Hong Kong Cryptonation 🚀 🌝


#23

Have you tried ANXPro exchange? I have setup an account there ready for my next trip back to HK. The rates look good, but I haven’t made any fiat deposits yet.


#24

Happy Friday!
No T8 or T10’s this week so all good here. With regards to trading, I’m currently hodling OMG, ETH and LTC.


#25

Eyy Hahah Nice! No T8/10 is always good news! : ) You must be smiling with OMG going to the MOOOOOOON!

@seikin Thanks for the recommendation, I’ve never heard of ANXPRO exchange but I just checked them out and they seem legit :+1:

@TwentyPastFour Helloo! Welcome to the Hong Kong Cryptonation page! Keep spreading the words of crypto to your friends :slight_smile:
When I first started I used bitcashout, its almost instant but their rates are higher :frowning: other than that, sticking to gatecoin. But do give @seikin’s recommendation a try!

Happy Friyay all! :smiley:


#26

Hi 4:20.
I first used Local bitcoin and found a good trader who could deal with reasonable volumes and was quick and reliable. But his fees were as you would expected higher then just sending bank transfers and exchanging for BTC.

Since then I have used Gatecoin. They are quite quick at verifying your identity and also to place funds in your account. But it still takes close to a week from me making an online transfer to their account to when my funds are usable on their exchange. Their customer service seems good though.

I have not bought through ANXPro but I have heard they do not offer much support.

Biggest issue with buying in Hong Kong exchanges is that there is very little volume so you have to settle for prices a little off from what is trading at that particular moment.


#27

Did you guys see the article on ICOs in SCMP today. if not here is the article.

**

China’s ban on ‘wild west’ digital fundraising gets thumbs up from unlikely quarter: coin investors

**
PUBLISHED : Thursday, 07 September, 2017, 8:00pm
UPDATED : Thursday, 07 September, 2017, 11:05pm

Concerns the market for ICOs was descending into fraud were behind the central bank’s decision to shut it down, with even market participants saying that a cooling-off would be good
For digital currency investor Lin Jiapeng, the Chinese central bank’s sudden ban this week on initial coin offerings (ICOs) was “effective and timely”, even though it meant a loss of business for his firm.

“It’s a nice catch by Chinese regulators to rein in the bubble,” said Lin, founder of Link Capital, a Shenzhen-headquartered venture capital firm specialising in financial technology, digital currency and blockchain investments.

The People’s Bank of China (PBOC) declared the digital fundraising schemes illegal, a move that was prompted, it said, by concerns over financial stability and the potential for social unrest if the schemes turned out to lose money for investors.

In a country notorious for “get rich quick” investments that are often little more than scams, the central bank may have decided to ban ICOs to prevent any problems and give itself time to work out how to regulate them.

“The amount of funds raised from ICOs has been small so far, so we can’t say the ban is preventing a financial disaster, but they were indeed getting a bit wild west,” said Richard Jerram, chief economist at the Bank of Singapore.

He added that the ban may also be part of a broader crackdown on capital outflows that Beijing has been pursuing for some months, as ICOs could potentially provide a means for people to take money out of China.

In an ICO, companies – typically those looking to become digital currency traders – issue virtual currency tokens to investors to raise funds. If the business succeeds, the investors gain from an increase in the value of the tokens. But the practice is unregulated, and investors have no underlying security, like a bond for example, to fall back on if the platform does not succeed.

A combined 2.6 billion yuan (US$398 million) was invested in as many as 65 ICOs in China in the first seven months of 2017, according to the Beijing Internet Finance Association. But according to the central bank, a startling 90 per cent of them may have been fraudulent.

Some of the schemes themselves have added to this perception by using fanciful names or suggestive images – the website of one ICO issuer, NMB, is adorned with pictures of scantily clad young women. But ICOs had attracted a large pool of investors, from financial professionals to chicken farmers and even groups of elderly square dancing enthusiasts, drawn by the idea of a fast buck.

But after the ban was announced on Monday, the market fell silent, digital currency trading platforms closed, projects were scrapped and forums and conferences on digital currencies cancelled or postponed. Even some of the investors’ group chat rooms vanished.

On Thursday, NEO, China’s 12th largest cryptocurrency platform by market value, said in a statement on its website that it would refund investors in its ICO fully, while a day before, Yunbi, another popular trading platform, said it would wind up trading of 13 digital currencies, including OMG and QTUM.

Investors in ICOs who spoke to the Post said that even though they had lost their investments, the ban was necessary.

An online shop owner in the southeastern city of Xiamen, who gave only his surname Xia, said his perception of ICOs had changed since he was first exposed to the concept in 2013 as a 19-year-old.

“At first, I really believed I was investing in blockchain technologies and other promising projects, but gradually all I wanted was to sell once they were tradeable on the secondary market.”

Xia said he was also disturbed by the dubious use of the capital raised. “One famous issuer once planned to raise over 1 billion yuan, but where and how he would invest the money was not clear. There were other ICOs which pooled funds in exchange for their tokens but the purpose of their offerings was just to launch another token,” he said.

Shi Jianglong, another investor, who works in Shenzhen in a company providing blockchain technology services to corporate clients, said he thought some of his friends were now too embarrassed to admit they had invested in ICOs.

“I would study the issuer and their offer documents, and discuss the project’s feasibility before investing, while most investors wouldn’t or couldn’t do that,” he said.

