Bitcoin Forum

Can we compile all the major Chinese ICOs that will be affected by this at least temporarily.

only ones I know for sure are NEO.and Walton.

You can already see the effects of the ban in the price of bitcoin an Eth. I suspect a downward trend at least for the next week or two, I fear a lot for eth.

NEO, WALTON, BNB and some other coins that are listed at Binance exchange are chines in my opinion. Buy SEC compliant coins from now onwards as you should be fine

What about Wanchain ICO and RedPulse ICO? Will any of them be allowed to take place?

It should really affect eth more than btc really. ETH value is largely based on demand for eth for buying into ICOs. At this point you dont want to invest in anything with even a hint of Chinese backing imo. QUANTUM looks possibly China based?

Im more worried about ones that already jave happened amd have inflated prices. Being Chinese based was the flavour of the month so projects like NEO will at least temporarily take a nose dive. Time will tell if they bounce back.

Why do we need SEC compliant? This only affects Chinese ICO.

would have to be brave to put crypto into china at the moment, even with the potential upside look at the risk

Chinese government is scaried about people gettin rich

According to the following article, they've decided to crack down on exchanges as well, which is probably the reason alts are falling so much:

https://techcrunch.com/2017/09/04/chinas-central-bank-has-banned-icos/

Is QTUM Chinese project?   or better question would be Are they based in China?

Here is original Chinese language link with 60 coins listed on it.

    http://m.finance.caixin.com/m/2017-09-04/101140069.html   (http://m.finance.caixin.com/m/2017-09-04/101140069.html)

Most coins writed with Chinnese language. This make me think there is no top 50 coins on this list.

Maybe someone who now Chinese can correct me.

ICOs can be conducted without nationalizing or localizing.
But if Chinese authority seriously went after ICOs, China is one of the biggest market for creation and investment in ICOs.

Basically they are cracking down due to the criminal activity which is rife through the ICO phenomenon. Each project will be examined/scrutinised with the full weight of the law. Why they still allow trading? seems strange though.

I think more bad news will come from russia and asian countries especially china, and seeing the rise of us based projects will be good :)

Love how absolutely everything panic dumps on every bit of bad news. A lot of non-ico stuff is taking a huge beating today too. And BTC also. Crypto truly is insane on so many levels. This may be a good thing in the long run, ICO insanity is over for now at least

none
these chinese and korean markets are pretty much fake
these morons calling them self experts need to get their stupid head out of cow poops. korean and chinese market in this crypto world is very very small but their egos are pretty huge!

Don’t be panic. Calm down. That was only a matter of time, that the Chinese are going to regulate the market. They want to get a piece of the cake, they want to get more tax. There will be an agree between the government and all the ico's in the future.
Altcoins will do further down because of all the panic sell. So time to buy in the future with low prices.

In my opinion, a blockchain project shouldn't take a nationality because it will only be subjected to its laws making it censorable. My take is, NEO will surely release a statement countering the current FUD then again you go with the price.

there is no projects are entirely from China. but most ICO involved chinese, like EOS, Waves, LakeBanker etc...

For sure there will be many ICO's that are backed with chinese that will be affected by this. One good ICO that might have been affected by this which has just finished days ago is OPUS, For sure it will also affect eth's price because the demand for buying eth will go down because of this. Even if that is the case, I think it wouldnt affect market that lot because there are only a few dozen coins that is backed by Chinese.

This is a list of ICO platform, not for coins. As far as I know, only the ICO platform is stopped temporary so far. The exchange is not in the list. There should be an emergent discussion between some Chinese block chain companies, we are still waiting for the details.

Honestly maybe part of the reasons aswell as fear of losing control. Such fears are  mostly ideological and selfserving.. . rarely based on common sense. Developing countrires hate creepy new technologies. When the technologies do well, they end up "copycating" them  to avoid losing out

Definitely more bad news are on the way which will in turn cause more FUD and panic ;D Whatever happens keep a HOLD of your altcoins and don't sell!!!

Ah yes, sure. They banned platform for ICO rise not any of coins on exchanges. So I dont understand the FUD and panic sells atm. It is bad news offcourse, but I think they will allow ICOs latter. As it was with SEC before.

Chinesse government try to understand how to act further.

Also china investors can still buy offshore ICOs. It is not prohibited.

keep calm and hold on for dear life

To know that with more accuracy only remains to wait,as new information arises,this will certainly mark the evolution in the prices.

