Heavy Criticisms From China To Cryptocurrencies: Ponzi Claim

Zhiguang, founder of China’s state-approved blockchain infrastructure project Blockchain Services Network (BSN), has claimed that many cryptocurrencies and X2E (money-making models) are ponzi schemes.

The founder of China’s state-approved blockchain infrastructure project Blockchain Services Network (BSN) published an article stating that he considers cryptocurrencies and projects such as move to earn, play to earn as the largest ponzi scheme in history.

“It is known that the richest people in the world, Warren Buffet and Bill Gates, do not like cryptocurrencies. Even Warren Buffet’s former partner, Charlie Munger, said that investing in Bitcoin was “stupid.” Zhiguang, who started the article with the words, traditional ponzi monetization models compared.

The traditional ponzi scheme was originally just promising high returns After the development of the financial sector, Zhiguang said, taking on a new form said and made the following statements:

The recently popular X2E model is the latest version of the ponz, such as run, walk, grab and play to win.

These models are completely by the project. it’s phishing and almost all tokens created without mining produced at no cost BSN founder said, “On X2E models, people feel the token is valuable because it does something. the ultimate goals of these projects are deception

After winning by walking and playing, many projects with no economic value emerged such as earn by reading, earn by writing, and earn by eating.

Referring to the collapse of LUNA and UST, Zhiguang said, “This is the collapse of cryptocurrencies. many opinions on exists. However, since there is no real value corresponding to both LUNA and UST, such projects are backed by fictitious trust” said.

Blockchain technology should not be ignored because of cryptocurrencies with a lot of value.

source site-9