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Author Topic: China declared crypto airdrop illegal.  (Read 643 times)
tosmartak
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November 19, 2018, 02:08:25 PM
 #61

I don't think airdrops are good anyways. Not that bad news.
China had been a bit conservative in that sense and this is the reason to protect their domestic economy as a result of which they banned some of the exchanges that had been operating in the country.
Well, we all know the kind of government that China operates, so to see things like this is something expected, but I would not blame them, because looking at the point of everything, it just keeps looking that the ICO space has turned out to be something laughable. Sure, the enthusiasm was there, but as time goes on, we just started seeing a lot of people worldwide tending to abuse it, take advantage of inexperienced investors, raising money for their pockets and at the end having nothing to show for it than polluting the space with more shit coins and tokens. If they stop airdrops, I really would not be blaming them actually. It is their country and it is their call, and judging from the look of things, they have every reason to.
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November 19, 2018, 03:24:38 PM
 #62

Whatever reason that made China to do that is not an issue to me but as far as am concern,airdrop to me now is worth declaring illegal because is full of scam.99% of airdrop as turn out to be a scam.
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November 19, 2018, 05:16:03 PM
 #63

I came across to an article that China has declared crypto airdrop illegal. I just wonder why is that crypto airdrop was declared as an illegal where in fact we know that crypto airdrop were just like a giveaways to the team who promote the ICO projects. This is one way to attract a private investors and will certain a way also to gain more possibilities of success in promoting the project. So, how could a crypto airdrop be banned? What could be the reason behind the banning of crypto airdrop?

So, i read further about the article and found out that China has repeatedly imposed strict sanctions against cryptocurrency. The main reason for it is stated in https://cryptocurrencynews.com/china-bans-crypto-airdrops/ that
Quote
The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.
It just make sense how China reacted to crypto airdrops. The country doesn't have the likes on the ICO (Initial Coin Offerings) for some obvious reasons. And we know it already because there are plenty of ICO nowadays scamming investors or if not done scamming the project that will be implemented will not gone good and will just dump the project. Most of the project that was being brought up in the ICO were not really functioning and this will lead to undervalue the tokens/coins after the exchange listing of the tokens/coins. This is the problem with ICO's the team that manages the project will then just list their tokens and will not work on to improve more on the project. Though not all of the ICO were being dumped but basing on the number of ICO nowadays a huge percentage of it has come to the point that the tokens/coins were being undervalue and being dump. Project were dead.

Whom will going to blame for this after China declaring the crypto airdrop illegal?


It seems they want to prevent their people from giving away much information. Information is a very important thing so they have assumed that airdrop is an illegal program. It is an act of protecting the people of the government and I support this.

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November 19, 2018, 07:33:41 PM
 #64

Whatever the reason may be, I don't think the move is good. There are upcoming projects who do not want to do ICO, and would prefer to just do an airdrop for their community, and then go on to an exchange. If airdrop is banned, such projects will be affected.

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November 19, 2018, 08:42:33 PM
 #65

Well, this is a little funny to me, one of the biggest and richest countries in the world declare airdrops illegal. China maybe seeing something criminal in airdrops, but only thing which I see criminal in airdrops is their value. Grin

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November 19, 2018, 09:08:34 PM
 #66

That's the one way of how China controls everything when it seems it doesn't contribute to their economy but instead let suffer the most people they then eliminate the threat. By suppressing the scammers opportunity it will make them less active on their dirty monkey businesses.
What else could China do again if they make an another dirty opportunity? Let's wait and see. Cheesy

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November 20, 2018, 01:05:50 AM
 #67

Every government have their own regulation and i think it just to protect investor from china. Too many airdrop sometimes not good for the price in exchanger and its make investor losing money. Maybe China government want ICOs focus the real project and not giving airdrop to protect their investor from dumping price in market

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November 20, 2018, 01:31:42 AM
 #68

Every government have their own regulation and i think it just to protect investor from china. Too many airdrop sometimes not good for the price in exchanger and its make investor losing money. Maybe China government want ICOs focus the real project and not giving airdrop to protect their investor from dumping price in market

It is not surprising that they have this kind of move because they are already against cryptocurrency in the first place. Trading cryptocurrency for them is illegal so it would already be assumed that anything that involves cryptocurrency would be illegal for them although it is ironic to think sometimes that there are still mining going on in there. One of the reasons why bitcoin price is always going down before is because of China news and there movement against cryptocurrencies so a news like this would not have a major effect in the news anymore.

