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Crypto ‘The Biggest Ponzi Scheme In Human History’—China Blockchain Execs Back Bill Gates And Warren Buffett After Huge Bitcoin Price Crash

Bitcoin
BTC
And cryptocurrencies have wiped out more than $ 2 trillion from the total crypto market capitalization in just six months due to a catastrophic crypto crash. That some fear may have just begun..

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Bitcoin prices plummeted below psychological $ 20,000 per Bitcoin level It first crossed in late 2017 before entering the injured three-year bear market, where Bitcoin prices fell below $ 3,000.

now, Some are hoping that the cryptocurrency crash will reveal the world’s future tech giants.China’s Blockchain-Based Services Network (BSN) executive is a state-sponsored initiative designed to promote the commercial adoption of blockchain technology, making Bitcoin and cryptocurrencies “in human history.” We named it “The Largest Ponzi Scheme”.

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“The authors of this article believe that cryptocurrencies are becoming the largest Ponzi scheme in human history, and to maintain this scam, currency circles have tried to wear various cloakrooms,” BSN said. Development Chair Shan Zhiguang said. He Yifan, CEO of the Alliance and startup Red Date Technology and Executive Director of BSN, wrote in a state-sponsored Chinese newspaper: People’s Daily last month.

BSN is a Beijing-backed network for Chinese blockchain developers that aims to operate globally, using separate international and domestic versions to comply with Chinese rules. .. In recent years, China has begun deploying digital former central bank digital currencies that are partially inspired by Bitcoin and cryptocurrencies but do not use the blockchain technology underlying Bitcoin.

Pair pointed out criticism of Bitcoin and crypto from Microsoft
MSFT
Both founder Bill Gates and legendary investor Warren Buffett support their claim that 90 out of 100 of the world’s wealthiest oppose Bitcoin and crypto. I’m against cryptocurrencies.

“All Ponzi schemes need to have a stable flow of new investors to participate so that the entire scheme can be maintained,” the author writes.

“In the absence of malicious short-term sales, successors, tight funding, or regulatory policy changes that affect participant confidence or latecomer decisions, this seemingly exquisite cycle collapses instantly and the value is zero. Will be. “Last month’s China report Economic Daily Predicted newspaper “If investor confidence collapses or the sovereign state declares Bitcoin illegal, Bitcoin will return to its original value, which is of no value at all.”

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More from ForbesCoinbase documentation reveals Bitcoin, Ethereum and tether bombs in a fresh crypto price plunge

Extensive Bitcoin and crypto crackdown in China after the Communist Party of China ordered all Bitcoin miners to use powerful computers to protect their Bitcoin network and verify transactions in exchange for new Bitcoin last year. Crashed the price of Bitcoin and caused a panic among crypto investors Shutdown.

In September, China’s central bank declared all Bitcoin and cryptocurrency transactions illegal and promised to take action against those who promote cryptocurrency transactions and warn offshore exchanges away from China. Did.

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