have a negative impact on China's economy, but it is an extra trump in the struggle with the dollar.

It did have some effect on the price earlier this week, but it's already recovering as we speak.
At least, I think the price drop had something to do with this news, though it didn't have anything to do with Bitcoin directly.

I didn't see anything mentioned in local newspapers about China banning ICO's, but I did see something about the huge price increase of Bitcoin over the past months.

Yes sir ! I agree with you :D. But i have an opinion about this, they (China gov) know people will "translate that news" as China banned all Cryptocurrency (Bitcoin and altcoins) and the controversial policy from China's government that designed to make a massive panic attack for those people, so they can buy bitcoin at lower prices.

The mainstream media is not the only: if you want to get a good laugh Brendan Blumer from EOS and CEO of block.one was saying Bitcoin itself is an ICO. Please don't fall from your chair :D :D
I am not so surprised of the confusion about ICO from the mainstream media. They have to drive traffic to their site what they write doesn't matter much. Most of them don't know anything about crypto and all related. They mainly repeat or do a very little search from another uneducated website. There are very few journalists specialized in Blockchain/Cryptos. All the others are just "I wanna be"

Finally, somebody lost his patience about all these panic posts about the Chinese government decision and decided to give the simple answer:)

in my country a major newspaper wrote that China banned bitcoin. they write fake news on purpose  :-\

it's just idiots and the misinformed that are running around spreading FUD, as they do every time something that is perceived as 'Bad' happens, nothing out of the ordinary. wait it out and people will read up for themselves and get over it in a week's time.

it happens every time, and it will continue to happen every time; it's actually funny to see it at this point. I've accepted trying to correct people at times like this is pretty much effort wasted.

the media outlet was probably uneducated on the subject, they usually tend to be when it comes to newer technologies and ideas.

China not only ban ICO but also the tokens distributed in this year, the government support blockchain technology but ban the ico which will cause public events and financial crime

many articles like that too. makes me confused in the beginning.
writer just write without checking the truth or maybe like you said, they write fake news on purpose.

This is just a precautionary measure, the Chinese Government is only afraid of people making a deceptive investment.
Everything is fine, and we do not panic.
BTC has returned to normal, this issue loads everyone busy.

I think this will only happen in a short time and everything will return to normal because big ICO projects are heavily dependent on China, without China the Bitcoin market and the ICO market will lose a lot potential investors.

Businesses will find a way to enter in any ICO since they already know how ico forms, it finds  way to fund a successful project. It is the newest trend to easily fund a project all over the world and Chinese investors will not let this chance to skip.

The MSM has no reason to objectively tell the actual truth. Ratings are all that really matter.

Hey, they banned bitcoin!!! Says the MSM... = ratings!!! Because now people panic and think Bitcoin is dead for the 2,000th time or something.

They don't want Bitcoin to continue to succeed because it is against their best interests.

Beats me. Just yesterday, I read a thread here on Bitcoin talk that Bitcoin is dead. Are you freaking kidding me? It was just a ban of ICO by the Chinese! Dunno why people keep fabricating this news.

Yes, I also want to explain to the newcomers here in the forum. Many newcomers make a lot of talk about it as other fools also believe in it.

Before you believe you read it first well. because of that you will know the answer. You will not immediately notify that you do not really know the full details. ICO and bitcoins are different. Also, you will find some answers to google even here in the forum you can read

Why you think that dump occurred?

Only because all these shit news propagated by media and new investors falling for them. FUD spreading is getting common in cryptocurrency market. Anyone is spreading any news and predicting anything. We just can't escape that.

well, it is a great time buy at low price though :)

Following the Chinese government's announcement, all currencies fell sharply.
Now the coin is stabilizing again

of course bitcoin prices will soon rise
news from china gives a bit of a bad impact on bitcoin
but I think it's very profitable,
we can buy bitcoin when price goes down, we will get profit

What you are saying is true, that's why people must not buy any ICO without research it first. Many ICOs will fail, other will be 100% scams, but many of them will develop good products. ICOs is a new way of investing, a new kickstarter which help people with good ideas to develop them. For sure not all people want to develop their ideas , many will just get the money and do nothing, but in life nothing is black or white. ICOs is a good thing for new ideas, is what I believe and shouldn't be banned, people must be more careful.

many are in panic as the china government ban ICO but many people dont know that only ICO have been ban. not Bitcoin and other cryptocurrency... theyve been fool by other thats why many users sell their bitcoin, thats why it is have a huge effect on bitcoin price. But yesterday is a good day to buy some alts and bitcoin as it decrease its value but right now prices are going smooth again.

