Why are people acting as if China couldn't cause a market wide collapse?

[alani123]

Cryptocurrency markets are fully in red. Nothing escapes. Bitcoin is down. Alts are down. Smart contract platforms are down. Every single ICO token is down.

Only bitcoin can survive this, but it'll keep taking everything down with it for as long as it falls. Those pretending that ICOs can recover from this dip without Chinese capital know no better.

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[BitcoinGirl.Club]

Cryptocurrency markets are fully in red. Nothing escapes. Bitcoin is down. Alts are down. Smart contract platforms are down.

We expected ICO regulations to come in but not with this kind of impact hope to see a quick recovery.

Every single ICO token is down.

These have some time to recover...

Only bitcoin can survive this, but it'll keep taking everything down with it for as long as it falls. Those pretending that ICOs can recover from this dip without Chinese capital know no better.

its a known fact that bitcoin is a survivor and as i see from coin market altcoins have been hit the hardest dropping in the range of 5%-50% but tables will turn when all this settles down in a few weeks time.

[gentlemand]

There've been something like over 60 China only ICOs that we haven't really heard about and those are the ones attracting the PBOC's ire.

Until the last few months there was nowhere a Chinese person could buy ETH, let alone all the other ICO pretender shite.

And did you not notice the almost complete closure of the Chinese market for several months? The price went through the roof while they were dozing. China's significant of course but it's not and never has been the be all and end all despite the endless years the zero fee exchanges made very other market their bitch.

[HAARP]

There've been something like over 60 China only ICOs that we haven't really heard about and those are the ones attracting the PBOC's ire.

Until the last few months there was nowhere a Chinese person could buy ETH, let alone all the other ICO pretender shite.

And did you not notice the almost complete closure of the Chinese market for several months? The price went through the roof while they were dozing. China's significant of course but it's not and never has been the be all and end all despite the endless years the zero fee exchanges made very other market their bitch.

Who's acting like that? From the morning, I saw many people counting China as the responsible for this wide market crash. So people are aware of it already. China's action made this crash and it's still keep going in many altcoins now.

[tavogi.com]

The only upside I can see is that maybe if there are no native Chinese ICOs, Chinese investors interested in crypto have no alternative than to put their capital in international projects (assuming they don't shut down the Chinese exchanges as well as local ICOs). Overall though there's no way to spin this as anything other than a huge blow to the industry.

[monbux]

The only upside I can see is that maybe if there are no native Chinese ICOs, Chinese investors interested in crypto have no alternative than to put their capital in international projects (assuming they don't shut down the Chinese exchanges as well as local ICOs). Overall though there's no way to spin this as anything other than a huge blow to the industry.

I don't see it as that. China has banned ICOs from being created but nowhere do i see China banning investors from investing in other ICOs. This seems like good news to me. Anything I'm missing?

[Febo]

Cryptocurrency markets are fully in red. Nothing escapes. Bitcoin is down. Alts are down. Smart contract platforms are down. Every single ICO token is down.

Only bitcoin can survive this, but it'll keep taking everything down with it for as long as it falls. Those pretending that ICOs can recover from this dip without Chinese capital know no better.

Exactly, What have Monero and Bitcoin do with different Etehreum ICOs?  Are people so stupid? Who are this people?  Paris Hilton?

[gentlemand]

Exactly, What have Monero and Bitcoin do with different Etehreum ICOs?  Are people so stupid? Who are this people?  Paris Hilton?

Plenty. People have to buy BTC so they can buy into ETH depending on what exchange they favour. The alt explosion was no doubt a factor in Bitcoin's rise because of that.

[alani123]

The only upside I can see is that maybe if there are no native Chinese ICOs, Chinese investors interested in crypto have no alternative than to put their capital in international projects (assuming they don't shut down the Chinese exchanges as well as local ICOs). Overall though there's no way to spin this as anything other than a huge blow to the industry.

I don't see it as that. China has banned ICOs from being created but nowhere do i see China banning investors from investing in other ICOs. This seems like good news to me. Anything I'm missing?

The government there really does have power over the market sentiment. It's not clear yet if Chinese investors are outright baned from putting money on ICOs but the recent ban surely drives big money out of the economy and reduces interest.

[WatchMaker]

There've been something like over 60 China only ICOs that we haven't really heard about and those are the ones attracting the PBOC's ire.

Until the last few months there was nowhere a Chinese person could buy ETH, let alone all the other ICO pretender shite.

And did you not notice the almost complete closure of the Chinese market for several months? The price went through the roof while they were dozing. China's significant of course but it's not and never has been the be all and end all despite the endless years the zero fee exchanges made very other market their bitch.

Who's acting like that? From the morning, I saw many people counting China as the responsible for this wide market crash. So people are aware of it already. China's action made this crash and it's still keep going in many altcoins now.

Yes, with China banning ICOs and cryptocurrency to currency exchange is what crashed the market today for sure.

