so the people's bank of china wants to protect people from losing money, forcing a crash in the market and then people loose money!
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so the people's bank of china wants to protect people from losing money, forcing a crash in the market and then people loose money!
They didn't force anything. If people want to panic sell, that is up to them. Prices, for the most part, seem to be returning to normal. GNT and QTUM both rising nicely at the moment. So who has lost money?
If anything, the hardest hit in this whole affair has been NEO, which is Chinese. And even they will return to normal.
If regulations help to protect people from scam ICO's, then all the better. By the way, do not forget that the SEC in the US still has to make it's move, and expect the EU to do something similar.
actually the chinese gov news was a little misleading, it was hard to interpret if they would stop CNY to Crypto completely or only on ICO sites, so it did force extra panic that was not necessary into the chinese market.
We are all adults here, we do not need our hand held by government... we know the risks we are taking when investing. By over-regulating ICOs, the government is not only holding back on the "bad ones" but also some potential gems which may not have the funding to start the regulation process (though we will have to see exactly what kind of regulations are put in to place)
It may very well be a good thing, with only customer protections in place... but i personally doubt that will be the case as the Chinese government is not really doing this to protect people, they are doing it to stop ICOs from making so much money behind the governments back...
I mean come on... this is the Chinese government - if they wanted to protect people there are a million other places that need more rules, regulations etc... we still have people dying in regular labor jobs here due to lack of safety regulations... If people were their priority, safety regulations in the workplace would take priority over money regulations....
The original idea behind crypto was decentralization... with government regulations we are becoming more centralized... the idea was to not need government to operate, to fund, to pay each other... government regulation is a step backwards...
I'll agree with you that the news was very misleading, for everybody, including the Chinese exchanges and companies. It could have been done a lot better. But a lot of the actions we have seen this week have been taken by the companies themselves, possibly as a kind of pre-emptive measure to safeguard themselves - and you cannot blame them for that.
I'll also agree with you regarding decentralisation. But at what point does that end? So it's ok for Joe Bloggs to launch an ICO for ScamCoin, raise 10 million in a day and then disappear to the Bahamas? Yes, we are all adults, but people do get misled by false advertising, in every aspect of life. At the end of the day, if cryptocurrencies are to be used as currencies, then there needs to be some kind of safeguard in place, just like with fiat currencies. Which is exactly why the SEC in America and the governments in Singapore and Korea are likely to follow suit. Assuming they do, expect the EU to do the same.
As for the rest, well, see my other reply. Does any government care about it's people? If you are so worried about work regulations there, then don't buy that Apple or Samsung phone. Yes, sure, they need to tighten up work regulations, but who exactly is to blame there? The (international) companies are exploiting the workforce to begin with. Just like how Apple relocates its offices overseas to avoid paying any taxes. Perhaps the US government should tighten up its regulations of its own multinational corporations?
no, i think i can clearly blame companies like binance for blocking chinese from even using the site... there was no reason for that.. they had no problem taking chinese IDs and fees... if they suddenly stop chinese customers from using the platform.. maybe it would be best to also delete their Id information and refund them fees. going out of their way to hurt an entire nations population just isnt cool.
you should move to china and experience it first hand before you talk about it anymore... maybe you would feel differently if you were scammed with fake foods... there are many issues in china that are far more important than regulating some baby icos