Screw it nothing can be done the chinese investor in the crypto are always the coward ones i don't want will the central bank even get by spoiling such a perfect growth but why are you even worrying i hope they keep on selling so my order get's filled at 4200$.
They are not only selling bitcoin but also the altcoins  ;D

Some news say China ban ICO then Bitcoin price drop too much and make many people think CHina ban Bitcoin.

Sometimes I wonder what is wrong with the media. They normal published articles which they no longer have good information about. What a shame?

I know right? these freaking idiots are not listening to the OP :D banning ICOs were inevitable we were just in the extra time for at least a year, I don't know how much is the influence of China in the crypto world but apparently it is too little to push the whole thing down hard.
How many times they tricked people into selling cheap? Myself included among these idiots I sold the 2 last times they caused some serious dumps but not this time I outsmarted them :D

Oh at least--and then there are all the alt accounts of the plebs.

Anyway,  the MSM screws up most of their stories, not just about crypto.  That's why I don't buy into what theyre selling.  I can't watch the news for fear of losing my sanitary napkin.  Buy hey, I find it excellent that they're covering crypto at all.  Even if the retarded MSM can't get a story right, more coverage is better.

People have realized this. And that is the reason why the price is now climbing back. The exchange rates are $4,600+ per coin now, and I believe that the current spike can take Bitcoin beyond the $5,000 mark. I have also noticed that Bitcoin Cash has climbed almost 50% during the past 2-3 days. Very interesting situation, if you ask me.

Ico been too popular for investors,and Chinese investors may find some way to still invest on it. BTC value is increasing more today. The dumps and pumps in btc were normal but it's recovering too fast is really fascinating, it just shows how popular btc now.

I think those who report the news regarding this, shoyld be the persons who understand cryptocurrencues, ICOs are different from bitcoins, they have the same blockchain technology, but the codes are different. The time when this news went out, the value of bitcoin went down and a lot had sell their bitcoin, and most took advantage of the time when it was down and bought a lot, this is also a strategy in the stock market, make a scare, havr people panic selling, so those who knows the game, van still buy it cheaper. I think we should first read what the articles are trying to say and then analyze what may happen, so in turn, you can have a win-win situation in your hand. We should aldo be vigilant on what we read, especially from the internet , there was an article i've read regarding this, that china is also giung to dump bitcoins they have mine, but apparently that was fake news, after i did some research, and why would china do that, they're throwing awats good investment, we could've just givr them are wallet addresses and transfer it to us, if that's what they want.

Yes, from what I know, the China government's view on Bitcoin and cryptocurrency is that they consider it as legal. Perhaps the article is very erroneous because the author does not have sufficient knowledge on cryptocurrency and Bitcoin, that they failed to differentiate what Bitcoin is from an ICO. This is the sad thing about some poor quality blogs.

China's action must have been made to regulate and prevent its citizens from getting scammed, for the reason that perhaps some people have reportedly been scammed in ICOs before. The China government wanted to have some control on the matter. This may have had some impact on the price of BTC but it is slowly recovering now.

Well, I phoned them today and I gave them a tongue lashing! They reacted as they usually do, "We just quoted a reputable source" < my ass >  ::)

I explained the difference between Bitcoin and ICO's but they still ignored the truth. I get the feeling that they are forced to report negatively on Bitcoin matters. ^grrrrrr^

These articles are not being cross referenced or fact checked at all, they just take the mainstream websites opinion at face value and print it.

I've just read the article and it just stated that Bitcoin tumbles because if The ICO BAN which is correct but i didn't read any words or sentences that said bitcoin is banned? but i do agree that some mainstream media do really put a stain on Bitcoins reputation, it is really evident that they are really trying hard just to make bitcoin sound as illegal.

I agree with op here, many of the my friends who are new to this crypto world were confused and they panicked when they say the price crash. Though I told them that whenever something like this happens and China is responsible prices shoot up and double up. As for those articles on the net, it's simple they are getting free traffic, plus earning money thanks to the ads posted on their website. It's a shame that people actually fall for such traps and create unnecessary confusion for everyone concerned.

well, it's pretty normal for any stake holder to panic when the value of an asset drops nearly 20% in what was practically overnight. can't really blame your friends.

it's one of two possibilities: they either don't care because they're generating traffic off of dishonest clickbait, or two, your voice doesn't matter to them, and they won't take down the content without someone with more influence calling them out.

i wonder what people thinking about that news, i think they can not distinguish between the ico and bitcoin itself and i think its because they are not learn what the different so they think that ico and bitcoin is the same thing. i think because of this, bitcoin price yesterday has been dump but gladly the price is recover.

