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Question: Will other countries take advantage of China's ban on ICOs?
Yes - 19 (63.3%)
No - 5 (16.7%)
I do not know - 6 (20%)
Total Voters: 30

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Author Topic: Will other countries take advantage of China's ban on ICOs?  (Read 779 times)
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September 06, 2017, 06:57:32 AM
 #1

It is in my opinion that China is very short sighted in their ban on ICOs. I am only an observer of the whole ICO market as I hold Bitcoin only. But I do believe in ICOs as the future of a democratized way of getting financial support for the unbanked.

Who said that entrepreneurs with good ideas should not be given every opportunity by the community themselves? But of course we should still be careful and be responsible with our own actions. People will lose money from scams.

Do you think a country like Switzerland or Singapore welcome ICOs and become new havens for them?


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September 06, 2017, 08:02:46 AM
 #2

In a more regulated environment, ICO's will thrive in most other countries. I agree with you that China totally over reacted and banning ICO's should have been their last resort. They could have regulated these ICO's and it would have stimulated innovation in the informal sector of their economy.

I hope other countries will grab this opportunity to get the edge over China, but most will probably just follow their example. I would rather learn from their mistakes.

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September 06, 2017, 08:29:36 AM
 #3

No they will not. Most other countries are likely to follow the same course of action or at least put some form of regulation on ICOs. Most ICOs are garbage altcoins to begin with so there isn't anything to take advantage of.

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September 06, 2017, 08:43:55 AM
 #4

But I do believe in ICOs as the future of a democratized way of getting financial support for the unbanked.

are they really?
tell me, which one of these ICOs so far do you know that actually did something useful with all the money they received?
how many of them contributed something to the real world? made some advancement in the blockchain technology? solved some real world issues?

now tell me how many of them were scams? how many just took a large amount of money and the project remained what it was on the day 1?
how many of them were poor copy paste of another project?














 

 

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September 06, 2017, 09:30:48 AM
 #5

I think so, china was a bit too quick on the trigger for this, but this actually means icos will become better and more regulated, which means less scam accusations against scam ico's.

This probably means that ico's will be a lot less frequent than before and the other countries will make more rules related to ico's, which means we can better invest our money.

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September 06, 2017, 10:02:54 AM
 #6

Yes, of course. There will be many countries open ICOs and they can easily collect many funds from investors. Banning ICOs are both bad and good. It is bad because investors may find other places to invest their money such as foreign ICO. It is good because they can avoid scamming ICOs. There are too many ICOs out there and it is hard to determine which ICOs are good and which are bad. therefore, be careful while investing


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September 06, 2017, 10:04:08 AM
 #7

They will if they found way to regulate and make profit from it or at least make sure ICO won't affect their economy at all.

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September 06, 2017, 10:27:59 AM
 #8

Recently i read an article on Russia establishing a mining firm to mine bitcoins. This shows how nation and great economy are taking to bitcoin and will do a lot to make that riches available in their coffers. If China is trying to push out ICOs i agree with their reasons because a lot of scam and investment loose is appearing out of ICOs but i know there are ways to reguate this rather than ban and other nations who can regulate it will take over. Ban on ICOs will only deryl the world of talents and innovation of which we ve seen a lot since crowd funding and ICOs started

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September 06, 2017, 10:37:20 AM
 #9

It is in my opinion that China is very short sighted in their ban on ICOs.
i disagree.
the ICOs are getting out of hand. it is becoming a huge unregulated market with lots of money going in an out of it without any rules. and in this chaos there are a lot of shady business going on. it is sometimes necessary to protect people from themselves.

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But I do believe in ICOs as the future of a democratized way of getting financial support for the unbanked.
true, but so far they have been an easy way to abuse people's trust to make money.

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Who said that entrepreneurs with good ideas should not be given every opportunity by the community themselves?
and who said "entrepreneurs" need to get paid to implement their ideas?
did Satoshi Nakamoto get paid, raise money,... to create bitcoin?
did Charlie Lee get paid, raise money,... to create Litecoin?
did Linus Torvalds get paid, raise money,... to create Linux kernel that millions of users are freely using today?

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Do you think a country like Switzerland or Singapore welcome ICOs and become new havens for them?
no. because so far ICOs are not the best things to attract people. if things change and they become honest and people stop investing in random crap then maybe.














 

 

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September 06, 2017, 02:27:36 PM
 #10

No they will not. Most other countries are likely to follow the same course of action or at least put some form of regulation on ICOs. Most ICOs are garbage altcoins to begin with so there isn't anything to take advantage of.

Exactly. The same is unfortunately true for crowdfunding in general, not just ICOs.

While I love the idea of innovation through grass roots movement, the sad truth is that most of those "innovators" wouldn't pass even early VC rounds for a reason. So in the end ICOs do little for meaningful projects that would get funding or at least community support anyways and do a lot for scammy ventures that purely feed on greed without offering anything in return.

