I covered this topic back in June and warned you this could happen. Plain and simple: the ICO market is a flat out scam. Our pussified regulators at the SEC are too busy going after penny stock operators and stock brokers trading options off insider tips than to go after this industry that is brazenly befitted by outright fraud, yet supported by the powerful VC community and the con artists who profit from it.
China doesn’t have any allegiances to the VCs; ergo, off with their heads.
Caixin is reporting that ICOs are an ‘unauthorized fundraising tool’, a scam that has been banned by the country’s internet finance committee.
Source: CNBC
Seven government administrations including the People’s Bank of China, China Securities Regulatory Commission, China Banking Regulatory Commission and China Insurance Regulatory Commission issued a joint statement where they reiterated that ICOs are unauthorized illegal fund raising activity.
The statement said authorities are banning all organizations and individuals from raising funds through ICO activities and that all banks and financial institutions should not do any business related to ICO trading.
Organizations and individuals that have completed fundraising through ICOs should make relevant arrangement to return funds, in order to protect the interests of investors and properly deal with risks.
The statement added that enhanced management is needed on digital coin fundraising platforms.
The subsequent result of this news is a woefully fucked up market for Ethereum, since that’s what this entire ‘blockchain’ horseshit is based on — down 13% over the past 24hrs.
Here are the largest cryptocurrencies, all of which are diving.
H Shares, a meaningless ICO with big plans for China and Hong Kong is down more than 55%, yet still possesses a market cap upwards of $300m. I suppose the Chinese people who purchased H Shares in the hopes of conducting a little money laundering are having second thoughts — NOW THAT IT’S FUCKING BANNED.
See you at zero.
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it seems first post did not work so will try again.
off topic but i see that ibankcoin has made google’s no go list.
http://www.ronpaulforums.com/showthread.php?514653-Over-400-Links-Google-Doesn%92t-Want-You-To-Visit
I have visited at least 1/2 of them at one time or another and actively read at least 50.
Looks like truth is treason for Big Bruh Goolag.
Just about every website worth reading/listening is on that list. This is going to blow back on Goolag, big time.
but seriously, how’s doge coin doing?
What I want to know is how that filthy, dirty “zionist hofjuden coin” is doing. Oh, wait. That’s what the USD chart is for. Never mind.
This should be positive for gold
Little by little, step by step, these crypto tokens are controlled and eventually made illegal by govt’s…. unless it’s (((their))) crypto they can control and issue in abundance to peasants, with interest attached, also called usury, as global currency.
There goes my whopper coins and fuck tokens 🙁
BTFD will result in exponential gains unforeseen by jesus himself
ICOs now banned in the US and China. Any word from the UK regulators? Maybe move to London?
Wow sets! Whopper week for gold. Table is set
Cryptos were due for a pullback and the Chinese announcement is a perfect catalyst.
Halting ICOs in China and forcing some regulations on iCOs in the US won’t stop the frenzy. If anything, the ICOs were dilutive so those already trading should be in greater demand.
Ultimately, some will go to zero and others will thrive but it’s too early for that. My barber has yet to give me a hot tip on the latest crypto-doodad-token.
Also, don’t trust the Chinese government to stick with anything. It is just as likely that the Chinese officials are loading their own personal boats before making an about face on the crypto decision.
I dont want to sound like a hater, but can someone give me a benefit to ICO’s other than avoiding acreddited investor status?
I’m guessing that it’s a lot less expensive to issue the coins without having to jump through the legal hoops required by the SEC.
Plus, the majority of them are full on scams that should be carpet bombed into an alien wormhole.
You can go to jail if you lie blatantly enough in IPO filings. ICOs are unregulated, up to now at least. Plus there are no pesky requirements to show any kind of business plan to make profits for your investors. Oh, and the small detail that the shareholders have no voting rights and don’t actually own any portion of the company, just a portion of the underlying currency they are working on.
Aren’t the benefits (to the crypto company) obvious?
This should be your permanent banner: Bitcoin is going to crash, don’t buy it:
https://www.youtube.com/watch?v=XbZ8zDpX2Mg
You’ve been saying the same thing for years and years fly. When do you admit you were wrong, if ever?