China hasn't offically banned ICO's

[Potentiam]

If China hasn't offically banned ICO's, how has such news spread so fast as if the goverment passed the law.
Why are there so many blockchain preachers of doom, why are they in this industry.

It seems as though Blockchain is under attack by those that fear transparency.

[1715492414]

1715492414

[NoirSuccubus]

The news states that icos were banned by the Chinese government. The government just announced that they are going after exchange sites next. I do believe that this is real news.

[alyssa85]

The People's Bank of China has actually produced a statement in English to clarify for those mistranslating:

http://www.pbc.gov.cn/english/130721/3377816/index.html

I. The Essential Attributes of Fundraising Through Coin Offering

Financing through coin offerings refer to financing bodies raising virtual currencies such as Bitcoin or Ethereum from investors through illegal sales and circulation of crypto currency or tokens. Such offerings, in essence, are unauthorized and illegal public fundraising and are suspected of involving in criminal activities such as illegal selling of tokens, illegal issuance of securities, illegal fundraising, financial fraud and pyramid schemes. The competent authorities will closely monitor the related developments, strengthen coordination with the judicial departments and local governments, strictly enforce the law and work based on the current mechanism, and resolutely clamp down on market irregularities. Any suspected crimes, once identified, will be transferred to judicial department.

The token or “virtual currency” used in coin offerings are not issued by the monetary authority. Such currency does not have characteristics of money such as legal tender status and mandatory use, has no legal status equivalent to money, and cannot be circulated or used as currency in the market.

II. No Organizations or Individuals Shall Engage in Illegal Fundraising through Coin Offering

From the date of release of this Notice, fundraising through coin offering shall be banned immediately. Any individuals or organizations that have completed fundraising through coin offering shall make arrangements to return the funds raised, and to ensure that the legitimate rights and interests of the investors are protected and the risks involved are properly managed. The government departments concerned will strictly investigate and address the coin offering activities that have continued despite the ban and the illegal activities in the projects that had completed fundraising.

That's pretty clear - they've banned ICOs.

[Saisher]

If China hasn't offically banned ICO's, how has such news spread so fast as if the goverment passed the law.
Why are there so many blockchain preachers of doom, why are they in this industry.

It seems as though Blockchain is under attack by those that fear transparency.

I'm also monitoring the price and although moving down, it is now something that we fear that bitcoin will eventually die, it's just as if fud's are taking the price down, it will eventually rally next week when we have confirmation that some news are fake

[vintages]

The People's Bank of China has actually produced a statement in English to clarify for those mistranslating:

http://www.pbc.gov.cn/english/130721/3377816/index.html

I. The Essential Attributes of Fundraising Through Coin Offering

Financing through coin offerings refer to financing bodies raising virtual currencies such as Bitcoin or Ethereum from investors through illegal sales and circulation of crypto currency or tokens. Such offerings, in essence, are unauthorized and illegal public fundraising and are suspected of involving in criminal activities such as illegal selling of tokens, illegal issuance of securities, illegal fundraising, financial fraud and pyramid schemes. The competent authorities will closely monitor the related developments, strengthen coordination with the judicial departments and local governments, strictly enforce the law and work based on the current mechanism, and resolutely clamp down on market irregularities. Any suspected crimes, once identified, will be transferred to judicial department.

The token or “virtual currency” used in coin offerings are not issued by the monetary authority. Such currency does not have characteristics of money such as legal tender status and mandatory use, has no legal status equivalent to money, and cannot be circulated or used as currency in the market.

II. No Organizations or Individuals Shall Engage in Illegal Fundraising through Coin Offering

From the date of release of this Notice, fundraising through coin offering shall be banned immediately. Any individuals or organizations that have completed fundraising through coin offering shall make arrangements to return the funds raised, and to ensure that the legitimate rights and interests of the investors are protected and the risks involved are properly managed. The government departments concerned will strictly investigate and address the coin offering activities that have continued despite the ban and the illegal activities in the projects that had completed fundraising.

That's pretty clear - they've banned ICOs.

Thanks for this article.
@OP...They didn't but only banned ICO. At first when I saw the news passed Tuesday. I thought they did banned it and thought it would affect the price of it but some people in this forum help me understand better.

[SonnetStar]

I think this is their way of intially controlling the completely out on control phenomenon that are ICOs. Can you imagine hudreds of billions being sunk into useless ICOs?

That's what happened with us in ethereum. So much junk

[Juggy777]

If China hasn't offically banned ICO's, how has such news spread so fast as if the goverment passed the law.
Why are there so many blockchain preachers of doom, why are they in this industry.

It seems as though Blockchain is under attack by those that fear transparency.

From what I have read is that Ico have been banned that's true, what happened is a big authority from China suggested to the newspaper that Bitcoin and it's exchanges were going to be banned, then the newspaper shared it and before one could get a chance the prices plumpted, then there is also a rumor that a large deal has been done, there no official word on that. So the thing I believe is Chinese spooked the market to buy it at lower prices, they have done it before they did it again.

[NorrisK]

It seems that the main problem they have with the ICOs is that there are no methods in place to protect the investors.

Any normal investment opportunity needs an extensive brochure of the risks involved etc.

Most ICOs simply don't follow the rules of normal initial offerings.

[BlackPanda]

If China hasn't offically banned ICO's, how has such news spread so fast as if the goverment passed the law.
Why are there so many blockchain preachers of doom, why are they in this industry.

It seems as though Blockchain is under attack by those that fear transparency.

From what I have read is that Ico have been banned that's true, what happened is a big authority from China suggested to the newspaper that Bitcoin and it's exchanges were going to be banned, then the newspaper shared it and before one could get a chance the prices plumpted, then there is also a rumor that a large deal has been done, there no official word on that. So the thing I believe is Chinese spooked the market to buy it at lower prices, they have done it before they did it again.

yes everything is already beginning to show its effects today. bitcoin prices have decreased significantly compared to last week. proof of bitcoin prices in china experienced a very high drop rate compared to other exchanges. there is a difference of about $ 600, that is a huge amount of margin. the news is still confusing and we must continue to hope that there will be a miracle that can have a positive impact on bitcoin prices.

[CryptoBry]

If China hasn't offically banned ICO's, how has such news spread so fast as if the goverment passed the law.
Why are there so many blockchain preachers of doom, why are they in this industry.

It seems as though Blockchain is under attack by those that fear transparency.

From what I have read is that Ico have been banned that's true, what happened is a big authority from China suggested to the newspaper that Bitcoin and it's exchanges were going to be banned, then the newspaper shared it and before one could get a chance the prices plumpted, then there is also a rumor that a large deal has been done, there no official word on that. So the thing I believe is Chinese spooked the market to buy it at lower prices, they have done it before they did it again.

They did it before for many times and they are doing again...and you know what they will do it in the future because China understand the weakness of the market and that is that spreading baseless rumors can kill a very valuable and pricey thing like Bitcoin. We are at the control and direction of China because we are just like sheep who are always willing to do what China is suggesting. We are the fool! And right now China is laughing all the way to the bank!