South Korea bans ICO, hmmm, do we need saving from government or do we need to grow up?
South Korea's financial regulator announced yesterday that they will ban ICO's. Why? They want to monitor it and control it. Heavy regulations are in the air. To protect us from scammers they say. Really or is that just what they serve us for dinner?
It is a fact that people get scammed on ICO's and the number is raising. A lot of the ICO's are total crap and people lose money but do we need government saving? Maybe it is a better idea to to investigate where you put your money first and to take a calculated risk. Never invest money which you can't afford to lose in the first place. When we make mistakes we learn from it and do things next time better.
If we go out of the realm of ICO's and Cryptocurrencies for a small comparision and look to 'real' live businesses where everything is so called regulated and controlled. We also see that there are a lot of fake businesses and scams. People get played there too but there is no total ban on starting up a business. When a business scams the authorities track down this people and make them stop, put them in prison or whatever. Did this approach ended scams. No it did not. It is probably not encouraging, but scams did not end. Regulating the crypto world is nearly impossible and it will not end the scams by regulating it.
So why ban the ICO's and not do the same as in 'real' live businesses when there is a scam. Is it to protect us. Are we so sad as a human species that we can not take our own decisions? I believe that the ICO's are getting banned because it is not taxable yet my friends. They need time to make a strategy to tax and to follow the money.
To my mind the actual worry of the government and central banks is not losing money but control and power.
What do you think about this?
I believe it is a good thing for gov to start regulating ICOs for good since there are too many low quality out there. We will witness a small bear before bull up again soon!
Thanks for the post. I have already upvoted :)
Thanks for your reply. Let's go for the bull trend up. :))))
thanks for the post ! it's a good thing and it is necessary for a strong blockchain economy .
Thanks for your reply Tony. Why do you think it is good for the economy? I agree somehow with legislation on ICO's because there are to much scammers. On the other side I do not agree with the taxation of crypto coins. How do you feel about it?
Off course they want to tax it. They see all this money flow and they don't get a cut. It's all very difficult because a government needs taxes to run. They have responsibilities towards it's citizens. They need to provide security, infrastructure and education. Only to name a few. The sad part is, they want the money for themselves too and there always will be corruption. Unless we can find a way for the blockchain to provide all the responsibilities that the government provides they will need taxes.
Who knows what government is thinking. One thing is for sure. Corrupt officials will find a way to get some money for themselves out of it most probably in form taxes or whatever reason they can think of. Scammers will always be there but banning ICO I think may not be the best solution.
Indeed. Thanks for your reply. I agree. In time the blockchain will solve a lot of issues and the role of governments will change.
Your post is very useful for me. Thanks for sharing
Upvoted !
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Thanks for the upvote. I followed and will upvote in a second. :)
Just the start to regulation of cryptos and ICO. In same ways protection against scammers but probably mostly the government want to control the process and at the same time get a piece of the action.
Indeed. For example; now they blocked exchanges to regulate and get a piece of the action and regain control, somewhere some people are working on totally decentralized exchanges. It is beautifull to see that blockchain technology is going to redistribute wealth and power. Even if it looks like the governments are slowing down the proces on the long term they are speeding it up. People do not want to be restricted. I thought about the tax system. Every government is different, but let's say they tax your income with 52 percent. When you save the rest it got taxed and beside of that it looses value, when you spend it it get's taxed again. So lets sat you have a 1000 net and decide to spend it al. You do not have a thousand bcs that will be taxed to with something like 20% every time something is bought in a shop. So in fact when you get payed 1000 net on your account, you have actually 800 to spend. How crazy is that? 😂😂
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