More Crack Downs On ICOs - Thank Goodness
Most of this article will have my own personal feelings it in backed with some facts from news from around the world such as cointelegraph, cryptocoinsnews and business insider.
The last few days we heard Chinas ruling to ban ICOs which banns them. Now other countries are jumping in such as South Korea and the United States that already put a ban on it.
What was happening and why I feel they have been banned is because honestly people are just not smart with their money and actually need government to slap rules on them before they lose their pants. So many people where investing millions and honestly billions of dollars into coins from random people, faceless coins and coins that has no plans. Heck even money was being dumped into coins such as useless ethereum token which clearly showed there was never a plan for it to amount to anything. People where just trying to chase down a buck anywhere and everywhere and honestly being totally irresponsible with their money.
Now while I feel it is their money and they should be allowed to do what they want with it, I can also understand why countries are now banning it. Millions upon billions of dollars would have been leaving a country to another country based on these ICO craz launches. As a government and country that can become very devastating over time for the economy of that country.
I know I am going to get some hate from this post but honestly that is ok you can't make everyone happy.
I am pretty glad that ICO's have been banned now. Not only was it taking away market cap from Bitcoin, Ethereum and other very worthy crypto currencies but it was creating a hole in the market where billions of dollars where being flushed out to some shady figures.
Ehh things will go back to normal soon
This is not just an ICO issue but a crypto issue. There are over 900 coins at present, the majority with no use case, no plan and no real purpose. There are coins being promoted for no other reason than that they offer 700% interest per year. This just makes the entire crypto space look like a bunch of scammers out to rip people off and will delay mainstream adoption.
Don't get me wrong, I'm extremely bullish on crypto but crypto that solves real world problems, has a decent use case, a proper road map/ plan and actually has some utility. Not a promise of riches based on mythical interest that comes from nowhere.
Good points and exactly what I was seeing as well. It was making the crypto space look cheap and giving it a bad name. I actually feel this is a good move and one that will have a very positive impact on cryptos that have real value and provide real world uses and cases.
ICO is just a unicorn of today generation. Go with the real coin, ICO doesn't have any value until the product and service is launch.
Yup everyone seemed to want to try and jump on the next big thing in hopes of massive gains and forgot that bitcoin, Ethereum etc are still in their early stages and there is plenty to gain. I'm curious now if money from those ICOs will flush into the bigger cryptos over the next few days.
Great post, I like your opinion on ICOs.
But I don't share it completely. It is good that ICOs in it's current form are banned in some countries. It has really gotten out of hand recently, when suddenly very many stupid companies started searching excuses to get filthy rich with ICOs. For most ICOs, there is no real point in having an own coin, it is just stupid.
On the other hand, good ICOs provide funding to fantastic projects like Ethereum and many others. There has to be a middle ground between the anarchic system we have now and banning them completely.
Only time will tell how this works.
I can totally agree with that, there are some really awesome ICOs that look like they advance the blockchain in good ways and fuel new ideas and test things. But for sure they where overshadowed by all the shady ICO launches. Always more bad then good in this world it seems.
Yes, I'm hoping this bloodbath will flow money to safer, more developed coins. That's were my money went last night. Picked up a bunch of different altcoins when they hit their floor.
I agree the sheer number of ICO's has gotten out of hand. It's close to 1,000 isn't it? I've said this before but it kind of reminds me of the OTC stock market and the pink sheet stocks which are mostly scams to dump shares on novice investors and traders.
This is the same game but with a different asset type. People should do their due diligence but many don't and after they lose their @$$ because of it they go crying to the regulators because they stupidly threw their money into something they didn't understand or research.
It's kind of like in school when the whole class gets punished because of one or two kids that misbehave. Is it fair? Not really. But what can we do?
I hate to see so much red in the crypto markets but I liked buying some additional coin the past couple of days.
