China's Central Bank Bans ICOs

Re:China's Central Bank Bans ICOs by adbachman on Monday September 04, 2017 @08:05AM (#15167604)

Because the first dozen ICOs that turn out to be scams can break consumer confidence across the whole market. When people stop trusting, the system collapses.

This isn't hardship, just put your money somewhere else.

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Re:China's Central Bank Bans ICOs by rothbardrand on Monday September 04, 2017 @08:08AM (#15167627)

The reason ICOs were such a boon is that there has been no other path for the middle class to invest in startups.

ICOs gave a level playing field and produced a resulting boom.

Most people don't even know what a cryptocurrency is.

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Re:China's Central Bank Bans ICOs by oblio on Monday September 04, 2017 @09:15AM (#15167995)

> The reason ICOs were such a boon is that there has been no other path for the middle class to invest in startups.

You know what they say about forgetting history...

The middle classes (or lower class) aren't really allowed to invest in business because it's really risky (see: Great Depression). When 1 rich person loses $1 billion, that's sad. When 100000 grandpas lose $10000, that's a national tragedy.

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Re:China's Central Bank Bans ICOs by baq on Monday September 04, 2017 @08:32AM (#15167765)

i'd need proof that it's the middle class that invests in ICOs and not money launderers.

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