Why are they fake? Plenty of morons in the West investing in crypto just the same as asia.

small market with huge fake volumes. if you don't know the true then you shouldn't invest. nuff said, do your own dd.

This has no effect on coins that already completed ICO. Just hold and buy more at these low prices.

Yes I agree, but the fun fact is that Chineese government said that all ICO's have to refund the money to the investors  ;D

The Chinese had plans to regulate the market for sometime. They are afraid of anything which can have an effect on their super strict controls or disrupt their currency manipulations.

For example even in the domain name space- china made regulations that certain TLDs cannot be sold there unless they are regulated. Totally different but just proves they want control over everything.

mmm good buying opportunities!

I would say that is very unlikely to happen

Such a ban on China to ICOS will not affect anything!

You guys really think that China control the whole ICOs world that their decision to ban these ICOs is the same as doomday for cryptocoin, that's a hell wrong thinking.
as you see that rich asian is not just in china and as I've seen that they're spreading across this world. such rules for those rich bois will do nothing.

 in short-term view the regulation is bearish, but its positive for long-term, since many scams will disappear in the regulation, and projects on the ground will get more attention and be well known

I found the following list of banned ICOs:

http://img.caixin.com/2017-09-04/1504490975367617.png

Click the image to enlarge it.

Most have Chinese names, some have English names. They seem to be pretty obscure.

Don’t be panic HODL

china regulatons about initial coin offering (ICO) make the price of bitcoin down today. not only the bitcoin price, altcoin price its also down. all of market change is red! i dont know what to do now :(

This issue brings a lot of commotion in ICO world. Some are on their panic mode which I think are newbies started selling their coins while some are just waiting for the next news to plan their move. We'll hope that this doesn't create more problem that might lead to panic selling.

Exactly. Please everybody, sell everything that even remotely looks Asian at a huge loss right now and don't worry, all those coins will find a better owner immediately :)

Absolutely. We (as a crypto community) need to have some regulations placed on ICOs in order to prevent the whole process from becoming a scam-ridden pile of garbage to the point where truly good projects go back to the traditional VC funding process. It is also important to preserve public perception of the whole community. Whether it is true or not, the general public will view all crypto the same when there is bad news.

I do not think it is only China's ban on ICO s which effected the market. I think the global geopolitical arena effects the market. The threat of North Korea with those nuclear tests did effect the stock markets all over the world and it did so to crypto markets as well 

It was already expected that the Chinese government would take action, it is not possible for a government to ignore ICO's created to steal people.

so many ICO's are created by people who have only the purpose of stealing money from others and allied to the fact that the government of china has a regime that we all know, this measure was already expected






" Korea is “joining Japan, China and other Asian nations in trying to regulate cryptocurrencies,” reported Yonhap, adding that digital currencies are currently not recognized as financial products and their exchanges are largely unregulated.

https://news.bitcoin.com/south-korea-takes-steps-to-regulate-digital-currencies/

"

time will tell if the situation will improve or not.

Let's wait a bit.

I think there are underlying reasons why they did it on top of what they claim of serious economic disrupt. It might probably an impulsive statement we don't know.

They might probably doing some precautionary measures to avoid the big boom and caught them unaware as they are not ready. I am not being positive but these can be probable reasons.

When the dust settles, I am confident that they will consider BUT there will be implementing guidelines. Regulating the Unregulated.

The press is having a field day with this...

The government move should “help cool down the market and sweep away bad actors,” said Jehan Chu, whose crytocurrency hedge fund Kenetic Capital has invested in Chinese ICOs. He said he hoped regulators would allow some forms of digital currency financing later. “I don’t think they’re trying to kill it.”

WSJ story: articles/chinas-ico-ban-brings-bitcoin-back-to-earth-1504526144?mod=e2tw

http://www.businessinsider.com/initial-coin-offering-china-bitcoin-ethereum-peoples-bank-of-china-law-all-crypto-illegal-etoro-2017-9?r=UK&IR=T

the most important question is: how many of the are ETH based? why? because i think ETH will suffer most after this ban. other coins will recover a lot faster - they have other things that are valuable.

NEO, Qtum, Hshare, Binance are chinese ones

I think China again puts pressure on buyers. The market correction was long waited and then China suddenly throws this news. It seems to me now in a panic, the price will make -60% and then China again change your mind as informed and everything will go up again. Excellent opportunity to purchase ;)

They didn't kill it.
Just have a look at countries like switzerland.
ICOs still will be out there for a long time.

