Chinese City Warns Investors: Crypto Isn’t Blockchain

[htsy585]

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

[asriloni]

that is not a new thing. The fact that so many times china has already repeated that announcement. it would not be a big surprise to see that china was creating another announcement about that. It seems like that the scammer has already destroyed the name of crypto.
China is only taking the system and try to create their own system and that's not something new.
But the decision will be back again to the investors whether they will decide to invest in the crypto or not.

[Hippocrypto]

that is not a new thing. The fact that so many times china has already repeated that announcement. it would not be a big surprise to see that china was creating another announcement about that. It seems like that the scammer has already destroyed the name of crypto.
China is only taking the system and try to create their own system and that's not something new.
But the decision will be back again to the investors whether they will decide to invest in the crypto or not.

This thing is making it harder for investors to decide now, and what I understand with the situation of china was their government is stopping them to be involve with cryptocurrency. If they wanted to create the new system, China's possibility of handling stand alone crypto will be out of blockchain, and will be separated with international blockchain which we are using worldwide.

[mu_enrico]

The news is basically stating that China is anti-ICO/tokens and unregulated exchanges, and both are not "blockchain." I think I agree with the above view since none of these have a consensus mechanism.

Shaddy exchanges and ICOs/tokens prone to pump and dump schemes, Ponzi, scam, etc.

[tsaroz]

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

China has a large population that runs on trend and hypes. As the president Xi Jinping talked good about blockchain technology, most of them assumed he's talking about bitcoin and other cryptos so they just jumped into it predicting an easing environment to trade crypto in China. And now it's taking a great deal of effort for the authorities that Xi was talking about a home grown crypto centrally controlled by the CCP.

[huu78]

I think this is strange, the fact that blockchain stands for crypto itself, and there says Crypto is not from the blockchain part. Or indeed there boasted not to invest in crypto because anti or there is a want to be people there invest in the currency made by their own country.

[LbtalkL]

Crypto Isn’t Blockchain is a wrong statement, bitcoin is created by blockchain and it is a cryptocurrency, cryptocurrency is the origin of blockchain. That title is very wrong and in general, it might mislead to a wrong interpretation. Yes, there are so many illegal ICOs and crypto exchanges, scam fraud projects. They should have said "illegal ICOs and crypto exchanges are not a blockchain". These ICO's with tokens are clearly not a blockchain they are just borrowing the service of this blockchain platform like ETH, EOS, NEO. It is very easy to create a token in these platforms.

[meanwords]

What I've understood, they are educating their people to avoid scams. It's true that most of the exchanges or new projects are scams anyway. Though they don't condone the use of cryptocurrency but promote Blockchain. Investors could still invest in Bitcoin or the top cryptocurrencies if they want though, they just need to be creative.

[Ozero]

Apparently, this announcement arose after the statement by the Chinese president that blockchain is a good technology and it needs to be fully implemented and supported. Since the Chinese government is generally against the spread of cryptocurrency, they are thus warning that people should not confuse cryptocurrency and blockchain.
This announcement is nothing new in the position of the Chinese government. They are now finalizing a national stable coin. We are waiting for its release to see how it will be perceived in China and generally in the world.

[Mianae]

Blockchain is the technology cryptocurrency are just tokens or currencies for accessing various blockchain projects. To me though most cryptocurrency should not exist at the first place especially those utility tokens as projects can carry out their transactions using either Btc or Eth.

[Nadziratel]

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

It's normal for them to think so. Because states perceive what they cannot control as a threat. So I wish they had mentioned which cryptocurrencies are more risky. Or why risky? They should have a more comprehensive and convincing explanation ...

[ecnalubma]

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

Not shocked because its happening around the globe mostly Chinese bad actors are involved in big scams billions of dollars involve. Because of the easy issuance of tokens and coins criminals are taking advantage. Some might pretend as experts assuming they know what theyre doing but later on if they got what they want they disappear in thin air.  

[Aabcde]

I think the focus of the article is illegal crypto, including ico and trading. Opinions on the article just want to drop crypto. Indeed, there are many criteria that risk scam, but obviously there are also many that are useful as investment assets. I personally see this as very ordinary, dropping each other in search of prestige. But clearly crypto is a blockchain and a promising place for me personally.

[yazher]

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

And also with these illegal Crypto issuances and trading platforms are on the rise, there is also some method called Pump and Dump coins which will be trending investment in their country. they also need to be careful with this kind of coin. and there's some fake cloud mining that also circulating the internet, that's why they need to double-check whenever they want to engage on the crypto industry.

[Furryball]

I wonder what china will call their coin when they release it? Cryptocurrencies coin or blockchain coin? Anyway good warning though we have too many scam acts in crypto space, fake new projects here and there

[okala]

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

China is really on the mission to kill cryptocurrencies! We expect bitcoin and other cryptocurrencies to keep growing but news from China is really affecting the market. My question is, wish coin are blockchain? Is it those that will be issued by the government? The same government that we the masses did not have confidence on.

[TastyChillySauce00]

Well, they are really just trying to take advantage of technology and not really interested in cryptocurrencies. It's said repeatedly on many media that they said people should distinguish crypto which is blockchain product and the blockchain itself. Kinda funny because I see Chinese people dominate in the market of Crypto.
Seeing them got involved in a project is not an uncommon thing but their government seem to just prohibit it.

[adjed]

Does this mean that China won't be launching it's own cryptocurrency again? Because if memory serves me right, I distinctly remember an announcement about the Chinese Government launching their own cryptocurrency sometime in early 2020 or is it only their own currency that would be recognised as a legit blockchain based cryptocurrency? The Chinese government should really make up their minds about what they want.

[Surrapatt]

I wonder what china will call their coin when they release it? Cryptocurrencies coin or blockchain coin? Anyway good warning though we have too many scam acts in crypto space, fake new projects here and there

If we review in a caution it is indeed good, and in that warning it is mentioned that cryptocurrency is not a blockchain, meaning that the blockchain is good for everyone to use, unlike cryptocurrency.

[alyssa85]

Weihai, a port city in Shandong province of eastern China, has a stern warning for investors: make sure you are really investing in blockchain innovation and not cryptocurrency masquerading as blockchain.

The Weihai Local Financial Supervision and Administration said Friday investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the authority.

https://www.coindesk.com/chinese-city-warns-investors-crypto-isnt-blockchain

China has a large population that runs on trend and hypes. As the president Xi Jinping talked good about blockchain technology, most of them assumed he's talking about bitcoin and other cryptos so they just jumped into it predicting an easing environment to trade crypto in China. And now it's taking a great deal of effort for the authorities that Xi was talking about a home grown crypto centrally controlled by the CCP.

This. They like gambling and get-rich-quick schemes more than other cultures, and probably thought their government had changed their minds and were legalising bitcoin and cryptocurrencies again.