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September 06, 2017, 02:44:25 PM
 #11

Hundreds of ICOs are coming every month and have created such a competetive market that yes, many will reap benefits of China's ICO ban. There is no deny to that. Chinese government haven't done anything wrong too. With such a high rate of scams in ICOs, they banned them for safeguarding their people from potential scams. I think many more countries will soon do the same or will keep a regulating body to verify the ICO project.

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September 06, 2017, 02:51:56 PM
 #12

Of course yes, the people on every countries will takes advantage of China's ban ICOs, in my experience i have bought some bitcoins and altcoins for long term because of the last deep down trend all of cryptos currencies were down trend, that was good time to purchase the coins with cheap price  Grin and we can see right now all of coins rise again.
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September 06, 2017, 04:00:31 PM
 #13

Chinas action in banning ICO is a one good move, {in my opinion} as we can see there are a lot of existing ICO which you cant tell whos legit or scam. Regulating ICO will make more Win-win Process both the investors and the company. I think Some country will take advantage of Chinas ICO ban but it will not take to long after that they will follow what china do for more regulations and innovation. China knows that there are many Chinese investor behind each ICO, sooner or later they will open it up again and we will see the more and improve ICOs

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September 06, 2017, 04:20:54 PM
 #14

No they will not. Most other countries are likely to follow the same course of action or at least put some form of regulation on ICOs. Most ICOs are garbage altcoins to begin with so there isn't anything to take advantage of.

This. We have already seen South Korea and Hong Kong come out and say they are looking at banning ICOs too. Expect more countries to follow.

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September 06, 2017, 04:25:49 PM
 #15

I haven't read or heard anything about it. So i will assumed none of the remaining country who don't banned ICO is taking advantage to that event. I think other countries is looking into it of how? or why? China come to that decision and if it is also applicable to their own country. We've seen some effect this past days but I don't think it would hurt that much on ICO in other part of the world.
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September 06, 2017, 04:32:16 PM
 #16

I voted yes. Other countries always want to take advantage of the competition, that is other countries, when they can. It doesn't make any difference what country it is, if you can get an advantage they will take it.


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September 07, 2017, 05:00:54 AM
 #17

I voted yes. Other countries always want to take advantage of the competition, that is other countries, when they can. It doesn't make any difference what country it is, if you can get an advantage they will take it.
Yep agree, however the ICOs projects are gives large of money from the developer of team, the countries around the world has developers of digital coins and due to the bans ICOs products had made the price of digital coins crashed, there are posibility of the countries they made invested on digital coins too due to the bad news from China or maybe the government of China had made invested on digital coins too for reserve capital on their country.
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September 07, 2017, 05:58:35 AM
 #18

It is in my opinion that China is very short sighted in their ban on ICOs. I am only an observer of the whole ICO market as I hold Bitcoin only. But I do believe in ICOs as the future of a democratized way of getting financial support for the unbanked.

Who said that entrepreneurs with good ideas should not be given every opportunity by the community themselves? But of course we should still be careful and be responsible with our own actions. People will lose money from scams.

Do you think a country like Switzerland or Singapore welcome ICOs and become new havens for them?

I don't think most countries will follow China with an outright ban on ICOs. In a regulated environment, there is a lot of potential economic growth and taxable revenue to come of ICOs. I think the SEC is hinting at regulating, rather than banning them. I think their recent ruling was meant as a warning to ICO operators: if you're a security, get registered or take moves to prohibit US residents from participating.

Canada is one example. They seem to be offering a much more welcoming approach:

Quote
While China is Getting Tough With ICOs, Canada Voices Support For Token Sale
Financial regulators in Canada are giving the digital currencies and initial coin offering (ICO) activities a big break. Among the regulators is Quebec’s Autorite des Marches Financiers (AMF), which intends to give the Blockchain use case a chance, if not altogether encourage it.

To show its support to ICOs, the AMF has determined that the token sale conducted by socially responsible enterprises investment startup Impak Finance is a security. The regulator also accepted the company into its regulatory sandbox.

The AMF has also relieved Impak Finance some of the requirements that it usually required from securities for protection purposes so that the ICO will materialize.

According to AMF corporate finance division director Patrick Theoret, the move is a test case to determine whether there will be investor protection issues that will emerge from the ICO:

"It’s in the spirit of the sandbox that we are willing to alleviate some of the requirements on, sort of, a test case basis. It's a test run to see whether there are investor protection [issues] with the relief that we grant."
https://cointelegraph.com/news/while-china-is-getting-tough-with-icos-canada-voices-support-for-token-sale
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September 07, 2017, 06:03:53 AM
 #19

No they will not. Most other countries are likely to follow the same course of action or at least put some form of regulation on ICOs. Most ICOs are garbage altcoins to begin with so there isn't anything to take advantage of.

I think China being a major player in bitcoin and they were the early adopter to bitcoin . So this effect would definitely means other country will be thinking is ICO legal? What if the companies raised the capital and went burst or run away. Who will pay to those innocent investors? If any such case is reported government will ban an ICO straight away as they do not have any rights to ask for money for their coins ill the time it is not being regulated.
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September 07, 2017, 06:48:34 AM
 #20

The question should be like this: where will chinese investors move? Singapore? Europe? That's the main point.
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