“He” predicted this 2 days before it happened. And he is predicting that it will eventually destroy all ICOs, not just ones in China:

Are Most Cryptocurrencies Doomed to Collapse — because they’re “ICO-issued”? (https://bitcointalk.org/index.php?topic=2145300)

Agree...short term wave but good news for the long term.

Then do nothing man. Better to throw some more fiat to buy the dip.

Since you are a senior member, you might have been through plenty of bloodbaths like this. No reason to be panic.

So, bitcoin dropped because of ICO ban in China?

This is a temporary blip on the bright future that is crypto.

Dont belive that it is because China regulation. Whales take profit. They do it every 3 month (quarter) Blood bath always at the end of year quarter , because Whales are calculating profit/loses

I   January, February, March
II   April, May, June
III   July, August, September
IV   October, November, December


It is repeated cycle. Any bad news will be overreacted at the end of quarter!!

Unfortunately  no one knows exact dates and sometimes they start to pump further before the dump.  

Calm down and try to take profit in December or close to it together with Whales :) Also December is very important due to New Year and Christmass Eve. Now I think it is too late to sell, maybe some -10% but I think mostly we are over. Some coins droped around 40-50%. It is very good profit.

Oh my! This seems to be a lot more serious than I previously thought. I was thinking the only thing that the chinese government is really hot of are the ICOs. And now the exchanges are also being considered next in line in this operation? What the f*ck is wrong with this chinese government? Some backward pedaling?

Of shores ICOs I think will be the next ICO. Or developers find the third world of ICOs. Chinese and Korean are not the biggest market, I agree. ICO will make more regulated in the future to avoid scam projects. I think that is a good news.

Not just bitcoin but almost of the altcoin had dropped because of that.
Surely the whales now are getting profit so expect after all this drama crypto currency will recover.
Let's just hope that China will change their mind regarding this, as soon they realize what they lose.
So breathe in and breathe out and take a good sleep. Tomorrow will be another day to us.

Totally agree with your point. The market is just overreacting and this is happening every 3-4 months. Just a good time to wait for a while and invest. Too late to sell thou...

Don't Panic, Goverment try to protect they people money because so many Scam ICO.
I think this is just a challenge for Cryptocurrency community for upgrade to the next level.

Cryptocurrency with encrypted and peer to peer system cannot easy to track by Goverment.

In theory, can track by ip... But still it's nonsense. I think China will not become fully fenced off from such a promising and promising areas as ico.

Qtum is a majority Chinese team, but they had the foresight to register in Singapore.  They're registered as a Singapore non profit entity.  They're safe from any legal scrutiny, however the worry is that the 20 of so projects that were slated to launch on the Qtum platform will be delayed or canceled.  I think ultimately these projects will follow Qtum's example and just base themselves out of other countries like Singapore.

Technically Neo is Chinese but Qtum was registered in Singapore.

Chinese baning company what about Samsung?

The chinese were always going to start regulating these ico eventually. Like any other government, they want the power and money. They will make some sort of compromise for ico later. This panic sell will keep going for a bit more, then recover later. Same thing always happens with bitcoin getting banned by china in the past

the regulation is a predicted action from China government. China related ICOs, NEO and QTUM are the two that comes in mind. If you are investing in any ICO, always research on their team and plan.

LakeBanker is not Chinese; neither is our crypto-exchange lakebtc.com (http://lakebtc.com). We an international organisation; we're not incorporated in China. The overwhelming majority of our customers are from outside China (LakeBTC's website doesn't even have a simplified Chinese version). The only thing that connects us to China really is that some of our team/adv board spend part of the year in Shanghai---but that's mostly just because it's a really great city to live in right now :)

That's the point. These rules meant to reduce the number of scam projects. Just like what Russia has stated, no ordinary people will be privileged to start a fundraising so that people who want to start fundraising need to be at least become "extraordinary" by achieving something and gaining their trusts.
So, no more random ICOs.

avoid scam ICO. that's the brightside

ICOs inside China are banned. They still can buy and sell cryptos and participate in ICOs from another countries.

