[2014-12-22] Bitcoin Crowdfunding is Catching on in China

[zakoliverz]

http://www.coindesk.com/bitcoin-crowdfunding-in-china-is-catching-on/

Bitcoin crowdfunding in China

What is most remarkable about this forum, however, is its fundraising process.

On 16th November, Wu posted a proposal to raise 85 BTC in a WeChat group called 'Aisi Shuzi Huobi' (爱思数字货币 or 'love thinking digital currency'). Anyone who sent a bitcoin to a designated address would own 1/100 of the site, which had already already been online for two weeks by that point. Wu personally owns 15 shares and is responsible for the website’s day-to-day maintenance.

Within hours, the fundraising target was reached.

This is just one example of the newly-emerging Chinese bitcoin crowdfunding scene. A quick scan on the Internet reveals about a dozen such projects over the past year – with most taking place in the mining sector.

[1714752609]

1714752609

[1714752609]

1714752609

[1714752609]

1714752609

[Armis]

http://www.coindesk.com/bitcoin-crowdfunding-in-china-is-catching-on/

Bitcoin crowdfunding in China

What is most remarkable about this forum, however, is its fundraising process.

On 16th November, Wu posted a proposal to raise 85 BTC in a WeChat group called 'Aisi Shuzi Huobi' (爱思数字货币 or 'love thinking digital currency'). Anyone who sent a bitcoin to a designated address would own 1/100 of the site, which had already already been online for two weeks by that point. Wu personally owns 15 shares and is responsible for the website’s day-to-day maintenance.

Within hours, the fundraising target was reached.

This is just one example of the newly-emerging Chinese bitcoin crowdfunding scene. A quick scan on the Internet reveals about a dozen such projects over the past year – with most taking place in the mining sector.

"Since Wu guaranteed investors full refunds if they opt to exit, the only downside risk is the possibility he will renege on that promise – but this risk, given the relative small investment amounts (and the fact that Wu is a well-recognized bitcoin entrepreneur) is likely low."

smart move

Wish the endeavor well.