On September 4th, surveillant departments invented Yunbi and ICOINFO to discuss about the current ICO projects. Then, this two platforms stopped blockchain transactions, and ICOINFO began to prepare for returning tokens.
On September 5th l, he headed to relevant departments to report the details about Yunbi and ICOINFO. Later, ICOINFO launched the process of returning tokens.
Until 10P.M. on September 8th, ICOINFO finished 99% of the process.
The man is Xiaolai Lei. He touched bitcoin very early. Over time, he has had a relatively clear understanding about cryptocurrency, especially the bitcoin. Plus, as a investor he knew the danger behind crazy investment; the mass usually holds an unrealistic idea of becoming very rich overnight, through which these projects' teams easily raise enormous amounts of money. As a result, he suggested that these projects on ICOINFO should not use those tokens. If needed, he could lend money to them. In fact, both teams of BEX and PressOne all used his money to finish developing. And other majority of projects were asked to sign contracts for locking tokens. Now, it's these operations that make ICOINFO finish returning tokens fast.
On September 7th, he accepted an interview from Caixin Media. Here are some things that he contemplated about this wave of crazy ICO operations.
Because of the difficulty of understanding the ICO, most people "naturally" choose to believe what other people say and follow them. Even though he cautioned that people should not invest their money into those things that they didn't understand, they still gave up thinking and made investment disregarding the potential danger. He has never been aware that his words and actions generated such a big influence on many people.
Over time, China has always been tolerant of bitcoin and blockchain. Maybe this attitude leads to this wave of crazy ICO operations. He thinks that the government's surveillance is definitely necessary, but the relevant education for people could be more important.
Although the PressOne project that he launched is cancelled as required, he shows a strong belief that China would stand out in the field of blockchain in the future.
From these points, I have a deep understanding about what he said and did. I respect those people who have nerve to take responsibilities and have a positive attitude to face obstacles. They are my example of becoming a better self.