China not only bans new local ICOs but orders liquidation of existing ones

[ICObazaar]

Those who have already raised money must provide refunds, though it isn't clear how the money would be paid back to investors.
By the way, the decision has already affected the whole crypto market. Check this out.

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[dennyd999]

What they mean by existing one?

There should be some time frames. And definitions what is ICO.

Without it is hard to refund anything.

[ICObazaar]

What they mean by existing one?

There should be some time frames. And definitions what is ICO.

Without it is hard to refund anything.

Exactly

[TastyChillySauce00]

Then, curious how those Chinese investors liquidate their assets in the crypto world if Chinese government forbid to either invest or liquidate. Maybe they'll forcefully exchange their blockchain asset offshore or else?
I'm just starting to think that it's like a trap given by Chinese government even though the govt themselves want to stop the ICO activities totally, but that's just not right to force their citizens abandoning theirs "digital gold".

[radnom]

China government are complete idiots. They ban VPN, there are a bunch of decetralized open source VPN projects coming up.

It just doesn't make sense to try to legalize something you can't control.

[evski]

wow, this does seem impossible to enforce, hope they are attempting to come up with some sensible regulations

[jameshowlett]

that is a bad news to everyone. Hope that the chinese will be ok after this disaster.

[douinaho]

Then, curious how those Chinese investors liquidate their assets in the crypto world if Chinese government forbid to either invest or liquidate. Maybe they'll forcefully exchange their blockchain asset offshore or else?
I'm just starting to think that it's like a trap given by Chinese government even though the govt themselves want to stop the ICO activities totally, but that's just not right to force their citizens abandoning theirs "digital gold".

I agree with you, this possibility is just an issue, this is done to create a red market, or called FUD, and this possibility will end 2-3 weeks later, but if this is true how big chinese influence in crypto market, until it can destroy all altcoin prices

[sui_generis]

Good. We need to get these scammers out of the cryptocurrency ecosystem. I hope enforcement keeps happening in more countries, until the fraudsters have nowhere to run their criminal activities from.

[webtricks]

Then, curious how those Chinese investors liquidate their assets in the crypto world if Chinese government forbid to either invest or liquidate. Maybe they'll forcefully exchange their blockchain asset offshore or else?
I'm just starting to think that it's like a trap given by Chinese government even though the govt themselves want to stop the ICO activities totally, but that's just not right to force their citizens abandoning theirs "digital gold".

And think about prices!
Well today's crash is just speculative reaction to this ban but when Chinese projects who raised funds via ICO will be forced to sell off their assets (most of which will constitute surely of cryptocurrency reserves), prices will further crash more.
It will be interesting to see how market shapes further!

[Spoetnik]

What they mean by existing one?

There should be some time frames. And definitions what is ICO.

Without it is hard to refund anything.

Exactly

Bull God damn shit noob.
This shit worked fine for 7 fucking years with out ICO scammers holding their hand out.

Need money for your coin faggots?
Get a fucking job
I hear McDonald's is hiring...

[blockchainmarketus]

China government are complete idiots. They ban VPN, there are a bunch of decetralized open source VPN projects coming up.

It just doesn't make sense to try to legalize something you can't control.

That's truly dictatorship. The cryptocurrency community may become a threat to chinese government. That's the way comunist rulling the country. No one can be rich without being controlled by the government. I suggest to all developers to move to Singapore. I think Singapore more welcome than other countries. England is good choice too. Are there any countries that support ICOs, What do you think about Australia?

[fusepay]

Maybe there have been too many get rich quick type scheme ICO's where the lots have lost money when the coin teams did not deliver the goods but just took the money and well, vanished. There have been many reports of this in the wild. I feel, actually, that this is almost a good thing, in fact it is, for existing organisations will be recognised for the good work they do, whatever your alt flavour, only the strongest will survive right?

[Grant Hero]

I'm not sure how someone (even a governing body) can control or regulate this.  Wallet addresses are anonymous and you can use VPN's to access the Internet.  This ruling doesn't change much except create fear which will drive the price of current cryptocurrencies down.

