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Author Topic: ICO is officially banned in China !!!  (Read 8239 times)
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September 05, 2017, 06:54:06 AM
 #121

2000% agree.

I love the part too. Binance is gonna suffer...
BTC becomes a rare asset now in China... happy those who put their hands on some of the coins before this ban.
We all know that these ICOs operate in gray areas of the law, but the problem primarily stems from: 1) A huge amount of money flowing into them. 2) A huge amount of money flowing into scam ICOs like Bancor or similar. Obviously they would and should be shut down.

When Paris Hilton is involved in an ICO it's time to sell this shit. Seriously, guys, the ICOs are a mirage. Don't get let holding the empty bag!
When I was commenting that, I was stating "When people with 50 IQ are pumping random ICOs with a lot of buzzwords, then it's a sure warning sign; exit the market". The ICO that she mentioned uses all the fucking scam buzzwords, "AI", "big data", "marketing cloud", "blockchain". The team behind that project is pathetically stupid.

Cheers to the Chinese Government for trying to do something to keep people safe from the scams that exist.
Next is Japan, EU and Australia and we can continue with a normal market (hopefully).


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September 05, 2017, 07:10:29 AM
 #122

Cryptocurrency market is volatile and uncertain. I think China is just protecting its citizen from the fraud and scams brought by untrusted ICOs. Their government needs to figure out how to deal with ICO legally so they have stopped it.

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September 05, 2017, 07:22:25 AM
 #123

This is the reason why bitcoin and most of the altcoins are dropping right now but on the other hand it gives us an opportunity to buy coins when their prices are low. It is just sad that China banned the ICO but maybe their government just protected themselves from fraud and all.

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September 05, 2017, 07:24:36 AM
 #124

Where is the list of ICO banned officially by China. So that we can go for others?

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September 05, 2017, 07:28:01 AM
 #125

The funny thing is people there cannot even access the whole capability of the internet and yet they ban just an ICO.
I know they are doing this to protect their people but how could they even see that an ICO is existing if the Firewall is too high that it is hard to break it.
This is just another news where it doesn't matter.
Best business in that area is VPN.  Grin

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September 05, 2017, 07:37:50 AM
 #126

yeah i think its to protect chinese traders from being scammed.
But i just thought of their binance platform who usually offer ICOS
And those who invested. I guess they are really affected by the red price of their coins
but its crypto who knows what will happen

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September 05, 2017, 07:52:07 AM
 #127

From what my understanding, the text mentioned ban of ICO but not Crypto Currency. Isn't that a good move to prevent irresponsible party/company  from running a scam, using cryptocurrency as front?
Other than ICO, all Cryptocurrency exchange still trading as usual, isn't it?
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September 05, 2017, 07:55:24 AM
 #128

When Paris Hilton is involved in an ICO it's time to sell this shit. Seriously, guys, the ICOs are a mirage. Don't get let holding the empty bag!

Couldn't agree more with the sentiments shared below.

Cheers to the Chinese Government for trying to do something to keep people safe from the scams that exist.

99% of these ICOs are cancer, and people advertising them are greedy idiots. Nice going China, time for EU, Japan and Russia to follow and shut down the bullshit sales (e.g. Bancor, StorJ, Civx, etc.).

Loving this part.

2000% agree.

I love the part too. Binance is gonna suffer...
BTC becomes a rare asset now in China... happy those who put their hands on some of the coins before this ban.
because of some people engaging in ICO's, a lot of people are using it as their advantage to scam people's money and that is probably the reason why they ban it on china to stop scamming which spreads through ICO's


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September 05, 2017, 07:57:03 AM
 #129

It's a very bad notice for the btc value right? I see a mega crash on exchanges....

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September 05, 2017, 08:15:44 AM
 #130

I think to those Chinese who have and hold bitcoin still can used there bitcoin even ICO is ban from there country because they don't ban the cryptocurrency only the ICO.

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September 05, 2017, 08:32:15 AM
 #131

i see now on bittrex that the old reliable's are making a recovery
from the China ICO news.
The sad thing about this is that even the really good ICO's will be
affected by the China ban,
There will probably be a "Legitmate" way to create new positive
Blockchain technologies without the need for an ICO

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September 05, 2017, 08:39:53 AM
 #132


It's not about protecting their citizens though, they want to find a way to get their cut so they banned ICOs. Once they get their foot in the door they'll say, "Oh okay, after some consideration and reflection we have decided to allow certain ICOs as long as .... "

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September 05, 2017, 08:46:17 AM
 #133

It's not about protecting their citizens though, they want to find a way to get their cut so they banned ICOs. Once they get their foot in the door they'll say, "Oh okay, after some consideration and reflection we have decided to allow certain ICOs as long as .... "

This seems a bit different than the "China banned Bitcoin" days. Those were just cryptic proclamations that weren't backed by anything on paper. The regulations issued in this case seem very clear: ICOs are banned in China. There is no ambiguity around that at all.

