South Korea Bans ICO's/Your Opinion

[pginvest]

According to The Verge & Business Insider, South Korea has followed China and banned all ICO's. The verge reports that "ICOs need to be banned because the trading of Bitcoin and other cryptocoins needs to be tightly controlled"

To me this doesn't seem like a terribly bad thing. What is your opinion of this? Is this the right thing to do? or do you believe this is interference?

https://www.theverge.com/2017/9/29/16384718/south-korea-ban-initial-coin-offerings-bitcoin-cryptocurrency-icos

[RGBKey]

I've got conflicted feelings. I hate ICOs, because all the people doing them now don't need all the money they're raising, don't have an actual product or plan to build one, or a little bit of both. People jump in on them exclusively to make money without doing a lick of research. I don't think people should participate in them.

I also begrudgingly accept that we probably will need government regulation to get more people to join the crypto ecosystem.

So I think it's a good thing, in the short and the long term, but any time governments start to mess with crypto I get a little concerned.

[Pab]

Korea,China next Singapore and India,regulations needs to be developed.Now with flood of that ico's there is possible to launder money,itis to much scams ico;s,look market what for to invest almost any ico is failing below io price,where to trade all that tokens.So i think wise regulations can be good for ico market in long term.

[xaxistech]

Well but it has not affected the market price, it has been rising in the last two days and i noticed that some countries were going to ban ICO's, but the price is quiet and rising. So i hope that this is not going to have a bad effect on the price, since i dont want to see it going down again, now we only have to wait until tomorrow to know if china is going to ban bitcoin forever or not.

[AztecGoldHero]

everybody makıng ıco these days. thıs has to stop. ı support these bans. we need a legal ıcos. so they can do what they offer. otherwıse there wıll be shıt coıns everywhere lıke now. %90 of all coıns are shıt projects.

[maeusi]

Yes, there are many scams around, but ICOs give a great opportunity to realize projects or to support them without authority. We know, how shares are mqnipulated and what traditional financial institutes made, although they stand under law. As long as it is possible, I will support promising ICO projects. Hope, the bans will not spread out to a majority of countries.And if we want centralized regulations, we even should not hold Bitcoin.

[Taki]

Korea,China next Singapore and India,regulations needs to be developed.Now with flood of that ico's there is possible to launder money,itis to much scams ico;s,look market what for to invest almost any ico is failing below io price,where to trade all that tokens.So i think wise regulations can be good for ico market in long term.

Russia is going to be third. I have heard how their heads of governments and banks disposed to bitcoin and crypto-currencies, in general. They much more interested in Blockchain technology than in digital currencies. I think other countries will also join this fleshmobe about ICO's banning.

[affigne]

I'm totally ok with banning ICO's, 'till there's a regulation on the matter. I mean, everybody is messing with people's money by promising unicorns, the truth about universe, to make North Korea great again, and even because F*ck you... It really has to stop, because at the end of the day, when some real honest company or person come and need some funding to develop a real useful project, nobody will believe them thanks to the negative fame current ICOs are gaining, IMHO.

[ePesoInitiative]

It's not exactly a ban. I think it's just a way to discourage scrupulous scammers from collecting easy money. What I see is after they study crypto ICOs, they will insist on a lot of documentation and stuff.

[Gaaara]

Since there is a lot of unworthy projects it is normal for a rich country to ban ICOs, it is not becuase they hate it, its just that ICOs are now being out of control, having hundreds of project a week is not a good thing, yes it somehow brings job to others who support it but it doesn't make the coin worthy. South korea just wanted to protect their people from joining a economy that has nothing but unfinish promises and missions.

[AgentofCoin]

I've got conflicted feelings. I hate ICOs, because all the people doing them now don't need all the money they're raising, don't have an actual product or plan to build one, or a little bit of both. People jump in on them exclusively to make money without doing a lick of research. I don't think people should participate in them.

I also begrudgingly accept that we probably will need government regulation to get more people to join the crypto ecosystem.

So I think it's a good thing, in the short and the long term, but any time governments start to mess with crypto I get a little concerned.

IMO, if a "crypto-currency" or a "crypto-asset" is able to be banned or directly
regulated by some means, whether by the issuer, miners, devs, or protocol, by
a government or any enforcement arms, it should be done so immediately. Not
because governments are good and are helping people, but it must be done so
because the illusion must be revealed. Bitcoin was created to reveal how the
world economic system was parasitic against the average person who has
become a commoditized device. Your debt is your worth in their system now.

What Satoshi created was a very specific system type designed to circumvent
controls, either from outside or inside the system. All "crypto-devices" that
follow Bitcoin can imitate his specific design to be able to survive and
circumvent, just as Bitcoin does, and that was Satoshi's gift to the world. The
ability to survive in your own system type, without the outside world to be able
to easily stop you. Satoshi gave us true choice, when any other possible choice
was outlawed and enforced against.

If ICOs or other "crypto-devices" wish to take parts and aspects here and there,
which mix a match different ideas of Satoshi's system in order to create a new
device for a new purpose (ex: ICOs) they better understated they are walking
a dangerous line, where they will be easily capturable and made responsible.
Because things like Bitcoin now exist, doesn't mean all like devices are immune.
ICOs are very base and simplistic when compared to what Bitcoin does.

