Bitcoin, a Ponzi? China joins the club of crypto detractors

A real anti-crypto indictment – While the market for cryptocurrencies is in free falle for months and the bad news is linked like hailstorms in this month of June, some find reason to rejoice. The rulers of the Middle Kingdom have obviously decided to go on a crusade against Bitcoin & Co., they fire live ammunition at the crypto ambulance. The South China Morning Post had opened hostilities last week. It is now the turn of People’s Daily to attempt to complete what remains of hope in the Chinese crypto community. Do you hate Bitcoin and cryptos? Know that you are not alone!

A best of the worst of cryptocurrency in a few lines

This article from People’s Daily is a gem of journalism published on June 26 on its digital version. It was written by 2 leaders of the Blockchain Service Network (BSN), Shan Zhiguang and Heyifan. They are respectively president and executive director of the project. The BSN is a national blockchain project developed and managed by the central government. In this article, the authors remind us how risky and dangerous crypto is.

We begin of course with a reminder of the fall of LUNA which explains to us how awful everything was a Ponzi. And the example of this random participant on Twitter makes ” gives me shivers “ :

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

We then continue, with the critique of what they call the “X-to-earn” that invades all aspects of our daily lives. Play-to-earn, write-to-earn or even move-to-earn would be:

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

But now on to the main course, with Bitcoin on the grill!

Bitcoin and cryptos would be a gigantic Ponzi pyramid

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Bitcoin: “the biggest Ponzi scheme in the history of mankind”?

So let’s start with the countries, like the salvador, who decided to make it a legal tender currency. Interviewed by Coin Telegraph, the authors are not kind to the leaders of these countries:

” [Ces pays ont] seriously need a basic education in finance. (…) They put whole countries in danger, unless their initial intentions are (…) to defraud their citizens. »

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

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

To support their statements, they therefore appeal to major historical detractors of Bitcoin, such as Bill Gates Where warren buffett. Indeed, the latter said that Bitcoin should be avoided as “Rat Death”. It is also cited Charlie Munger :

“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 throw any more! Mass has been said. Word “Ponzi” is used about 20 times in the article. And we’ll spare you the harsh comments on Elon Musk and Dogecoin, or even on the NFT market which – you have understood – is obviously also a Ponzi pyramid. But let’s end on a positive key, because there are definitely some things that find favor in their eyes in the crypto ecosystem. Those are the regulated stablecoinssuch as USDC or USDT, and of course technology blockchain for set up their digital yuan.

“Buy when there’s blood in the streets”: the crypto ecosystem is in turmoil despite China’s decision to ban Bitcoin… and if you take advantage of this unique opportunity to buy bitcoin with our affiliate linkbefore everyone comes to their senses?

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