They should care, because my friend cancelled his monthly subscription to the newspaper. < printed media is going out in any way > They phoned him to ask why he cancelled and his reply : " Unreliable and Biased reporting on Bitcoin matters "

One cancelation will not hurt them, but when more people start doing this, they will eventually get the message. My friend panicked and sold bitcoins, because of this and lost profits in the process. Now he has to buy back in at a much higher price.

Even though it is only the ICO that they banned it is still a huge effect on bitcoin because the price of bitcoin drags down and it is because some of the holders of bitcoin panic from that bad news because they believe that the progress of most of the ICOs will not progressed very well so it is better to save their profit than to risk it by holding.

China try to ban bitcoin too. in future. so see btc price now. I think it will fall down to 3k5$ soon

That's why many people are panicked when they came across those fake news. I think it also affected the price of the bitcoin somehow. But that's the point they should first read and stop spreading fake news.

Sometimes, there is no time for reading the news since most of the people are trading or investing only based on their emotion and if they want to make money from bitcoin and buy it then they will buy it but when there is a news that is just rumor then it doesn't matter in bitcoin because it will still affect the whole market because of the emotion of the people that makes or draw for the chart.

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There is a lot of misconstrued FUD coming out of China and some is true, but a lot of it is also fabricated news and inflated and distorted in order to just bring the market down and prices of Bitcoin and other altcoins into crashing mode. This is done repeatedly, as is done with the KOREA FUD also and they are using this to manipulate the minds of the traders and holders so they can all get their hands on cheaper coinage. Always try to find out the real FACTS from various sources about what FUD comes out of China, what is true and what is false, to safeguard yourself in the future.

wow am just getting this update and am so confused, cause i don't know why the chinees whose got lots of ICO no have come to banned ICO? and that singular act will also be what is affecting bitcoin and other currency,making us to face bad market at the moment. it seems to me that the chinees are manipulating this for there own benefits. well? lets just keep our fingers cross and see how it goes

I think China has an economic impact. The current bitcoin has reduced prices. So the Chinese government banned Bitcoin. Not just Bitcoin, but all types of digital currency have been reduced. So China is facing financial threats.

This is the kind of thing that tip me over! Have you even read the f$%$%^ content of this thread or did you just read the heading and even got confused by that? We are talking about this exact same thing, where people and news media distort the news by posting nonsense, because they do not care to read or to do proper research.

I should simply report people like this for shitposting.   ::)

Possibly the China's prohibition on ICO's strength be a purpose behind a sudden fall in the cost of bitcoin alongside the vast majority of the computerized monetary forms yesterday. Today the cost has begun to increment by and by giving trust in a greater value pumping to occur in the forthcoming days.

We are aware that most of that ICO's owner and investors are mainly Chinese. And we are also aware that most of it were just scams, just collecting moneu and run away without dignity. Sadly, it just so happened so many times that is why China decided to get rid  and eradicate of the ICOs  and other crypto related infos in the internet.

I think the overall interest in ICO's will decrease overtime. There are too much scams only wishing to gather peoples money promising to develop a great project. It's better to invest in already existing projects.

I hope that now Bitcoin price again rise now this is the good sign and this is good affect I hope that this time Bitcoin not dump

You wouldn't blame new comers anyways as most are motivated either positively or negatively based on the news they hear or read without prior confirmation to ascertain authenticity of the information.

 No need to insult everyone, geez ...

This is quite unfortunate that the Chinese government has ban ICO's. Am believing that it will not extend to other cryptocurrencies like bitcoin. Thee government should reconsider ICO's again because it has good things to offer.

F... China again! Every time there's an uptrend someone somewhere posts something negative about China and idiots dump. It's not even about them not being able to read. They should finally get it into their heads that Bitcoin is long dead in China. It was dead the moment they banned exchanges, then they also banned mining, now there was some info about them blocking crypto forums on their censored version of the INternet and now ICOs.
It's so easy to start a panic, but people will learn. We are not apes (at least most of us), they won't be able to do this indefinitely.

