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China Bans ICOs
 

China loves innovation, technology and capitalism except when they cannot control it. As many crypto investors have probably already heard: China has banned ICOs. They also took an unusually aggressive step and declared that all past ICOs need to return the funds that they raised. This will mainly affect NEO, TenX, and Binance directly but has obviously affected the market as a whole.We know the majority of the market will rebound but the same might not be true for NEO and the other cryptos that have come out of China.

So what do you think about the crypto situation in China? What will be the macro and micro affects of the Chinese sitting on the sideline for ICOs? Do you think other countries will follow suit including banning crypto altogether (Rumor has it that Russia is going to ban Crypto)? Do you think Neo and other Chinese Cryptos will survive?

My take:

Regulation is coming from all directions. Too many scams. Regulation will legitimize it. Crypto is here to stay but will not stay a free-for-all. This market downturn is short lived. The market will rebound again quickly after the dumb money sells and the smart money buys back up. I believe NEO will survive by moving the project to another country.

Re: China Bans ICOs
 

Also, China can't f@ke crypto currency....and that makes them sad :(

Re: China Bans ICOs
 

Haha, the government want to make sure everything is under control. Even Alipay is facing strict regulation so that the government can make sure people are still using cash.

Re: China Bans ICOs
 

Hah too true :thumb:

Re: China Bans ICOs
 

This is extremely bullish to me. ICOs will come back in China but it will be regulated. They did the same thing when the locked BTC withdrawals on exchanges for like 4 months earlier in the year. Now they have some of the best run exchanges out there.

I am anti Government but since such entities exist and people don't like to responsibility for their own actions. I would rather have these ICOs nixed early than have people lose their ass and come back bitching at regulators and have them over react.

When you have Paris Hilton pumping an ICO who probably can't even set up a wallet, and Floyd Maywether who can't even read. And people are buying this ****? Its gotten out of hand.

Re: China Bans ICOs
 

ICOs are out of control. all they do is invite more crim.ina.ls to the crypto world. just like when kickstarter and indiegogo exploded with sc.ams and even copycats of gofundme, etc. all these are the same BS just using different tactics. faux investments and vaporware

Re: China Bans ICOs
 

I didn't see this before. But all indicators are that Russia is going to add Crypto to their stock exchange. They are cracking down on illegal uses. But Vitalik Buterin met with Putin a few months ago. It appears to me that Russia is going to embrace Crypto to get back at the Petro Dollar and Swift system.

I have no idea why someone would think otherwise.

Re: China Bans ICOs
 

When goverments started fearing means ,people doing right ,in china goverment is rich people are poor,so when people get real money and improve their quality of life goverment is **** scared and want to keep them poor,why all those pseduo/⊗⊗⊗⊗ coins xrp comes into circulation banks are scared crypto will become the future ,even in BOA you can see opening for ones who know blockchain technology.
As i say its not end ,its a starting ,in a row other goverments will keep banning ICO later crypto and they want us to use some paper printed by some private company

Re: China Bans ICOs
 

https://cointelegraph.com/news/sudde...rdinary-people

http://www.zerohedge.com/news/2017-0...rdinary-people

https://www.ethnews.com/russia-backp...yptocurrencies

Re: China Bans ICOs
 

Don't know much about ICOs.

Am I right in saying, whilst ICOs are being banned in China (and potentially elsewhere), Bitcoin is still permitted?

Re: China Bans ICOs
 

well said vogeltron :thumb:

Re: China Bans ICOs
 

china owns the biggest mines and pools in the world. BTC is just another avenue ushering the country into the super power of the future.