China banned ICO's not Bitcoin idiots!

[Kakmakr]

A friend I introduced to Bitcoin, phoned me today asking why China banned Bitcoin. He quoted a article in his local news paper, who quoted Bloomberg : https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal

The mainstream media has no f#$%^ clue what the difference between ICO's and Bitcoin is. Anyone can create a fancy webpage and a few PDF's with information on their ICO offering and then sell tokens for it.

Initial coin offering (ICO) is an unregulated means of crowdfunding via the use of cryptocurrency. The term is often confused with 'token sale' or crowdsale, which refers to a method of selling participation in an economy, giving investors access to the features of a particular project starting at a later date.

Please phone your local newspapers and explain the difference to them, because ICO's are not Bitcoin!

People will do anything to sell a few extra news papers or to receive a few extra clicks on their websites, even if they publish total rubbish. They should research a subject before they publish garbage like this.

It just shows you how unreliable information can be that are being published in the media. This might even be done on purpose. ^grrrrrrrr^

I agree with op here, many of the my friends who are new to this crypto world were confused and they panicked when they say the price crash. Though I told them that whenever something like this happens and China is responsible prices shoot up and double up. As for those articles on the net, it's simple they are getting free traffic, plus earning money thanks to the ads posted on their website. It's a shame that people actually fall for such traps and create unnecessary confusion for everyone concerned.

well, it's pretty normal for any stake holder to panic when the value of an asset drops nearly 20% in what was practically overnight. can't really blame your friends.

Well, I phoned them today and I gave them a tongue lashing! They reacted as they usually do, "We just quoted a reputable source" < my ass > 

I explained the difference between Bitcoin and ICO's but they still ignored the truth. I get the feeling that they are forced to report negatively on Bitcoin matters. ^grrrrrr^

These articles are not being cross referenced or fact checked at all, they just take the mainstream websites opinion at face value and print it.

it's one of two possibilities: they either don't care because they're generating traffic off of dishonest clickbait, or two, your voice doesn't matter to them, and they won't take down the content without someone with more influence calling them out.

They should care, because my friend cancelled his monthly subscription to the newspaper. < printed media is going out in any way > They phoned him to ask why he cancelled and his reply : " Unreliable and Biased reporting on Bitcoin matters "

One cancelation will not hurt them, but when more people start doing this, they will eventually get the message. My friend panicked and sold bitcoins, because of this and lost profits in the process. Now he has to buy back in at a much higher price.

[DoublerHunter]

Even though it is only the ICO that they banned it is still a huge effect on bitcoin because the price of bitcoin drags down and it is because some of the holders of bitcoin panic from that bad news because they believe that the progress of most of the ICOs will not progressed very well so it is better to save their profit than to risk it by holding.

[AnCapFree]

China try to ban bitcoin too. in future. so see btc price now. I think it will fall down to 3k5$ soon

[Wingo]

That's why many people are panicked when they came across those fake news. I think it also affected the price of the bitcoin somehow. But that's the point they should first read and stop spreading fake news.

[DoublerHunter]

That's why many people are panicked when they came across those fake news. I think it also affected the price of the bitcoin somehow. But that's the point they should first read and stop spreading fake news.

Sometimes, there is no time for reading the news since most of the people are trading or investing only based on their emotion and if they want to make money from bitcoin and buy it then they will buy it but when there is a news that is just rumor then it doesn't matter in bitcoin because it will still affect the whole market because of the emotion of the people that makes or draw for the chart.

[infliv1]

ICO stand for Initial Coin Offering (ICO) of crowdfunding using cryptocurrencies. The Infliv Token (IFV) is built with ERC20 token based on Ethereum blockchain technology. This technology brings scalability and security to users, Token holders will be granted exclusive benefits such as revenue. The Infliv token holders get the 60% revenue on token ratio from total monthly subscription fee received in Infliv exchange and pay monthly subscription fee using infliv token & Get 50% discount on fee. Infliv (IFV) supports all the Ethereum wallets.
http://
INFLIV (IFV) is a real utility token based on ERC20 (Ethereum) that is offered by to its investors in the crowd sale supplemented with various features. Infliv Token Holders will be granted exclusive benefits such as revenue. The Infliv token holders get the 60% revenue on token ratio from total monthly subscription fee received in Infliv Exchange and pay monthly subscription fee using infliv token & Get 50% discount on fee.

