A lot of people already knew about that and was able to profit in the weekend. Some coins just jumped nowhere and now will crash. Hshare has passed 1 billion market cap and will be probably be evaluated less than 10 million at the end of the day. Walton, Loopring, NAV...
China's Central Bank Bans ICOs
31–40 of 386 posts
Re: China's Central Bank Bans ICOs
#32Finally 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.
Re: China's Central Bank Bans ICOs
#33Other countries must follow. If you see what kind of ICO scams are running out there, you can't look away any longer. A lot of folks will lose their investment/money. https://twitter.com/search?q=peak%20ico&src=typd
Wow, is this satire? The amount of buzzwords on that Twitter account [1] is staggering.
Re: China's Central Bank Bans ICOs
#34Other countries must follow. If you see what kind of ICO scams are running out there, you can't look away any longer. A lot of folks will lose their investment/money. https://twitter.com/search?q=peak%20ico&src=typd
I agree. Finally I hope this breaks the ice and west steps in to regulate this ICO scam casino.
Re: China's Central Bank Bans ICOs
#35People will see the authoritarian aspect of this, but in my view the Chinese are particularly vulnerable to financial scams for cultural reasons.
- They have recent communist history/lack experience of crashes/associated fraud.
- Traditionally they actually worship money - By burning fake money.
- MLM scams are popular (at least in Taiwan).
- When I watched a video by Andreas - that Bitcoin guy - the audience (in US) was disproportionately east Asian.Re: China's Central Bank Bans ICOs
#36People will see the authoritarian aspect of this, but in my view the Chinese are particularly vulnerable to financial scams for cultural reasons. - They have recent communist history/lack experience of crashes/associated fraud. - Traditionally they actually worship money - By burning fake money. - MLM scams are popular (at least in Taiwan). - When I watched a video by Andreas - that Bitcoin guy - the audience (in US)…
Chinese seem to love gambling too?
Re: China's Central Bank Bans ICOs
#37About time. 'the big crash of 2017'. Some stability and sanity will return to this space.
Wishful thinking. This will probably not, in the short term, add sanity. It will, however, provide a buying opportunity for a week/month perhaps.
China will make some announcement in the future that softens or reverses this one, and we'll see a spike in crypto prices.
Hopefully there will be some sane regulation (or at least guidance) on ICOs to make it more difficult for scammy types to use ICOs as tools to bilk unsaavy "investors" (which includes most humans).
Re: China's Central Bank Bans ICOs
#38People will see the authoritarian aspect of this, but in my view the Chinese are particularly vulnerable to financial scams for cultural reasons. - They have recent communist history/lack experience of crashes/associated fraud. - Traditionally they actually worship money - By burning fake money. - MLM scams are popular (at least in Taiwan). - When I watched a video by Andreas - that Bitcoin guy - the audience (in US)…
>> They have ... lack experience of crashes/associated fraud.
The Asian financial crisis was all these things.
Re: China's Central Bank Bans ICOs
#39Necessary.
Re: China's Central Bank Bans ICOs
#40It 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?
I think many of the Bitcoin fans[1] are also in favor of the gold standard. They don't want the government to be able to "print money".
Actually I just noticed that the Wikipedia page on the gold standard has a section about bitcoin: https://en.wikipedia.org/wiki/Gold_standard#Gold_standard_an...
[1] At those who bother to think about the long term economic consequences of Bitcoin instead of just trying to Get Rich Quick.