What do you think will happen? They will focus in ouside ICOS, and it will increase the demand for our ICOS

I think other counties will get involved in ICOs and maybe there will be left few countries where ICO will not be regulated, like cannabis is legal only in few states lol

ETH will be the most hit because most ICOs relies on its token issusance and that makes it demand so high that even push the price beyond the static position it was several months ago. At the same time, its a blow on the whole crypto but some coins are holding forth than some others and the only thing we can hope is for things to stabilize so it wont affect other ICOs to the extent of crashing the entire market.

I think Chinese government is just pausing ICOs rather than killing ICOs. Afterall, Chinese GOV don't want to miss out in this technology revolution.

It's funny coz a lot of people were saying that this could be the end but in my own opinion, they just want something from it. They want bigger tax coz they know crypto currency is making a BOOM now. But i am afraid that ETH would experience a disaster because of this.

I do not think the Chinese government are trying to kill the ICO market, they just try to regulate the ICO markets since the ICO market are crazy now. So I do not think it is a bad thing.

Bitcoin price fell more than 8%, according to coindesk data, following the news about the crackdown. ethereum, widely considered the bigger beneficiary of the ICO boom of the two, was down more than 12 percent.

What a dumb thing to say from a 'Legendary' member. The three major zones for crypto investment are the US, EUROPE and CHINA...with Korea building vol too.

Hey everyone, I was called into CNBC in Singapore to give some thoughts to this.

https://www.c[Suspicious link removed]m/video/2017/09/04/china-has-taken-the-right-step-to-regulate-cryptocurrencies.html?play=1

I read in the statement the following:

Starting from the date of this announcement, any so-called token exchange platform shall not:

• Be involved in offering exchange services between fiat currency and tokens
• Buy or sell tokens for cryptocurrencies, or act as a central party facilitating the trading of tokens for cryptocurrencies
• Provide price bidding or middleman service for the exchange of tokens for cryptocurrency.

[/i]


What do they mean by "Buy or sell tokens for cryptocurrencies". Like selling what for what? Can someone give an example? Thanks

I wonder why China did this. Maybe China will buy in lower prices when people panics and start to sell.

chinese looks to have a major effect on cryptocurrency, this impact on ICO Global Market. I think blockchain startups will simply leave chinese and complete their ICO campaigns elsewhere.

one reason i think its China has an important meeting in Octomber and government would not like to see a group accident since the ico is so crazy that it may cause many people lose money, the other reason is that ico collect much money originally belongs to other industry such as stock

The legality of competitively proof-of-work mined coins are not at all afflicted by recent events.

So prior rulings about the legality of Bitcoin are irrelevant to the issue about ICOs.

The difference compared to prior Chinese regulatory actions, is that this appears to have been a coordinated event amongst regulators in many nations.

And the ETH ICO madness was entirely out-of-control and risking naive investors’ funds in a plethora of scams. It became a new Xerox copy ICO every day scam. The nations had no choice but to act. And surely the SEC and other nations will follow. I think Asia acted first because their governments are less democratic and more authoritarian, so they can act quicker. The democratic nations will follow because their regulators have the same responsibility to their citizens. The wheels just move slower in the democratic nations. Asia is finely oil machine that is more efficient than the West now.

The issue is not exclusive to China. China, Canada (https://bitcointalk.org/index.php?topic=2127850.0), Russia, South Korea, and Singapore have warned about coming enforcement action. The SEC already recently warned in the context of The DAO. Obviously the recent events are coordinated between regulators in all these nations including probably the SEC.

Click here for a longer explanation (https://bitcointalk.org/index.php?topic=1558366.msg21515894#msg21515894) of why proof-of-work mined tokens are not investment securities and thus not afflicted by recent events.
The above link also discusses Ethereum’s ETH, Ethereum ICOs, and others.

It is also very important to note that pre-existing ICO-issued tokens, are illegal to trade and can be delisted from exchanges. Your home country can make it illegal for you to trade them. The above link explains this is more detail.

Please stop spreading the incorrect information, implying that ICOs will come back or that pre-existing ICOs can still be traded. Most people do not want to go to jail or suffer fines. Even if they regulate ICOs, these will only be tradeable on registered exchanges and will not be spendable as cryptocurrencies (i.e. not allowed to be traded decentralized). Thus these new regulated ICOs will not be very useful. It will not be the same.

Many shady exchanges and their largest traders are likely to suffer fines and threats of criminal prosecutions. Today is only the beginning of a massive global crackdown. The gears may move somewhat slowly but over the coming year there will be massive changes to the crypto ecosystem. All the hard-headed will have their fingertips burned up to their armpits as necessary for authorities to stop the rapid proliferation of investment securities scams.


