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!