Xi Ming was in a state of great grief.

But Xu Qiqi and the people who are ambitious investors are still working day and night!

Xi Ming came to the United States and arranged everything before going to find Wen Niu.

Now Bitcoin is running out.

Medium-concept stocks are also continuing to be bought.

Xi Ming misses Wen Niu too much, these days, he has lost a lot of weight, and those employees have also lost a layer of skin in the villa.

The price of virtual currencies has skyrocketed in the past few months, and just a few days ago, bitcoin reached 320 million yuan a piece. Speculators in the coin speculation circle are gathered, and the ICO bubble has inflated to the brink of bursting.

An aura of destruction spreads.

Although ICOs are closely related to Bitcoin and blockchain, they are only wearing a legal vest. Taking advantage of the digital currency and blockchain research boom, "blockchain + virtual currency + ICO" may be a gorgeous scam that integrates many financial methods, cleverly circumventing the "Securities Law" and the "Regulations on the Disposal of Illegal Fundraising", which is illegal fundraising in disguise, but its essence is an unregulated crowdfunding financing platform, and the ICO that really raises funds for project investment is actually less than 1%.

The "openness" and "low threshold" of ICO have made ordinary financial consumption frantically entered.

Some people say that they entered the market with less than 100,000 yuan in June and earned more than 1 million, while others claim that they were deceived by the Bitcoin platform and lost tens of millions of money. More people have compared ICOs to "air coins", and started a god-like spit with "making money without cashing out".

Since 2017, there has been a large number of domestic activities to raise funds through the issuance of tokens, including initial coin offerings (ICOs), speculation and speculation are rife, and it is suspected of engaging in illegal financial activities, which has seriously disrupted the economic and financial order.

The state has perceived.

In the first half of this year, China has completed a total of 65 ICO projects, with a cumulative financing scale of 2.616 billion yuan and a total of 105,000 participants. However, industry insiders said that this statistics may not be complete, and the real financing amount may have reached tens of billions.

Under the banner of blockchain, some criminals use ICOs to carry out illegal and criminal activities such as pyramid schemes, fraud, and illegal fundraising under the guise of professional terms and future visions; Most ICO project information disclosure is inadequate or untrue, making it difficult for investors to distinguish between the authenticity and the merits of the project.

According to data from Huobi, China's domestic digital currency trading platform, digital currency prices have soared since August, with Bitcoin rising by 59% in a single month, Litecoin by 45.6%, and Ethereum by 88.2%. On September 1, the price of bitcoin hit another all-time high, breaking above $4,800 per coin; Litecoin prices have also hit all-time highs.

Related to Bitcoin is the ICO project.

At present, domestic ICO projects basically use the token system.

Token is a computer science concept that represents the right to account on a general ledger (blockchain) and is a new way of financing to support the development of projects by raising virtual currency. The focus of this supervision is on the "virtual tokens" issued by ICOs. Virtual tokens do not exist on an independent blockchain, so they need to be "parasitized" on another blockchain system, and do not have their own independent github code base, only have circulation functions, so they have almost no value.

Because the virtual token itself is the act of "borrowing chickens to lay eggs", it does not have a blockchain itself, and is simply "parasitic" on the blockchain of other currencies, and can be registered by using smart contracts.

In the absence of clear supervision, the ICO counterfeiting industry chain is very complete, and the key elements of ICO projects that are fully packaged include: the code farmer ICO platform where the opinion leaders of the broker platform of the project issuer provide the code.

At the front, middle and back ends, a complete assembly line, retail investors with highly asymmetric information are collectively harvested, and retail investors are called "leeks" on the assembly line.

In the front-end, brokers are responsible for spending tens of thousands of dollars to buy "codes", package items, and take away 5% of the coin; in the middle-end, they find platform and pushers, each person can share 1% of the coin; after the launch, the dealer appears, pushes the price to a high point, and quickly ships and cashes out, which is called "market value management".