P.S. You haven't introduced your friend to BTC well enough, OP. ;)

Many people still don't know the different between bitcoin and ICO and needs to be educated about is so that rumors like this that makes people panic unnecessary will stop

You have captured it. We lots are living at a time the mainstream media has changed. The era of online reporting or media means people are desperate for more clicks, the more the money, hence, the apparent disregard to any journalism ethics as far as it will bring more clicks on the site. I have read this news of China and Bitcoin being banned, then you see another that it's not. I hope for the sake of those of us here,  China hasn't banned it.

The ban of cryptocurrency is a very big hit on the crypto world ,it could be a good you to promote bitcoin as a major cryptocurrency in there country.

I think China's choice to ban ICO is right that 90 percent of ICO in China is fraud. It's easy for investors to lose their money. But bitcoin is still popular in China, and many investors prefer to buy and store it at a low price.

The global success of bitcoin and other virtual currencies is due to the infiltration of financial investors and large investments into a new market. However, the Chinese government started restricting the transaction by bitcoin. The central bank of the country has banned all ICO operations. The Chinese financial authorities not only stop all ICO transactions but also refund previously collected amounts and prohibit transfers. account transfer by bitcoin. China expressed concern that many ICO financial fraud. The ICO is risky for money laundering or terrorist financing because of the anonymity of transactions and the ease of transferring large amounts of money from one place to another in the short term. However, China is also quite cautious against This is because the country is one of the fastest growing markets in the world. At the same time, the establishment of legal regulations on virtual currency relations hasn't been taken into account by the government. Virtual currency is considered virtual goods and exchange of encryption must be registered with the National Telecommunications Bureau, which is also considered a step forward in China.

This confusion remained for quite a long time in the bitcoin community and then I was really surprised that what are the members of community really doing...Like don't they really know the difference between ICO and bitcoin. Or are they just listening to rumors and not researching at all by themselves.

Anyways not to dig deeper into this conversation, lets just see what was the imoact of China banning ICOs. According to me and what I collected from my research, this ban really went in vain, and proved very ineffective bearing no positive results what CHinese economists might have thought.

For more details, read this article: https://bravenewcoin.com/insights/china-ico-ban-proving-ineffective

Once again, this is why ICO banned in China and not BITCOIN itself. Chinese government deem to necessary to ban the crowd sales since a lot of fraudulent happened and without further act it can be more rampant.

It's sad that fake news are bought and believe easily, this issue was old as last year and I don't know why media keep on digging this. Perhaps they don't have anything to publish so even a rubbish news will do now.

yes that's what those who don't know the difference between ico and bitcoin and those traders who panic easily make them panic and sell all digital currency assets including bitcoin they have at a very cheap price and make the price condition at the exchange place collapse this badly.

There are many countries in the United States that have imposed a ban on participation in ICOs. But in most of them, Bitcoin or crypto money trading is not prohibited.

The ICO ban was unveiled as a military truce, as all the investors were holding their breath to see the Bitcoin graph ever down to $ 2,981. However, just two days later, the Bitcoin value recovered to $ 4,000. The total market capitalization of the cryptocurrency market was at $ 137 billion, with a low level of $ 100 billion just three days ago. It appears that there are countless benefits behind the ICO ban. China has removed all of its transactions with Bitcoin, which will reduce the influence of the Chinese market on the global Cryptocurrency market. The tightening of management and enforcement of the trade ban in the Chinese market means that the quality of the ICO will be improved. As a result, the more quality the product, the better the whitepaper, the more clear the plan, the more convenient the enterprise will be in seeking legal representation, company structure diagram Regulatory enactment, and self-management mechanism. Managers find that the complete ban on cryptocurrency is not only impossible but also difficult to achieve. The economic benefits derived from both the value of the state and the potential for technological innovation demonstrate that no illegal activity occurs.

Thanks for the clarification on what China has banned. This has been a confusing issue concerning China and cryptocurrency. Bitcoin though not yet legalized in China but it is not banned. People are still transacting with bitcoin on P2P and exchanging their goods and services. People should stop being agent of FUD deciving people to become frenzy and sell off their coin at a loss. 

Its just another tactic from whale to scared this newbies investors that want to create panic sell so they can buy bitcoin cheaper. Spreading false alarm about the banned of bitcoin around the globe and forcing other to sell their bitcoin so they can gathering it back with a cheap price. It easy to create chaos when panic are attacking without knowing a real news about what China banned off. China banned ICOs not bitcoin.

