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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.
The US doesn't have to ban ICOs as most of them are securities and unregistered selling of securities is already illegal.
People 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.
People 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)…
Burning hell money is a symbolic offering to the deceased, not an act of worshipping money itself. Or do Westerners "actually worship flowers" because we place them on graves?
Had 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).
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.
To a relative outsider, a lot of the current movement in the crypto-currency space seems to be about amplifying the holdings of those who already hold. The BCC fork, for instance, effectively gave current bitcoin holders an overnight boost in the 15-20% range.
ICOs appear to be a way to finance things in a kickstartetr type way, only with instantly trade-able coins in the form of a new crypto-currency, with buy-in conducted in ether. These provide a new speculation vehicle, often/usually totally divorced from the underlying activity of the company.
Both of these things neatly skip any sort of bootstrapping phase that might be inherent to a new crypto-currency, and serve insiders and the already crypto-wealthy rather than newcomers or those outside the existing bubble. The whole thing seems very tenuous, and speaks very much of an "in-crowd".
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.
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.
Interesting. To a relative outsider, a lot of the current movement in the crypto-currency space seems to be about amplifying the holdings of those who already hold. The BCC fork, for instance, effectively gave current bitcoin holders an overnight boost in the 15-20% range. ICOs appear to be a way to finance things in a kickstartetr type way, only with instantly trade-able coins in the form of a new crypto-currency, w…
So true. That bootstrapping phase has been reduced to dream up a whitepaper and that's basically it. All what comes afterwards to pump the launch is clever marketing (I've seen Google ads, FB ads, celebs on Twitter etc etc). I cannot understand why it is legal to behave like that.