I agree that, in time, this could change, but I think the PBOC was really worried at the level of capital outflows being invested into ICOs. Cryptocurrencies are one thing, and they are already concerned about that, but ICOs are arguably in a bubble and maybe they are responding to that (like they did with BTC in 2013). Also, there are a lot of scammy ICOs out there. I don't love this kind of response from the PBOC, but I get it.

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September 05, 2017, 08:56:06 AM
 #134

This is really a bad news. They ban every ICOs or they ban some of the ICOs? What will happen if all the countries follow the same thing?

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September 05, 2017, 09:09:31 AM
 #135

This is really a bad news. They ban every ICOs or they ban some of the ICOs? What will happen if all the countries follow the same thing?

Essentially, all ICOs are banned. At least, they cannot be administered in China, and ICO tokens cannot be offered to Chinese residents.

Now, in practice that's not much different than the USA. To the SEC, most of these ICO tokens are unregistered securities, and it's definitely illegal to issue them to US residents. What happens? The people running ICOs change the terms, saying that US residents aren't allowed, and maybe at most there is an IP restriction placed. Then US residents just get a VPN and invest anyway. Same here.

Most countries regulate securities. I think most will also be a bit more subtle and just stiffly regulate ICOs, not outright ban them.

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winnerhor
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September 05, 2017, 09:11:49 AM
 #136

Now all price is going down because this bad news . They ban ICO because they can't control ICO fund crowding activities . Some of ICO project can get so many money just only some leader with a website page , they even don't have whitepaper for the project . Government will not let this happen because this may make national economy come with risk . If they will come out law to control the ICO , maybe is good for the future development .

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September 05, 2017, 09:13:38 AM
 #137

This is the bitcoin price factor and almost all cryptocurrency drop, but I'm sure this will not last long because investors from outside China are also many.
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September 05, 2017, 09:34:40 AM
 #138

Is this the reason why the prices of almost all coins dropped?

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September 05, 2017, 09:49:42 AM
 #139

Cryptocurrency market is volatile and uncertain. I think China is just protecting its citizen from the fraud and scams brought by untrusted ICOs. Their government needs to figure out how to deal with ICO legally so they have stopped it.
Do not allow any random anonymous prick to run an ICO -> problems *solved*.

Is this the reason why the prices of almost all coins dropped?
Shitcoins and tokens are dropping because they have no use case or any actual value to begin with. It's all a speculative bubble. Bitcoin is unfortunately suffering as you usually can't trade back into fiat without using an intermediary such as Bitcoin. Bitcoin, as of today, is the only coin that is legitimate. Technically, Ethereum should also be illegal in China ATM as it was also an ICO. Technically.


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mevmike
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September 05, 2017, 10:18:36 AM
 #140

My quick and dirty translation of the notice:

Recently there are a lot of ICO activities .These encourage speculation, illegal financial activities, wreaking havoc in the financial world. To act on previous financial conference press results, we have to protect legal investors’ legal right & prevent financial risk, according to “blah blah financial law”, “blah blah financial regulation”, we make this notice:
1.   Correctly understand the nature of ICO acitivites
ICO is a disguised fundraising activity. ETH, so called crypto, is indeed an illegal and unapproved way of financing activity. It’s illegal issuance of shares, illegal financing activity, financial fraud, fraudulent sales activities etc. Related govt regulatory body will work closely together to rectify this mess and intensify law enforcement.
Any coins from ICO or tokens not issued by Monetary Authority, do not bare legal monetary identity, do not bare same legal status as legal tender, and cannot be used like legal tender in the market.
2.   Any organisation or individual are not allowed to participate in illegal ICO financing
From today onwards, all ICO must stop. Any organisation or individual involved in ICO that are completed must arrange cancellation / repayment. It must protect investors’ right, carefully deal with risks. Any further ICO or illegal activities related to past ICO would be penalised.
3.   Reinforce coin, ICO exchange platform management
From today onwards, so called exchange platforms are not allowed to participate in exchange of fiat vs tokens, fiat vs crypto. They are also not allowed to buy/ sell as a centralised participant. Not allowed to provide pricing or information as an intermediary.
Any platform against these rules will have their website, mobile apps shut down and license to operate revoked.
4.   Financial institutions and non bank payment organisations are not allowed to participate in ICO and its related business directly or indirectly
This includes products or servicing related to creating accounts, registration, trading, settlement etc They are not allowed to act as guarantor in crypto related insurance. Any suspicious activity should be reported immediately.
5.   Public should be vigilant against risk of cypto ICO
ICO has different layers of risk. They include false asset risk, opreations failure risk, speculative risk. Individual investors must protect themselves and bear the risks themselves. Members of public should be vigilant of any ICO activities done in the name of “coin”. Any suspicious activity should be reported immediately.
6.   Financial industry should unite together to unleash self-regulatory power
Finacnial organistaions should carefully understand law and regulations, remind participants to naturally fight against illegal ICO activities to save the market from this hot mess, continually to educate people and enhance a healthy and normal financial order.


Thanks for the translation.
Tried google translate but cant understand it properly....
This step taken by China may indeed be considered correct...
They are trying to protect their citizens against fraudulent coin, which we can't deny to be true.
I just hope that soon that the Chinese government would realize that there are legit ICO's out there...
Cheesy

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