Author: senoritazhao

What is an ICO, and why is China’s central bank banning it? [Copy link] 中文

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Post time 2017-9-9 20:58:18 |Display all floors
i have not understand the creature by now

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senoritazhao Post time: 2017-9-5 14:53
Arecryptocurrencies legal tender?
The People’s Bank of China has banned ICOsoutright, calling them  ...

Bitcoin “is a fraud” and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co, said on Tuesday.    This article appeared in the South China Morning Post print edition as: JPMorgan CEO: bitcoin is a fraud that will blow up.

Speaking at an investor conference in New York, Dimon said, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

Dimon said that if any JPMorgan traders were trading the cryptocurrency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”

China is presently a major market for cryptocurrency trading. At its peak the country accounted for over 90 per cent of global trade volume in bitcoin...

Turnover of bitcoin in China now accounts for 80 per cent of the global total. The price surged to around 8,000 yuan per bitcoin by the end of 2016 from 2,500 yuan at the beginning of the year, CSJ said.

In early August investor confidence in bitcoin took another big hit after Bitfinex, a prominent Hong Kong-based digital currency exchange, reported the theft of about US$65.8 million worth of bitcoins.

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This post was edited by markwu at 2017-9-14 19:26

Be careful of it. It is encrypted which means it can be decrypted. It is single-item barter but variable market value which means it can bypass central banking rules of countries which monitor and maintain monetary and therefore economic health of their economies, for it carries an unknown opportunity cost effect on banking interest rates. It is cross-border which means offshore settlements can be made opaque and thus open to mischief. It can be direct-marketed which means companies running its scheme can be fly-by-night on the excuse they are just private exchanges. And its rules are not backed by banking regulations so there will be no legal recourse.

Oops did i just write all that off the head? Anyone to correct me?

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The Central Bank has banned it ... so I'm sure the regulars will be lining up to decry crypto currency as an evil menace which can cause serious harm to society ... even if they didn't have an opinion on this matter whatsoever ... until a couple of weeks ago!  

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This post was edited by emanreus at 2017-9-15 12:19
coralbay Post time: 2017-9-14 19:51
The Central Bank has banned it ... so I'm sure the regulars will be lining up to decry crypto curren ...

Not permitted to trade in China.

The West may trade as much as they like, but without China it'll be gone in no time
Needless to say that I'm in full agreement when China’s Bitkan said it would suspend its over-the-counter (OTC) bitcoin and bitcoin cash trading services from Thursday.
Bitkan’s announcement followed the Chinese central bank’s recent decision to ban fundraising through digital currencies, branding it as illegal. The People’s Bank of China (PBOC) said that 90 per cent of the ICOs launched in China were found to have been fraudulent.
The only thing I'm upset about it that it took Chinese Central Bank so long to eliminate that evil...

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emanreus Post time: 2017-9-15 08:22
Not permitted to trade in China.

The West may trade as much as they like, but without China it'll  ...

"The Central Bank has banned it ... so I'm sure the regulars will be lining up to decry crypto currency as an evil menace which can cause serious harm to society ... even if they didn't have an opinion on this matter whatsoever ... until a couple of weeks ago!"

that didn't take long ...

emanreus takes the prize ...   

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coralbay Post time: 2017-9-15 13:30
"The Central Bank has banned it ... so I'm sure the regulars will be lining up to decry crypto cur ...

Thanks,
but the Chinese Central Bank must be honored for being so slow

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