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November 20, 2018, 01:54:27 AM
 #69

Crypto currencies are not ban in China but only the ICOs therefore we should understand that any facilitated activities or projects that will have direct connection to the certain ICO will be automatically considered illegal and will be dealth accordingly if will be caught in which that clearly including the airdrop.

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November 20, 2018, 04:57:25 AM
 #70

Why is it responsible? I think this is correct. It is important to know that many scammers use the airdrop mission to defraud a lot of wealth. Airdrop behavior is essentially an advertisement for coins. Such a populous country should ban airdrops, as does India. The biggest drawback of cryptocurrencies is that they are too easy to be exploited by scammers. Otherwise, the price of Bitcoin has already exceeded $100,000.
I agree with you! Most of the airdrops I have joined are full of shitcoin. They give useless tokens to their participants so that their coin become popular. I am in favor of banning airdrops because most of the scam projects doing it as a way to spread the project. Coins came from airdrops are waste in our wallet.
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November 20, 2018, 05:02:03 AM
 #71

I came across to an article that China has declared crypto airdrop illegal. I just wonder why is that crypto airdrop was declared as an illegal where in fact we know that crypto airdrop were just like a giveaways to the team who promote the ICO projects. This is one way to attract a private investors and will certain a way also to gain more possibilities of success in promoting the project. So, how could a crypto airdrop be banned? What could be the reason behind the banning of crypto airdrop?

So, i read further about the article and found out that China has repeatedly imposed strict sanctions against cryptocurrency. The main reason for it is stated in https://cryptocurrencynews.com/china-bans-crypto-airdrops/ that
Quote
The People’s Bank of China, or PBoC, has classed token airdrops as “disguised” Initial Coin Offerings (ICOs). It detailed its new scrutiny in a financial stability report, published on Friday, November 2nd.
It just make sense how China reacted to crypto airdrops. The country doesn't have the likes on the ICO (Initial Coin Offerings) for some obvious reasons. And we know it already because there are plenty of ICO nowadays scamming investors or if not done scamming the project that will be implemented will not gone good and will just dump the project. Most of the project that was being brought up in the ICO were not really functioning and this will lead to undervalue the tokens/coins after the exchange listing of the tokens/coins. This is the problem with ICO's the team that manages the project will then just list their tokens and will not work on to improve more on the project. Though not all of the ICO were being dumped but basing on the number of ICO nowadays a huge percentage of it has come to the point that the tokens/coins were being undervalue and being dump. Project were dead.

Whom will going to blame for this after China declaring the crypto airdrop illegal?


Is there actually anything china will not declare illegal? The only thing they have not been able to come out to declare illegal now is cryptocurrency as well as blockchain technology, but when it comes to everything related to ICOs, they are always in the news for finding a way to keep fighting it.

Nonetheless, it is understandable that the rate at which the ICO space is being abused calls for a lot of huge concern and trying to impose strict sanctions is something that would be expected by most developed countries in the long run anyway. The only set of people I blame are the gullible and dumb investors who just want to invest in everything without doing due diligence.
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November 20, 2018, 05:07:41 AM
 #72

Whatever reason that made China to do that is not an issue to me but as far as am concern,airdrop to me now is worth declaring illegal because is full of scam.99% of airdrop as turn out to be a scam.
it's true because now airdrop is a scam because there are many coins in the end scam which hurt many people. so I really like China which is illegal in airdrop



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November 20, 2018, 05:48:59 AM
 #73

Since China has banned the ICO and closed the bitcoin exchange, I think Airdrop is the next thing that will be banned. And that happens if what you report is true, so for me it is normal, especially since Airdrop is only aimed at attracting investors by distributing small coins so that investors buy large quantities and leave it alone.

