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China's Central Bank Bans ICOs

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Re: China's Central Bank Bans ICOs

#81

Post by verroq »

ryanlol wrote: post #70
verroq wrote: post #63

Earlier quoted context omitted.

Most of these ICOs are utter garbage and the only reason people "invest" in a garbage coin is because they think there is some greater fool that will buy it off them. To give them credit people have made many times their money buying and reselling but it would be idiotic to let this madness continue.

>it would be idiotic to let this madness continue. Why? Inevitably the fools will just run out of money. This "problem" seems to take care of itself.

Because these "fools" once they run out of money will be out on streets taking social security.

Then it becomes our problem again.

Re: China's Central Bank Bans ICOs

#82

Post by crypt1d »

A lot of people seem to suggest that some kind of regulation, or even outright ban, of ICOs is necessary. Apparently in order to prevent people from loosing their money on risky investments?

I don't really understand why it is appropriate for someone else to tell me how to spend my hard earned money? Isn't that what freedom of choice is about? Even if I'm being manipulated into a scam, it is still MY choice.

Let people spend their ICO money the way they spend their votes. Its basically the same form of manipulation anyway.

Re: China's Central Bank Bans ICOs

#83

Post by patrickaljord »

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.

Re: China's Central Bank Bans ICOs

#84

Post by omarchowdhury »

crypt1d wrote: post #82

A lot of people seem to suggest that some kind of regulation, or even outright ban, of ICOs is necessary. Apparently in order to prevent people from loosing their money on risky investments? I don't really understand why it is appropriate for someone else to tell me how to spend my hard earned money? Isn't that what freedom of choice is about? Even if I'm being manipulated into a scam, it is still MY choice. Let peop…

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.

Re: China's Central Bank Bans ICOs

#85

Post by decentralised »

nannal wrote: post #26
decentralised wrote: post #24

Authoritarian 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"

With ICOs, there is a risk that people outside of the party circles actually making enough money to question and ask for some change.

Re: China's Central Bank Bans ICOs

#86

Post by patrickaljord »

crypt1d wrote: post #82

A lot of people seem to suggest that some kind of regulation, or even outright ban, of ICOs is necessary. Apparently in order to prevent people from loosing their money on risky investments? I don't really understand why it is appropriate for someone else to tell me how to spend my hard earned money? Isn't that what freedom of choice is about? Even if I'm being manipulated into a scam, it is still MY choice. Let peop…

Many believe common people do not know what's good for them and that it's ok for special groups of people (governments) to impose their choices by force on the common people for their own good.

Re: China's Central Bank Bans ICOs

#87

Post by crypt1d »

omarchowdhury wrote: post #84
crypt1d wrote: post #82

A lot of people seem to suggest that some kind of regulation, or even outright ban, of ICOs is necessary. Apparently in order to prevent people from loosing their money on risky investments? I don't really understand why it is appropriate for someone else to tell me how to spend my hard earned money? Isn't that what freedom of choice is about? Even if I'm being manipulated into a scam, it is still MY choice. Let peop…

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.

I am making a choice to believe them that it is not a scam. You can only know if their statement was true or not after the fact.

We all make choices like this daily on regular basis. However, its apparently appropriate to be scammed into various political promises, product descriptions, etc. But its not okay to be part of this 'ICO lottery' because one can easily be scammed? Give me a break.

Re: China's Central Bank Bans ICOs

#88

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Re: China's Central Bank Bans ICOs

#89

Post by richardknop »

pmlnr wrote: post #72
CryptoPunk wrote: post #69

Earlier quoted context omitted.

It's not sensible at all. It's none of anyone's business what two consenting adults do with their money. The idea of a third party dictating the range of acceptable contractual engagements is absolutely terrible and has profound negative unintended consequences, with the worst of them being licensing barriers to create rent-seeking opportunities (only one new bank created in the UK over the last 100 years).

"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 lots of new challenger banks are appearing and getting banking licenses so that claim is definitely not true today, perhaps it was true a decade or two ago.

Re: China's Central Bank Bans ICOs

#90

Post by hohenheim »

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.

You took the comment literally. I think OP's point is still valid. There should be regulations around sophisticated scams.
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