How will China's decision affect the market in your opinion?

[xFiber]

I think China is trying to act reasonably. Let's be honest, 99% of ICOs are just outright scams. Of the remaining 1%, 99% of those are bad ideas. Assuming the news is real, China is acting to stop people from losing their money by investing in something they don't understand. After all, if you understood crypto you would not even touch alts.

Here is a typical way an ICO tricks users into thinking they are "investing".

Step 1. Create "Stupid-Coin", bitcoin's soon to be replacement.

Step 2. Pre-mine 1 million coins.

Step 3. Sell 1 coin to your buddy for $3.

Step 4. Advertise your new ICO! And mention that it has a current market cap of 3 million dollars!
(market cap = cost per coin x number of coins)

ICOs are all B.S.

Pretty good analysis on the matter. The thing you forgot to mention is that there is crazy money to be made so people who are already into crypto will keep hoping for their diamond to show up and pay for all their losses. That's the danger of it.

[maku]

Nothing will happen. Bitcoin is not forbidden in China as I understood. And look at the price of Bitcoin. Its up again.

This.

Bitcoin is still safe and Chinese goverment won't ban it. They know that Chinese miners are the leading force that gives China an edge in the cryptocurrency world.
ICO ban is actually something I was expecting, panic on the market is only temporary and with no more ICO chinese investors will focus on existing coins, bitcoin included.
This will only strengthen the position of bitcoin in the long run. I am not worried at all. We have a bright have future ahead gentlemen.

[leonair]

I may look at this incident to be in a positive way that ICO's must change or else someone will. I think more people in China will get more knowledge to know first before investing their money and this is a good sign of prevention in their part and there is nothing to worry about, losing your hard earned money is frustrating so this move is a must.

[cybersofts]

I think China is trying to act reasonably. Let's be honest, 99% of ICOs are just outright scams. Of the remaining 1%, 99% of those are bad ideas. Assuming the news is real, China is acting to stop people from losing their money by investing in something they don't understand. After all, if you understood crypto you would not even touch alts.

Here is a typical way an ICO tricks users into thinking they are "investing".

Step 1. Create "Stupid-Coin", bitcoin's soon to be replacement.

Step 2. Pre-mine 1 million coins.

Step 3. Sell 1 coin to your buddy for $3.

Step 4. Advertise your new ICO! And mention that it has a current market cap of 3 million dollars!
(market cap = cost per coin x number of coins)

ICOs are all B.S.

Yes, China is doing the right thing at the moment because today's ICOs are full shit!
I can't believe why some people use such opportunity of creating ICO to scam others. 
Believe by banning ICOs in China that will help straighten the value of bitcoin in the long run.

[Adbitco]

since the "China's decision" were to eliminate all the scams from the market you can be sure that the effects of it will be great on the market. because it is the first step of many towards having a much healthier altcoin market instead of hundreds after hundreds of scams which call themselves ICO and prey on the gullible.

I hope so that China's decision to ban ICOs have positive affect. I think there has been a flood of ICOs in the recent past and most of them have been scam and for that to stop there should be some regulations no ban is required though but if the government make some rules and regulations for ICOs so as to save the people from being robbed of their money that would be a welcoming move I think.

[CryptoBeefy]

We'll see a panic period and then people will reinvest in the drop period and I see crypto climbing again soon enough

[jc89]

since the "China's decision" were to eliminate all the scams from the market you can be sure that the effects of it will be great on the market. because it is the first step of many towards having a much healthier altcoin market instead of hundreds after hundreds of scams which call themselves ICO and prey on the gullible.

My thoughts exactly. Let's face it and admit the fact that it is easy to create ICOs and most likely are scams. I think China did the right thing. It's not a good thing that many were victimized by those fake ICOs. It will lead to lost of trust in cryptocurrencies and those people who are yet to explore crypto world will be wary and might not believe in any crypto forever. And that's not a good thing for everyone.

[Red-Apple]

what China does is no longer affecting the market that much. it was proven that China does not have any power over this market at all. they just are a small part of a bigger world.

the news however is a different matter. the news can cause panic among investors. and it has been doing just that for a very long time. of course this year the power of news has also diminished as PBoC closed the exchanges.

[garmerys]

Hey,
I read this article in a blog that i follow on china ICO ban https://fxpmarkets.blog/2017/09/05/central-bank-of-china-all-virtual-currency-offerings-must-be-stopped-immediately/
How do you think it will affect the market in the long term ?

