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 just lately revealed op-ed that digital foreign money is “undoubtedly the largest Ponzi scheme in human history.” However, they’ve mentioned the “value of blockchain technology should not be ignored because of virtual currency.”

Opinion Piece Claims 90% of 100 Richest People Have Bad-Mouthed Virtual Currency

The chairman of the Chinese Blockchain Service Network (BSN) Development Alliance, Shan Zhiguang, and government director He Yifan, have mentioned digital foreign money is “undoubtedly the largest Ponzi scheme in human history.” They additionally claimed that this Ponzi scheme has since morphed into one that’s “no longer just about cash.”

In a latest opinion piece revealed by the People Daily Online newspaper, the BSN chairman and his colleague start their assault on digital foreign money and bitcoin by pointing to the truth it has been “bad-mouthed” by no less than 90% of the 100 richest individuals in the world. The duo additionally offers the causes which compelled them to equally view BTC or digital foreign money negatively. They wrote:

This sort of Ponzi scheme might be labeled as ‘equity-type,’ and it has three important traits: first, it’s primarily based on fairness that may be denominated; second, the fairness might be traded and circulated; lastly, and most significantly, this fairness just isn’t Associated with any asset, productive labour, or social worth, however is completely fictional.

According to the duo, the fairness in digital foreign money fairness Ponzi schemes just isn’t linked to any actual asset or labor therefore the danger is “close to infinity.” When taking a look at the traits of digital foreign money, Zhiguang and Yifan mentioned it’s obvious that these are in step with these of a so-called fairness Ponzi scheme.

Blockchain Must Not Be Ignored

Elsewhere in the article, the BSN chairman and Yifan use the instance of dogecoin to point out how only one influential particular person can manipulate or management the worth of a digital foreign money.

“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 digital foreign money, Zhiguang and Yifan insisted in their opinion piece that blockchain technology, which anchors most cryptocurrencies, “should not be ignored.” The duo, nevertheless, prompt that regulation technology remains to be wanted to make sure the blockchain performs “a huge role in various application fields.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively about the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

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