The Financial Times wrote an article today on China declaring ICO’s (Initial Coin Offerings) illegal.
China has called for a halt to raising money via the ICO route. Focusing on the fraud aspects, regulators also stated that ICO’s had “thrown the social economy into disorder.”
The article goes on to state that Chinese investors will still find ways to invest in ICO’s outside of China.
Bitcoin was down 9% on the news.
We are so early into the game as far as ICO’s that it seems there will be a lot of roadblocks to overcome. How will regulation of ICO’s look? Does it go against the very essence of the crypto community? Time will tell.
In other ICO news Paris Hilton is backing an ICO.
Business Insider reports, Paris Hilton wrote on Twitter that she is “looking forward to participating in the new” LydianCoin — a platform that wants to combine the blockchain with “targeted, AI driven digital marketing and advertising services.”
Maybe Ms. Hilton signaled a top.
When Mayweather backed an ICO a lot of people thought it marked a top. Now with Paris Hilton also in the mix I think we indeed saw the peak of the bubble. Also the whole hard fork BTC / BCH discussion is really not helping the crypto case. Bitcoin will survive because it is already too big and not abused by the hundreds of ICO’s. ETH is doomed in my opinion. Unlimited supply and the ICO scam which is purely build on Ether will ultimately kill it. I get so many pitches for upcoming ICO’s via Linkedin lately… If I’d be able to short ETH, I would do it.
I like IOTA though. Great team behind it.
What about Ripple/XRP? Isnt it goodfor investment
doomed
What?!? But, but, but…I thought crapto-currencies transcended these creaky, old institutions known as “government”?!?
To borrow the wise words of the immortal Walter Sobchak: “MARK IT A ZERO!”
please don’t confuse blockchain technology and crypto with ICO’s.
You have no frame of reference here, Donny. You’re like a child who wanders into the middle of a movie… 😉
Richard,
You’re out of your element! The Chinamen are not the issue here! Am I wrong?!? There are rules here – this is not Nam.
Seriously though, the long decline starts with ICO’s being outlawed in China and ends with sovereign governments worldwide, collectively turning their back on any crapto-currency not issued by central banks. I have no doubt that Blockchain Tech will be almost universally utilized globally, but the zillion-dollar-question is within which “vehicle(s)”, and I say it will be in the form of central bank created and funded currencies.
MARK THEM ALL ZERO!
We’ll se how it all plays out.
Also, Stryker, Chinaman is not the preferred nomenclature. Asian-American, please.
LOL!
Remember online poker before April 15, 2011?
By decree and for any reason whatsoever, the U.S. Government can decimate the crapto-currency markets.
Like I said before, ICO bans will cause a crypto market crash.
Bubble schmubble. Crash schmash. Blockchain is revolutionary and digital currency is the future, even for governments.
Domainers of all people.
Just as there is .com, a few other good TLDs, and a VAST HORDE of crap, is the concept any different? And of course that’ll be filed under of course not…
Funny, but true.
🙂
Will Beijing issue a token exemption for Chuck E. Cheese franchisee
chuckecheese.com/franchising