[WBVC]

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

[luvbeening]

I'm not sure how someone (even a governing body) can control or regulate this.  Wallet addresses are anonymous and you can use VPN's to access the Internet.  This ruling doesn't change much except create fear which will drive the price of current cryptocurrencies down.

unless you don't want or no need to switch to fiat,i don't think you are really anonymous when you need a real id to do it.

[Gnosis7777]

Considering Ethereum had a 72,000,000 Premine & 60,000,000 coin ICO.... will they be refunding the Chinese citizens as well?

 

[TimeHacker]

I'm not sure how someone (even a governing body) can control or regulate this.  Wallet addresses are anonymous and you can use VPN's to access the Internet.  This ruling doesn't change much except create fear which will drive the price of current cryptocurrencies down.

They can regulate this at least on the side of Chinese issuers. If the ICO wants to be trustworthy and actually get some money, the team behind has to be known. In that case, they can just easily come to their homes and arrest them

In any case... athough I understand that they want to prevent scams and such big "crowdfundings" probably can't stay uncontroled, they are basically putting a nail in their own coffin. If Chinese people and companies are banned from this blockchain revolution (kind of), somebody else will get the big money flowing in instead of them.

[oek736]

The price movements make a lot more sense now. I appreciate you posting this. To me this represents a buying opportunity with the dip. The only problem is timing, and as Warren Buffet said: "The only value of stock forecasters is to make fortune-tellers look good." Peter Lynch: "I can't recall ever once having seen the name of a market timer on Forbes' annual list of the richest people in the world. If it were truly possible to predict corrections, you'd think somebody would have made billions by doing it."

[Argon2]

This is GREAT NEWS! 

[Spoetnik]

China government are complete idiots. They ban VPN, there are a bunch of decetralized open source VPN projects coming up.

It just doesn't make sense to try to legalize something you can't control.

That's truly dictatorship. The cryptocurrency community may become a threat to chinese government. That's the way comunist rulling the country. No one can be rich without being controlled by the government. I suggest to all developers to move to Singapore. I think Singapore more welcome than other countries. England is good choice too. Are there any countries that support ICOs, What do you think about Australia?

What like premining the coins calling yourself a company then persuading idiots to buy scam coins for profit?

Please 
Gimme a break with your half ass retarded attempt at ideology.. On ICO's of all things 

[ICObazaar]

This is GREAT NEWS! 

Why?

[Spoetnik]

Here is an interesting article looking into the ramifications of the ICO ban in China, and whether it is all doom and gloom or if there is something good to come out of it.

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

Putting the word "crowdfunding" in with a digital currency makes me fucking sick !
You all fabricated and perpetuated a scam system to play stock market fer teh ROI's.
Whether this ICO shit is scammy or not you gove 0 fucks.
You push it on.. for profits.

You ICO losers made BTC worth 5k each.
No ICO will ever accomplish anything because ALL OF THEM are scammy by design.
It's how they work.
It's been explained to you all EVERY SINGLE FUCKING DAY IN A 100 WAYS.
And you plug your ears and go to Poloniex and buy ICO's coins fer teh ROI's.

I hope each and every single one of you fucking losers get ripped off bad and lose all your money.
I can't stand you.
You ruined crypto forever.
You took a huge fat greedy shit allover what ever promise we had of getting a digital currency take seriously and adopted.
You squatted down pajeets and shit all over the ideology of crypto simply to pad your wallet..
with Bitcoin of all things.
.. a "currency"














..not an ICO scheme 

Can you tell the difference yet dumb fucks ?
It *HAS* been explained to you all.. since you are all 101% pure fucking stupid.
(when you have to explain things to people that is blatant and obvious it make you a fucking god damn idiot)

So thanks for coming noobs.
I am overjoyed that you all decided to come here and make and buy 1000's of ICO coins for your greedy selfish childish shortsighted impatient little BITCOIN profits.
Give yourselves a hand because you earned it.. you all did so much to further the cause of getting a digital *CURRENCY* adopted.
Well done pajeets.. you are my hero.. i am soooooooooooooooooooo glad you are here noobs.
If only more greedy immoral brat noobs would show up just think how low we can that bar scraping on the ground.