True and probably china banned some gambling sites as well because my friend account become frozen after dumping small amount on a gambling site which is sort of like exchange also. It says "you used withdraw limits for your country ". Maybe it is temporary banning again.  So no need to worry. 'cause honestly that issue always happened even before but always back to the business after months.  

Dude, what are you rambling about here, many countries in the united States?... :'(

On the issue with China and cryptocurrency, I think the ban has long been overtaken by events. I believe China's main issue right now is getting out of its trade war with America.

That's the thing about media, they only think about clicks and views without giving enough context or even researching to their own subject. At least most of them are. I think they are only writing what people want to see, they don't care about facts at all. Let's be careful with those.

Yes this is also what i am trying to say to my friends. But not all Ico's were banned only around 40% to 50% of new and monthly old ico's. There are many ico's that are fake so that's why china keeps banning it. But don't worry they really checked of the Ico is legit or not they don't just ban it whenever they want.

I feel totally disappointed about the ICOs though. Most of them are just scums and nothing more, you are waiting for the minimum payouts forever.

So if China banned ico and not bitcoin, it will bring good news for the Chinese people because they can use bitcoin without any worry. And I think that if many other countries finally ban the fake ico because the ico can easily to get much money from the investor and in the end, they are leaving the project without any news. Many people have obtained scam by this, and there is no protection for the investor, and if there is any regulation for the ico then the investor will save and not worried about their money.

In China, ICO = scam.

I agree with you, we know that China has a big role in creating a very good bitcoin market, by the end of 2017 bitcoin reached a value of 20K. and China dominates bitcoin trading.

yes, China only prohibits ICO, but you must know that China is very greedy, they want to master bitcoin. they are never satisfied.

China were before mid of 2017 holded the big role in crypto market and even in mining farm, but after Japan and south korea legalized the crypto currency. China is no more dominates bitcoin trading. Even when they stated news of banning ICO in mid 2017 it did not affected the market and bitcoin price went more high and who ever in china shorted bitcoin on that news have taken heavy loss.

But still even china have stopped the exchange function till the government have not formed the new rules and regulation to follow to run the exchange.

yes china is not ban Bitcoin and other cryptocurrency and i think they have any reason why bann ICO in their country, as we know that chine is the biggset country that use bitcoin and cryptocurrency, and i think it will never ban bitcoin

I also read too many articles about China banned Bitcoin like WTF this shit keep popping into my newsfeed. Really 50% of what we read in article news shouldn't be believe without a solid proof or source that we can trust. Those fake news can make a slight dump price for those ignorant people who dump cause they believe in those shit.

This issue is always confusing a lot of people. There is a difference between ICO and bitcoin. This is a fact we must know. China never bans cryptocurrency (bitcoin) what they ban is a scamming ICO where protecting their citizens from losing their hard earned money is the top priority for them.

Not just china but many countries are concerned with new ICO projects because most of them are launched just to earn money some how and out of them many seems like scams and that is why even potential investors are afraid to invest in ICO projects but the view towards bitcoin is much positive and better than the above due to its current popularity and demand in the world so even who doesn't like crypto tends to invest in bitcoin

of course, if China banned Bitcoin, they reject the technology and it will not be possible for a country the size of China to ban Bitcoin, if China bans ICO there may be a reason for the raw fraud that occurred

finally in 2018 ICO is no longer popular, because there are many SCAMMERS
when China issued this regulation. Many crypto communities hate the decision of China, because it is proven that regulations made by the Chinese government are very sensitive to cryptocurrency price changes
Even so, now China is still the most influential country for cryptocurrency because the largest percentage of miners is in China, and it can be used as a weapon to monopolize the market

the china government supports blockchain technology but prohibits ico which will cause public events and financial crimes. Maybe the ban on ICO is the reason for the sudden decline in the price of bitcoin along with most other digital currencies.

the attitude of the Chinese government indeed prohibits bitcoin transactions but the Chinese government supports blockchain technology, and the latest news the Chinese government wants to launch their own version of crypto currency, but we can still see there is still bitcoin trading by Chinese traders even though trading outside China may the effect of the Chinese government's attitude is only temporary, maybe ...

I still do not understand what is happening in China regarding thir crypto reguations.
It feels like that there is a new announcement every other day, about what happens there abn , unban on ICOs and mining..

Its been more than a year since they made the ban, so I don't think we can consider them as the major contributory factor to the decline of price of bitcoin. Remember after the ban last September, Bitcoin reaches its peak in December so there's no correlation whatsoever.