He believed that the PBOC’s estimate that 90 per cent of ICOs were fraudulent could be an underestimate.

However, other investors said an outright ban may not have been the only approach the PBOC could have taken.

“It’s the right thing to regulate, but the PBOC can’t hammer the life out of innovation,” said an investor surnamed He from Anshan city in northeastern Liaoning province. “They need to reflect on why China can’t develop a globally received cryptocurrency like bitcoin,” he said.

He added that the central bank had been encouraging blockchain technologies, but the ban could damage that.

“Regulators could have set up thresholds allowing eligible investors to participate in the offerings, while tightening registration requirements for issuers,” he said.

Another expert said that it was the mania surrounding ICOs that killed them.

“Had ICOs grown moderately in China, the authorities’ approach would have been softer and there would have been ways to foster blockchain innovation,” said Huang Zhen, a financial law professor at China’s Central University of Finance and Economics.

Nonetheless, the ban was necessary, he said.

“The market could derail without the ban. An orderly exit would keep investors from [protesting in ] the streets, social unrest would be the last thing the PBOC wants to see.”


#28

HongKonger " :raising_hand_man:


#29

Hello @Chichi_Cello, welcome to the Hong Kong Cryptonation page! Hope your cryptos are off to the MOOOOOOON! :bitrocket::full_moon:!!


#30

Glad to know I’m not alone in the S.A.R.
Wassup HK crew! Congrats on winning that Doge yesterday Justlam7.
HK represent!


#31

Hello @voodoo88! Welcome to the Hong Kong Page - You’re never alone!
Hahaha thank you! I was really surprised too, lucky number “28” (In cantonese 28 meaning 2 - easy, 8 - rich).

How’s the trading? : )

Have a beautiful Sunday!


#32

@justlam7 8 is the number! I didn’t know that about no. 2… I like it.

Trading is stagnant for me this weekend - I sent money to an exchange in the US on Friday morning and it hasn’t cleared their end yet (which is somewhat worrying) so I’m missing out on the sales. Probably a good thing - as had it cleared on Friday afternoon I’d be in the red right now big time!

The market is pretty brutal right now with all these China rumours. I’m sure it will be fine though. I was warned this crypto world would be a rollercoaster for the next few years and I’m in for the long term.

How’s your trading going? You taking advantage of the sale?

Have a great Sunday!


#33

Tradings doing well! HODLING to some coins while trying to invest in something short term too. OMG is doing me some good, same as CVC.

Market has been somewhat volatile with all the Chinese news… And these Chinese ICOs (LRC) don’t really know how to communicate with their backers. I sold them off (FOMO) and only now they tell us that they are registering some place else where (not China)… So imma take break / hold on to some coins and see how things go.

Also, do you have a HK account? try gatecoin they’re Hong Kong based. Can get your funds exchanged within 1-2 days (HK Bank account). Go check them out : )


#34

@justlam7 will definitely check Gatecoin out. For some reason I was skeptical and went for a big US name for safety. OMG is the only green in my portfolio (for now). I’m not necessarily feeling it long term but trying to earn a BTC if I can. See how it goes.


#35

Yeha check them out, if not… try “bitcashout” its also based in Hong Kong, they can transfer within a matter of hours… but of course their exchange is MUCH higher.
Yeah… OMG and CVC are the only ones thats green : (

fingers crossed they go up!!


#36

Gatecoin has recently sent me this message whilst depositing fiat to their account.

Dear Gatecoin user,

As of this morning September 15, 2017, all HKD and USD transfers to and from our client bank account at Hang Seng Bank are temporarily on hold. Please refrain from depositing any more funds into our Hang Seng bank account, as they will most likely bounce back.

While we are working to resume HKD and USD transfers through our current Hang Seng bank account, we invite you to use another bank account owned by Gatecoin. The bank account details will be available the our Deposit Section of gatecoin.com. We will waive our deposit fee for all HKD and USD deposits made to our new client bank account: only bank charges will apply.

This change may cause some delays in the withdrawals that are currently being processed, and we apologize for the inconvenience caused.
Please log in now to check the updated USD and HKD bank account details
_Thank you for your cooperation, _

The Gatecoin Team

I wonder why this has happened and I am not too sure about the dubious off-shore bank that they now want me to send money to…anyone else have thoughts? Is this to do with the China exchange bans? Gatecoin is HK based so should not be under the same rules I believe.


#37

I really need to get out to Hong Kong. Fo sho!


#38

When is this happening @Peter?! Hong Kong’s waiting for you!


#39

Hite beers all round!


#40

Tokenlab has a new Hong Kong client - The Praetorian Group (PAX)


#41

Hung Hom right here! I’m a FOB (fresh ON the boat) with this crypto game. Any resources/meets for buy/sell crypto in Hong Kong, please do share. Thx!


#42

Hi, If you look at the previous posts, you will see that there are already a few suggestions.

Gatecoin is currently still suspending deposits via HKD or USD.

I have recently found that Gemini which is a part of the Winklevoss(the Facebook twins) group of companies is allowing Hong Kong residents to trade on their exchange and deposit via wire transfer. I have yet to do this myself but I have submitted KYC verification and am now awaiting completion.

https://exchange.gemini.com

The other option you have is that Genesis Block just opened in Wanchai and they have BTC and ETH atms right outside on the street. They are charging 5% which by all accounts isn’t that bad for atms.

Hope that helps.