HomeBitcoinChina is Conspiring Against Bitcoin, is it a Ponzi Scheme?

China is Conspiring Against Bitcoin, is it a Ponzi Scheme?


A true crypto indictment- While the bitcoin market has been in free fall for months and terrible news has been connected like hailstorms in June, others see reason to rejoice. The Middle Empire’s leadership has clearly chosen to launch a crusade against Bitcoin and Co., as they fire real gunfire at the crypto ambulance. The South China Morning Post declared war last week. Now it’s up to People’s Daily to finish what’s left of the Chinese crypto community’s dream. Do you despise Bitcoin and cryptocurrencies? Remember that you are not alone!

In a few lines, the best and worst of cryptocurrency.

This People’s Daily story is a small gem of journalism that was published on its digital form on June 26. Shan Zhiguang and He Yifan, two leaders of the Blockchain Service Network (BSN), wrote it. They are the project’s president and executive director, respectively. The BSN is a central government-developed and administered national blockchain initiative. The writers of this paper remind us how unsafe and dangerous cryptocurrency is.

We begin, of course, with a reminder of the LUNA’s demise, which illustrates how everything was a dreadful Ponzi scheme. And the next participant, chosen at random from Twitter, sends shivers down the spine:

“It took him a year and a half to convince his wife to put their entire $1 million fortune into the LUNA. Result: he lost 98% in a few days, and he does not know how to face his wife and his future life. “


The critique of what they call the “X-to-earn” that pervades many parts of our everyday lives continues. Play-to-earn, write-to-earn, or even move-to-earn are all options:

“complete scams, 100% risky speculation, and nothing more than phishing. These operators have lost their humanity to make a profit. “


So let’s start with the countries that have opted to declare it a legal tender currency, such as El Salvador. In an interview with Coin Telegraph, the writers are harsh on the leaders of these countries:

“[These countries] seriously need basic finance training. They put whole countries in danger, unless their initial intentions are to defraud their citizens. “

Indeed, for these journalists of the day, cryptocurrencies would be:

“Ponzi schemes with different levels of risk depending on market capitalization and the number of users. I do not touch them, and I will not touch them in the future. Even if they become regulated, because I don’t consider them to have any value. »

To back up their claims, they cite notable past opponents of Bitcoin, such as Bill Gates and Warren Buffett. Indeed, the latter stated that Bitcoin should be avoided since it is “the death of rats.” Charlie Munger is also quoted:

“In my life, I try to avoid stupid and diabolical things and especially to make myself look bad… and Bitcoin does all 3.”

Don’t chuck anything else! Mass has already been said. The term “Ponzi” appears around 20 times throughout the text. And we’ll save you the scathing remarks about Elon Musk and Dogecoin, or even the NFT market, which, as you now know, is a Ponzi scheme. But let’s conclude on a positive one, since there are certain things in the crypto environment that they like. These are controlled stablecoins like USDC or USDT, as well as the blockchain technology used to create its digital yuan.

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