Its because some of the news coming from China has been twist by the media. But I don't think they will switch their stance. They are really afraid to give so much freedom to their populace that's why they don't like coins like Bitcoin.

Is this mean than China users, cant take part on ICO or cant launch new ICO?

Only idiots will believe such garbage being soled out all in the name of news, because it all ment to discredit the credibility of bitcoin how in God name is bitcoin related to ICO and people don't even care to carry out little research about the two points which is bitcoin/ICO bitcoin is the mother coin in cryptocurrency world and ICO is just an initial coin offering which has not even gotten listed for trading yet.

maybe a big scenario is being run by the Chinese side, the aim of which is to be able to shake prices, if the price can be overtaken by the Chinese it is possible to carry out market control with enormous economic power. if this scenario is indeed successful then the Chinese can be the determinant of the price of bitcoin, this is only a trade prediction that is usually always run by large economic forces, because the Chinese side has realized the enormous potential of bitcoin.

Most icos these days are scam as the teams tends to make away with investors funds only a few are really legit. For China to ban ico. That am not angry with them. Crypto is large and its the next biggest technology to rave market. No smart country would like not to be part of it

Actually China has seen many times like manipulating the price of Bitcoin. Because we know, many times the price of bitcoin is indeed influenced by news from China for a long time and people must know that. For now, it's probably not just ICO but crypto itself with proof that some exchanger has closed their services because China no longer supports bitcoin.

I suggest you learn more how and why China banned ICO in the first place. It doesn't have any correlation to the bitcoin price. They ban ICO or token sales because they deemed it illegal and they believed that it can disrupt their economy.

Imagine Chinese investing on ICO and getting rich as hell and disrupting their economic and financial stability, it would make sense for them to ban it, but I'm not saying I agree with their decisions.

That's why I don't trust the media anymore. Particularly CNN and Yahoo that are both in the number one spot in spreading false rumours. These articles want the people to stop the entire crypto market by making FUDs from countries that has a huge contribution on it many times.

You sound like you're 12. The only people who I've heard using that word are generally under 16 years old.

Of course people are going to misreport this sort of stuff, you can't really do anything about it.
It's just what happens when basically anyone can start their own news website.

A lot of bloggers do not have any standards and will just publish anything without proper fact checking.

EDIT:
Damn it, why do people reply to these old threads. Didn't see the date :-/

Bitcoin is the powerful cryptocurrency if china ban bitcoin, i think the whole cryptocurrency will colapse and the price will crash. China banning ICOs because right now lot of ICO turn into a SCAM so China doesn't take that risk by banning ICOs.

What is the reason for China doing that? do some ICO projects harm them? or disrupt the stability of their economy?
I do not understand why China has banned the ICO.

People that invested in bitcoin near the top have lost almost as much as certain ICO investors.  I still don't think governments should tell people what they can't invest in though.  I don't like to see people get burned but ultimately the responsibility relies on the individual and how much risk they are willing to take.

I think maybe most people read a media article just reading the title so that it doesn't read the contents of the article, this has happened in my country everyone panicking Bitcoin is not legal in my country, they only read news headlines without reading the contents of the news, hoping all people read first before saying bitcoin is prohibited

China have banned both ICO and bitcoin transaction, there are not allowed for using bitcoin as payment transaction and will not available for building new ICO project, last two years China have banned bitcoin and until right now never take back for making bitcoin as legal transaction at the future, how ever China is biggest country in the world have support and make bitcoin become more popular digital payment e currency.

It is possible that China oversees the crypto movement because I believe the Chinese government will make their own crypto money, because of the huge money turnover and the Chinese population, which is about 1.3 billion people is a very potential domestic market.
They also developed a blockchain to improve efficiency in manufacturing development so that Chinese products are very competitive in the world market.

Its i a big problem everywhere and its not just about BTC and crypto world most of the journalists dont  even understand what are they writing about they just do it to make money on nothing more , we can think BTC is something new and maybe they dont understand what is it and how works but last times i see they do this with everything.

China is one among the first country which supported bitcoin, if bitcoin was not supported by the earlier days it would have not grown to this extent. People always use the same and try to fake it out, and this was caught with an inspection made by the people's bank of China finding fake volumes. From that onwards China began to implement laws and ban ico's which was serving as a support system.

That was right step from chinese Govt.i remember many people crying while news comes out that china banned ICO.These are unregulated and hence in 2018 most people lost money in ICO.i lost 50% of portfolio in Fake ICO.

