这篇原作者是发在英文版的，我顺手翻译了一下，再根据《解释》的原文和自己的理解，对部分内容做出了一定改动。
源链接
https://bitcointalk.org/index.php?topic=274088.0《解释》源链接
http://news.xinhuanet.com/legal/2011-01/05/c_12947285.htmIn China, crowd-funding is absolutely illegal.
在中国，群众募资是彻彻底底非法的。
According to the latest Chinese Supreme Court's <Explanations of several problems related to the judgement of illegal fundraising>, if individuals or institutions accept deposits and investments from society under following conditions, then this activity is illegal fundraising or disguised fundraising, which is a felony in the Kingdom of Heaven(China's ironic nickname):
根据最新的《最高人民法院关于审理非法集资刑事案件具体应用法律若干问题的解释》，向社会公众（包括单位和个人）吸收资金的行为，
同时具备下列四个条件的，除刑法另有规定的以外，应当认定属于非法集资或者变相集资（这在天朝属于重罪）：
1. The fundraising activity does not have ratification from proper government department .
2. The fundraiser openly advertises its fundraising activity through media, conference, SMS and internet etc.
3. The fundraiser promises depositors or investors currencies, goods, or shares in return periodically.
4. The fundraiser accepts deposits or investments from unspecified investors of the public(Chinese citizens).
（一）未经有关部门依法批准或者借用合法经营的形式吸收资金；
（二）通过媒体、推介会、传单、手机短信等途径向社会公开宣传；
（三）承诺在一定期限内以货币、实物、股权等方式还本付息或者给付回报；
（四）向社会公众即社会不特定对象吸收资金。
The Supreme Court further explains that "if a company, which does not have government permit to issue stocks or bonds, issue virtual securities in order to absorb funding, then its fund-raising activity satisfies the first condition." This explanation complies with the condition of most BTC institutions.
最高法院进一步解释到，“如果一个公司，在没有政府批准发行股票或者债券的情况下，为了吸收资金而发行虚拟股票，那么它的行为符合上面所说的第一个条件”。大多数比特币机构，都符合这一解释中所说的情况。
上面这一段基本是按英文原文来翻译的，但是《解释》中对应的内容，用的是这样的表述“不具有发行股票、债券的真实内容，以虚假转让股权、发售虚构债券等方式非法吸收资金的”。我认为英文作者在这里单单用virtual securities这样的表述，而没有加上相应的前提，是不恰当的。并且，根据《解释》，满足上面的条件，并符合解释第一条第一款（（一）未经有关部门依法批准或者借用合法经营的形式吸收资金）规定的条件的，应当依照刑法第一百七十六条的规定，以非法吸收公众存款罪定罪处罚。
If BTC companies are sued by anyone, especially the government, then the managers of the institutions will be sentenced to "illegal absorption of public funding crime" according to Article 176 of <Chinese Criminal Law> .
如果某间比特币公司被任何人，尤其是政府起诉，那么这间公司的managers将被按照刑法第176条判以非法吸收公众存款罪定罪。
More importantly, most BTC stock issuers collected several million dollars from IPO, or more than 6 million Chinese yuan. If they are declared guilty in the Chinese court, they will be sentenced 3~10 years in jail and 500 thousand yuan fine according to Article 176．
更重要的是，大多数比特币股票发行人，从IPO中聚集到了几百万美元（或者说超过六百万人民币）。如果在中国法院被判有罪，按照刑法第176条，他们将被判处3到10年的有期徒刑并罚款50万人民币。
Interestingly, the Supreme Court states that "If illegal fund-raisers use the money they raise in normal business operation, they can be exempt from criminal punishment as long as they can return the fund to investors in time."
有趣的是，最高法院表示，如果非法集资发起人非法吸收或者变相吸收的公众存款，主要用于正常的生产经营活动，并能够及时清退所吸收资金，可以免予刑事处罚；情节显著轻微的，不作为犯罪处理。
This is also the reason why BTC Garden return investors' fund at IPO Price right after being extorting.
这也正是比特花园在被勒索之后，以IPO价格向投资人回购其股票的原因。
Now the question is that it is you, the investor, who will face the final risk of an IPO-suspension. If you invest at a price higher than the IPO price, then the BTC company may repurchase your shares at the IPO price once they face legal risk. Technically, they will only protect themselves from criminal punishments rather than protect investors' interests.
现在的问题是：作为投资人的你，将面对IPO挂起停止的最终风险。你以高于IPO的价格购买的股票，在公司遇到法律风险的时候，有可能会被公司以IPO发行价格买回。技术上来讲，他们（比特币公司们）只会保护自己免于刑责，而不是保护投资人的利益。
This is only a risk disclosure of BTC Stock investment, which does not aim at any specific stock. If you like my post, please send some support to my wallet address. Thanks.
这篇文章只是一次对比特币股票投资的风险揭示，并不针对任何特定股票。如果你喜欢这篇文章，请捐助。英文作者钱包地址1C5QEqXvVfXzRwsRDfEcn1cy4AsHwChrMv
如果顺便能捐助译者我一下就更好啦，谢谢! 1JfBKiwjMqL34eCUqBTYkFoXZUWZcQMABZ
