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Author Topic: China's Central Bank Declares ICO Illegal  (Read 2927 times)
Drizzlepistol
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September 05, 2017, 04:11:54 AM
#81

China gov want control ICO and just ban ICO from many project they can't control. But China people will try another way to invest their money.

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Benezim
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September 05, 2017, 04:40:43 AM
#82

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence

Protests in China? Well, if you have a strong death wish...

The Chinese will swallow this as they have swallowed other, bitter pills before. And they will find a way to spend their excess money somewhere else for now, until the dust has settled.

hyunee
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September 05, 2017, 04:42:40 AM
#83

I think this results to the dropping of bitcoin price. This news has a great impact on all who are using alt coins. I wonder if all alt coins are affected by this happenings. I'm afraid that the neighboring countries will be more aware and start investigating this ICOs. I hope that they will  have a clear investigation and see the benefits of bitcoin.

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September 05, 2017, 04:59:01 AM
#84

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence

Protests in China? Well, if you have a strong death wish...

The Chinese will swallow this as they have swallowed other, bitter pills before. And they will find a way to spend their excess money somewhere else for now, until the dust has settled.

Yes, I agreed. Sarcasm you must be forgotten that China is a communism country. There will be no protest at all, Chinese citizen will take it, obey any rules made by their government. I tell you what, you can't visit facebook in China and a lot other websites, have you even seen a protest about it?



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maurobiasolo
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September 05, 2017, 08:19:19 AM
#85

China gov want control ICO and just ban ICO from many project they can't control. But China people will try another way to invest their money.

Well, I guess:
a) Chinese ICO HQs moving to BVI asap
b) listing ICO outside China
c) no many troubles for investors ... ETH and BTC come from nowhere

redkey
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September 05, 2017, 08:26:46 AM
#86

as far as I'm concerned China didn't ban ICO's, it may ban but did not do it yet. it's more about regulating them than banning.
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September 05, 2017, 08:32:23 AM
#87

As I already said in other threads with the China topic:


There are 2 scenarios for me:

1. Atm we have 4 countries regulating icos that is by far not "ALL" world. Other countries will slowly follow and icos will be regulated everywhere. The regulations will force issuers of icos to register a company, be transparent, pay taxes and give guaranties to investors and be fully legal responsible.

2. Not all countries will follow, anonymous coins will rise and icos will be held in countries with no regulations. Everything will work as before...


I would only panic about investing in scam icos no matter in which country the ico is hold.
A possible solution could be: Community driven audit service >>>  discussion here: https://bitcointalk.org/index.php?topic=2135456.new#new

Mett33
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September 05, 2017, 08:36:27 AM
#88

I don't understand why all this panic, just about that news?

China ban their citizen just from participation on ICO, after ICO is done they can buy those tokens free as everybody.

Same did USA and Singapore, so what? still rest of the world can do.

And that price drop because people can't invest more in fraud ICO's wtf? invest in other alt coin which are safe.

Problem of crypto currency is that here are so many amateur people and when they see little down, get in panic. But yes this crashes are good, because people learn to not get in panic and in years crypto market will become more stable (less up and less down).
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September 05, 2017, 08:39:02 AM
#89

I think the timing is definitely interesting, it is happening at a time where more and more people are getting sick and tired of the massive amount of Scam or BS ICOs, that are essentially burying and almost making it impossible to find the legit, seriously created ICOs with huge market potential.


A possible solution could be: Community driven audit service >>>  discussion here: https://bitcointalk.org/index.php?topic=2135456.new#new
This is one approach, and a week ago, I also read this one: https://bitcointalk.org/index.php?topic=2124796, about making ICOs pay some BTC in order to be allowed to create an announcement. Both approaches make sense to some extent, and I think we see that in general, there is a tendency towards regulation: wether it's completely outlawing them (which would suck for us, of course), or making them more regulated by state governments, or by self-regulating them via the community. But what we see is that the status quo is something that leaves nobody really happy (not even the scammers, I would imagine, as they also struggle to gain visibility amongst their fellow scammers threads).
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September 05, 2017, 08:42:27 AM
#90

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence

Protests in China? Well, if you have a strong death wish...

The Chinese will swallow this as they have swallowed other, bitter pills before. And they will find a way to spend their excess money somewhere else for now, until the dust has settled.

Yes, I agreed. Sarcasm you must be forgotten that China is a communism country. There will be no protest at all, Chinese citizen will take it, obey any rules made by their government. I tell you what, you can't visit facebook in China and a lot other websites, have you even seen a protest about it?
As far as I know, in China a lot of things are formally forbidden but nobody is actually charged or somehow else punished for that. It holds for facebook, for example. I guess now we just see the big panic, but maybe Chinese will make their icos and use cryptos anyway a bit after this official declare of them being illegal.

luke_m
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September 05, 2017, 08:43:42 AM
#91

Hi all,

it's understandable the price drop as a reaction to this announcement, however, I would not be too concerned about ICOs in the long term. Let's not forget that China has a long history of banned financial industries and potential threat to a free floating economy (something that they can't control but only influence). For example:
- In 2013 Bitcoin was banned by China for financial transactions...
- The Foreign Exchange industry (FOREX) is "almost-banned" in China.  We can say that they have very strict regulations if not total ban.

These are just 2 examples, that the news of today is not the end of the world...
Mett33
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September 05, 2017, 08:50:27 AM
#92

I suggest that all ICO

are registered as company with legal tax number, maybe we can make some trust register on which countries are trusted (avoid kind of Nigeria)

every ICO company have to show names, references and faces public of owners and advisors.

every ICO have to pay some amount in register as warranty and after certain time they will get back. They will show that are serious people and believe in their project.

if other have suggestion how to regulate please write on..
Synaesthesia
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September 05, 2017, 09:39:35 AM
#93

I suggest that all ICO

are registered as company with legal tax number, maybe we can make some trust register on which countries are trusted (avoid kind of Nigeria)

every ICO company have to show names, references and faces public of owners and advisors.

every ICO have to pay some amount in register as warranty and after certain time they will get back. They will show that are serious people and believe in their project.

if other have suggestion how to regulate please write on..

maybe we will have some platform make all thing you say. like kickstarter

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