Your right . some ico's are harmful because they are illegal . they will only take away the money of their investors and that is the reason why china have to suspend them because china was a verry strict  country  with strictker rules .

Dont worry because china didnt ban bitcoin and other legit cryptos  . only ico's which is a good thing because investors wont have an excuse to switch their capital on cryptos . this can be the reason for the recovery and possible bull run of the market soon .

The same question that was on my mind, we know that China is a big market share for crypto. surely the ban will affect crypto itself.
But we can be sure there is a very big problem behind the ban. Obviously we know that the state is indeed right to protect every development of crypto, the state must not let it go. because if there is no protection by the state, one day the country will have to bear the loss. only for me that seems a little sudden, we deserve to wait for more news behind this ban, and hopefully the impact will not be prolonged for crypto development.

ICO is a strictly prohibited financing act in China, suspected of illegal issuance of token tickets, illegal issuance of securities, financial fraud, pyramid selling and other criminal activities.

Specifically, the first is the illegal sale of token tickets, which is actually stipulated in accordance with the People's Bank of China Law. A token ticket is what is commonly called a disguised currency. The Renminbi is the only recognized French currency in China. Any other attempt to replace the status of the Renminbi, or the same function as the Renminbi, is called a token ticket.

The second is the illegal issuance of securities. The Securities Law has a set of procedures for the approval, application and sale of securities, while the whole process of Token or ICO is not really regulated by the regulatory authorities. Illegal issuance of securities and illegal fund-raising, specifically to criminal charges, may include the crime of illegal absorption of public deposits and fund-raising fraud, the two most typical crimes.

The third is financial fraud. Xu Kai said that some air coins, whose nature may be close to a fraud project, "nothing or the situation described in its white paper is false, the information given is misleading to investors, and the actual project has not really landed, which may be suspected of contract fraud or financial fraud and other criminal liability."

The fourth is distribution. In the process of issuing and selling many currencies, if the following three means are adopted at the same time, it will probably constitute pyramid selling: the first is called "pulling people's heads"; the second is called "hierarchical payment"; and the third is called "entry fee". If all three conditions are met, it is pyramid selling.

If ico's are banned in china, i would say it's a good initiatives although not all ico's possess a risk to investors but since majority are just out to milk money from investors and jump ship, all ico's are considered thesame unfortunately,
I think the Chinese government are looking out for the well being of it's citizen, protect them from lossing money, too many negative news about ico's which result to sec getting involved, since there are no governing laws or rules about conducting ico's, best is for the government of the country to protect it's citizen's.

To me I think it’s a sort of misrepresentation and media gimmicks. It’s what everyone knows that Chinese are not allowed to participate in ICO and it’s not a new things. But what’s common is the Messi of banning of crypto currency. So i notice at some point you will see news of it being banned And then some days or  motnh later you will hear the ban has been lifted. So that’s how it is. Only those who understand knows this.

Majority of these news sites are just click baits who will publish fake news and recycle the old news just to get views and nothing else, there is nothing much of a negative news these days and still you could see old news being published as new ones and there is no standard to any of these publications, ICO are banned even by US and it is only because of the huge amount of scams .

It is a shame that people are jumping old threads and i guess new users does not know to read the warning when they are replying on an old thread. :D

THese are medias mate,they will broadcast what they think will favor their company by popularity and viewers,what we must be thankful is their action helps bitcoin to become more popular and people had become curious on whats this all about,this thread has been posted almost 2 years ago and look what this china issue brings our community here?

Some people just hate reading, and some enjoy reading bad news especially when it's about cryptocurrency but we will over come.

Not only do people like reading the negative news, they probably just enjoy "chaos in the markets"

Unless someone is invested in a project, they just care about the markets going up and down, just like watching a sports match. Also the lack of due diligence, but it's also a spectical in a way.

The other thing is, that even though they banned ICOs, there are MANY ICOs out of China that just register in some other location. That's the cool thing about blockchain - you can't really limit it within borders.

So unless there was like a global ban of ICOs (not possible) then a ban in China means practically nothing, as they can register some place else (e.g Singapore.)

Hope that helps the convo :)

China have banned bitcoin and altcoin last two year and banned for all ICO on their country, never joining project ICO have release at China because it illegal and not allowing at their country, look detail before you start investing at ICO investment.

China already have trillions from federal reserve and they want all payments going in and out via their own currencies. They would never allow ICO for next 5 years for sure. If they allow parallel currency, their own growth and GDP will deplete.

