Hong Kong to launch TV ad campaign warning people of cryptocurrency, ICO risks

[midian182]

With many people afraid of missing out on a chance to make easy money, millions of everyday consumers now own cryptocurrencies. But not every investor has a sound understanding of how these systems work, which is why Hong Kong’s authorities are launching a campaign to educate its citizens on the potential risks involved when it comes to ICOs and crypto trading.

The country’s Financial Services and the Treasury Bureau (FSTB) and the Investor Education Centre (IEC)—a subsidiary of the Securities and Futures Commission (SFC)—are behind the campaign, which warns of the investment risks using advertisements on Hong Kong’s MTR stations, television, and in print and digital media.

As noted by TechCrunch, the SFC voiced its concern over the growth of ICOs last September. Initial Coin Offerings raised $4 billion for companies in 2017.

"The increase in media coverage and hype around ICOs and cryptocurrencies, such as bitcoin, has aroused public interest. However, the public might use these as speculative tools without full understanding of their nature and potential risks,” said the Under Secretary for Financial Services and the Treasury, Joseph Chan.

Additionally, the Chin Family website, the financial education platform of the IEC, has developed several articles that explain the features and risks of ICOs and cryptocurrencies.

The potential for fraud and security breaches is also a concern. Japanese exchange Coincheck had 500 million dollars’ worth of NEM coins stolen last Friday and is reimbursing customers using its own money.

With the campaign, Hong Kong is following South Korea in trying to calm its citizens' rampant speculation. The latter country has introduced new rules and tighter regulations and even suggested that a ban on exchanges could still be brought in—a potential measure that resulted in the price of many cryptocurrencies falling.

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https://www.techspot.com/news/72988-hong-kong-launch-tv-ad-campaign-warning-people.html

 

[ZackL04]

Wow, talk about government hand-holding

 

[yRaz]

ICO's are garbage, so, I'll give them that. ICO's are basically a cash grab for developers

However, cryptocurrencies remove the need for banks and the governments abilities to manipulate the currency. With a nation line China that's essentially built on slave labor, this is a big deal. I also think this has a lot to do with the fact that they found themselves unable to ban Bitcoin. Japan and Australia aready said they can't regulate it's use so just use it if you want. The US probably wont admit it which is why they decided to tax the hell out of it instead out right try to ban it

They other thing they people aren't thinking of is it's adoption in developing nations and the impact it's having on their economies. It's extremely popular in Africa and South America where countries don't have a strong currency. It is allowing these countries to buy goods on the world market.

It would be nice to see crypto stabilize and have the several good ones rise to the top. We're still several years away from that.

 

[Michael7]

ICO's are garbage, so, I'll give them that. ICO's are basically a cash grab for developers

However, cryptocurrencies remove the need for banks and the governments abilities to manipulate the currency. With a nation line China that's essentially built on slave labor, this is a big deal. I also think this has a lot to do with the fact that they found themselves unable to ban Bitcoin. Japan and Australia aready said they can't regulate it's use so just use it if you want. The US probably wont admit it which is why they decided to tax the hell out of it instead out right try to ban it

They other thing they people aren't thinking of is it's adoption in developing nations and the impact it's having on their economies. It's extremely popular in Africa and South America where countries don't have a strong currency. It is allowing these countries to buy goods on the world market.

It would be nice to see crypto stabilize and have the several good ones rise to the top. We're still several years away from that.

totally agree

 

[SirChocula]

ICO's are garbage, so, I'll give them that. ICO's are basically a cash grab for developers

How is it garbage? If you don't know what you're doing and don't do any research on any of the coins you're buying...then obviously you would lose out. I've gotten 4-6x returns on ICO's that I've participated in. Your blanket statement holds no merit.

 

[ET3D]

cryptocurrencies remove the need for banks and the governments abilities to manipulate the currency.

First of all, it doesn't. China could easily (by force) grab hold of most of the Bitcoin production and manipulate the blockchain at will. And if not China, then organised crime or big corporations.

Crypto basically moved control of currency from those who have vested interest to keep it stable and accessible, to the hands of those who want as much money for themselves as possible, without regard to anything. And the naive crypto lovers actually think it's good.

 

[yRaz]

First of all, it doesn't. China could easily (by force) grab hold of most of the Bitcoin production and manipulate the blockchain at will. And if not China, then organised crime or big corporations.

Crypto basically moved control of currency from those who have vested interest to keep it stable and accessible, to the hands of those who want as much money for themselves as possible, without regard to anything. And the naive crypto lovers actually think it's good.

I've been in this since 2010 and I research this stuff heavily. If you want to disagree with me then that's fine but I guarantee I have a lot better idea on this whole crypto thing than you.

but to address that one point, Bitcoin is trash and will fail, it's only time. Other coins have been designed around preventing something like a large group of people getting together and manipulating. The ONLY thing stabilizing it is it's use in countries with weak fiat currencies or where it's illegal to make any person-to-person trade.

 

[ET3D]

I've been in this since 2010 and I research this stuff heavily. If you want to disagree with me then that's fine but I guarantee I have a lot better idea on this whole crypto thing than you.

Let's assume you're right, so please answer me these:

What percentage of Ethereum is mined in farms vs. individuals?

What happens if the Chinese government decides to take control of the factories that manufacture GPU's and cards, and creates its own farms?

What happens if NVIDIA decides that mining is more profitable than selling chips, and takes all chip production itself, or if Amazon decides that instead of offering cloud services it converts all servers to mining?

What prevents people from taking mining farms by force?