Effects of ICO ban in China

[MiBambino]

I believe China wants just to regulate exchanges and cryptocurrency in general, so it can be centralized and regulated.

Decentralized Exchanges like the Blocknet should give Chinese traders a breath of fresh air.  A fully decentralized trustless atomic swap exchange that can't be shut down by any government. UI product to be rolled out in several months!

What happens when China prosecutes citizens who send money to those exchanges? They did worse things to their people before.

That's the thing - the exchange is your wallet and the technology acts as a router broadcasting the orderbook. You are in possession of your coins at all times as these are wallet to wallet trades!

Correct, but you still need the bank to perform the first transactions from yen to the exchange. Once you've bought bitcoin, you're good, but you need to buy the bitcoin first

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[NoiseBoy]

What do you think will happen to crypto currencies following the latest news on the #ban on ICO in China?

will the already successful ICO's refund people's monies to them?

Is it good for governments to ban the use of crypto currencies?


Tell me what you think about any of these. 

My 3 predictions:

1) Completed ICOs based in China are going to have a very rough end of the year. They're clearly being targeted for a classic case of governmental snatch-and-grab
2) Completed ICOs not based in China will be completely, totally unaffected.
3) Yet-to-launch ICOs will have a marginally more difficult time raising money, but the impact will be pretty marginal.

[Carlsen]

I have just read an interview with Vitalik Buterin.
Even he thinks that many of the ICOs are worthless scams.
The investors can not distinguish between projects with real technological potential and those who are free from any value.
It loooks like he is sharing Chinas point of view regarding the ban of ICOs.

[Nutt]

 There will be good new after China regulated it

[taiwww]

As can be seen the effect has shown the drop in price of bitcoin. There was ban of exchanger too which caused this drop but this was supposed to happen due to all these ban stuff. Now it's clear that if any country bans anything related to bitcoin or more precisely about the crypto currency then people in the country will obviously start dumping the bitcoin and any other currency they have to recover from the loss quicker. That's why the drop in price occurs and yes that's the effect of china ICO ban.

[nick_nick]

Now the result is obvious, All currencies are falling. This shows how influential China is in the crypto market. I wonder if the crypto world can stand on its feet without the Chinese.
BTC
$ 3,178.58

BCH
$ 365.31

ETH
$ 222.24

[cas606]

I have just read an interview with Vitalik Buterin.
Even he thinks that many of the ICOs are worthless scams.
The investors can not distinguish between projects with real technological potential and those who are free from any value.
It loooks like he is sharing Chinas point of view regarding the ban of ICOs.

Agree. In the interview, or any other material you might have read, is there any further indication of how China (and other countries) might regulate it?

[Karen23]

The effect has shown in the huge drop of bitcoin and other altcoins. i wonder how far this could go. i'm losing in my other coins and to back-up my losses I'm buying cheap bitcoin and altcoins as well.

[vvadym]

It would help and prevent a lot of scams.
Less scams - more legit projects.

[AtraxPool]

BTCC - Closing
VIABTC - Closing

Next stop - miners shutdown,  China is really coming down hard on crypto. If they ban miners then its going to be a rockey time again.

We should boycot china.. No buying there ASIC, no mine on there pools.

[fullypak]

BTCC - Closing
VIABTC - Closing

Next stop - miners shutdown,  China is really coming down hard on crypto. If they ban miners then its going to be a rockey time again.

We should boycot china.. No buying there ASIC, no mine on there pools.

Seriously I never expected just one country could have this much hands on bitcoin and other altcoins growth. This is ridiculous, and you are right mate no need to buy their ASIC and don't mine on their pools. Just 2 exchanges are closing, but it affects to all digital currencies and almost all down by 50% don't know where this is going to end.

[weredo911]

BTCC - Closing
VIABTC - Closing

Next stop - miners shutdown,  China is really coming down hard on crypto. If they ban miners then its going to be a rockey time again.

We should boycot china.. No buying there ASIC, no mine on there pools.

If china miner dont work anymore. I can easy mine bitcoin

[AtraxPool]

BTCC - Closing
VIABTC - Closing

Next stop - miners shutdown,  China is really coming down hard on crypto. If they ban miners then its going to be a rockey time again.

We should boycot china.. No buying there ASIC, no mine on there pools.

Seriously I never expected just one country could have this much hands on bitcoin and other altcoins growth. This is ridiculous, and you are right mate no need to buy their ASIC and don't mine on their pools. Just 2 exchanges are closing, but it affects to all digital currencies and almost all down by 50% don't know where this is going to end.

China have a prominiet hand in the crypto world while they can't fully control it I do think that parabolic move we saw to the high prices was engineered by china possibly by the Pool owners / exchnages / miners.  They knew this regulation was coming for months just like a DWM they needed a Exit Stratagy!  What better way to EXIT the market by.

1. Brinigng out Bitcoin Cash  - A Quick and easy way to STEAL hashpower from miners and get them to move chains, Also a good way for them to make some extra money quickly buy mining the chain then dumping the coins.

2. inflate the price to such a level that the miners reserves can be sold onto the market at top rate.

3. if these exchanges were "Serious" they would move from china... It would not take much for them to move somewhere else and continue buisness as normal the fact they are "complying" with these regulations shows more colaberation between them that first thought.  It's not like they don't make any money.

4. STOP BUYING BITMAIN!!   -  I think its time we all stopped funding these china based companys that are taking the piss!