They have huge reserves of foreign currencies and USD bonds. Bitcoin is a threat to them all but it is not banned yet, just restricted

Even so, the Chinese step is pretty good. evaluation and research in advance to be able to see whether it is very risky or potential. bitcoin cannot be underestimated because it can have no value at any time

China is positive towards blockchain developments even they are releasing the ranking for blockchain projects but icos are banned and bitcoin can be traded peer to peer

when choosing something indeed the china state examines every rule and its journey. even though the risk is high, but if it is profitable, they will live the bitcoin. because something that leads to success begins with facing risk

This is the origin of fake news people. This is why earthworms becomes anacondas on on continues exchange of information by people. We all shouldnt be believing in all what we are seing specially on the internet. Maybe the chinese government are so sick of those scam projects thats why they want to get rid of it.

Media is playing a bad role, like as you mentioned they had no idea about ICO and bitcoin, in my local, media is trying to uphold bitcoin as the way of money laundering. No media ever tried to explore the benefits of bitcoin. For my local, I think govt is influencing the media.

The vast majority of ICOs are a purely scam, capitalising on the hype of cryptocurrency and the greed of others.

Yup it's the same here in India it is not the Bitcoins that have been banned it is just the ICOs and exchanges that have been shut down. People misinterp this and think it is bitcoin which is banned. Here in India bitcoin isn't considered as an legal tender though.

Just because ICO's are related to crypto they would assume that it is Bitcoin 😂.
For real most people would assume Bitcoin once they heard about a topic with crypto.
Come on guys there are so many other crypto in the world it isn't just Bitcoin.

It seems that this is not why China has banned ICO, ICO has been developed by scammers so that China wants to minimize fraud.
China still considers bitcoin quite potential and safe, so they are more anxious about the development of ICO which is increasingly filled with scammers. China only helps bitcoin and ICO miners not bitcoin.
They now focus on developing coins that they develop themselves.

China banned ICO for maybe some reason but I'm also wondered when I heard that China banned bitcoin. Why China banned bitcoin? Any strong reason for doing that? I don't think so, but there's some reason maybe that China banned ICO not bitcoin. Why they banned bitcoin when bitcoin is the number one and most valuable crypto in this time?

I'm glad to see most of these ICOs get banned so they can make room for IEOs.  I'm not saying every ICO was a scam but most of those ideas just didn't make business sense to be on a blockchain.

Maybe it was ,like what happened before the news is they're declared it because they only want is to buy in the deepest price from the people who sell it because they are panicking for what china does, that how mind of investor was,they produce fake news to get big income.

Yes this is what I told those spreading the fake news that China ban crypto, ICO scam rate is alarming and China is just trying to protect his people

many of the media do not understand what they are preaching.
they must learn about bitcoin before reporting bitcoin

ICO has been supported by China recently, they manage to have a regulation regarding those team behind ICO, if Im not mistaken if a team from China wants to conduct ICO they need to have certification from the govt that is why it lessen the risk if you will participate to their ICO.

Yeah I know of these because there were many actual news on that in China. They tend to regulate airdrop and ICO because they could no longer bear the possible scam that was being made by other teams. Most of ICO does failed or team members are actual greedy. However, there are ICO's also that are worth it to be listed in an exchange.

They've started by banning ICOs bus now they are taking it further and it seems like they are about to ban bitcoin mining meaning they will apparently ban bitcoin. But is still just a rumor for now even though it seems they are actually going to do it. Well have to wait and see what decision they take because it will affect the crypto market at least temporarily

China is trying to limit any sort of freedom from the Yuan/Renminbi as it's one of the key ways that they control their internal processes (obviously). Coupled with their social credit score system, any freedom to perform "unsavory" actions which can't be identified by the CPC need to be limited and shut down. Mining Bitcoin allows for people to get their own form of currency/assets off-the-books, and it threatens the structure and effectiveness of these institutions. At least when someone puts money into an exchange they can tie bank records together and know what they (could) have, mining makes it much more obscure and uncertain. That's why they want to target mining.

In a way, I'm not necessarily against it. It will reduce the hashing power present in the network, but it really doesn't impact me because I'm not a miner and I don't have any investment that this would benefit.

Certainly the information circulating is that the ban is carried out against ICO projects. but we don't know what happened like the ban on mining, this issue is still growing and we need to wait for the reaction of the Chinese government much better. I hope the Chinese government can make a right and good decision so that it doesn't harm many people.