By the way, my esteem app keeps giving me an error message when I try and upvote so I'll have to come back to my comments and upvote the posts I've commented on when I'm home at my pc. Just wanted to let you know I'm not just commenting and running Off without upvoting.
lol, exactly my point a majority of people need government because they are not smart enough with their own money. This dump did make for some nice buys myself over the last two days.
I understand, but I also feel government should know its place. Especially in usa where I am from, governments in general has become really corrupt. I dont feel that government should dictate how i spend my money, or hold my hand as if im a child telling me whats ok and whats not. Truth is they are very scared right now because crypto has the potential to disrupt the natural order of things, and instead of finding a way to adapt and evolve with it they are trying to sweep it under the rug and make it go away. I wish instead they would find a way to be apart of it, like russia appears to be doing. Its not just going to go away, the technology behind it is to strong with to many uses. I wouldnt even mind if they regulated it some, it would create a more stable market that was more safe. But just banning everything out of fear of loosing control I feel is not what governments job is intended to do, unless the county is ran by a dictator, then well i guess whatever. But if i want to blow money I should be allowed to, rather i buy 100 candy bars or 100 shitcoins, its my money and im a grown man.
I understand that but also understand that people will make dumb decisions such as this and they go crying to government that they want their money back lol. Its part of the generation we live in they don't take ownership of their own mistakes.
lol true that and i agree fully. But a world of cry babies shouldn't be used as a permission slip for the government to create some form of dictatorship. It just makes it worse. A free economy is designed so that each person can make their own future, work hard, you get rewarded. Not cry hard and be rewarded. If some buger flipper blows his wad on a bad investment becouse he thought he was just going to get rich overnight the easy way, instead loses his money and crys, it shouldn't handicap the rest of us that work hard on making good investments. When you loose you learn, if your not driven enough to learn, then keep flipping burgers. Government has no business getting involved in a free economy. When they do , it is corruption. And it is a cancer to our economy.
I am with you on this, the whole ICO space is a huge crypto headache in my opinion and needs to be kind of regulated down to the legit only. My issue is this, why even ICOs anyways? Just go old fashioned, get the damn project done like most of us have with self investing and fund raising through community involvement and pray your project gives the world a use case everyone can get behind.
For me the ICO craze was at the beginning a weak link and why I have yet to bank on Ethereum or any of its counterparts to this day. JP Morgan was the first standoffish issue I had with Ethereum, in this to get away from those guys yet they get in the chain with their own version of crypto via ETH and to me that was a huge sign that ETH was putting a mass target on this space. Maybe not their doing but something I always felt was going to stir trouble for this ecosystem from day one.
The scammer issues aside, we have a bigger issue in crypto right now. Not enough people are researching like we used to when we had only 30 coins to choose from back in the day. Back then all of us knew well enough to dig in and get to talking with the devs to pick them apart before investing but now its kind of this madhouse of too many options and people feeling rushed to hop on the next hot thing before they miss out. Me, personally to anyone new in this space, look to the old school ways and take time to really know what you're getting yourself into before you put a single dime on anything.
Do I think projects deserve funding, always....the work put into these things can get costly now a days due to so much competition but maybe its time developers return to the old ways of tweaking their systems before going public so there is a valuable product for users to actually have a tangible look inside these things. I suggest community crowdfunds with no hyped promises and more transparent views on what they are doing. The money will come if you work hard at anything.
On the flipside, ICOs did provide some serious mass appeal to Fintechs that are legit, not so sure what route those guys will go at this stage but I hope this move that we need doesn't leave the ones we need in this space behind.
Keep it simple, Bitcoin did not get here via pick pocketing users and so many other coins did amazing with the simple systems to bring value to the table. I think that we got so rushed to advance that we forget what actually works and doesn't in our crypto communities. Time we get back to our roots and guide the newbies that were not here during the early years and show them the light.
Someone had to say it and you had the balls to do it, congrats! Couldn't agree more!
I think there are way too many ICOs. Most of them are just gimmicks in one way or another.