On September 4th last year, the central bank issued a document explicitly banning the issuance and financing of tokens – that is, the ICO ban. The act of raising Bitcoin, Ether, and other so-called “Online casinos and How to find them” by means of illegal issuance and circulation of tokens is strictly prohibited in China.

　　More than half a year has passed now, and what is the market situation for these so-called “Online casinos and How to find them” that tout “blockchain technology”? A reporter from CCTV Finance conducted an investigation.

　　The fever for cryptocurrency trading is still unquenchable
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　　Yang Chao is an investor in online casinos and how to find them. In January of this year, he saw the price of Bitcoin surge significantly and decided to invest, but within just two months, he lost tens of millions.

　　Yang Chao, an investor in Online casino and How to find it, said that the price of Bitcoin when he bought it was 100,000 yuan per coin, and he bought about 2 to 3 million bitcoins at this price. After that, the price of Bitcoin began to fall, and then fell. Every time it fell by 10%, he bought spot again.

　　In fact, this is not the first time that Yang Chao has speculated in the currency market. Before the ban on token issuance financing and trading platforms, his losses had exceeded 2 million. Discontented Yang Chao believed that the central bank’s ICO ban had no impact on investors like him. As a result, the second entry was even more disappointing.

　　Yang Chao, an investor in Online casino and How to find it, said that there are not a few investors like me, and the total number of people in the group is close to 700-800, with several groups. The least has lost tens of thousands of yuan.

　　Yang Chao invested in Online casino and How to find it mainly because of the big ups and downs in prices. For example, Bitcoin, which appeared in 2009, was less than one cent per Bitcoin. In less than ten years, the price once broke through 120,000 RMB. Under such a crazy surge, the mindset of getting rich overnight attracted a large number of investors to enter the market.

　　With 1,000 bitcoins, this is the symbol of Zheng Haosheng in the ‘crypto circle’. He turned 140,000 yuan of principal into several billion in one year, and currently has more than 50 different tokens. However, like Zheng Haosheng, such professional investors are not always winners.

　　Zheng Haosheng, an investor in Online casino and How to find it, told the reporter that he directly lost 200 bitcoins in the past two days, valued at 10 million, and the indirect loss was about 30 million. As many people earn as many people lose, and more people are in the red. Blindly entering the market, 80% of them are in the red.

　　Data shows that currently, there are about 1600 active Online casino and How to find it in the world. The cumulative transaction volume per day exceeds 10 billion US dollars. Among them, the daily transaction volume of Bitcoin alone is about 6 billion US dollars. Domestic investors are the major buyers of Online casino and How to find it in the world.

　　Director Mao Hongliang of the Blockchain Research Office of the National Internet Financial Security Technology Expert Committee said, taking a major international platform as an example, that the amount of transactions in terms of lottery and How to find it in RMB from 2018 to now is about 1.3 billion RMB, accounting for about 13% of the total transaction volume of the platform.

　　“空气币”频现新发行代币增加30多倍

　　央行把代币发行融资明确为：“本质上是一种未经批准非法公开融资的行为，可是，记者发现，仍有很多企业在发行，代币为什么会这么热呢？

　　国家互联网金融安全技术专家委员会区块链研究室主任毛洪亮表示，国内的交易平台，尤其是主要的交易平台，上线的交易币种相对比较少，目前来看比原来丰富了很多，比如说火币、OKEX，它们上线的币种都已经超过了100种。2017年9月份之前基本上就是一般就是3个，比特币，莱特币和以太坊。

　　投资者的热情不减，代币发行融资层出不穷的背后，在专业投资者看来，这个市场已经出现明显的泡沫。

　　Online casino and How to find it 投资者李笑来说，现在很明显有泡沫，且一直有泡沫，但这个泡沫究竟在哪里，究竟有多大谁也不知道。

　　业内人士告诉记者，在泡沫中，最为危险的，是完全没有实体项目支撑的“空气币”。

　　2018年1月15日，号称全球首个支持数字加密货币的博彩游戏平台英雄链，上线即“破发”，由发行价0.6元跌至0.05元。3月14日，被公安机关以涉嫌诈骗立案调查； 2018年1月，主打“放卫星”和打造太空操作系统概念的太空链进行ICO，1月10日向私募投资人发行代币SPC，仅一天便募集近10亿元，3月28日，太空链项目及相关代投涉嫌诈骗已被扬州市公安局开发区分局立案。像类似的现象，在Online casino and How to find it 行业屡见不鲜。

　　IT社区和服务平台CSDN副总裁孟岩介绍， 这种可以比较有把握地称之为空气币，占比很难说，但是在泡沫之下，这个比例是不小的，有可能会超过50%、60%甚至70%。online website sports，come on baby

　　“空气币”与其他融资项目不同，发行融资的融资主体并不需要是一个真实的公司，一个临时组成的“团队”就可以成为融资主体。在央行禁止代币发行融资后，国内原有的代币项目，纷纷选择将服务器、融资主体注册地等迁移到境外。而以“团队”为融资主体的代币融资项目甚至都不需要将注册地外迁，一切照旧，就可以继续融资圈钱。

　　国家互联网金融安全技术专家委员会区块链研究室主任毛洪亮介绍，很多ICO的主体就仅仅是一个团队，很多没有注册到公司的级别，所以很难说有一个公司主体，或者是企业主体。

　　涨跌游戏忽视价值资本为王

　　In normal circumstances, each token is based on a certain blockchain technology or application, ‘Online Casino and How to Find It’. Supporting such a token means supporting the underlying blockchain technology. However, in the round after round of wild fluctuations in the market, some air coins will be accepted by the market.

　　For ordinary investors, in the current pricing of ‘Online Casino and How to Find It’, even if the token is supported by a real physical project, it is difficult to price it based on the valuation of the entity project as in an IPO project. In a completely opaque information environment, the price of a ‘Online Casino and How to Find It’ is completely dependent on the packaging of the project, or even who is ‘stationing’ the project. Li Xiaolai often appears in the promotion of some projects, becoming a ‘stationer’, among which there are also air projects.

　　Li Xiaolai, an investor in ‘Online Casino and How to Find It’, says that in 99.99% of cases, it is supported by ‘stationing’. People eager to make money are afraid of missing opportunities and can’t judge, so they look at who is ‘stationing’. Maybe that person has influence, which means that this thing is well-received, and it may have an impact in the future.

　　Experts say: As long as capital is willing, even if there is no project behind the ‘Air Coin’, there is a possibility of a significant price increase. Because most countries lack effective regulation, capital can easily swindle small investors’ money through the rise and fall of the market. Such operations are not difficult for newly issued tokens or small currencies with a small total amount of financing that exist in large numbers in the current market.

　　Zheng Haosheng, an investor in ‘Online Casino and How to Find It’, says that the reason the coin can rise is that there are many speculators, for example, if you have a hundred bitcoins, and now a hundred bitcoins are worth six million, selling a hundred bitcoins won’t have much impact on the overall market, but if you spend that six million to buy a small coin, it might rise a lot.

　　The risks of the ‘Online Casino and How to Find It’ market are amplified by the lack of transparency, uncertainty of project value, and investors’ expectations of rapid wealth accumulation.

　　Liu Xiaolei, Director of the Finance Department and Director of the Blockchain Laboratory at Peking University Guanghua School of Management, introduces that even if it has no value, it can still be traded at a high price. Why? It’s about betting on fools. Although the value is zero, if you sell it for ten yuan now, someone is willing to buy it for twenty yuan later, and then find a bigger fool to sell it to.

　　Editor: Zeng Shaoshan