Free markets and all the economic talk of self regulation and other such things
are illusions and irrelevant when compared to the Bitcoin Network. ICOs and
the belief that they will be an important part of the economic system in the
future is an insult to what Satoshi created. Bitcoin ignores and negates all
current economic and legal systems. ICOs by their current design rely on
legal entities and thus will need to conform, and thus why they are being
"banned" or "restricted" in certain countries.

Very basically, ICOs are scams not only because most of their current uses
is blatantly a scam facilitation device, but because the backbone infrastructure
behind the ICO device system is itself a scam or an illusion. They are the
emperor who has no clothes right in front of your eyes, yet people think
the free market or self regulation is acceptable here as a outside subsystem
for the ICO. That is very wrong. The truth is that is a very flawed system.
ICOs are a falsehood and is leading people astray from true choice and
freedom. ICOs are a manifestation of complete ignorance of what Bitcoin
has archived and how it achieved it.

ICOs must be squashed, because they are able to be squashed.
If they are squashable, they are a lie in our ecosystem and must be
orphaned off like all invalidity.

[Cindy1983]

Since there is a lot of unworthy projects it is normal for a rich country to ban ICOs, it is not becuase they hate it, its just that ICOs are now being out of control, having hundreds of project a week is not a good thing, yes it somehow brings job to others who support it but it doesn't make the coin worthy. South korea just wanted to protect their people from joining a economy that has nothing but unfinish promises and missions.

Yep. The same with China, the government just ban ICO not Bitcoin, there are a lot of people missunderstood about this case, Korea and China just ban ICO cause there are so many ICO projects and not all of them are good, some projects are scam so the government made a decision that they will ban ICO project in their country to protect investors and their capital. This thing can affect to coin market a little bit but I think everything will be fine, although China has big effect to cryptocurrency market but they only can affect to it in only few days so I think Korea will not be a big problem

[FrueGreads]

According to The Verge & Business Insider, South Korea has followed China and banned all ICO's. The verge reports that "ICOs need to be banned because the trading of Bitcoin and other cryptocoins needs to be tightly controlled"

To me this doesn't seem like a terribly bad thing. What is your opinion of this? Is this the right thing to do? or do you believe this is interference?

https://www.theverge.com/2017/9/29/16384718/south-korea-ban-initial-coin-offerings-bitcoin-cryptocurrency-icos

I don't have anything against regulation. I don't like scams, so if that helps reducing the possibility of the common people to lose money because they were tricked, I all favor to it. I hope that to much regulation doesn't create inequity though. The good thing about ICOs is that is easier for anyone to create a project and ask for investments. If the community believes it, then they have a real chance of succeeding in it.

[unamis76]

Although I think ICO's should definitely end for obvious reasons, I don't see measures like these as necessary... The market would eventually evolve and realize that most, if not all, ICO's are bad and would eventually stop supporting them.

[gentlemand]

The only ICOs they've banned are Korean domestic ones. Can anyone name a single Korean ICO? I can't. All the usual junk will continue unabated so this is a non issue though no doubt traders will attempt to capitalise on it while it lasts.

[MAbtc]

The only ICOs they've banned are Korean domestic ones. Can anyone name a single Korean ICO? I can't. All the usual junk will continue unabated so this is a non issue though no doubt traders will attempt to capitalise on it while it lasts.

There was a < $200 dip when the rumor broke.... and once the official news dropped, price immediately rebounded and nearly retested the highs. It seems like the market definitely doesn't perceive the Korean domestic ICO ban on the same level as the Chinese bans/rumors.

Price is remarkably resilient considering the Russian ban rumors and Grayscale Investments pulling their NYSE application. Altcoin market still look like crap, but I'm impressed overall with the bulls here.

[1Referee]

Fantastic! It's a scam fest that has been going on for far too long now. ICO's essentially are a great way to attract capital if done properly, but in a market that till this day is still massively under-regulated, it has been abused by con artists in such a way, that I can only be glad that something is being done to stop this. Setting up an ICO and investing a few thousand bucks to make it all look nice and crisp is insanely easy, where after that you can walk into a Ferrari dealer to order yourself one of world's most desired sport cars. It's beyond insane how empty projects in some cases manage to collect millions of funds in just a matter of 24 hours. But then again, why do these scam ICO's manage to successfully obtain millions of funds? Yes, it's the greed and stupidity of those delusional people blindly investing into everything they can find.

[nightwishx]

Is it true ? south korea is one of the supporters of ICO and is a country with large bitcoin user presentation. so if they do banning bitcoin activity. I guess it will have an impact on bitcoin.

[X7]

it is such a silly approach to potentially the most disruptive way to raise capital in the history of the world.

LET'S BAN IT - gimme a break, dinosaur.

Figure out a way to streamline it and protect investors, sure. Ban it? No.

[chickenfried12]

The distrust situation is obvious and these prohibitions are natural as long as some people are trying to be rich on the short side. and %99 of all coıns are bad / freak projects.

but Korea is always pursuing more serious and precise solutions in this regard.