China BSN Alliance: Crypto Is The Biggest Ponzi Scheme In Human History

China Blockchain Service Network (BSN) Development Alliance President Shan Zhiguang and his colleagues emphasized in a recently published article that cryptocurrencies are “definitely the biggest Ponzi scheme in human history.” However, they say that “the value of blockchain technology should not be overlooked just for the sake of cryptocurrencies.”
China BSN Alliance: Crypto Is The Biggest Ponzi Scheme In Human History

Chairman Shan Zhiguang and chief executive officer He Yifan of Red Date Technology, which provides technical support to BSN, said the cryptocurrency is “definitely the biggest Ponzi scheme in human history”. They also claim the Ponzi scheme has morphed into a “not just cash” scheme.

In a recent article published by the People’s Daily Online, the chairman of BSN and his colleagues opened up their condemnations of cryptocurrencies and Bitcoin by pointing to the fact that it has been stolen by at least 90% of the 100 people. the richest man in the world “disparaged”. They also give reasons to view BTC or cryptocurrency in a negative way.

“This Ponzi scheme can be classified as “equity” and has three main characteristics: first, it is based on valuable equity; second, equity can be traded and rotated; lastly and most importantly, this equity is not tied to any property, productive labor product or social value but is purely fictitious.”

According to the operators, equity in virtual currency equity Ponzi schemes is not linked to any real assets or labor. Therefore, the risk is “almost limitless”. When looking at the characteristics of cryptocurrencies, Zhiguang and Yifan clearly emphasize that these characteristics are consistent with the equity Ponzi scheme.

Next, the BSN president and Yifan use Dogecoin as an example of how an influential individual manipulates or controls the value of a virtual currency.

“So it’s understandable that Musk can call the wind and rain on the DOGE market. Just posting a tweet is enough to make the price of cryptocurrencies go sideways.”

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BSN president thinks that Dogecoin is controlled by Elon Musk

Despite their stance on cryptocurrencies, Zhiguang and Yifan insist that blockchain technology “should not be ignored” – the underlying technology that underlies most cryptocurrencies. However, they suggest the technology still needs regulation to ensure blockchain plays “a vital role in various areas of application.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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