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Korean Government to declare its stance on ICO in November.

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The South Korean government is relied upon to report its situation on initial coin offerings in November, as per a high-positioning official.

The South Korean government is relied upon to report its situation on initial coin offerings in November, as per a high-positioning official. The choice will pursue the result of the survey which the nation’s Financial Supervisory Service as of late conveyed to domestic blockchain companies.

 

ICO Stance Announcement Expected in November

Korean Government Anticipated that would Declare ICO Position in November, Official Says Hong Nam-ki, Chief of the Office for Government Policy Coordination, passed on amid a parliamentary review on Thursday that “The Korean government is probably going to report its position on the much-debated status of initial coin offerings [ICOs] in November,” the Investor detailed.

He clarified that a survey on ICOs has been sent to neighborhood blockchain companies by the nation’s Financial Supervisory Service (FSS). The FSS is in charge of setting a few arrangements on digital currencies including anti-money laundering measures. The point of the survey is “to assemble their [survey recipients] sees on the current legal framework” for ICOs, the distribution included. “We did the survey as a few companies are leading or getting ready for ICOs regardless of the ban here,” Hong cleared up and was additionally cited saying:

We have had a few discussions (on ICOs)… Once the survey results are in by end-October, we intend to finish the government’s position.

 

Money Today additionally cited him reaffirming, “I expect to shape a government position on ICOs one month from now.”

The South Korean government banned all types of ICOs in September a year ago however presently can’t seem to present any law overseeing them. This has caused various Korean blockchain companies to dispatch their tokens abroad, giving the chance to domestic investors to keep on investing in ICOs.

 

The ICO Survey by South Korea

Korean Government Anticipated that would Report ICO Position in November, Official SaysThe ICO survey sent by the FSS has vexed businesses that got it, as indicated by neighborhood media. Inquiries in the survey concern any ICO ventures companies might be included with or are intending to take part in, including motivations to issue tokens and their techniques for dissemination, the Korea Economic Daily announced.

While the FSS says that the survey isn’t obligatory and that it just looks for “to comprehend the correct circumstance of the industry, not for assents,” companies are hesitant to unveil certain data since ICOs are at present banned in the nation, the distribution noted.

 

FSC’s Present Position on ICO

In the mean time, the Financial Services Commission (FSC), South Korea’s best financial regulator, has reaffirmed its position on ICOs for the present.

“The government does not preclude the promise from securing the blockchain industry,” FSC Chairman Choi Jong-ku was cited by Yonhap saying on Thursday. Nonetheless, “I don’t think it is important to compare the virtual currency business with the blockchain industry,” he stated, explaining:

Numerous individuals say ICOs ought to be permitted, however ICOs’ vulnerability remains, and harm is excessively genuine and self-evident.

Choi likewise underscored the requirement for more crypto exchanges to utilize the genuine name framework that the government actualized in January. The regulator means to convert all crypto exchanging accounts to genuine name ones. Be that as it may, banks have just been giving the genuine name transformation service to the nation’s four best crypto exchanges: Upbit, Bithumb, Coinone, and Korbit. Every single other trade keep on utilizing their corporate accounts which the regulator says are prone to money laundering.

“We need to persuade the banks,” Choi declared, perceiving that as of now “commercial banks don’t give genuine name accounts to some virtual currency exchanges.”

#Scam

ICOs Keep Failing: How Not to Fall for a Scam

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There are, however, 5 good indicators showing whether or not an ICO is a scam, and if these raise alarm bells, it is probably best to find one that doesn’t.

If you have been trading in the cryptocurrency arena for the last few years, no doubt you have come across ICOs. For those of you who aren’t in the know, an ICO is initial coin offering made by new cryptocurrency projects. Typically, these offerings are made by way of crowdfunding as a means to draw investment to kickstart the currency effectively and provide traders and investors with the opportunity to pick up potentially valuable tokens at a discounted rate.

The tokens are sold on the premise of a successful launch with investors being able to cash in if the project is successful by selling their tokens in the future. So far so good, ICOs are providing a solid base for investment with the opportunity to make generous returns when the platform is live.

The problem is that ICOs are often scams. In fact, it was estimated by ICO advisory group Statis that 80% of all ICOs that went to market was in fact scams set up by fraudulent individuals looking to make a lot of money and disappear as quickly as they had emerged.

That does mean, though, that 20% of all ICOs are legitimate and profitable, but with 4 out of 5 being outright scams, how can you tell the good from the bad? And how can you make sure your investment is with an ICO that could yield lucratively in the future?

5 Ways to Identify an ICO Scam

To start, it is important to highlight that there is no fool-proof way in determining whether an ICO is a scam or not. In an ideal world, scammers would be easily identifiable, but the problems arise due to the sophistication employed by scammers to get investment. There are, however, 5 good indicators showing whether or not an ICO is a scam, and if these raise alarm bells, it is probably best to find one that doesn’t.

 

Tip #1 – Understanding the Development Team

This is critical and should be your first concern when considering whether an ICO is a scam. Development teams for these projects often have good track records that are independently verified through third-party sources. This is primarily because it is very rare that a grass-roots ICO project with no development history or credentials would be legitimate.

Familiarize yourself with the team behind the ICO, “google” their head office, check their educational and business history on LinkedIn. If a development team or individuals behind the project have already contributed productively to the crypto world then it might be a key indication that they are legitimate.

