Earlier quoted context omitted.
Estonia's gov is famous for adapting new things. I still remember their initiative on e-visa. Actually China is trying to do that too. But crypto coins are made to decentralize things, I wonder how these gov-lead coins will play any parts.
> e-visa You got a link to that how? How does that work with Schengen?
China's Central Bank Bans ICOs
21–30 of 386 posts
Re: China's Central Bank Bans ICOs
#22I hold many assets in this space including ETH and NEO. There are tons of scams and money grabs with ICOs. While this announcement has been pretty brutal for me, I think it is ultimately a good thing for the industry as a whole. I think ICOs can be extremely beneficial for teams to raise money. But a lot of people buying these tokens do not understand what they're getting in return. I'd like to see it become easier t…
> I hold many assets in this space including ETH and NEO. There are tons of scams and money grabs with ICOs.
Case in point, NEO is probably one of the scammiest so-called "crypto" offerings out there
Re: China's Central Bank Bans ICOs
#23What effect will this have on ETH price?
Buy the dip. Cheap coinz. HODL.
Re: China's Central Bank Bans ICOs
#24Authoritarian governments will always act to protect their own monopoly of the economy. That's why we need cryptos in the first place!
Re: China's Central Bank Bans ICOs
#25It probably has a lot more to do with the country regulating its own fiat currency, foreign change and savings quite aggressively. That made any previously unregulated (because new) alternative the _de facto_ change mechanism.
This is one of the things about bitcoin nobody has ever explained to me adequately. Governments use monetary policy & other economic tools to regulate the economy. Assuming we're all Keynsians here, this is a pretty important feature that govts will not give up, so how is Bitcoin ever supposed to supplant fiat currency?
The idea of Bitcoin replacing fiat is a vision, not a plan.
People assume, or just like to believe, that as Bitcoin adoption grows, the advantages of Bitcoin will far surpass fiat and people will gradually start moving to it as a de facto currency. This will/would be an organic process, likely to last a few decades at least.
Re: China's Central Bank Bans ICOs
#26Authoritarian governments will always act to protect their own monopoly of the economy. That's why we need cryptos in the first place!
There's a large difference between banning ICOs and banning crypto currencies entirely
that being said this does feel a lot like a throw back to 2014 and earlier with "China bans bitcoin"
Re: China's Central Bank Bans ICOs
#27Had to dig around 3 sites before finding a definition for ICO:
ICO (Initial Crypto-Token Offering) refers to financing through the issuance of encrypted tokens (Crypto-Token).
Re: China's Central Bank Bans ICOs
#28About time. 'the big crash of 2017'. Some stability and sanity will return to this space.
The dip in July was bigger. Percentage-wise and in absolute numbers.
And if you think "stability and sanity will return" to a still mostly unregulated market, you are pretty naive.
I'd even say for stability and sanity to return, they had to be there at some point in the first place which they didn't. :-)
Re: China's Central Bank Bans ICOs
#29It probably has a lot more to do with the country regulating its own fiat currency, foreign change and savings quite aggressively. That made any previously unregulated (because new) alternative the _de facto_ change mechanism.
This is one of the things about bitcoin nobody has ever explained to me adequately. Governments use monetary policy & other economic tools to regulate the economy. Assuming we're all Keynsians here, this is a pretty important feature that govts will not give up, so how is Bitcoin ever supposed to supplant fiat currency?
Bitcoin is a threat to the Keynesian model. That said, it still has a long way to go in order to take over fiat currency.
Re: China's Central Bank Bans ICOs
#30It's important to note that ICOs are a mechanism rather than a financial instrument and it's the nature of the underlying financial instrument that generally influences the legality.
For example if it's used as pre-sale (i.e. currency that will be used in product for a future product) then that's likely legal in most places, if it's used as a proxy for equity then it's likely illegal in most countries (most countries prohibit unregulated share offerings to non-sophisticated consumers).
Although in some cases ICOs might get considered as gambling if the purpose is primarily considered to be for speculation rather than whatever the underlying product is.