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?