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China's Central Bank Bans ICOs

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Re: China's Central Bank Bans ICOs

#101

Post by Nursie »

CryptoPunk wrote: post #91
verroq wrote: post #81

Earlier quoted context omitted.

Because these "fools" once they run out of money will be out on streets taking social security. Then it becomes our problem again.

Then force them to save a certain amount per month. What they do with their disposable income should be left to their discretion.

So now you are going to decide what consenting adults can do with their money, by deciding they can't invest in ICOs and other scam^H^H^H^H unregulated schemes until they have put enough away to satisfy you.

I'm not sure this is qualitatively different to a ban, really.

Re: China's Central Bank Bans ICOs

#102

Post by ElectronShak »

hasenj wrote: post #45
richardknop wrote: post #32

Finally somebody in position of power stepped in to stop this mad online casino. I was not expecting this sensible move from China, was hoping EU or US would lead the way on regulating this crypto fraud. I hope Fed/ECB follow the Chinese Central Bank and ban ICOs too and start regulating crypto and enforcing some basic rules.

Actually I think such bold decisions can only be made by a government that is not encumbered with lobbies and business interests.

Exactly, I agree

Re: China's Central Bank Bans ICOs

#103

Post by joncrocks »

patrickaljord wrote: post #83
richardknop wrote: post #32

Finally somebody in position of power stepped in to stop this mad online casino. I was not expecting this sensible move from China, was hoping EU or US would lead the way on regulating this crypto fraud. I hope Fed/ECB follow the Chinese Central Bank and ban ICOs too and start regulating crypto and enforcing some basic rules.

Yeah, what's with consenting adults freely and willingly contracting with each others. I'm glad the powers that be put an end to that madness.

There's all sorts of things that consenting adults aren't allowed to do, even if 'free and willing'.

Re: China's Central Bank Bans ICOs

#104

Post by richardknop »

omarchowdhury wrote: post #73
richardknop wrote: post #59

Earlier quoted context omitted.

My opinion is not important. The issue is lots of unsophisticated investors are betting their savings / money they can't afford to lose on cryptocurrency in hopes to flip their investment quickly and get rich. This is something which should be regulated so you can't just randomly dump your IRA/401k to buy some random cryptocurrency generated over a weekend by some person in a garage with shell company in Cayman Islan…

If someone has the knowledge to create a cryptocurrency in a weekend, in a garage, and have the foresight to operate from a friendly jurisdiction, and convinces people to buy it; then please let me know who that person is so I can invest in them. I'd love to get them out of a garage and into an office to see what they can really do.

I can create a new cryptocurrency over a weekend. It's not really that hard and most of these ICOs are just copycats with few parameter changes. Projects which actually develop something new are very few so kudos to them. Majority are just quick copies of existing code and rebranding.

Re: China's Central Bank Bans ICOs

#105

Post by StavrosK »

jaclaz wrote: post #65
CCing wrote: post #19

Earlier quoted context omitted.

Is not a e-visa...it called e-residency and simply is an ID card for use all the estonian services(like: open a company, pay taxes, open a bank account etc...) It NOT GIVE a work permit in EU and of course not give a permission to travel in schengeng. It's simply an ID card. The main difference is that: - Normally in other EU countries for have an ID card for services, you must live there, while with e-residency you…

>It's pretty useless, you can google it and see how had a lot of hype, but in real case uses, it's useless (example: yes you can open a company remotely, but if you don't live in estonia, is a mess with taxes... Pheew, I thought I was the only one with this opinion, given the hype there is about this thing all over the net. To me the whole stuff seems a lot like the plans of the gnomes in South Park (but in five step…

You definitely aren't the only one with that opinion. If you've visited the card's homepage or tried to register for one, you'll have realized it confers almost no privileges.

Re: China's Central Bank Bans ICOs

#106

Post by owebmaster »

patrickaljord wrote: post #93
omarchowdhury wrote: post #84

Earlier quoted context omitted.

If you're being manipulated into a scam, it's not your really your choice, you are not consenting to being scammed, you are consenting to whatever proposition made sense to you on the surface, but was not going to hold up due to withheld information from the recipient of your money. Nobody volunteers or makes a choice to be scammed.

Not all ICOs are scams. Isn't freedom also the freedom to make you own mistakes? I mean, if we were to use your logic for any decisions that may lead to bad outcomes, we would live in a totalitarian state.

I think we already live in a totalitarian state because of the "freedom" to make your own mistake (aka be scammed by someone with more information and bad intentions, aka "the market").

Re: China's Central Bank Bans ICOs

#107

Post by bhaak »

richardknop wrote: post #48
bhaak wrote: post #41

Earlier quoted context omitted.

Did you not get the SEC memo? The US doesn't have to ban ICOs as most of them are securities and unregistered selling of securities is already illegal.

That SEC memo was weak. They should have made much more forceful statement. Thousands (likely tens of thousands) of US citizens are still investing in ICOs, there needs to be much stronger action taken to stop their gambling.

No, the SEC memo wasn't weak.

It basically said "we are watching this space" which will frighten anybody who knows that the SEC isn't in a hurry to investigate.

They can get you for things from years past (IIRC 10), so they don't have to rush things.

Re: China's Central Bank Bans ICOs

#108

Post by skolsuper »

richardknop wrote: post #89
pmlnr wrote: post #72

Earlier quoted context omitted.

"only one new bank created in the UK over the last 100 years"? You are quite mistaken here, from the top of my head, Tesco (late 90s) and Monzo (very recent) are 2 examples, and I'm not even into finance.

There are a couple of digital banks like Monzo. Atom, Tandem, Starling and more (there's another one for digital nomads, I don't remember their name). Then there are also other banks like Tesco/Sainsbury's which are definitely not 100 years old. More like started in 90s (but perhaps these reused some old banking licenses from other banks so don't count as "new"). Especially lately there has been a boom in fintech and…

I think Tesco, Sainsbury's etc are just resellers of banking services. Actual banking licenses are the thing there have been none of for 100 years iirc, I don't think GP comment just pulled that assertion out of thin air.

Re: China's Central Bank Bans ICOs

#109

Post by patrickaljord »

joncrocks wrote: post #103
patrickaljord wrote: post #83

Earlier quoted context omitted.

Yeah, what's with consenting adults freely and willingly contracting with each others. I'm glad the powers that be put an end to that madness.

There's all sorts of things that consenting adults aren't allowed to do, even if 'free and willing'.

I know, and I wish there were more things consenting adults would not be allowed to do, even free and willing. In an ideal world, adults should not be allowed to do anything without asking permission from government first. Hopefully we'll get there someday.

Re: China's Central Bank Bans ICOs

#110

Post by Nursie »

omarchowdhury wrote: post #73
richardknop wrote: post #59

Earlier quoted context omitted.

My opinion is not important. The issue is lots of unsophisticated investors are betting their savings / money they can't afford to lose on cryptocurrency in hopes to flip their investment quickly and get rich. This is something which should be regulated so you can't just randomly dump your IRA/401k to buy some random cryptocurrency generated over a weekend by some person in a garage with shell company in Cayman Islan…

If someone has the knowledge to create a cryptocurrency in a weekend, in a garage, and have the foresight to operate from a friendly jurisdiction, and convinces people to buy it; then please let me know who that person is so I can invest in them. I'd love to get them out of a garage and into an office to see what they can really do.

From an HN link just under two weeks ago - http://build-a-co.in/

(https://news.ycombinator.com/item?id=15077117)

You can build an altcoin in basically no time, on-demand using a web frontend. How hard the shell company piece is I have no idea.

It really doesn't take a lot of talent or hard work to launch a coin from your garage these days.

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