There will be no greater fools to sell the ICOs to, when they are not legal.

The ICO scam model depends on selling to newbies who come in and believe these 100s of Xerox copy ICOs each have a chance to become the next Bitcoin or Ethereum.

Nobody is going to speculate on illegal ICOs, because there will be no mass market for them, thus no way to hype them.

And it is not just USA and China that are banning ICOs. Same as was the case for FATCA (a USA only law), it became enforced in every country in the world, because the USA threatened to penalize every nation that did not comply.

We’ve already got Canada (https://bitcointalk.org/index.php?topic=2127850.0), Russia, China, Singapore, South Korea, and the USA warning about ICOs.

You’d have to be blind to argue this is not a critical mass.

Interesting take.

So, there might be some assets (ICO originated) that will, most probably, suffer a lot and others (mined coins) that will not. Right?

From Techcrunch: https://techcrunch.com/2017/09/04/chinas-central-bank-has-banned-icos/
"the committee has prepared a list of 60 exchanges which will be subject to inspection and a report. In the meantime, there will be an ICO freeze in China." What would happened with with all these exchanges?

I don't really know which altcoin are from Chinese ICO, but what China just did would really affect ethereum a lot because most ICO's transactions are through ethereum. So, I guess ethereum would drop for weeks and let's just hope it will recover too. I think if things work out, everything would be back to normal.

Be honest believe that never happens. Though, the news of, ICO ban in China and people panic sale impact the recent cryptocurrency market downward. Certainly, this law only affects China citizens and Chinese economy.

No offense, but seeing your BCT rank makes me wondering if it did happen to you personally.
Or what's the purpose of your statement here? FUD?

The cryptomarket is changing everyday and it had to happen this way someday, but I still wouldn't argue it's like a critical mass or something.

very intelligent

you can get legendary status by talking a lot. doesnt mean much

Here is an interesting article looking into the ramifications of the ban in China.

https://medium.com/@crowdholding/china-ban-on-icos-not-all-doom-and-gloom-74daf814209c

Well it's happening: http://www.bitcoininsider.org/article/5618/four-ico-startups-refund-investors-hours-after-china-bans-token-sales

in a sense it doesn't really matter which one of these ICOs were Chinese. what matters is that Chinese people which have been a huge part of the altcoin market and investors in ICOs are no longer capable of investing in any of them and that can potentially mean no more big ICO fundraising and no more high prices and a lot of losses instead of profit from now on.

yes there is no need to panic soo much.China will definately lift the ban.Is not over for ICO's in China.
Neo will rise up.

I don't know how Neo will be in future, but there will be solution for those Chinese ICO dev..

I do not think that it is necessary to panic so much. Yes, the news is not good, but everything will improve with time

Yes there are scammers so the more regulation the better. But just on a factual point, the US hasn't banned ICOs. The only country with an outright ban is China.

Also this (http://m.finance.caixin.com/m/2017-09-05/101141070.html) article in the Chinese financial press points out the following, among other things:

For the current Chinese domestic ICO regulatory policy, some industry insiders say they would consider moving relevant ICO token issuing and trading to overseas.

Well-known cryptocurrency trading platform Bitcoin China (BTCC) announced on September 2 that it decided to suspend the listing of the ICO token ICOCOIN. According to ICOCOIN official Weibo account, on the day before, September 1, this ICO token was listed on European trading platform C-CEX. The platform is headquartered in Germany, the main users are from EU countries, the United States and also have a certain number of users from China.

What happens if Chinese nationals decide to continue to invest on an overseas platform? A regulatory official told reporters that this is considered an international investment. They are taking their own risks and if anything goes wrong, go and find the foreign government for protection of rights.

The Chinese government is trying to prevent people to make use of ICO to get free money without any real project/product.  It is a good things for blockchain/cryptocurrency industry in long run.  It is better to happen now to cause a correction, rather than bubble or big crash in future.

i agree with you, the regulation is good news for long term, but most people will be panic to sell their coins, also there are some people spread some fake info on purpose

In the future, only high quality ICO will be allowed there. So it is positive eventually for the cryptocurrency as a whole.

China doesn't care about fraud or pyramid schemes, they care that Chinese people are getting their money out of China using cryptos.


The US is not exactly crypto friendly.