 

Tip #2 – Get to Grips with the Whitepaper

An ICO whitepaper is very much like a business plan. It should identify the key areas that the ICO is looking to address, how it intends to achieve its goals, and more importantly, it should outline any concerns that the developers have. This last point is something that scammers often overlook as they don’t wish to perpetuate any negative connotations attached to their offering. This is because they want as many people on board as possible.

A legitimate whitepaper will highlight areas that the developers are wary of as well as ways in which they intend to combat them. It will show careful planning and contingencies being put in place from the outset.

If the whitepaper seems too good to be true, it likely is!

 

Tip #3 – Examine the Token

The offering for an ICO will be made through either a token or some tangible currency system. If an ICO has been set up honestly, it will be relatively straightforward for investors to view the system and token performance. This information should be accessible so that you can discern how a token has performed over time as well as view current performance.

Marry this information up to the claims and projections in the whitepaper, is it feasible that the token can achieve results in the way that the developers are claiming it can?

If you can’t track token’s performance at all, it is a clear indicator that something is not right about the ICO and you should move on to the next one.

 

Tip #4 – Take Everything with a Pinch of Salt

Tying back in with the feasibility mentioned in the previous point, always err on the side of caution when evaluating the company’s claims. If an ICO looks very attractive, but after evaluation of its performance you have been discouraged by borderline or poor performance, it is best to steer clear rather than expect a turnaround.

Cryptocurrency, in general, is rife with exaggerated claims and hype, only legitimate platforms retain value regardless of this. So it is very important you trust your gut instincts when deciding if a particular project is for you. If something doesn’t look right or doesn’t ring true, don’t make excuses for why that might be and move on instead.

 

Tip #5 – Spread Your Risk

Even the most seasoned investors have fallen for ICO scams. This is because they often appear very real. It is worth mentioning that you should never put all of your capital into one ICO but rather look at other offerings and balance out investments to find a dynamic that not only works for you but protects you if one is a scam.

If you have been caught out by a scam, think carefully about the process you employed when selecting that ICO, establish where you went wrong or what can be done differently. If you can’t do that, it is perhaps best to steer clear of the ICO market and look to other fantastic opportunities in the crypto world.

Some ICOs have had incredible success, but the ICO market is currently littered with poor ICO options that are purely there to rob you. Always be inquisitive, ask questions and make sure you feel comfortable before investing.

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Pablo Escobar’s Brother: Roberto Escobar launches Escobar Stablecoin ICO

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Roberto Escobar, the brother of the late drug lord Pablo Escobar has launched an initial coin offering for a dollar pegged ESCOBAR stablecoin.

Roberto Escobar, the former operator of the Medellin cartel and the brother of the late drug lord Pablo Escobar has launched an initial coin offering for a dollar pegged stablecoin. Roberto Escobar is directly targeting Donald Trump in his crowdfunding campaign and is targeting a whopping $50 million investment.

 

Escobar ICO:

The crowdfunding is being promoted on the official Impeach Trump Fund website which reads that Roberto Escobar is now accepting donations to impeach President Donald Trump in 2019.  The website has also posted content starting Donald Trump has the worst president that the United States of America has had. The donation can be made by buying the ESCOBAR stablecoin on the website http://escobartrump.org/.  The Escobar ICO also claims that USDT or Tether is not a trustworthy stablecoin and Escobar Stablecoin is planning to compete with USDT. They are also claiming that Donald Trump had ordered GoFundMe to close down their funding after they had received $10 million investment. Olof Gustafsson, the CEO of Escobar Inc, the company running the ICO and the stablecoin told Hard Fork that earlier their aim was to raise $50 million using GoFundMe platform but their funding was shut down b the website. Just within 24 hours of being shut down, they launched the ESCOBAR stablecoin for avoiding anyone to censor them again.

 

ESCOBAR stablecoin whitepaper:

The whitepaper of the ESCOBAR stablecoin reads that 1 billion ESCOBAR tokens (ERC 20) shall be issued on the Ethereum Blockchain. The tokens shall be pegged with US dollar and will be redeemable through an entity registered in Belize.

 

The COO of Escobar Inc, Daniel Reitberg said that they had plans to launch the ESCOBAR stablecoin in 2019 and is they are insisting people to use their stablecoin. He also added that they don’t trust Tether and that Roberto Escobar has had a wonderful career in his lifetime making hundreds of billions of dollars.

 

Roberto Escobar had earlier tried launching Diet Bitcoin: A bitcoin hard fork in March 2018. The Diet Bitcoin website read that bitcoin needed an alternative as CIA was about to destroy bitcoin.

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South Korea Planning ICO and Crypto Taxation

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The government of South Korea is planning the taxation on Cryptocurrencies and Initial Coin Offerings according to a document presented by Hong Nam-ki.

In accordance with a document presented by Hong Nam-ki, the finance minister nominee, the government tax authorities of South Korea are planning the taxation on Cryptocurrencies and Initial Coin Offerings.

 

Document submitted to the National Assembly of South Korea

According to Hong Nam-ki, the document shall be concluded by the creation and advancement of tax infrastructure. The document was submitted to the Korean National Assembly.

A special task force shall be appointed to access the document and examine different cryptocurrency taxation plans to choose the most suitable.

The document mentioned cryptocurrency as an electronic sign of value that is issued by private authorities and not by a government bank or financial institutions. The document also stated about more than 2000 crypto that exists in the cryptocurrency world although only about 160 are being traded currently on the exchanges of South Korea.

Hong Nam-ki also focused on Initial Coin Offerings that are currently banned in South Korea saying that ICO market will be examined and monitored carefully.

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