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darkangel020716
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November 20, 2018, 06:05:40 AM
 #74

I came across to an article that China has declared crypto airdrop illegal. I just wonder why is that crypto airdrop was declared as an illegal where in fact we know that crypto airdrop were just like a giveaways to the team who promote the ICO projects. This is one way to attract a private investors and will certain a way also to gain more possibilities of success in promoting the project. So, how could a crypto airdrop be banned? What could be the reason behind the banning of crypto airdrop?

We all dont know what will the exact reasons why china declare that airdrop is illegal, in my own opinion, this maybe can cause of waste of time on a project to gives a fair shares to the airdrop participants and to the investors. Therefore the selling after the airdrop is high than to buying, and the projects will definitly near to die. Meaning at the end of the day, investors are just simply spend alot of time on Airdrop because the only one gets a high profits is the airdrop participant.
ShortClixneoai
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November 20, 2018, 09:48:53 AM
 #75

They already have declared crypto illegal. So, I fail to understand the impact of this additional ban.

There are ways to bypass these bans but I am not sure if that is happening there as the government there is very strict.
I really don’t understand why Chinese are doing this. I mean they are more technical people and they surely understand the benefits of bitcoin in coming years. This is really a mystery for me.
gabmen
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November 20, 2018, 01:12:04 PM
 #76

Whatever reason that made China to do that is not an issue to me but as far as am concern,airdrop to me now is worth declaring illegal because is full of scam.99% of airdrop as turn out to be a scam.
it's true because now airdrop is a scam because there are many coins in the end scam which hurt many people. so I really like China which is illegal in airdrop

China has always been against anything related to crypto and it makes sense that they ban one aspect of crypto that puts a dark shade on it. With the number of bogus icos that came out the past two years, airdrops are one of the top methods they use to get people onboard their projects.

guoyu78
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November 21, 2018, 11:19:24 AM
 #77

I don't think airdrops are good anyways. Not that bad news.
China had been a bit conservative in that sense and this is the reason to protect their domestic economy as a result of which they banned some of the exchanges that had been operating in the country.
Even airdrop as of now is not too good but at least it helps in the market movement price, but why in a country of China they banned all sources of cryptocurrency. From using Bitcoin, miners and now even a small thing airdrop was also banned. The government of Country in China they are very sensitive when it comes cryptocurrencies, hopefully, they were enlightened soon and adopt this digital currency.
Airdrop even sucks and I only blame those who end up wasting their time on it. As far as I am concerned, right about now, the whole ICO space has turned to a joke and it is obvious to so many as we keep seeing new shit coins and tokens popping up every day with no real life value, abandoned projects and then you keep asking yourself why people still tend to invest in ICOs when they know all of this? Probably, one of the reasons why we have stopped seeing projects nowadays not hitting their soft caps, let alone hard caps. One way or the other, I assume people got to learn at some point right?
olubams
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November 21, 2018, 02:52:09 PM
 #78

This position should not even come as a surprise because its their way and they are trying everything possible to ensure that every move to promote the activities of crypto should be frustrated. At first it was war against ICOs but when they realized that ICOs are still thriving in terms of advertisement due to airdrops couple with listing on exchange sites, then its time to try another approach in stifling this new development which is why rather than giving room for discussion or some dialogue, the best cause of action is declaring it illegal.
hiameneven
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November 24, 2018, 05:09:52 AM
 #79

I think every country have a different rules and regulation. Airdrop should be good for ICOs, because people get attract to invest and getting more to know about the project.
Well China did this not just for the economic reasons but there are many political reasons for this as well. China being the rising power in the world would crush anything that tries to harm its economy.
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