No doubt the Chinese decision will affect the market for accepting and regularization of bitcoin. And I think that every country should accept bitcoin as their legal and regular crypto digital currency and then take some serious steps for promoting and easily usage and to control all other scams in the shape of crypto currency. It will help the people a lot and they will freely deal in bitcoin.

[russelluk]

Apologies for starting another topic on the same subject as I missed this one. If China bans the exchanges from operating then that must just be an admission from the Chinese authorities that they are incapable of handling the issues and regulating it effectively.

[LegendOF45]

Before 2017 China was the world's largest bitcoin user, but the government of China banned bitcoin and crypto making the biggest bitcoin users become Japan, now the Chinese government legalizes bitcoin and this will have a big impact.

[waynechong1995]

I think china doesn't make too much a big part in cryptocurrency backing now, sure banning ICOs restricts local development but its still easy for them to get out and open another hub in other countries, previously the gold rush make tons of short businesses for mining and now they are dumped hard and the buying power is somehow equivalent with korea, too many uneducated person involved and they wont get back nor care with the wind is over. Its only happen when market start raising and they would pour money in

[carter34]

I think china doesn't make too much a big part in cryptocurrency backing now, sure banning ICOs restricts local development but its still easy for them to get out and open another hub in other countries...

I think because we are not seeing adequate patronage and support from China just like Korea is even affecting the rush after China banned ICO. The population of China is massive and that can actually turn around a products fortune.

[ribowo76]

I believe, for now this will not have much influence. Because I think, ICO does not have a direct connection to the price movements of bitcoin. So that there will be no negative impact on bitcoin

[Yaunfitda]

For all the marbles:

https://www.ccn.com/bitcoin-is-1-trending-on-chinas-biggest-search-engine-during-2019-highs

So there are still lots of Chinese investors hot on the trail of bitcoin. And I'm sure majority of them joined the ride during the sudden spike right after April Fools day.

Whether OTC trading or just simply Peer-to-Peer, and regardless what the Chinese government stance of crypto specially on bitcoin, the madness can't be stop specially that we are in the recovery process.

[Snaic]

China's central bank calls for banning ICO activities in general, and not just fraudulent projects, arguing that they are detrimental to China’s financial stability. This is not very convincing, given that they began to impose restrictions on cryptocurrency in 2017 and prohibit it with the same wording. It would be better if they started to regulate ICO and get rid of fraudulent ICO projects. Otherwise, the Chinese will be involved in them all the same, but in those that are held outside this state.

[Teawhalee]

During the time when this post was made , there were a lot of banning actions on bitcoin and cryptocurrency in some countries. This virtually is what led to some countries being banned from participating in their ICO by project owners. China is one of them. But a surprising thing is that the many of this ban actions seem to me like a game because after a while they wil unban and then bam again and unban and such it goes. All these just have little effect on the market.

[Netnox]

Hey,
I read this article in a blog that i follow on china ICO ban https://fxpmarkets.blog/2017/09/05/central-bank-of-china-all-virtual-currency-offerings-must-be-stopped-immediately/
How do you think it will affect the market in the long term ?

The crypto market is tired of China. That country has crashed the crypto prices so many times, that nowadays we normally ignore any news coming out from there. And the exchange rates show no impact from the latest news.

[Malsetid]

Hey,
I read this article in a blog that i follow on china ICO ban https://fxpmarkets.blog/2017/09/05/central-bank-of-china-all-virtual-currency-offerings-must-be-stopped-immediately/
How do you think it will affect the market in the long term ?

The crypto market is tired of China. That country has crashed the crypto prices so many times, that nowadays we normally ignore any news coming out from there. And the exchange rates show no impact from the latest news.

I agree. They've been against crypto ever since and yeah what they're doing did affect the market for a time, but not anymore. I guess the longer you've been in crypto the less you'd care about the likes of china and warren buffet. They can say everything they want but the effect gets less and less.

[AjithBtc]

This was a thread that was created years back in 2017, by that time the contribution from China is big. With their support only bitcoin have grown to such a big level. They were the early supporters, recently they have made a big change in their decision as more scams have emerged along with more economic collapse through fake volume. By now China's decision won't make a big impact on bitcoin from my view.