Crypto ‘The Largest Ponzi scheme in Human History’ – China’s Blockchain Managers Return Bill Gates and Warren Buffett After a Huge Bitcoin Price Crash
Bitcoin
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The Bitcoin price has crashed below the psychological $ 20,000 per bitcoin level it first crossed in late 2017 before entering a three-year bear market that saw the bitcoin price fall below $ 3,000.
Now, with some expecting cryptocurrency to reveal the world’s future technology giants, leaders at China’s Blockchain-based service network (BSN) – a state-sponsored initiative designed to drive commercial use of blockchain technology – branded bitcoin and cryptocurrency “the largest Ponzi scheme in human history.”
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The Bitcoin price has crashed by more than half in recent months, which plunges the crypto market … [+]
“The author of this article believes that virtual currency is becoming the largest Ponzi scheme in human history, and to perpetuate this fraud, the currency circle has tried to take on different guises for it,” said Shan Zhiguang, head of BSN Development. Alliance, and He Yifan, CEO of startup Red Date Technology and CEO of BSN, wrote in the state-sponsored China newspaper Folkets Dagblad last month.
BSN is a Beijing-backed network of blockchain developers in China and is intended to operate globally, with separate international and national versions to comply with the rules in China. In recent years, China has begun its role as a digital yuan central bank’s digital currency, which, although partly inspired by bitcoin and cryptocurrency, does not use bitcoin’s underlying blockchain technology.
The couple pointed to bitcoin and cryptocurrency criticism from Microsoft
“All Ponzi schemes must have a steady stream of new investors to join, so that the whole scheme can be maintained,” they wrote.
“When there are malicious short-selling, no-successors, tight funds or regulatory changes that affect participants’ confidence or the determination of latecomers, it will cause this seemingly exquisite cycle to collapse instantly and the value will be zero,” the authors wrote. reflects a report last month in China Economic daily newspaper the newspaper that predicted “when investor confidence collapses or when sovereign states declare bitcoin illegal, it will return to its original value, which is completely worthless.”
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The Bitcoin price has traded below $ 20,000 per bitcoin in recent weeks, a decline of more than 70% from … [+]
Last year, a massive crackdown on bitcoin and cryptocurrencies in China sent the bitcoin price into freefall after the Chinese Communist Party ordered all bitcoin miners – who use powerful computers to secure the bitcoin network and validate transactions in return for fresh bitcoins – to shut down. .
In September, China’s central bank declared all bitcoin and cryptocurrency transactions illegal, promising to take action against anyone who simplifies cryptocurrencies and warns offshore exchanges away from China.
