I'm disappointed to see proof-of-work issued tokens declining along with ICO issued tokens, because I think Bitcoin, Litecoin, Bitcoin Cash will not ever be encumbered as securities. But I think this might be a short-term aberration as China has apparently threatened to close all exchanges even for Bitcoin. Eventually I think the ICO issued coins will be recognized to be the losers and investment will shift to the bona fide proof-of-work tokens I named (Dash not being one them because of it's fraudulent instamine arguably making it a security in some future regulatory environment).

But I think it is impossible that China will remove themselves from the cryptocurrency markets. They will shoot themselves and their high tech economy in the foot if they do so. Japan and South Korea have fast growing exchanges. Let China leave and let the door hit them in the ass on the way out. Yet I think China will not. Just rumors that will end up being not true.

But afaics ICO issued tokens are eventually doomed. Not sure how many months or years until they are clearly doomed though. It's also not 100% clear how all the various jurisdiction issues will play out and the timing thereof, but it's such a jumbled jurisdictional mess, I really do not understand why anyone who is not desperate would be touching ICO issued tokens. What is the use of greed if in the end one's life is destroyed by the lack of caution. We are headed into a tempest of sovereign debt crisis and global monetary and governance upheaval. I do not think it is wise to incriminate ourselves with a very uncertain regulatory mess of a future ahead. Some others are defiant, and I am pondering they must be desperate or not very wise investors. In order to preserve investment gains over decades and generations, one must not walk on hot coals and unnecessarily incur the wrath of the authorities.

I consider myself to be a high risk taker, yet I think miring myself in legal culpability that could come back to haunt me even 10 and 20 years from now, seems unwise. Especially when I can restructure my activities to avoid the unnecessary risk. And the tokens which are not securities, should eventually outperform over the long run because they are not encumbered and afflicted by the issues discussed in this thread.