According to the op-ed, equity in virtual currency Ponzi schemes is not linked to any real asset or labor hence the risk is 'close to infinity.' virtualcurrency ponzischeme
China Blockchain Alliance Executives: Virtual Currency the 'Largest Ponzi Scheme in Human History'
The chairman of China’s Blockchain Service Network 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.
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.
“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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