[crairezx20]

There've been something like over 60 China only ICOs that we haven't really heard about and those are the ones attracting the PBOC's ire.

Until the last few months there was nowhere a Chinese person could buy ETH, let alone all the other ICO pretender shite.

And did you not notice the almost complete closure of the Chinese market for several months? The price went through the roof while they were dozing. China's significant of course but it's not and never has been the be all and end all despite the endless years the zero fee exchanges made very other market their bitch.

Who's acting like that? From the morning, I saw many people counting China as the responsible for this wide market crash. So people are aware of it already. China's action made this crash and it's still keep going in many altcoins now.

Yes, with China banning ICOs and cryptocurrency to currency exchange is what crashed the market today for sure.

If that is the problem why the price of bitcoin was crashed well if the crypto and ICO was the reason affecting also the bitcoin price..
Why they are also includes to decrease the price of bitcoin..
Bitcoin is not altcoin and i think they are different.. So there is another panic selling here because of the new like this ,

[Indrawan77]

The price really crashed down to earth, and I believe it is the China's banning ICO effect, this regulation will strike fears to the investors maybe today banning new ICO the next day can be banning existing ICO

When the investors had already put a lot of money in the ICO or alt coins, they will take precautions steps and that will cause the market to become unbalance and it is going to affected all crypto

[leowonderful]

ICOs had to go either way, and it seems this is how they will go away. Keeping ICOs long term is generally bad for crypto anyways as there's lots of scam ICOs and ones that just never reach their planned goals, it's good that this is happening but it comes at the cost of a worldwide devaluation for crypto. Will we get out of this? Most likely yes.

[Torque]

Blame Ethereum and its creator. It needed a reason to exist, and ICOs were scammed to the public as that reason. 

[Hyperme.sh]

Proof-of-work issued coins remain legal and should recover eventually.

ICO-issued coins will become illegal to trade every where.

More details.

can be banning existing ICO

Existing ICO-issued tokens will become illegal, because investment securities are illegal to exchange if not on a registered exchange. And illegally issued investment securities are never legal to trade.

Thus ICO-issued tokens can not be spent decentralized. They are useless because can’t function as a cryptocurrency. At least not legally.

[JimboToronto]

China didn't cause a market-wide dip.

Stupidity, over-reaction and panic did.

[btcdevil]

China didn't cause a market-wide dip.

Stupidity, over-reaction and panic did.

Perfectly said, this all panic is from the weak hand traders who are always reacting to the fud and silly unknowing the details about any news and just panic and sell everything and when the market reacts positively and go up then come and cry here of their stupidity action. But this is good for the real investors for investing back in low.

[Hyperme.sh]

China didn't cause a market-wide dip.

Stupidity, over-reaction and panic did.

Perfectly said, this all panic is from the weak hand traders who are always reacting to the fud and silly unknowing the details about any news and just panic and sell everything and when the market reacts positively and go up then come and cry here of their stupidity action. But this is good for the real investors for investing back in low.

IMO, the issue is that speculators do not yet understand that this event applies only to ICO-issued tokens and not to genuine proof-of-work cryptocurrencies.^*

I have several posts trying to explain this and so far there is a lot of confusion amongst readers.

However, you're incorrect if you think this is limited to only China. Several major countries have announced a crackdown on the same day. The SEC will follow soon I am sure. This was a coordinated action so that means it is serious. ICO-issued tokens are doomed.

^* If ICOs cease, I suppose this might dampen demand for BTC. Yet if there is a selloff of all ICO-issued tokens and purchasing of only proof-of-work tokens with those funds, we might have increasing demand for proof-of-work tokens?

[exstasie]

Blame Ethereum and its creator. It needed a reason to exist, and ICOs were scammed to the public as that reason. 

It goes deeper than that. If you think about it, Ethereum itself was an ICO. The genesis block created ICO tokens (ETH)... the ETH that came after was produced through proof-of-work mining. I imagine that the regulations aren't intended to target Ethereum, but it's funny to consider.

Proof-of-work issued coins remain legal and should recover eventually.

You're just drawing a distinction between cryptocurrencies and ICO tokens, right? I don't see an issue with proof-of-stake coins in this context.

[Kyraishi]

Cryptocurrency markets are fully in red. Nothing escapes. Bitcoin is down. Alts are down. Smart contract platforms are down. Every single ICO token is down.

Only bitcoin can survive this, but it'll keep taking everything down with it for as long as it falls. Those pretending that ICOs can recover from this dip without Chinese capital know no better.

I think that altcoins deserve to be down but bitcoin doesn't really have much to do with ICOs at all. Right now some projects don't even accept bitcoin as funding to their ICO projects, and it's an ethereum only thing.

China is still a really really big market, even with all the regulations that its central bank has over cryptocurrencies. People talk about Korea and Japan more now, but China is still a major driving force.

I think that bitcoin is going to stabilize at around $4000 while altcoins are going to continue its downward spiral. Overall the bitcoin dominance percentage should be going up steadily in the next month.