[Argoo]

I do not think that China will prohibit the existing ICO. Otherwise, citizens and legal entities that have previously invested in ICO will suffer multi-million losses and large claims can be brought against the government of China. I do not think there are full idiots in the Chinese government. There is some kind of cunning information combination with the extraction of this profit by certain groups of people. Soon we will see why all this was invented.

[KillyGon]

you think china regulator can trace addres, who is known addres
crypto curency still anonymous without verified ID

[Red_Sanford]

China government are complete idiots. They ban VPN, there are a bunch of decetralized open source VPN projects coming up.

It just doesn't make sense to try to legalize something you can't control.

That's truly dictatorship. The cryptocurrency community may become a threat to chinese government. That's the way comunist rulling the country. No one can be rich without being controlled by the government. I suggest to all developers to move to Singapore. I think Singapore more welcome than other countries. England is good choice too. Are there any countries that support ICOs, What do you think about Australia?

After watching the Kim Dotcom documentary I wouldn't invest in shit that is offered from Australia . They are just a bad as the US in my opinion. Take a minute and watch it if you get the chance. It will open your eyes to the corruption of the largest governments of the world.

And England ? No monitoring of their citizens going on, is there ? /s

[maydna]

i think there is other country that allowing for the ico to be release. this is a lesson for the ico to give a good perspective for the government and give explain to them that they will not scamming people with their project. without doing this, i think every country/government will not allow ico and will banned ico for protecting their citizen.

[kolap]

This kind of dumping and selling make whales happy. Back in the old days China scare and Bitcoin dump to as low $150 from $1100, and see what it is now.

[xenomorphe1]

you think china regulator can trace addres, who is known addres
crypto curency still anonymous without verified ID

I don't think we are really anonymous. We need exchange and they have our IP address and also our wallet address.
I think the governments don't want people to be anonymous, so Chinese governments will investigate Exchanges in China. And people will have to provide their ID before using Exchanges...
So anonymous coins are not so anonymous. They are anonymous if we don't send anything to Exchange and vice-versa.
We can also go to a public internet cafe. But you need to provide your ID in majority. And they register what pc you are using i suppose.
It will be difficult to be anonymous. But i think there is a good side. If someone get hacked, they will know who did this as this person will need Exchange to change his money.
It seems that NEO is not in the list of ICO that China will investigate. I don't know if it is true.
Here is the source:
https://www.reddit.com/r/NEO/comments/6ycx6h/neo_update_china_releases_list_of_icos_under/

[helloal]

The Chinese government often seems to make laws that seem to be overreaching and impossible to regulate. By doing things this way, there are a lot of people who will not follow the new laws, and when the government does investigate/audit those few unlucky people, there is no escape under the law (except maybe by bribery).

[oreits11]

that is unfair with the chance as the customs on PRC policy with the strict regulation of the information exchange

that the use with the potentials as different developer to enter as expending details with the early to modest entrance as attaining business with the

crypto currency.

that the returns of work of the non prc developer has with the less on limit as the exchange that they in prc have with the less to expends as the

blocking to avoid use with the critical on examination as appealing message of the moderation.

[alva5763]

Although China is a big player in both the ICO and cryptocurrency markets they are not the only ones. Russia,US and Australia could take more of the market and other Asian countries could emerge as strong contenders.

[ogoowinner]

The Chinese government could be doing this deliberately to scare people then gather up some coins. There is always been News coming from that government.

[SvenBomvolen]

What they mean by existing one?

There should be some time frames. And definitions what is ICO.

Without it is hard to refund anything.

If it is so as you are saying then I don't understand the point of banning of all existing ICOs. To me more logical is to ban coming ICOs and admit it as illegal activity, so there will be no need to think about all this people who already invested their money.

I would like to hear the news from a guy from China directly, for now I hear only gossips and that is making me and others more and more confused.

[caravel]

It seems ridiculous to me for a country to ban Initial coin offerings, but not the coins themselves...
What is the government trying to achieve exactly?