5. If china bans this outright then that can only be a good thing for miners.. if they pull down Antpool, BTCC,  Via BTC then it really will reshape the network and we WILL see a large drop in the dificulty handing mining back to the hands of the many,  while taking it out the hands of the few.

6. Have A Nice Day... (if you can)

[SamboNZ]

BTCC - Closing
VIABTC - Closing

Next stop - miners shutdown,  China is really coming down hard on crypto. If they ban miners then its going to be a rockey time again.

We should boycot china.. No buying there ASIC, no mine on there pools.

Seriously I never expected just one country could have this much hands on bitcoin and other altcoins growth. This is ridiculous, and you are right mate no need to buy their ASIC and don't mine on their pools. Just 2 exchanges are closing, but it affects to all digital currencies and almost all down by 50% don't know where this is going to end.

What? You have been around for a long time and you dont know that its really China has most of the market..

This fudfest lang over yet.

[Manuj]

BTCC - Closing
VIABTC - Closing

Next stop - miners shutdown,  China is really coming down hard on crypto. If they ban miners then its going to be a rockey time again.

We should boycot china.. No buying there ASIC, no mine on there pools.

Seriously I never expected just one country could have this much hands on bitcoin and other altcoins growth. This is ridiculous, and you are right mate no need to buy their ASIC and don't mine on their pools. Just 2 exchanges are closing, but it affects to all digital currencies and almost all down by 50% don't know where this is going to end.

China have a prominiet hand in the crypto world while they can't fully control it I do think that parabolic move we saw to the high prices was engineered by china possibly by the Pool owners / exchnages / miners.  They knew this regulation was coming for months just like a DWM they needed a Exit Stratagy!  What better way to EXIT the market by.

1. Brinigng out Bitcoin Cash  - A Quick and easy way to STEAL hashpower from miners and get them to move chains, Also a good way for them to make some extra money quickly buy mining the chain then dumping the coins.

2. inflate the price to such a level that the miners reserves can be sold onto the market at top rate.

3. if these exchanges were "Serious" they would move from china... It would not take much for them to move somewhere else and continue buisness as normal the fact they are "complying" with these regulations shows more colaberation between them that first thought.  It's not like they don't make any money.

4. STOP BUYING BITMAIN!!   -  I think its time we all stopped funding these china based companys that are taking the piss!

5. Have A Nice Day... (if you can)

It is good. Let us all stay away from this f*cking bitmain. China is doing some disservice to the crypto community right now and it is very very bad. The bad effect is felt by everyone. Let us respond by backing up bitcoin always. And let us avoid bitmain and other coins made in china. For one, these are substandard.  

[AtraxPool]

BTCC - Closing
VIABTC - Closing

Next stop - miners shutdown,  China is really coming down hard on crypto. If they ban miners then its going to be a rockey time again.

We should boycot china.. No buying there ASIC, no mine on there pools.

Seriously I never expected just one country could have this much hands on bitcoin and other altcoins growth. This is ridiculous, and you are right mate no need to buy their ASIC and don't mine on their pools. Just 2 exchanges are closing, but it affects to all digital currencies and almost all down by 50% don't know where this is going to end.

What? You have been around for a long time and you dont know that its really China has most of the market..

I think you will find I have been in this space since the ORIGINAL time of satoshi.

I have been away for a while but I am back,

I know the market very well and I know china has a large slice of the market. But if they ban it.. then what?

Don't take a low post count on a new account as a noob... Very very bad idea.

[Adbitco]

the move by china government to ban initial coin inferring (ICO) is a very welcome development to me! if you want to start up a company you should have at least have raised up to 20percent of total funds required to run the campaign, before calling for investors to invest their money in your project, but what we are experiencing lately in cryptocurrency world is different, ICOs everywhere, it wasn't like a year ago, some sorts of individuals/group of persons will just wake up one morning, comes up with idea and the next thing they will launch an ICO project and at the end of it all they will disappear with investors money. cryptocurrenty needs to be regulated to save investors for loosing funds

Yes and most of the times the idea itself is a copy of the existing projects. I agree that the developers, promoters of ICOs should put in some of their own money into the project first to build the confidence and trust of the investors that the project is being taken seriously by the team of the ICOs themselves. I agree that if all the regulations planned to be brought aim at safeguarding the interests of investors and innocent people's money then they must be brought and enforced strictly.

[MiBambino]

China will abandon cryptos until they notice we can continue without them, that's when they'll get back in. Pieces of shit complaining about the safety of their people, lol all they want is to have the biggest piece of the pie, and if they can't have it they'll try everything they can to stop others from getting it.

[kambaralikhan]

I think this ban on ICO is a temporary ban and it will be allowed again in China in near future because ban on ICO is almost equal to ban on cryptocurriencies  and which Government of China can't afford because cryptocurriencies are the future of payments.
Successful ICOs will not refund money to people because they are not bound under terms to refund.

[MiBambino]

I think this ban on ICO is a temporary ban and it will be allowed again in China in near future because ban on ICO is almost equal to ban on cryptocurriencies  and which Government of China can't afford because cryptocurriencies are the future of payments.
Successful ICOs will not refund money to people because they are not bound under terms to refund.

They will succeed in banning cryptos. You think the chinese government wants its people to be harder to track and tax? They won't stop until they either find a way to regulate and profit from cryptos, or until they completely ban them.