Virtual Currency the ‘Largest Ponzi Scheme in Human History’ – Bitcoin News

The chairman of China’s Blockchain Service Network (BSN) Development Alliance Shan Zhiguang, and his colleague, insisted in a recently published op-ed that virtual currency is “undoubtedly the largest Ponzi scheme in human history.” However, they have said the “value of blockchain technology should not be ignored because of virtual currency.”

Opinion piece claims 90% of 100 most wealthy people are bad mouths.

The chairman of the Chinese Blockchain Service Network (BSN) Development Alliance, Shan Zhiguang, and executive director He Yifan, have said virtual currency is “undoubtedly the largest Ponzi scheme in human history.” They also claimed that this Ponzi scheme has since morphed into one that is “no longer just about cash.”

In a recent opinion piece 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 “bad-mouthed” by at least 90% of the 100 richest people in the world. In their opinion piece, the duo addressed why they viewed BTC or virtual currencies negatively. They said:

This type of Ponzi scheme can be classified as ‘equity-type,’ 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.

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 “close to infinity.” 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.

Blockchain must not be ignored

The article also includes Yifan and the BSN chairman, who use the dogecoin example to illustrate how one person can control or manipulate the value of virtual currencies.

“So it’s 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,” the duo claimed.

Despite their stance on virtual currency, Zhiguang and Yifan insisted in their opinion piece that blockchain technology, which anchors most cryptocurrencies, “should not be ignored.” The duo, however, suggested that regulation technology is still needed to ensure the blockchain plays “a huge role in various application fields.”

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Terence Zimwara

Terence Zimwara was a Zimbabwe Award-winning journalist and author. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.







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