Many investors who follow the trend do not care about whether the project is reliable or not, but only care about whether they can catch the market maker express and raise the currency price. An ICO project only needs to start at a very low cost, and it begins to circle money, and brokers, promoters, and dealers work together to share the "leek feast".

Chaotic ICOs, skyrocketing Bitcoin.

It's not a boom, it's a circle of money, it's a financial fraud, it's a financial crisis.

On August 30, the Internet Finance Association of China issued the "Reminder on Preventing Various Risks Related to Absorbing Investment in the Name of ICOs", pointing out that some institutions engage in financing activities in the name of ICOs, and the relevant financial activities have not obtained any licenses, which are suspected of fraud, illegal securities, illegal fundraising and other behaviors.

Subsequently, seven ministries and commissions, including the People's Bank of China, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the Insurance Regulatory Commission, jointly issued the Announcement on Preventing the Risks of Token Issuance and Financing (hereinafter referred to as the "Announcement"), clarifying that ICO is essentially an act of illegal public financing without approval. Demand the immediate cessation of all token offering fundraising activities.

There are three important instructions related to the core content: 1. No organization or individual shall illegally engage in token issuance and financing activities, 2. Strengthen the management of token financing trading platforms, and 3. Financial institutions and non-bank payment institutions shall not carry out business related to token issuance and financing transactions. This is after the central bank and other departments warned of the risks of bitcoin transactions in 2013, the regulator once again seriously rectified the so-called "virtual currency" transactions.

After the above announcement was issued by the seven ministries and commissions, the price of bitcoin yuan on the Huobi platform fell by more than 6,000 yuan, and the lowest fell to 26,500 yuan per coin, and major digital currencies such as Litecoin and Ethereum fell sharply.

After China's heavy punches.

Regulators around the world have also issued warnings about the ICO market.

The UK's Financial Conduct Authority (FCA) has issued a warning to consumers on its website about investing in ICO projects. The FCA warns that ICOs are very high-risk, speculative investments, and investors must clearly understand the risks involved, conduct adequate research on the project, and you must be an experienced investor, confident in the ICO project you want to invest in, and be prepared to lose all your money.

Singapore: A risk warning was issued warning that clients should be wary of investment schemes that promise high returns, which can be a scam and may also promise high commissions. Such digital tokens could also be multi-level pyramid schemes (MLM) scams, such as the infamous Onecoin token.

The Securities Commission of Malaysia has stated that it is vigilant about the risks of ICOs, saying that ICO projects are unregulated and may expose investors to fraud, as well as money laundering and terrorist financing. In addition, the operator of the token sale can conduct the activity abroad, which means that the recovery of the investment "may be subject to foreign laws or regulations".

Bitcoin fell 8,000 yuan in an instant!

However, there are exceptions, Switzerland, a "tax haven" with a high concentration of global financial institutions, which is the most lenient for ICOs, and does not require a special license to issue tokens, but needs to be approved by the Swiss Financial Supervisory Authority (FINMA) to conduct business.

In Japan, the Cabinet Decree on Virtual Token Exchange Companies, which was passed by the Cabinet Council, came into effect. The document acknowledges the legitimacy of Bitcoin, but stipulates that companies engaged in the business of buying and selling virtual tokens and exchanging virtual tokens must register with the government and provide various information including the expected income and expenditure within three years and the corporate structure. Relevant Japanese ICOs are required to increase their own information disclosure in accordance with the regulations.

In the case of the tightening of ICOs in various countries and the suspension of China in China.

Bitcoin instantly stopped the crazy surge and slowly fell back.

At this time, Ximing's investment of more than 4 billion yuan in bitcoin has already been sold, and it has made a profit of more than 29 billion.

This money is converted into four or five billion US dollars, and now the employees of Ambition Investment Company have bought a large number of medium-concept technology stocks and Internet stocks in the US stock exchange market, of course, there are also stocks of giants such as Apple and Amazon in the United States.