Visit Us: https://www.infliv.com/

[qiman]

There is a lot of misconstrued FUD coming out of China and some is true, but a lot of it is also fabricated news and inflated and distorted in order to just bring the market down and prices of Bitcoin and other altcoins into crashing mode. This is done repeatedly, as is done with the KOREA FUD also and they are using this to manipulate the minds of the traders and holders so they can all get their hands on cheaper coinage. Always try to find out the real FACTS from various sources about what FUD comes out of China, what is true and what is false, to safeguard yourself in the future.

[avoxosuccesful]

wow am just getting this update and am so confused, cause i don't know why the chinees whose got lots of ICO no have come to banned ICO? and that singular act will also be what is affecting bitcoin and other currency,making us to face bad market at the moment. it seems to me that the chinees are manipulating this for there own benefits. well? lets just keep our fingers cross and see how it goes

[RealSohan]

I think China has an economic impact. The current bitcoin has reduced prices. So the Chinese government banned Bitcoin. Not just Bitcoin, but all types of digital currency have been reduced. So China is facing financial threats.

[Kakmakr]

I think China has an economic impact. The current bitcoin has reduced prices. So the Chinese government banned Bitcoin. Not just Bitcoin, but all types of digital currency have been reduced. So China is facing financial threats.

This is the kind of thing that tip me over! Have you even read the f$%$%^ content of this thread or did you just read the heading and even got confused by that? We are talking about this exact same thing, where people and news media distort the news by posting nonsense, because they do not care to read or to do proper research.

I should simply report people like this for shitposting.   

[Zebulun18]

Possibly the China's prohibition on ICO's strength be a purpose behind a sudden fall in the cost of bitcoin alongside the vast majority of the computerized monetary forms yesterday. Today the cost has begun to increment by and by giving trust in a greater value pumping to occur in the forthcoming days.

[Moiyah]

We are aware that most of that ICO's owner and investors are mainly Chinese. And we are also aware that most of it were just scams, just collecting moneu and run away without dignity. Sadly, it just so happened so many times that is why China decided to get rid  and eradicate of the ICOs  and other crypto related infos in the internet.

[megasynk]

I think the overall interest in ICO's will decrease overtime. There are too much scams only wishing to gather peoples money promising to develop a great project. It's better to invest in already existing projects.

[James andrew]

I hope that now Bitcoin price again rise now this is the good sign and this is good affect I hope that this time Bitcoin not dump

[Sandus_Cryptolover]

Yes, I also want to explain to the newcomers here in the forum. Many newcomers make a lot of talk about it as other fools also believe in it.

Before you believe you read it first well. because of that you will know the answer. You will not immediately notify that you do not really know the full details. ICO and bitcoins are different. Also, you will find some answers to google even here in the forum you can read

You wouldn't blame new comers anyways as most are motivated either positively or negatively based on the news they hear or read without prior confirmation to ascertain authenticity of the information.

[nikeel]

 No need to insult everyone, geez ...

[iamike]

This is quite unfortunate that the Chinese government has ban ICO's. Am believing that it will not extend to other cryptocurrencies like bitcoin. Thee government should reconsider ICO's again because it has good things to offer.

[darkangel11]

F... China again! Every time there's an uptrend someone somewhere posts something negative about China and idiots dump. It's not even about them not being able to read. They should finally get it into their heads that Bitcoin is long dead in China. It was dead the moment they banned exchanges, then they also banned mining, now there was some info about them blocking crypto forums on their censored version of the INternet and now ICOs.
It's so easy to start a panic, but people will learn. We are not apes (at least most of us), they won't be able to do this indefinitely.

P.S. You haven't introduced your friend to BTC well enough, OP.

[norachuks]

Many people still don't know the different between bitcoin and ICO and needs to be educated about is so that rumors like this that makes people panic unnecessary will stop

[Ajadey4]

You have captured it. We lots are living at a time the mainstream media has changed. The era of online reporting or media means people are desperate for more clicks, the more the money, hence, the apparent disregard to any journalism ethics as far as it will bring more clicks on the site. I have read this news of China and Bitcoin being banned, then you see another that it's not. I hope for the sake of those of us here,  China hasn't banned it.