YUNBI chinese exchange to delist 13 tokens! NEO, QTUM, GXS, EOS, DGD, 1ST, GNT, REP, SNT, OMG, PAY, LUN, VEN
Due to the new Chinese Government policy in regards to ICO's, Yunbi, one of the largest Chinese exchanges will halt trading on 13 ICO coins/tokens.
Trading on Yunbi has been suspended for almost 2 days now, and will re-open at 7pm China time (15 minutes from writing this blog post).
Yunbi wil remove the following tokens/coins: Qtum, GXs, EOS, ANS (NEO), DGD, 1ST, GNT, REP, SNT, OMG, PAY, LUN, VEN.
Take this as what you will, but this is not good for Chinese tokens such as NEO.
Jubi, the largest chinese exchange after Yunbi is still trading NEO, but if Yunbi is removing NEO, you might expect Jubi to stop trading NEO very soon. Jubi has already removed every other chinese ICO token/coin including QTUM.
I enjoyed trading NEO, and NEO was looking to have a bright future... i fear that this news could be very damaging for NEO, QTUM, and all related chinese ICO tokens/coins.
The only tokens/coins that will continue trading on yunbi are BTC, ETH, Zec, SC, BCC, ETC, BTS.
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
QTUM is not a Chinese token, they are based in Singapore.
so is pay - what are the communists playing at?!
You know, for a "communist" country, they seem to be quite good at capitalism - https://www.weforum.org/agenda/2017/03/worlds-biggest-economies-in-2017/
And I'm sure you're aware just how much they've bailed out both the US and the EU in the past?
sure they are more capitalist than most western countries today, but, that doesn't mean they are leading the way with regulations to protect people... if they were serious about regulations to protect workers and consumers we would see more safety regulations in the work place and in product production - quality control, counterfeiting,... hazardous materials used in the production of products... it literally took 1000's of dead babies for them to even do anything about the milk scandal... and the beef scandal... I have gotten fake hershey chocolate syrup here (which could very well be poisonous).. they have fake eggs, fake rice, fake M&M's .... or what about working conditions of workers? being overworked until death? maybe some regulations in working conditions are far more needed than a tiny ICO market being regulated... if they wanted to protect people there are a million places that are more important than ICO's..
but i guess the regulations in food and the work place are not as important to you or others outside of china... your iphone might cost more... people dont really care about other people in this world... its evident with how people talk about china.
Well, if you want to talk about how countries treat their citizens, then you can include the US in that. What about your rising number of homeless? Or the veterans returning home to be treated like dirt? Your healthcare fiasco is making headlines worldwide. And your university tuition fees are a joke. Never mind all the people working in minimum wage jobs. As for food regulations, I suppose US food is so healthy that is why you have a massive (no pun intended) obesity problem? Because eating junk food is so healthy for you. And before you talk about "fake eggs", perhaps remember where Montsanto operates and the US government's attempts to give them a global footing. Because sure, genetically modified food is perfectly safe, right? Checked the bee population lately?
I didn't notice the US doing much about the oil spills in the Gulf of Mexico, or about the toxic fumes now spreading over Texas. Who was the only country that refused to sign the UN treaty on climate change?
Cross the pond to the UK and you again have rising homelessness and unemployment. Zero-hour contracts, a good example of capitalism right there - so tell me how the UK government cares for it's people? I suppose it cares so much that it lets its people eat out of food banks and cuts disability payments to the sick, leaving mentally ill people to starve to death. This is why there are countless charities and benefit events trying to offset the damage caused by the government.
Look at the EU as a whole. Italy, Spain, Greece, Ireland and others paying back "austerity" payments for the last ten years thanks to the greed of bankers. Another great example of capitalism in action. Did Merkel care when Greeks were forced out of their homes and were living in cars on the street? Or when families were being evicted in Spain? No, I did not see any caring or compassion then.
Every country has its problems, nobody said otherwise. And every country has it's share of scandals. But it is a little too easy to point the finger at other countries. Calling a nation "the communists" reeks of 1950's McCarthy-era ignorance. Do they refer to you as "the capitalists" (sic) ? I doubt it somehow.
im not american, why did you assume i was? you realize that i live in china right?? i didnt say china was communist,... id say your country is more socialist than china today, no matter where in the world you live... and i dont even care where you live lol... fact remains. .. if they wanted to protect people, they have and have had a million better ways to do that for the past decade and have not. the regulations are not about protecting people, its about controlling money - the exact opposite of what most of us want (crypto enthusiasts)
the country isn't communist but the government is! so much so they've jumped in bed with tory britain and promised to build them a nuclear power plant!