Also, Thailand SEC warns against ICOs and India moves forward on cryptocurrencies

688 million people sent hongbao via WeChat on Chinese New Year’s Eve — TechNode

We may look up one day and find those infamous red hongbao, ang-pau or lai see packets are a thing of the past. On the eve of Chinese New Year this year, a whopping 688 million people used WeChat’s hongbao app, according to TechNode.

The number refers to the total amount of people who sent or received the packets — but it does provide a remarkable glimpse into the ubiquity of WeChat in China.

The luckiest user was a woman from the easter part of Shandong province who received 1,848 packets while another woman from Zhejiang gave out 1,203 packets to be the most generous giver on WeChat.

Thailand Securities and Exchange Commission warns on crypto “flings” — Bangkok Post

The Securities and Exchange commission of Thailand warned people to be cautious when investing in Initial Coin Offerings, saying they hold unique risks, according to the Bangkok Post.

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Rapee Sucharitakul, the Secretary General, warned that the fundraising strategy has some opportunists who may use the growing popularity as a means to rip people off.

He also pointed out that there is a possibility that the honest people may just go out of business, leaving investors without any recourse to get their money back.

The larger point Sucharitakul was making is that ICOs should be invested in by experts, and that people who don’t fully understand the industry should probably stay away.

India agrees to build test track for hyperloop — Engadget

India has embraced the development of hyperloop technology for awhile now and it just announced a plan to move forward in the development. Prime Minister Narendra Modi announced a partnership with Hyperloop One (and Sir Richard Branson), to build a working test track in Maharashtra.

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The track could cover a 100 mile (160km) and the company believes it could complete the trip in 25 minutes, should the technology work.

The goal is to build the test track in the next three years.
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