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RE: China Bans ICOs, Is This Good News Or Bad News?
My take is that China wants to cool the jets a little bit on all of these ICO's. Once they get a handle on some form of moderate regulation ICO's will be allowed to resume. Just like they regulated exchanges to prevent all of the margin trading going on with Bitcoin.
read my comment below in regards to this action not being taken solely in the crypto market vacuum. China is facing the likelihood of a thermonuclear war with their neighbor and longtime ally-ish/attack-dog.
They're battening down the hatches. atm, imo.
Interesting. I hope there is no war, that would not be good for any of us
Honestly feel like they are trying to add more value to their own stuff like NEO, GAS, and BTM. All, I'm pretty sure, are already backed by the Chinese gov and could be a play to protect their market and add value to it. Kind of like how the US had Amazon so that gave way for the creation of Alibaba to take advantage of all the Chinese made goods. The majority of the BitCoin mining farms seem to be in China and this looks like they are trying to exploit weaknesses in the system to disrupt things and then give their own stuff (like the coins mentioned above) value. Just a very humble opinion but you can never count out the Chinese and their shrewd business sense.
That seems like the likeliest scenario to me as well. It is interesting that Japan chose to go the legalization route and China seems to be leaning the other way currently...
Hmm, well lets see. Right now Eth is creating ICOs and gaining value. Value that Bitcoin could be gaining. Now that ICOs are banned by China, now is the time for Bitcoin and forks of Bitcoin.
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It is possible. Litecoin will soon have a platform for ICO's and smart contracts. I am not sure many know this is coming to Litecoin. The more I am in this field (two years full time now) the more I like LTC
Exactly. And make sure their cronies get in on it before the growth really takes off. We've seen the same pattern there before, multiple times in the last few years.
I would agree. Looks like Chinese Communist Party officials are butthurt they missed the boat and decided to cause a panic with a vague, strongly-worded statement to cause a market panic.
wake up call
Exactly. I just posted this a minute ago https://steemit.com/bitcoin/@jetblake/all-reds-no-worries-do-not-panic-sell
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Ya it's a good thing to weed out dubious firms from trying an ICO to get funding without some good management and accountability. In a year, we will get better start ups and those dubious ones will not be able to trick users.
Exactly. it will be safer if ICO's have some criteria to meet before being allowed to reach the public for solicitation