{"id":13027,"date":"2022-06-29T07:36:19","date_gmt":"2022-06-29T07:36:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/virtual-currency-the-largest-ponzi-scheme-in-human-history-bitcoin-news\/"},"modified":"2022-06-29T07:36:19","modified_gmt":"2022-06-29T07:36:19","slug":"virtual-currency-the-largest-ponzi-scheme-in-human-history-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/virtual-currency-the-largest-ponzi-scheme-in-human-history-bitcoin-news\/","title":{"rendered":"Virtual Currency the ‘Largest Ponzi Scheme in Human History’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The chairman of China\u2019s Blockchain Service Network (BSN) Development Alliance Shan Zhiguang, and his colleague, insisted in a recently published op-ed that virtual currency is \u201cundoubtedly the largest Ponzi scheme in human history.\u201d However, they have said the \u201cvalue of blockchain technology should not be ignored because of virtual currency.\u201d<\/strong><\/p>\n

Opinion Piece Claims 90% of 100 Richest People Have Bad-Mouthed Virtual Currency<\/h2>\n

The chairman of the Chinese Blockchain Service Network (BSN) Development Alliance, Shan Zhiguang, and executive director He Yifan, have said virtual currency is \u201cundoubtedly the largest Ponzi scheme in human history.\u201d They also claimed that this Ponzi scheme has since morphed into one that is \u201cno longer just about cash.\u201d<\/p>\n

In a recent opinion piece<\/a> published by the People Daily Online newspaper, the BSN chairman and his colleague begin their attack on virtual currency and bitcoin by pointing to the fact it has been \u201cbad-mouthed\u201d by at least 90% of the 100 richest people in the world. The duo also gives the reasons which compelled them to similarly view BTC<\/a> or virtual currency negatively. They wrote:<\/p>\n

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This type of Ponzi scheme can be classified as \u2018equity-type,\u2019 and it has three main characteristics: first, it is based on equity that can be denominated; second, the equity can be traded and circulated; finally, and most importantly, this equity is not Associated with any asset, productive labour, or social value, but is entirely fictional.<\/p>\n<\/blockquote>\n

According to the duo, the equity in virtual currency equity Ponzi schemes is not linked to any real asset or labor hence the risk is \u201cclose to infinity.\u201d When looking at the characteristics of virtual currency, Zhiguang and Yifan said it is apparent that these are consistent with those of a so-called equity Ponzi scheme.<\/p>\n

Blockchain Must Not Be Ignored<\/h2>\n

Elsewhere in the article, the BSN chairman and Yifan use the example of dogecoin to show how just one influential individual can manipulate or control the value of a virtual currency.<\/p>\n

\u201cSo it\u2019s easy to understand that Musk can turn his hands on dogecoin as a cloud, and turn his hands into a rain. Just sending a tweet can make the price of virtual currency flat,\u201d the duo claimed.<\/p>\n

Despite their stance on virtual currency, Zhiguang and Yifan insisted in their opinion piece that blockchain technology, which anchors most cryptocurrencies, \u201cshould not be ignored.\u201d The duo, however, suggested that regulation technology is still needed to ensure the blockchain plays \u201ca huge role in various application fields.\u201d<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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