Are Chinese bitcoin investors that gullible?

[NoiseBoy]

You can remove the word "Chinese" and the answer remains an emphatic, "Yes."

Yes, yes we are that gullible. We fall for it time after time.

It's almost like a rite of passage.

[Xester]

You can remove the word "Chinese" and the answer remains an emphatic, "Yes."

Yes, yes we are that gullible. We fall for it time after time.

It's almost like a rite of passage.

Chinese are business minded peopla and they have the urge to take advantage of any business that offers potential income. They are also risk takers and that is why they have no fear in investing. There are many Chinese who suffered a big loss in their investment but there are also many chinese who hits the jackpot that moment that investment succeeds.

[bitbob82]

You can remove the word "Chinese" and the answer remains an emphatic, "Yes."

Yes, yes we are that gullible. We fall for it time after time.

It's almost like a rite of passage.

Chinese are business minded peopla and they have the urge to take advantage of any business that offers potential income. They are also risk takers and that is why they have no fear in investing. There are many Chinese who suffered a big loss in their investment but there are also many chinese who hits the jackpot that moment that investment succeeds.

yes i will agree with you. they are the most hard working people of the world and they all the time thinking about to make their business more and more successful and that work for it all the time and that is the reason that that they are now emerging as the best economic county.

[Wind_FURY]

a ponzi is where you hand funds over. and those funds are just used to pay off the middle mans other debtors. where you are left with nothing.
basically hand over X with promises of X+0.X return. but wher X pays out to others as their 0.X return.

totally different game theory to cryptocurrencies

In my view ETH is still a ponzi because the market participants sell their coins to a greater fool and it is very much comparable to a ponzi scheme when more money comes in by new speculators and this gives the holders a window to sell to them at a higher price.

crap coins are you buying an 'asset' with the knowledge/naivity that the asset may go up or down in value.
if it goes down and becomes worthless. you might aswell have bought a bag of dogs mess..(hence crapcoin)

unless a coin has REAL utility its a crapcoin. and its 'value' is short lived with a pump and dump.
some try to rinse and repeat empty promises of FUTURE POSSIBLE uses.. but unless it has ACTUAL REAL USE NOW. treat it as a pump and dump crap coin.

if a crapcoins 'utility' is just a peg to another coin. but that second coin has no REAL WORLD UTILITY. then defacto the first coin is just as crap.

From this definition I can see that ETH is a crapcoin. I see that you will not say it directly because of reasons you do not want to divulge. That is ok and I understand.

But with utility or not, if their developers promise something that they cannot deliver then that should be considered a scam.

EG
bitcoin is great example of how real utility gave real value. it was released in january 2009. but did not actually get any "value" until 2010 when it obtained REAL UTILITY (bitcoin pizza / alpaca socks) and its VALUE increased due to REAL UTILITY (silkroad then more legit merchants).

in short if a coin just mentions future 'possibilities' your playing 100% speculation (pump and dump).

look for where it has REAL AND ACTUAL USE and follow the real and actual utility growth to know of its 'value' and longevity

It is good that it happened or else Bitcoin would ne considered a ponzi crapcoin by many right now.

[The_Dark_Knight]

The government has a obligation to protect consumers from fraudulent operations and any information that would help to inform gullible people, will help. Most people's judgement is clouded by greed and then they make bad decisions. Just look at the success of MMM for instance and with a simple "Google" search, losses could have been avoided.

There is a difference between being gullible and being greedy. ^hmmmmmm^

I disagree with this, you have the obligation to prot3ect your money, at best a government will come late to the party and will able to get some money back but don't count on it, so we must be watchful of where we invest our money since we are the only ones that truly care about our economic fate.

[kidoseagle0312]

Note: Charlie Shrem is a bitcoin advocate who co-founded a bitcoin exchange start-up Bitinstant in 2011. The company charged a fee for users to purchase and make purchases with bitcoins at over 700,000 locations. On January 27, 2014, Charlie Shrem was arrested at New York’s JFK airport and charged with “conspiring to commit money laundering by selling more than $1 million in bitcoins to users of the black market website Silk Road”. BitInstant website has been blank since then. Charlie  was sentenced to two years behind bars, serving his time at Lewisburg Federal Prison Camp in Pennsylvania. He has now been released from imprisonment and is serving three years of supervised release.

His recent ICO plan was questioned by Chinese lawyer:

Liu Xinyu, a senior partner of Dacheng Law Offices, warns that Chinese investors should consider it as carrying a “high degree of risk”. He suggests that no investment should be made without detailed info about the following questions.

Is there a maximum amount of token holders?

How to be a accredited investor for Chinese investors?

Who is the owner of all those digital assets?

How to verify project info?

How to protect the interest of token holders?

How to sell tokens? To whom?

http://news.8btc.com/bitcoins-first-felon-charlie-shrem-speaks-about-his-new-investment-fund

I think not all Chinese are gullible but most of them are can be a gullible. And one more thing, regarding the story above that you had said charlie shrem was imprisoned because of money laundering and has been released after 2years, I don't get exactly what your trying to intend here.

[kreskko]

Note: Charlie Shrem is a bitcoin advocate who co-founded a bitcoin exchange start-up Bitinstant in 2011. The company charged a fee for users to purchase and make purchases with bitcoins at over 700,000 locations. On January 27, 2014, Charlie Shrem was arrested at New York’s JFK airport and charged with “conspiring to commit money laundering by selling more than $1 million in bitcoins to users of the black market website Silk Road”. BitInstant website has been blank since then. Charlie  was sentenced to two years behind bars, serving his time at Lewisburg Federal Prison Camp in Pennsylvania. He has now been released from imprisonment and is serving three years of supervised release.

His recent ICO plan was questioned by Chinese lawyer:

Liu Xinyu, a senior partner of Dacheng Law Offices, warns that Chinese investors should consider it as carrying a “high degree of risk”. He suggests that no investment should be made without detailed info about the following questions.

Is there a maximum amount of token holders?

How to be a accredited investor for Chinese investors?

Who is the owner of all those digital assets?

How to verify project info?

How to protect the interest of token holders?

How to sell tokens? To whom?

http://news.8btc.com/bitcoins-first-felon-charlie-shrem-speaks-about-his-new-investment-fund

I think not all Chinese are gullible but most of them are can be a gullible. And one more thing, regarding the story above that you had said charlie shrem was imprisoned because of money laundering and has been released after 2years, I don't get exactly what your trying to intend here.

The main problem in China is that you can lose your life for illegal financial transactions. There the government solves the problems very harshly and sharply. The Chinese state itself does not mind making money on the crypto currency, but it's allowed only to him and no one else.